Taxes - where should top tax rate be set and at what %?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It's very easy to pay no taxes if you don't get a W-2. You set everything up as a business, run all passive income (dividends, cap gains, rental income, etc) through the business and charge all your expenses to the business and zero everything out. That's the goal of every CPA.

As a business owner I can assure you that what you wrote is BS.

I also own a business, and you can only deduct business expenses. What about rent, food, clothing, the repairman for your A/C, a movie ticket, dinner out with friends, gas, vacations, etc.? (You can deduct housing expenses proportionate to the space allocated for your business, if applicable.) If a CPA is advising what you suggest, it's tax fraud.

And will quickly elevate you on the IRS list for an audit.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It's very easy to pay no taxes if you don't get a W-2. You set everything up as a business, run all passive income (dividends, cap gains, rental income, etc) through the business and charge all your expenses to the business and zero everything out. That's the goal of every CPA.

As a business owner I can assure you that what you wrote is BS.

I also own a business, and you can only deduct business expenses. What about rent, food, clothing, the repairman for your A/C, a movie ticket, dinner out with friends, gas, vacations, etc.? (You can deduct housing expenses proportionate to the space allocated for your business, if applicable.) If a CPA is advising what you suggest, it's tax fraud.

And will quickly elevate you on the IRS list for an audit.

Only if you're a Republican.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Married couples earning more than $150k should be paying 45% or 50% on all income above $150k.

Obviously, the brackets would be adjusted accordingly, but that's a rough idea where it should be.

Yes let's kill the middle class.

seriously!! glad this PP isn't in charge of tax policy! WTF

+1000.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Married couples earning more than $150k should be paying 45% or 50% on all income above $150k.

Obviously, the brackets would be adjusted accordingly, but that's a rough idea where it should be.

Yes let's kill the middle class.

It's hardly killing someone to insist that those who have been very successful in this economy pay their fair share toward those who haven't. As a progressive society, this is what we should be striving for.

This literally fills me with rage. You clearly don't live in a HCOL to think that what you've proposed is reasonable.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Married couples earning more than $150k should be paying 45% or 50% on all income above $150k.

Obviously, the brackets would be adjusted accordingly, but that's a rough idea where it should be.

Yes let's kill the middle class.

seriously!! glad this PP isn't in charge of tax policy! WTF

150k is above middle class no matter how you slice it. The top 25% in DC starts at $140,000. Below 140 is middle class. You know? The middle?

It is but in DCUM land its barely making it which is why you are getting the animosity

Which again shows the hypcorisy of everyone on here. Tax the rich except don't tax me.

I support liberal policies but I'm not paying for them

[Anonymous]

Anonymous wrote:It's very easy to pay no taxes if you don't get a W-2. You set everything up as a business, run all passive income (dividends, cap gains, rental income, etc) through the business and charge all your expenses to the business and zero everything out. That's the goal of every CPA.

It would also be tax fraud to run your personal expenses through a business.

[Anonymous]

Anonymous wrote:

Anonymous wrote:It's very easy to pay no taxes if you don't get a W-2. You set everything up as a business, run all passive income (dividends, cap gains, rental income, etc) through the business and charge all your expenses to the business and zero everything out. That's the goal of every CPA.

It would also be tax fraud to run your personal expenses through a business.

But lots and LOTS of business owners do it. They put family on the payroll for basically no-show jobs. From a practical standpoint, it's very difficult to enforce.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Married couples earning more than $150k should be paying 45% or 50% on all income above $150k.

Obviously, the brackets would be adjusted accordingly, but that's a rough idea where it should be.

Yes let's kill the middle class.

seriously!! glad this PP isn't in charge of tax policy! WTF

150k is above middle class no matter how you slice it. The top 25% in DC starts at $140,000. Below 140 is middle class. You know? The middle?

http://www.hughcalc.org/midclass.php
Enter your household income here : 140,000
City/State/Metro Area Median Middle Class Range You are in the:
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV 105700 ( 70466 to 211400 ) MIDDLE CLASS

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Married couples earning more than $150k should be paying 45% or 50% on all income above $150k.

Obviously, the brackets would be adjusted accordingly, but that's a rough idea where it should be.

