Archived posting to the Leica Users Group, 2011/10/16
[Author Prev] [Author Next] [Thread Prev] [Thread Next] [Author Index] [Topic Index] [Home] [Search]Jayanand, I'm not sure what you're replying to, and what you are saying are not comparable. I was just responding to Ken's assertion that the rich all pay the high rate (of 35%). Robert On Oct 17, 2011, at 12:08 AM, Jayanand Govindaraj wrote: > Robert, > They are strictly not comparable. Rich people pay 22% average tax > on their income, because most of their income tends to Capital > Gains and Dividends. Dividend comes out of income where corporate > tax has already been paid, so the effective tax rate charged on > that income is really much higher. Capital Gains are taxed at a > lower rate of tax the world over, for reasons of encouraging > capital formation, it is nothing unusual or specific to the USA. > The earned income exemption to hedge fund managers, on the other > hand, is unique to the USA, and a telling reminder of the power of > money in campaign politics. Just like your (IMHO idiotic) tort laws > distort medical costs for every citizen, this exemption tends to > distort the tax revenue of the country. > Cheers > Jayanand > > Sent from my iPad > > On Oct 17, 2011, at 6:52 AM, Robert Meier <robertmeier at usjet.net> > wrote: > >> "Who pays taxes at a lower rate?" Warren Buffet paid 17% last >> year, not the highest rate of 35%. A survey found that the >> average was around 20% for high income taxpayers. Hedge fund >> managers, of course, pay the 15% capital gains rate rather than >> the 35% earned income rate. >> >> Robert >> >> On Oct 16, 2011, at 7:45 PM, Ken Carney wrote: >> >>> Robert, >>> >>> Which "news"? If I got my information from TV or even the >>> recently discredited WSJ, I would not have a complete view. With >>> regard to Warren Buffet, I think a confiscation of income over, >>> say, $1 million would accomplish nothing. I stand to be >>> corrected. As always. >>> >>> Best, >>> >>> Ken >>> >>> On 10/16/2011 7:25 PM, Robert Meier wrote: >>>> Ken, >>>> >>>> "The Buffet Rule:" Haven't you been following the news? >>>> >>>> Robert >>>> >>>> On Oct 16, 2011, at 7:16 PM, Ken Carney wrote: >>>> >>>>> On 10/16/2011 6:33 PM, George Lottermoser wrote: >>>>>> On Oct 16, 2011, at 6:07 PM, Ken Carney<kcarney1 at cox.net> wrote: >>>>>> >>>>>>> Wonder how all these occupiers were able to get off work for >>>>>>> so long? >>>>>> Many of the Milwaukee "Occupiers" (a one Saturday event) were >>>>>> "laid off" or otherwise unemployed; part of that 9.1% as well >>>>>> as the 99%. I spoke with quite a few degreed professionals >>>>>> with 20 plus year professional careers who have been unable to >>>>>> find "any" work for 4 to 12 months. Others have been forced >>>>>> into early retirement. Others are serious students who can no >>>>>> longer finance their educations; or find employment. The >>>>>> stories are many and sad. Minorities in Milwaukee have more >>>>>> than 4 times that 9% unemployment rate. And those rates do not >>>>>> include the people who have simply given up on the prospect of >>>>>> finding work. >>>>>> >>>>>> Regards, George >>>>>> >>>>>> _______________________________________________ >>>>>> Leica Users Group. >>>>>> See http://leica-users.org/mailman/listinfo/lug for more >>>>>> information >>>>>> >>>>> I hear you. It also relates to Richard's comments about >>>>> corporations hoarding cash and banks not lending...the reason >>>>> is that there aren't as many opportunities for investment now. >>>>> The reverse, actually. The question is, what can our >>>>> government do about it? The government doesn't create jobs, >>>>> except in a temporary and largely wasteful sense. Large CEO >>>>> salaries and taxes on the rich are irrelevant - the most >>>>> draconian measures would not put a small dent in the debt. >>>>> What is needed, IMHO, is competent fiscal administration, >>>>> something not present now (IMHO). I have now escalated into a >>>>> rant, which needs at least a couple of constructive >>>>> suggestions. As a tax adviser, I will probably be >>>>> excommunicated for this one, but I think the current policies >>>>> regarding transfer of intangible assets offshore should be >>>>> revisited (Google, Cisco et al.). All that is happening there >>>>> is that the income escaping U.S. tax must be reinvested in >>>>> another offshore business, else it will b > ecome income subject to U.S. tax. So, the U.S. tax break is > building industries and infrastructure in other countries. A U.S. > citizen is taxable on worldwide income, now matter where earned. > Why should it be different for a corporate business? A second > suggestion is to stop U.S. military intervention in hopeless > causes, e.g., Afghanistan. OK, a third bonus suggestion would be > some way to eliminate federal pork spending, a lost cause I know. >>>>> >>>>> Lastly, I have numerous clients who have taxable income in >>>>> excess of $1 million. They all pay taxes at the highest rate. >>>>> They are also usually high charitable givers. Who pays taxes >>>>> at a lower rate? Two instances come to mind. One is the risk >>>>> taker who is able to take a deduction for intangible drilling >>>>> costs in the exploration for oil and natural gas, and that is a >>>>> temporary thing. The other is someone who has bitten on a tax >>>>> shelter, with blowback potential that will greatly exceed the >>>>> temporary tax savings. EOR! >>>>> >>>>> Ken >>>>> >>>>> >>>>> _______________________________________________ >>>>> Leica Users Group. >>>>> See http://leica-users.org/mailman/listinfo/lug for more >>>>> information >>>> >>>> >>>> _______________________________________________ >>>> Leica Users Group. >>>> See http://leica-users.org/mailman/listinfo/lug for more >>>> information >>>> >>> >>> >>> _______________________________________________ >>> Leica Users Group. >>> See http://leica-users.org/mailman/listinfo/lug for more information >> >> >> _______________________________________________ >> Leica Users Group. >> See http://leica-users.org/mailman/listinfo/lug for more information > > _______________________________________________ > Leica Users Group. > See http://leica-users.org/mailman/listinfo/lug for more information