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Old 08-10-2011, 01:25 PM   #39 (permalink)
is the baby faced assassin

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Originally Posted by Benzo View Post
JeffB, you are a fucking jackass, instead of "clapping" other people posts, try to come up with an original thought. "The rich don't pay taxes in the U.S" this is a joke right?
So now i can't just agree with something someone says? And hand clapping is verboden?

They pay a lot less they they used to and i doubt you can argue with that. As for not paying at all, i've heard that from several sources and i'm only going by what i've read and heard.

For the 400 U.S. taxpayers with the highest adjusted gross income, the effective federal income tax rate -- what they actually pay -- fell from almost 30 percent in 1995 to just under 17 percent in 2007, according to the IRS. And for the approximately 1.4 million people who make up the top 1 percent of taxpayers, the effective federal income tax rate dropped from 29 percent to 23 percent in 2008. It may seem too fantastic to be true, but the top 400 end up paying a lower rate than the next 1,399,600 or so.

That's not just good luck. It's often the result of hard work, as suggested by some of the strategies in the following pages. Much of the top 400's income is from dividends and capital gains, generated by everything from appreciated real estate -- yes, there is some left -- to stocks and the sale of family businesses. As Warren Buffett likes to point out, since most of his income is from dividends, his tax rate is less than that of the people who clean his office.
Because many millionaires and billionaires, it was revealed today, don't pay taxes like you and me:

In fact, many don't pay taxes at all. Now, those familiar with the Mack-truck sized loopholes written into the tax code (example: the wealthy who make their money off capital gains only pay a 15 percent tax rate, if that) shouldn't be surprised.

According to a recently released IRS report (PDF), 1,470 millionaires and billionaires paid zero taxes in 2009.

The report states that donations to charity, investment in government bonds, and taking cash from overseas operations has resulted in a legit, $0-tax bill for these high rollers.

Of course, some Democrats in congress have been trying to eliminate tax loopholes and discounts as part of the debt ceiling debate. But while Republicans are gung-ho to cut federal largess in the name of a solvent Republic, they've been quick to protect those who live largest.

Last edited by jeffb; 08-10-2011 at 01:30 PM.
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