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Thread: GOP plan to extend tax cuts for rich adds $36 billion

  1. #91
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    Re: Dem vs Rep Tax Cut Plan in Graph form!

    Quote Originally Posted by Conservative View Post
    Wow, impressive, you indeed have superior wisdom to everyone in this forum which is lucky to have you but I stated that he shouldn't contribute to charities thus would have no charitable deductions meaning that his taxable income would be a lot higher. Sorry if I wasn't clearer. We all know that rich people should stop giving to charities and send all their money to the govt. so they can deliver it to the charities they deem worthy.
    Wow, impressive you still can't read properly. Utahbill was talking about tax rates. You screwed that up. I merely calculated the change to his effectively marginal tax rate showing that charitable deductions would further slice an already low effective tax rate to even new lows.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

  2. #92
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    Re: Dem vs Rep Tax Cut Plan in Graph form!

    Quote Originally Posted by obvious Child View Post
    Specifically? No. Can it indirectly by eliminating all taxable income? Yes.



    A better idea would be to impose ridiculously large fines on those who use it rather then simply disallow the reduction in taxes with the current fine system.

    I do believe BOSS was a KPMG product. Not surprising it's massively illegal.
    I could have sworn that this site claims that Son of Boss was a tax scheme to prevent paying capital gains taxes

    Introduction to the Son of Boss Abusive Tax Shelter Transaction

  3. #93
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    Re: Dem vs Rep Tax Cut Plan in Graph form!

    Quote Originally Posted by Conservative View Post
    I could have sworn that this site claims that Son of Boss was a tax scheme to prevent paying capital gains taxes

    Introduction to the Son of Boss Abusive Tax Shelter Transaction
    Not all BOSS and SON of BOSS function in the exact same way. But they all share the underlying principle of generating large artificial losses. Some BOSS and SON of BOSS worked in the context of partnerships to generate large artificial passive losses to reduce other passive income. The whole notion behind BOSS and SON of BOSS is large artificial losses to take aganist varying forms of income. One particular one I remember was generating fake partnership losses to eliminate large guaranteed payments to partners. That's eliminating effectively earned income. True, they revolve around basis, but basis alone doesn't dictate what type of loss you'll have.
    Last edited by obvious Child; 08-15-10 at 12:22 AM.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

  4. #94
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    Re: Dem vs Rep Tax Cut Plan in Graph form!

    Quote Originally Posted by obvious Child View Post
    Wow, impressive you still can't read properly. Utahbill was talking about tax rates. You screwed that up. I merely calculated the change to his effectively marginal tax rate showing that charitable deductions would further slice an already low effective tax rate to even new lows.
    You are right really screwed that up as I always get caught up in how much actual money is paid instead of the rate charged. Seems that is a better way of looking at things but again you are much, much smarter. I guess your answer still stands that if Buffet didn't contribute to any charities his rate would still be 7.5%.

    Oh, by the way, I was responding to Bill as well when he talked about Warren Buffet paying less taxes than his secretary. I thought for sure that charitable giving reduced tax liability.
    Last edited by Conservative; 08-15-10 at 12:24 AM. Reason: Content

  5. #95
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    Re: Dem vs Rep Tax Cut Plan in Graph form!

    Quote Originally Posted by pbrauer View Post
    You are still wrong, go look at that table again and pay close attention to the letters - AGI at the top of the column - they mean something.

    While you're at it, please peruse the following link:

    Tax shelter - Wikipedia, the free encyclopedia
    I'm well aware of what a tax shelter is, I'm asking you how you think they affect the numbers. As I stated already, you seem to be vastly overestimating their significance. Just shouting "THE RICH USE TAX SHELTERS OH NOES" doesn't really prove anything.
    People sleep peaceably in their beds at night only because rough men stand ready to do violence on their behalf.

  6. #96
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    Re: Dem vs Rep Tax Cut Plan in Graph form!

    Quote Originally Posted by Conservative View Post
    You are right really screwed
    Yes you did. Confusing rate and amount is what you did.

    that up as I always get caught up in how much actual money is paid instead of the rate charged.
    Yet you support a flat tax no? It would seem you are being once again, dishonest. You only care about certain things when it supports your current argument only to flip around when it doesn't.

    Seems that is a better way of looking at things but again you are much, much smarter.
    Only if you were consistent. Which you are anything but.

    I guess your answer still stands that if Buffet didn't contribute to any charities his rate would still be 7.5%.
    Guess my point still stands that you can't read properly. Saying my answer that Buffet would have a 7.5% effective without donating shows you have no idea what my post actually stated.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

  7. #97
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    Re: Dem vs Rep Tax Cut Plan in Graph form!

    Quote Originally Posted by obvious Child View Post
    Yes you did. Confusing rate and amount is what you did.



    Yet you support a flat tax no? It would seem you are being once again, dishonest. You only care about certain things when it supports your current argument only to flip around when it doesn't.



    Only if you were consistent. Which you are anything but.



    Guess my point still stands that you can't read properly. Saying my answer that Buffet would have a 7.5% effective without donating shows you have no idea what my post actually stated.
    That is why I am so glad that you are here to correct me. I am amazed that if Warren Buffet didn't contribute to charity that his tax rate would still be 7.5%. I would have thought that tax rates are applied to the net income after deductions but apparently I am wrong. I really need to have you do my taxes for me since you obviously are able to get a better tax refund by getting me a lower rate without deductions. I can now save a lot more thanks to you.

  8. #98
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    Re: Dem vs Rep Tax Cut Plan in Graph form!

    Conservative

    [So you think taking more taxes from the rich will help the middle class?
    What I find it amazing is that someone could ask me this in the same post that they have this to say” Do you realize how foolish your statement is “. Its been shown to you many times over this thread and other threads, still you keep repeating the RNC line. If you want to look a fool in the eye, take a close look at the one looking back at you the next time you shave.



    Please give me an example of anytime that higher taxes made someone in the middle class move up a class?
    I already did, in the post that you quoted. Here’s a hint, its hid under the capital letters (TEFRA).
    The haggardness of poverty is everywhere seen contrasted with the sleekness of wealth, the exhorted labor of some compensating for the idleness of others, wretched hovels by the side of stately colonnades, the rags of indigence blended with the ensigns of opulence; in a word, the most useless profusion in the midst of the most urgent wants.Jean-Baptiste Say

  9. #99
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    Re: Dem vs Rep Tax Cut Plan in Graph form!

    Quote Originally Posted by JohnWOlin View Post
    So are you saying I should be patting rich people on the back even though under Bush they got a much better tax break?
    maybe you should be whining less about the rich and keeping your class envy on the dl

    the rich still pay far more of the taxes than any rational concept of fairness would demand.



  10. #100
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    Re: Dem vs Rep Tax Cut Plan in Graph form!

    Quote Originally Posted by Conservative View Post
    Yes, and we know how badly the govt. needs the taxpayer money since they spend it so effeciently. We all should be concerned about paying for that meager 3.8 trillion dollar budget and all those bailouts for after all that income from the individual should be the government's first.
    See, what is pissing me off, is the fact that you ignore that I'm in favor of spending changes.

    You just play off stereotypes that I "Loooooove" taxes and spending. I want spending changed. We need to cut spending from inefficient programs. I totally support that. But from your responses to my posts, you typecast me in one way that I am not. Spending habits of government must be changed. Only those programs that work should be funded.

    I think tax rates should be based on the contributions you make to the economy overall.

    So sorry that I want to improve things for everyone and not just the top 1%.

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