Not at all....in fact my tax-frees are up about 15% (I think) in the last few years.Well, perhaps you have little or no straight income and you're just relying on investment income? If so it's generally not a great idea to make bad or mediocre investments to try to avoid LTCG. You must have gotten slaughtered over the last few years, yes?
If you're paying 15% of your Adjusted Gross Income in Federal income taxes, you need a professional tax preparer...unless, as I said, you're making well in excess of $200K a year.
Thank you, Quazi!
Perhaps you should read the OP again. Romney claimed to have paid a "15% income tax". We need to compare apples to apples here.Originally Posted by teamosil
45% of households owe no federal income taxes.
Last edited by teamosil; 01-18-12 at 11:55 PM.
I would suggest that you find someone who knows something about investments and not just tax avoidance.
Last edited by AdamT; 01-18-12 at 11:56 PM.
Effective Federal Tax Rates Under Current Law, 2001 to 2014
Indicates the 2010 effective FEDERAL tax rates to be first Q- 5.8%, 2nd - 12.3%, 3rd – 16.1%, 4th – 20.5% 5th – 27.1% . The numbers in the column on your link ‘Federal Taxes’ appear to be vastly different. What gives? Which is the more reputable souce?
I agree with your conclusion but this is not what you said earlier. I just wanted to make sure we were all being honest here.Originally Posted by teamosil
Taxes are absolutely regressive. But then again so are all prices!
A very poor man must serve up nearly 100% of his income in order to obtain food, clothing, and perhaps shelter but a rich man can afford all of these things to excess and only utilize a minute portion of his income. Does this mean that all prices should be progressive as well? Perhaps it is not the difference in material wealth which is the problem here...