On Sep 28, 9:41*am, Jim wrote:
Jack wrote:
On Sep 27, 9:29 pm, wf3h wrote:
On Sep 27, 6:36 pm, Jack wrote:

On Sep 27, 1:05 pm, wf3h wrote:
On Sep 27, 11:48 am, Jack wrote:
On Sep 27, 11:29 am, wf3h wrote:
and you don't have a right to a tax rate of 15% if you're rich. if
you're rich you pay the same rate as the middle class
Another liberal fable. *The rich pay a 35% tax rate on income. *It's
the rich Demoncrats in DC that pay *no* taxes, as we've all seen over
the last few months, eh?
no, they don't. sorry.
Yes they do, sorry.
*the rich make their money on capital gains. and
the capital gains tax is 15%, minus deductions for losses.

Capital gains is a tax on investments. *You *hope* you get to pay a
15% tax on a gain, because the alternative is that you lost some, or
all, of you initial investment. *Meanwhile, you're still paying 35% on
your income, which is what you used when you gambled on the
investment.

So take a working professional making $500k a year, with $200k in
adjusted capital gains. *Since deductions have long been phased out at
this income level, we can apply some simple math and see this person
pays about $205k in taxes. *That's not enough? *Why do you want to
penalize people that worked hard and becaome successful?

The rate for Long Term Capital gains is 15% for the "rich", and 0% for
the poor. *Ooops.
that's because the poor work for a living and pay 28%.

You're terribly confused. *The single income range for a 28% tax rate
is $78,851 – $164,550; married filing jointly is $131,451 –
$200,300... hardly "poor". *Your irrational hatred of successful
people is blinding you.

Perhaps he'd feel better if we took up a collection to help him get back
on his feet.

A family member is a CPA, and always laughs when they hear someone
talking about how the rich don't pay any taxes. The so-called tax
shelters are long gone, US citizens have to pay taxes on income *world-
wide*, they are taxed at the highest rate, and the deduction are
phased out at the higher income levels. A higher percentage of their
income is taken for taxes, as it should be. But to say that they pay
no taxes, or are getting some sweetheart deal when it comes to taxes,
is just wrong.