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]Talk about first world problems lol my 30% tax rate is twice the median household income in the US whatever can I do about it? [/quote]

Well most of us got to that place by choices we made.  I grew up poor, neither parent went to college, I've had free lunch several years in school, and we were on/off from food stamps whenever parents were laid off.  Yet I managed to go to college, pay off my college debt and do well in life.  Nothing was handed to me, I had to work hard for it all.  Yes, I recognize there are others who have it "worse" but my life wasn't a picnic.  I just knew working hard and an education was key to a better life.  Then I chose to live within my means and save save save and take career risks to advance.  
The fact that those making $178K+ pay approximately 80% of the taxes in the US means that why yes we are in fact providing for the vast majority of society.  It's our taxes that make roads, infrastructure, schools, and everything else happen.  We more than pay our "fair share"

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Billionaires have gotten sweet deals thanks to Trump and thanks to their “donations” to Trump.  There was an in depth investigation on Jared Kushner. A billionaire with massive real estate holdings.   Thanks to some convenient loopholes in the tax code regarding owning residential buildings, Jared paid ZERO federal tax.

Jared Kushner paid little to no tax from 2009 through 2016 when he was appointed as a White House advisor.  He’s a real estate developer and benefited from generous deductions for them.  While working in the White House in 2017 he received 82 million in outside income.

Look up most billionaires and they will have some tax free years.   [/quote]

Yes, and that is who should be paying "more taxes". Not those worth "only $10-30M" who paid full taxes on everything they earned (either as cap gains or W2/dividend income---whatever the law was).  We don't need to be raising taxes on someone making $500K-1/2M per year, they most likely pay taxes at 37% on everything over the limit. [/quote]

Agreed. We also need to tax portfolio loans. That’s the biggest way the billionaires avoid taxes - they never have any realized gains. [/quote]

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