Reply to Down and Out on $250K/year....

Forum Index » Money and Finances

Reply to "Down and Out on $250K/year...."

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous]"In 2008, the top 1 percent of tax returns paid 38.0 percent of all federal individual income taxes and earned 20.0 percent of adjusted gross income." [b]So the top 1% are already paying way more than their share of taxes[/b], even considering their disproportionate share of the income.

Only in a world where people refer to a flat tax as a "fair tax" with a straight face.  In a world populated by, you know - rational people, whe see both the benefits and the necessity of a progressive taxation system, that percentage seems a little low.  Especially when you consider that the top 1% had an AGI of over $380,000.  That's AGI, not gross.  Gross would be well over $400,000.

[/quote]

Tell me which adjustments to income that the typical $380K earner has that are worth "well over" $20K?  Educator expenses?  Health savings account?  Moving expenses? 1/2 self employment tax? Self employed SEP? Self employed insurance? Penalty on early withdrawal of savings? Alimony paid?

Seriously most people at that level don't qualify for any of adjustments that aren't already phased out.  I know we don't.[/quote]

Ditto.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics