It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
Originally posted by gnosis111
. If I would have made 42mil I would have paid 9 mil in taxes right?
Originally posted by incrediblelousminds
Concentrated wealth is detrimental to the well being of an economy.
According to a report from Scorpio Partnership, the world’s high-net-worth investors (with $1 million or more) have an extra $10 trillion lying around that they refuse to turn over to their wealth managers. Granted, these investors have $16.5 trillion invested with private banks and wealth-management firms–up from $14.5 trillion at the end of 2008, largely reflecting market gains.
How afraid are the wealthy right now?
Originally posted by Atom12
What some people love to forget is that rich individuals can leave. They don't have to live in your state or this country. They are being driven out to states with lower taxes and/or other countries with lower taxes.
So very greedy to expect the rich to subsidize waste and handouts to people who are perfectly capable of working but won't. Enough socialism already. The rich people I know worked darn hard for it - they didn't just find a big pile of money on the floor.
Top Billionaire Hedge Funder Sees Himself As a Hyena Devouring Wildebeests
We're ruled over by people who despise us and think of us as prey and themselves as hyenas, busy devouring everything they can.
Ray Dalio is a billionaire hedge fund manager who makes more money in a single day than most Americans will earn in their entire lifetimes. That’s because hedge funds are the top of the Wall Street food chain — and Dalio runs the largest hedge fund of all, Bridgewater Associates. Life’s good at the top of this food chain: in 2008, a bad year for most Americans, Dalio took home $780 million.
Originally posted by neo96
Either their incomes were too low, or they qualified for enough credits, deductions and exemptions to eliminate their liability. That's according to projections by the Tax Policy Center, a Washington research organization.
Here's how they did it, according to Deloitte Tax:
The family was entitled to a standard deduction of $11,400 and four personal exemptions of $3,650 apiece, leaving a taxable income of $24,000. The federal income tax on $24,000 is $2,769.
With two children younger than 17, the family qualified for two $1,000 child tax credits. Its Making Work Pay credit was $800 because the parents were married filing jointly.
The $2,800 in credits exceeds the $2,769 in taxes, so the family makes a $31 profit from the federal income tax. That ought to take the sting out of April 15. (emphasis mine)
That will be an opportunity to gut the current system and replace it with something simpler and fairer. After all, if government is important enough to force most of us to work until April 13 to pay its bills, why shouldn't everyone share the pain?
yep yep only all those evil rich people dont pay taxes.
The U.S. Treasury Department estimated that extending just the middle-class tax cuts would cost about $3 trillion over 10 years. Adding tax cuts for the wealthiest Americans would cost roughly another $680 billion, according to the treasury.
The top 1 percent: Americans who earned an adjusted gross income of $410,096 or more accounted for 22.8 percent of all wages. But they paid 40.4 percent of total reported income taxes, an increase from 39.9 percent in 2006, according to the IRS.
The top 5 percent: Americans who earned $160,041 or more accounted for 37.4 percent of all wages in 2007. But they paid 60.6 percent of the country's total reported income taxes, up from 60.1 percent a year earlier.
The top 10 percent: Americans who earned at least $113,018 pa