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RE: Closing Tax Loopholes for Billionaires - 5/24/2010 6:16:47 AM   
UniqueRaven


Posts: 1237
Joined: 9/30/2009
From: Austin, TX
Status: offline 		He made quite a bit more than 100K.  He's in a different tax bracket.  i was just using the 100k number as an example.  Perhaps that's what's confusing people.

_____________________________

"My life has no purpose, no direction, no aim, no meaning, and yet I'm happy. I can't figure it out. What am I doing right?" ~Snoopy (Charles Schultz)

My blog is at http://takinghishand.wordpress.com

(in reply to Aynne88)
Profile   Post #: 21
RE: Closing Tax Loopholes for Billionaires - 5/24/2010 6:17:49 AM   
tazzygirl


Posts: 37833
Joined: 10/12/2007
Status: offline 		Thats not the confusion. Even a higher tax bracket wont add up that kind of liability. 62%? on only taxes???

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Telling me to take Midol wont help your butthurt.
RIP, my demon-child 5-16-11
Duchess of Dissent 1
Dont judge me because I sin differently than you.
If you want it sugar coated, dont ask me what i think! It would violate TOS.

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Profile   Post #: 22
RE: Closing Tax Loopholes for Billionaires - 5/24/2010 6:19:08 AM   
UniqueRaven


Posts: 1237
Joined: 9/30/2009
From: Austin, TX
Status: offline 		Yes.  On bonuses most of it comes right off the top.

_____________________________

"My life has no purpose, no direction, no aim, no meaning, and yet I'm happy. I can't figure it out. What am I doing right?" ~Snoopy (Charles Schultz)

My blog is at http://takinghishand.wordpress.com

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Profile   Post #: 23
RE: Closing Tax Loopholes for Billionaires - 5/24/2010 6:20:47 AM   
tazzygirl


Posts: 37833
Joined: 10/12/2007
Status: offline 		Ah so now its all bonuses. Im sorry, im still not buying it. This may have been what he told you... but its not factual.

_____________________________

Telling me to take Midol wont help your butthurt.
RIP, my demon-child 5-16-11
Duchess of Dissent 1
Dont judge me because I sin differently than you.
If you want it sugar coated, dont ask me what i think! It would violate TOS.

(in reply to UniqueRaven)
Profile   Post #: 24
RE: Closing Tax Loopholes for Billionaires - 5/24/2010 6:22:19 AM   
UniqueRaven


Posts: 1237
Joined: 9/30/2009
From: Austin, TX
Status: offline 		Nope, it's absolutely true - i used to help with things.  Remember i said Wall Street banker - most of their income is in the form of bonuses.  There is some salary, but most of it is in the bonus.

_____________________________

"My life has no purpose, no direction, no aim, no meaning, and yet I'm happy. I can't figure it out. What am I doing right?" ~Snoopy (Charles Schultz)

My blog is at http://takinghishand.wordpress.com

(in reply to tazzygirl)
Profile   Post #: 25
RE: Closing Tax Loopholes for Billionaires - 5/24/2010 6:22:44 AM   
Sanity


Posts: 22039
Joined: 6/14/2006
From: Nampa, Idaho USA
Status: offline
In Brianistan the rich can never pay enough. They will be taxed to the point that everyone is dirt poor, at which point everyone is finally equal.

Imagine.


quote:

ORIGINAL: UniqueRaven

My ex was a Wall Street Banker (he's a consultant now).

He paid 62% of his income in Federal, State, and City taxes - and that was after any "loopholes" people think are so unfair.

Imagine earning $100,000 and only taking home $38,000 of it.  How fair is that to you? 

His income went to pay for schools, hospitals, retirement homes, garbage collection, city services, etc. - all for people who often had very little, or even nothing.

i'm not one for debate.  Just saying that the perception that those that earn a high income are somehow "unfair" to those that don't isn't valid.


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Inside Every Liberal Is A Totalitarian Screaming To Get Out

(in reply to UniqueRaven)
Profile   Post #: 26
RE: Closing Tax Loopholes for Billionaires - 5/24/2010 7:53:51 AM   
domiguy


Posts: 12952
Joined: 5/2/2006
Status: offline 		Single

Federal Taxable Income 2004

Rate

$0 - $7,150

10.0%

$7,151 - $29,050

15.0%

$29,051 - $70,350

25.0%

$70,351 - $146,750

28.0%

$146,751 - $319,100

33.0%

$319,101 & Over

35.0%
-----------------

No way did he lose 68% of his salary...It's impossible. Bonuses are considered to be ordinary income. Plus he had his personal deduction of $4,850 let alone the many business expenses....dinners, meetings, dildos and such.

I have a bs in accounting.....I smell bs.


