anita wrote:PatrioticStabilist wrote:I always remember the tax laws are made by and for the rich. That’s how they get, keep, and increase their wealth.
We were on the fringes of high income for quite a few years and the tax laws available to shelter income were unbelievable at that time even for us. And the more you made the better it got. That’s why people say oh the wealthy are paying 39% of their income in taxes, oh please, they are likely paying nothing and getting huge refunds or carryforwards. It makes a huge difference when all your w2 income is fully taxed and theirs is not.. No wonder they get and keep their wealth. Plus the tax planning people fix it so they can take advantage of all that.
I think we are in a world of hurt and even in the next 4 years will see the poor get poorer. I believe the wealthy he has selected are a power hungry bunch and will only line their pockets even more. Would be nice to believe they care about us, if that were true the people that work for them would be rich or very well off too. But once any of them get that high up its all about number 1 anyway, there may be a few exceptions but likely rare.
PS, Please share your tax strategies that allowed you to shelter income. We’d all like to do the same. My husband, as a small business owner, made significant income, and we experienced no such advantage in taxes. The only reason we got a refund is because he over-withheld because he didn’t want to get hit with penalties. (In other words, we got our own money back that we shouldn’t have paid in the first place.)
Also, please share the details on how you know what wealthy people are paying on their taxes. Are you their accountant??
In 2012, the top 50 percent of all taxpayers (69.2 million filers) paid 97.2 percent of all income taxes while the bottom 50 percent paid the remaining 2.8 percent.
Statistics: Posted by Gunns — Mon Jan 23, 2017 10:45 am