quote:

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

quote:

Clearly you have no idea what was on his payroll deduction.

quote:

ORIGINAL: tazzygirl

quote:

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

Thats fine, you dont have to discuss those here, no one really asked how much. BUT dont insinuate because of taxes that he pays 62% of his income... its simply not true.

2008 FICA Tax and Social Security Limits
•FICA Tax Rate = 7.65%
•Social Security Limit = $102,000
•Maximum Social Security Contribution = $6,324.00

Thats a total of 62% according to you... not including the pretax savings i posted about before. Some he paid out... not 62%.. some money gave him tax savings... some he saved for himself in the form of retirement... those were not paid out in taxes.

Man i hate it when people insult my intelligence!

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ORIGINAL: tazzygirl

I dont need too. The math doesnt add up... you did take basic math, yes?

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ORIGINAL: thishereboi

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ORIGINAL: tazzygirl

I dont need too. The math doesnt add up... you did take basic math, yes?

You're so cute, when you're condescending[8|]

I hope I am just as smart as you when I grow up, then I can go online and call people liars too.

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ORIGINAL: domiguy
Sanity, I think the President of Brianistan was just mentioning that everyone should pay their fair share.

I would like my income to be treated as a capital gain. I would like to know why they have their income treated as a capital gain?

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ORIGINAL: Brain
Call me old fashioned but I just think it's wrong that a single hedge fund manager earns a billion dollars, when a billion dollars would pay the salaries of about 20,000 teachers.

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ORIGINAL: UniqueRaven

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.

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ORIGINAL: pahunkboy

Brain,

How about YOU?

Have you paid your fair share?

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ORIGINAL: eyesopened

Why shouldn't an individual get paid for their work?  There's nothing wrong with earning a billion dollars.  Do you think everyone should have a cap on what they can earn?  Everywhere in the world or just people in the United States? 

Let's say someone invents a device that plays MP3's in a cute little package and come up with a catchy name and fabulous marketing and advertising.  Should that person only be able to earn X per year on that device no matter how many were sold?  Should such devices be limited to how many can be sold so that no one can make too much money on their invention? 

The story wasn't about how much money one makes but how that income is treated and the tax liabilities for those earnings.  Personally I'm do not care that some earnings are treated as capital gains and a lesser tax is paid.  My problem with the US tax code is the number of loopholes that allow people or corporations to earn a billions of dollars and pay no tax at all.  ExxonMobile paid no tax to the US at all in 2009. 

http://abcnews.go.com/Business/Tax/ge-exxon-paid-us-income-taxes-09/story?id=10300167
The most egregious example is General Electric. Last year the conglomerate generated $10.3 billion in pretax income, but ended up owing nothing to Uncle Sam. In fact, it recorded a tax benefit of $1.1 billion.
Avoiding taxes is nothing new for General Electric. In 2008 its effective tax rate was 5.3%; in 2007 it was 15%. The marginal U.S. corporate rate is 35%.
 
Wall Street is the villian we love to hate.  But rather than pick on what is capital gains and what is income, we should be looking at closing the loopholes that allow corporations to pay no tax at all.

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ORIGINAL: Brain


When I get my inheritance from my American relatives I expect to pay a lot. And as far as Canada is concerned most of my income is employment income and it is deducted off the paycheck before I get any deductions so the government gets its money.

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ORIGINAL: pahunkboy

Brain,

How about YOU?

Have you paid your fair share?

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ORIGINAL: eyesopened

I don't think Canadians pay taxes in the US.

Evidently Canada doesn't have any billionaires for Brain to complain about.

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ORIGINAL: Aynne88

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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.

Then your ex had the world's suckiest accountant ever. My ex (whom I still work for at the business) made over 150k in 2007 and paid 22k in taxes. There is no way that in any state someone made 100k and paid 62 of it in taxes. How, exactly, does that work?

If he is a consultant now, tell him to incorporate. He sounds like he isn't cut out to be consulting anyone based on those figures, but if he is, incorporate. He will save tens of thousands.

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ORIGINAL: Sanity


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.

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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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ORIGINAL: Musicmystery

The girl made a point about her ex-owner's situation. I don't expect her to know the details. Perhaps he was talking about withholding. So she got the details technically wrong. It doesn't change her point.

Now that we're off the math, back to the point?