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(in reply to Sanity)
Profile   Post #: 27
RE: Closing Tax Loopholes for Billionaires - 5/24/2010 7:56:53 AM   
tazzygirl


Posts: 37833
Joined: 10/12/2007
Status: offline 		Its simple, domiguy. he was hiding income and she bought the lies.

_____________________________

Telling me to take Midol wont help your butthurt.
RIP, my demon-child 5-16-11
Duchess of Dissent 1
Dont judge me because I sin differently than you.
If you want it sugar coated, dont ask me what i think! It would violate TOS.

(in reply to domiguy)
Profile   Post #: 28
RE: Closing Tax Loopholes for Billionaires - 5/24/2010 7:59:13 AM   
Musicmystery


Posts: 30259
Joined: 3/14/2005
Status: offline 		I'm with Raven on this one.

She's talking about total taxes, not federal alone. Additionally, her ex was paying NYS tax and income tax to both NY and NJ. And no one mentioned FICA. Or sales taxes

I make less than $100,000, and I've about 44% of my income in total taxes (without counting sales tax). I don't think 62% is such an outrageous figure.

I also agree with others that he could have made some better financial choices and brought that figure down. But then I don't know the entire situation--it could have been a short term thing.


(in reply to domiguy)
Profile   Post #: 29
RE: Closing Tax Loopholes for Billionaires - 5/24/2010 8:02:37 AM   
tazzygirl


Posts: 37833
Joined: 10/12/2007
Status: offline 		She claimed this was over a 5 year period.

So, according to her, 62% went to taxes. That doesnt include medicare, insurance, retirements, ect. Unless he was a total moron, he certainly didnt go without those.

Now, could all those taxes, including medicare, insurance, retirement, ect, have totaled up to 62%? That i may buy, depending on the size of the family.

_____________________________

Telling me to take Midol wont help your butthurt.
RIP, my demon-child 5-16-11
Duchess of Dissent 1
Dont judge me because I sin differently than you.
If you want it sugar coated, dont ask me what i think! It would violate TOS.

(in reply to Musicmystery)
Profile   Post #: 30
RE: Closing Tax Loopholes for Billionaires - 5/24/2010 8:04:34 AM   
Musicmystery


Posts: 30259
Joined: 3/14/2005
Status: offline
quote:

Now, could all those taxes, including medicare, insurance, retirement, ect, have totaled up to 62%?


Easily.

Again, you're forgetting that he's paying close to three times the state taxes you are paying.

< Message edited by Musicmystery -- 5/24/2010 8:05:16 AM >

(in reply to tazzygirl)
Profile   Post #: 31
RE: Closing Tax Loopholes for Billionaires - 5/24/2010 8:07:07 AM   
UniqueRaven


Posts: 1237
Joined: 9/30/2009
From: Austin, TX
Status: offline 		Thank you MM, yes, i am talking total taxes, not just Federal.  i'm talking about the amount of money he actually took home and put in his pocket after everyone else got their piece of it. 


_____________________________

"My life has no purpose, no direction, no aim, no meaning, and yet I'm happy. I can't figure it out. What am I doing right?" ~Snoopy (Charles Schultz)

My blog is at http://takinghishand.wordpress.com

(in reply to Musicmystery)
Profile   Post #: 32
RE: Closing Tax Loopholes for Billionaires - 5/24/2010 8:08:42 AM   
UniqueRaven


Posts: 1237
Joined: 9/30/2009
From: Austin, TX
Status: offline
quote:

ORIGINAL: Musicmystery

quote:

Now, could all those taxes, including medicare, insurance, retirement, ect, have totaled up to 62%?


Easily.

Again, you're forgetting that he's paying close to three times the state taxes you are paying.


And don't forget NY City tax.  Living in Manhattan taxes are high, especially for a banker.

_____________________________

"My life has no purpose, no direction, no aim, no meaning, and yet I'm happy. I can't figure it out. What am I doing right?" ~Snoopy (Charles Schultz)

My blog is at http://takinghishand.wordpress.com

(in reply to Musicmystery)
Profile   Post #: 33
RE: Closing Tax Loopholes for Billionaires - 5/24/2010 8:11:11 AM   
tazzygirl


Posts: 37833
Joined: 10/12/2007
Status: offline 		I do agree, including all those, that they could have totaled 62%. That is not what Raven claimed.

_____________________________

Telling me to take Midol wont help your butthurt.
RIP, my demon-child 5-16-11
Duchess of Dissent 1
Dont judge me because I sin differently than you.
If you want it sugar coated, dont ask me what i think! It would violate TOS.

(in reply to Musicmystery)
Profile   Post #: 34
RE: Closing Tax Loopholes for Billionaires - 5/24/2010 8:12:23 AM   
Musicmystery


Posts: 30259
Joined: 3/14/2005
Status: offline 		Well now you know.

But it is what she claimed:
quote:

He paid 62% of his income in Federal, State, and City taxes - and that was after any "loopholes" people think are so unfair.


