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Thread: Would the rich miss 5%?

  1. #191
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    Re: Would the rich miss 5%?

    Quote Originally Posted by Ikari View Post
    Buffett said it himself. There's a link in the thread.
    Did you even read the post that you responded to?

    Quote Originally Posted by Dav View Post
    Buffet is a rare case because he didn't make his money on any kind of career, but rather through investing; thus there are a lot of loopholes in the tax code he can take advantage of.

    But most rich people aren't in that situation (especially if you define everyone in the top 1% as "rich").
    Emphasis added.
    Last edited by Dav; 11-25-09 at 08:24 PM.

  2. #192
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    Re: Would the rich miss 5%?

    Quote Originally Posted by stalin_was_a_nice_being View Post
    So you live in a mansion?! I thought you said your dad worked for the CIA? He must be corrupt.....
    Common misconception. Not everyone in the top 1% is that rich. I'm really more upper-middle class than anything.

  3. #193
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    Re: Would the rich miss 5%?

    Quote Originally Posted by Dav View Post
    Common misconception. Not everyone in the top 1% is that rich. I'm really more upper-middle class than anything.
    I know exactly what you are talking about.

  4. #194
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    Re: Would the rich miss 5%?

    Quote Originally Posted by Dav View Post
    Did you even read the post that you responded to?



    Emphasis added.
    The uber rich are in that category, it's not as isolated as you'd like to think. There are plenty of rich people who get nailed on taxes, but the uber rich do not. Once the majority of your income can be derived from capital gains, you're not paying **** in taxes anymore. Steep slope up, but steeper one down.
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  5. #195
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    Re: Would the rich miss 5%?

    Quote Originally Posted by Ikari View Post
    The uber rich are in that category, it's not as isolated as you'd like to think. There are plenty of rich people who get nailed on taxes, but the uber rich do not. Once the majority of your income can be derived from capital gains, you're not paying **** in taxes anymore. Steep slope up, but steeper one down.
    Even if this were true (and I'd like to see proof of it before I believe it), the top 1% are not the "uber-rich".

  6. #196
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    Re: Would the rich miss 5%?

    Quote Originally Posted by Dav View Post
    Common misconception. Not everyone in the top 1% is that rich. I'm really more upper-middle class than anything.
    But do you live in an area with mansions and really nice exotic cars?

  7. #197
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    Re: Would the rich miss 5%?

    Quote Originally Posted by Dav View Post
    BTW my parents are in the top 1% and do not pay a lower marginal tax rate than everyone else....
    Perhaps they should get better tax planning. Deferring income, donating highly appreciated securities and various partnership arrangements can severely reduce high bracket taxable income to produce low marginal taxes. Ikari isn't wrong in his belief that the tax code is setup to largely reward specific types of income while being harsh on earned income. There are plenty of super rich people who have marginal and effective federals taxes of zero. It's called major investments into municipal bonds.
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  8. #198
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    Re: Would the rich miss 5%?

    Quote Originally Posted by Dav View Post
    Even if this were true (and I'd like to see proof of it before I believe it), the top 1% are not the "uber-rich".
    Well, the effective tax rate on long term dividends and capital gains is currently 15%.

    Let's hypothetically say that all of your income is from dividends and capital gains.

    Let's say you make $250,000 from those. That's a measly $37,500 since capital gains taxes aren't progressive. That's pretty tiny. Generally you don't get credits at $250,000 due to phase outs, but let's say you have a ranch. You donate a conservation easement which under Bush era tax laws allowed the donators to get 100% of the value. If you have enough land and structure it correctly, you could eliminate your entire AGI thereby deeming your taxes 0 excluding state taxes on capital gains.

    Good luck finding anything similar for earned income.
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