Reply to For those with high HHI ($500K), tax saving strategies

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]So let me get this straight. You asked a CPA. You didn't like the correct answer s/he gave you. And so you thought you'd crowd source this?

Maybe count your blessings to be doing so well that you can contribute that level of taxation and be glad you don't live in other places of the world where taxes are higher (because the USA is basically the world's tax haven).

The short answers is the same your CPA gave you. You're salaried employees. Short of increasing exclusions like 401K contributions, there really are no magic tricks here. And thank God for that. Pay your fair share, damnit. [/quote]

Ditch the attitude!!

It's frustrating to pay so much of your income in taxes.  [b]Those making over $178K pay 75-80% of all income taxes at the federal level.[/b]  So while many of us are happy to do our part, it's frustrating to see so much of our hard earned income go to taxes ALL the time.  We see no real breaks, and are not billionaires
[/quote]

That’s a load of horseshit. [/quote]

72% in 2022! Pretty close to 75-80%

https://taxfoundation.org/data/all/federal/latest-federal-income-tax-data-2025/[/quote]

+1000

The 75-80% came from an article after 2022.  The people you want paying more are those in the Ultra Ultra UHNW...think worth over $100M+, whose "income" comes from borrowing against their options/stock.

Not the people who have W2/1099INT/DIV income.  We pay (and have been) for decades.  Everything over about 751K for a married filing jointly couple is taxed at 37%, and so on down the chart.   [/quote]

Yep. Proposed CA wealth tax is surprisingly rational and addresses the problem of unrealized gains. We’ve got to tax portfolio loans for the UHNW too. Such a loophole.  [/quote]

I do not agree with a "wealth tax" on everything.  But I do agree, if you are borrowing against capital, you need to pay taxes on that capital.

However, the solution is not just to tax anyone who is worth $5M (insert whatever number) on their net worth.  We are UHNW, we don't hide anything.  We paid taxes on everything when we earned it (either as regular income or Capital gains).  I dont' borrow against my "wealth".  So I do not need to and shouldn't have to pay taxes yearly on my "net worth", if it is simply invested wealth.  
[/quote]

There should be a wealth tax on billionaires because our democracy has already started to feel democracy falter.  Trump has made some sweet deals for the billionaires in exchange for their contributions, for what not sure anyone knows.  They are already over involved in law making.  Trump managed to find $4 billion dollars in income this year.   [/quote]

You mean billionaires like George Soros?
You mean like that you hypocrite?[/quote]

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