Archived posting to the Leica Users Group, 2011/10/16
[Author Prev] [Author Next] [Thread Prev] [Thread Next] [Author Index] [Topic Index] [Home] [Search]In that case I agree with you 100%! Cheers Jayanand On Mon, Oct 17, 2011 at 10:43 AM, Robert Meier <robertmeier at usjet.net>wrote: > 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<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<http://leica-users.org/mailman/listinfo/lug>for >>>>>> more information >>>>>> >>>>> >>>>> >>>>> ______________________________**_________________ >>>>> Leica Users Group. >>>>> See >>>>> http://leica-users.org/**mailman/listinfo/lug<http://leica-users.org/mailman/listinfo/lug>for >>>>> more information >>>>> >>>>> >>>> >>>> ______________________________**_________________ >>>> Leica Users Group. >>>> See >>>> http://leica-users.org/**mailman/listinfo/lug<http://leica-users.org/mailman/listinfo/lug>for >>>> more information >>>> >>> >>> >>> ______________________________**_________________ >>> Leica Users Group. >>> See >>> http://leica-users.org/**mailman/listinfo/lug<http://leica-users.org/mailman/listinfo/lug>for >>> more information >>> >> >> ______________________________**_________________ >> Leica Users Group. >> See >> http://leica-users.org/**mailman/listinfo/lug<http://leica-users.org/mailman/listinfo/lug>for >> more information >> > > > ______________________________**_________________ > Leica Users Group. > See > http://leica-users.org/**mailman/listinfo/lug<http://leica-users.org/mailman/listinfo/lug>for > more information >