< Message edited by Musicmystery -- 5/24/2010 8:13:45 AM >

(in reply to tazzygirl)
Profile   Post #: 35
RE: Closing Tax Loopholes for Billionaires - 5/24/2010 8:13:44 AM   
tazzygirl


Posts: 37833
Joined: 10/12/2007
Status: offline
quote:

ORIGINAL: UniqueRaven

Thank you MM, yes, i am talking total taxes, not just Federal.  i'm talking about the amount of money he actually took home and put in his pocket after everyone else got their piece of it. 



quote:

My ex was a Wall Street Banker (he's a consultant now).

He paid 62% of his income in Federal, State, and City taxes - and that was after any "loopholes" people think are so unfair.

Imagine earning $100,000 and only taking home $38,000 of it. How fair is that to you?

His income went to pay for schools, hospitals, retirement homes, garbage collection, city services, etc. - all for people who often had very little, or even nothing.

i'm not one for debate. Just saying that the perception that those that earn a high income are somehow "unfair" to those that don't isn't valid.


Thats not what you stated.

Who paid for health insurance? Are you saying he was an investment banker and did not invest any of his payroll before taxes? Was he that bad at his job?

_____________________________

Telling me to take Midol wont help your butthurt.
RIP, my demon-child 5-16-11
Duchess of Dissent 1
Dont judge me because I sin differently than you.
If you want it sugar coated, dont ask me what i think! It would violate TOS.

(in reply to UniqueRaven)
Profile   Post #: 36
RE: Closing Tax Loopholes for Billionaires - 5/24/2010 8:14:33 AM   
Musicmystery


Posts: 30259
Joined: 3/14/2005
Status: offline 		OK, clearly you're going to belabor this, even after it's all clear.

You have fun. I'm going to go get things done.

(in reply to tazzygirl)
Profile   Post #: 37
RE: Closing Tax Loopholes for Billionaires - 5/24/2010 8:15:39 AM   
tazzygirl


Posts: 37833
Joined: 10/12/2007
Status: offline 		I do hope you have a good day!

_____________________________

Telling me to take Midol wont help your butthurt.
RIP, my demon-child 5-16-11
Duchess of Dissent 1
Dont judge me because I sin differently than you.
If you want it sugar coated, dont ask me what i think! It would violate TOS.

(in reply to Musicmystery)
Profile   Post #: 38
RE: Closing Tax Loopholes for Billionaires - 5/24/2010 8:17:24 AM   
UniqueRaven


Posts: 1237
Joined: 9/30/2009
From: Austin, TX
Status: offline
quote:

ORIGINAL: tazzygirl


quote:

ORIGINAL: UniqueRaven

Thank you MM, yes, i am talking total taxes, not just Federal.  i'm talking about the amount of money he actually took home and put in his pocket after everyone else got their piece of it. 



quote:

My ex was a Wall Street Banker (he's a consultant now).

He paid 62% of his income in Federal, State, and City taxes - and that was after any "loopholes" people think are so unfair.

Imagine earning $100,000 and only taking home $38,000 of it. How fair is that to you?

His income went to pay for schools, hospitals, retirement homes, garbage collection, city services, etc. - all for people who often had very little, or even nothing.

i'm not one for debate. Just saying that the perception that those that earn a high income are somehow "unfair" to those that don't isn't valid.


Thats not what you stated.

Who paid for health insurance? Are you saying he was an investment banker and did not invest any of his payroll before taxes? Was he that bad at his job?


That is exactly what i stated.  Federal, State, and City taxes.  And other taxes and deductions that MM just mentioned as well, FICA, etc.

His retirement and investments are his business.  i'm not going to discuss those here.

And just to give some numbers, taxes alone:

Federal 35% (using Domiguy's number)
NY State 6.85%
NJ State 8.97%
NY City Tax 3.648%
Total - 54.468% in taxes alone.  This doesn't include the other items that MM brought up above.

_____________________________

"My life has no purpose, no direction, no aim, no meaning, and yet I'm happy. I can't figure it out. What am I doing right?" ~Snoopy (Charles Schultz)

My blog is at http://takinghishand.wordpress.com

(in reply to tazzygirl)
Profile   Post #: 39
RE: Closing Tax Loopholes for Billionaires - 5/24/2010 8:20:52 AM   
UniqueRaven


Posts: 1237
Joined: 9/30/2009
From: Austin, TX
Status: offline 		And i know you guys just love to debate.  So i really have nothing else to add.  But thank you and have fun with the ongoing discussion. 

_____________________________

"My life has no purpose, no direction, no aim, no meaning, and yet I'm happy. I can't figure it out. What am I doing right?" ~Snoopy (Charles Schultz)

My blog is at http://takinghishand.wordpress.com

(in reply to tazzygirl)
Profile   Post #: 40
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