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re: Temporary tax increases on the rich to offset increasing the debt in the OBBB?
Posted on 6/5/25 at 11:05 am to imjustafatkid
Posted on 6/5/25 at 11:05 am to imjustafatkid
quote:
I'm a CPA.
Jesus Christ.
1
Posted on 6/5/25 at 11:09 am to RaoulDuke504
The rich are rich because they are business owners. They will just leave more money in their businesses, take out loans and use the businesses money to pay the loans.
Posted on 6/5/25 at 11:09 am to the808bass
quote:
Jesus Christ.
Nope, just a CPA who knows what level defines "the rich" in the tax code. Do you?
Why does that question scare you?
This post was edited on 6/5/25 at 11:10 am
Posted on 6/5/25 at 11:19 am to RaoulDuke504
A "loophole" is taking advantage of the law as written, which is the same thing that you do when you take the double standard deduction instead of the amount there was prior to Trump 45.
So, irrespective of any opportunity for "the rich" to legally avoid paying taxes, they still pay the bulk of US taxes - even a larger percentage of them than the percentage of their US income. Any complaints are just jealosy.
So, irrespective of any opportunity for "the rich" to legally avoid paying taxes, they still pay the bulk of US taxes - even a larger percentage of them than the percentage of their US income. Any complaints are just jealosy.
Posted on 6/5/25 at 11:26 am to imjustafatkid
It doesn’t scare me.
The top 1% of the 1% make around $3.3M.
The top 1% make around $800k/year.
The top 5% make around $330k.
I would not classify someone making $330k as “rich,” necessarily. Probably closer to the top 1% would qualify as rich for my definition
Now you go.
The top 1% of the 1% make around $3.3M.
The top 1% make around $800k/year.
The top 5% make around $330k.
I would not classify someone making $330k as “rich,” necessarily. Probably closer to the top 1% would qualify as rich for my definition
Now you go.
This post was edited on 6/5/25 at 11:27 am
Posted on 6/5/25 at 11:33 am to AUauditor
quote:
So, irrespective of any opportunity for "the rich" to legally avoid paying taxes, they still pay the bulk of US taxes - even a larger percentage of them than the percentage of their US income. Any complaints are just jealosy.
Agree, that’s why the Democrats rhetoric on this falls flat with me. “Fair share” is completely subjective. This coming from a person who is far from rich.
Posted on 6/5/25 at 11:42 am to the808bass
quote:
It doesn’t scare me.
The top 1% of the 1% make around $3.3M.
The top 1% make around $800k/year.
The top 5% make around $330k.
I would not classify someone making $330k as “rich,” necessarily. Probably closer to the top 1% would qualify as rich for my definition
Now you go.
You didn't answer the question, or maybe you thought you did and just got it completely wrong. The "richest" income tax brackets for single filers are:
37% - begins at about 650k
35% - begins at about 250k
That's the actual answer to the question I asked. Now, using the tax code, tell me why you want to tax single filers making 250k more? That's what "tax the rich" means, to be clear.
The truly rich (the "top 1%") are just taxed on capital gains. Changing income taxes isn't going to affect them. Are you wanting a change to capital gains taxes? How do you define "the rich" for that purpose without affecting 401ks that are typically owned and managed by corporations with large portfolios?
This post was edited on 6/5/25 at 11:55 am
Posted on 6/5/25 at 12:09 pm to imjustafatkid
quote:
That's what "tax the rich" means, to be clear.
Thank you for finally answering the question with your opinion.
Posted on 6/5/25 at 12:27 pm to the808bass
quote:
Thank you for finally answering the question with your opinion.
It's not opinion. Unless we're talking about adding tax brackets, "tax the rich" means taxing the highest tax brackets. I gave you those thresholds.
To be clear, adding tax brackets is an EXTREMELY stupid thing to do. That part is an actual opinion (what you labeled as opinion is not), but the reality is a "new" tax bracket to target whatever you define as "the rich" will eventually be adjusted down to lower income levels.
This post was edited on 6/5/25 at 12:28 pm
Posted on 6/5/25 at 12:32 pm to RaoulDuke504
quote:
Bro I don’t even make 6 figures and qualify for tax breaks on property I own
Many, many tax breaks disappear with higher incomes. You get many more tax breaks than a person in that income bracket who is paying a 37% tax rate.
Posted on 6/5/25 at 12:34 pm to PhtevenWithaV
quote:
If they're paying 7 figures in taxes that would be wealthy.
There is, a substantial difference between rich and wealthy.
Posted on 6/5/25 at 12:45 pm to LSUGrrrl
quote:
Many, many tax breaks disappear with higher incomes.
Those tax breaks disappear closer to the 32% bracket and a whole mess of other tax breaks open up for you. I don't pay taxes on something like 70% of my income thanks to those breaks.
Posted on 6/5/25 at 12:46 pm to RaoulDuke504
No. Why should the rich pay more tax? Your true colors are coming out dbag
Posted on 6/5/25 at 12:47 pm to BlackAdam
quote:
And the people who pay most of the taxes get to pay more taxes, while the people with negative effective tax rates get a bigger negative effective rate. That isnt a win.
The everybody should pay some taxes?
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