Yes let's kill the middle class.

seriously!! glad this PP isn't in charge of tax policy! WTF

150k is above middle class no matter how you slice it. The top 25% in DC starts at $140,000. Below 140 is middle class. You know? The middle?

It is but in DCUM land its barely making it which is why you are getting the animosity

Which again shows the hypcorisy of everyone on here. Tax the rich except don't tax me.

I support liberal policies but I'm not paying for them

Yes, exactly. I know a couple with a combined income of $500k (they've told me, which is crass in and of itself), and they're complaining that people consider them rich and want to tax them more. They keep insisting they're middle class (they will admit UM), and that the tax increases should be on those who are actually rich. In other words, I'm all for liberal polices - paid for with OPM.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It's very easy to pay no taxes if you don't get a W-2. You set everything up as a business, run all passive income (dividends, cap gains, rental income, etc) through the business and charge all your expenses to the business and zero everything out. That's the goal of every CPA.

It would also be tax fraud to run your personal expenses through a business.

But lots and LOTS of business owners do it. They put family on the payroll for basically no-show jobs. From a practical standpoint, it's very difficult to enforce.

Ever notice how every dentist's wife is the "receptionist"?

That also means her expenses for that conference in Maui are deductible -- they always offer a session or two on "customer service."

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Married couples earning more than $150k should be paying 45% or 50% on all income above $150k.

Obviously, the brackets would be adjusted accordingly, but that's a rough idea where it should be.

Yes let's kill the middle class.

seriously!! glad this PP isn't in charge of tax policy! WTF

150k is above middle class no matter how you slice it. The top 25% in DC starts at $140,000. Below 140 is middle class. You know? The middle?

It is but in DCUM land its barely making it which is why you are getting the animosity

Which again shows the hypcorisy of everyone on here. Tax the rich except don't tax me.

I support liberal policies but I'm not paying for them

Yes, exactly. I know a couple with a combined income of $500k (they've told me, which is crass in and of itself), and they're complaining that people consider them rich and want to tax them more. They keep insisting they're middle class (they will admit UM), and that the tax increases should be on those who are actually rich. In other words, I'm all for liberal polices - paid for with OPM.

I think a 20% across the board would be fair, the problem is people like romney paying 14% http://money.cnn.com/2012/09/21/pf/taxes/romney-tax-return/

[Anonymous]

But Romney doesn't "earn" income -- he lives off capital gains. He's paying as much as the tax code requires.

You can raise the income tax to 95% and Romney would still be paying 14%. Assuming you don't eliminate taxes on capital gains, as Trump wants to do.

In that case, Romney -- and most of the .01% -- would pay absolutely nothing.

[Anonymous]

Anonymous wrote:But Romney doesn't "earn" income -- he lives off capital gains. He's paying as much as the tax code requires.

You can raise the income tax to 95% and Romney would still be paying 14%. Assuming you don't eliminate taxes on capital gains, as Trump wants to do.

In that case, Romney -- and most of the .01% -- would pay absolutely nothing.

all income and gains at 15-20%, problem solved

[Anonymous]

Actually, we don't need to raise tax levels. We just need to require earned AND unearned income to be taxed at the same rate. The IRS should look at all forms of income and tax the individual holistically, regardless of the source of income.

This bifurcation into earned income vs. unearned income is just a giveaway to those who get all their income from passive means. No form of income should be preferred.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Married couples earning more than $150k should be paying 45% or 50% on all income above $150k.

Obviously, the brackets would be adjusted accordingly, but that's a rough idea where it should be.

Yes let's kill the middle class.

seriously!! glad this PP isn't in charge of tax policy! WTF

150k is above middle class no matter how you slice it. The top 25% in DC starts at $140,000. Below 140 is middle class. You know? The middle?

It is but in DCUM land its barely making it which is why you are getting the animosity

Which again shows the hypcorisy of everyone on here. Tax the rich except don't tax me.

I support liberal policies but I'm not paying for them

You don't get it. I'm the pp with the 100k HHI. That's middle class. I'm not the rich. I support libel policies and am fine paying taxes and get that our taxes will go up as we (hopefully) make more money. If our HHI was $300K and we were whining about barely making it and not being wealthy, you'd have a point, but not everyone on here is actually wealthy.