Political Roundtable Pulsar of Annihilation part IV

[Zonkerbl]

I imagine there are a large number of rich people who do not pay more than 15% or so of their total income in taxes because they've arranged things so that all their income qualifies as investment income. I have no idea what percentage of people earning more than $250,000 these lucky folks are, though. I assume it's 100% because it's just hard for me to imagine people not taking advantage of all the gaping holes in our tax system, but I suppose it could be lower than that.

I still think dandridge should fire his accountant.

[Zonkerbl]

Uh, let's see, what astral phenomena have we not used yet?

Poltical Roundtable Brown Dwarf of Explodiness?

[fooley]

In regards to the rich paying higher percent in taxis.

You would pay the highest percentage on the adjusted gross income that is over $250,000. YOu'd pay the same percentage on the first $100k that i pay. And you are not paying social security tax on anything over $110,000 while I pay 6.2% Social on my entire income.

In a lot of cases rich people make money on capital gains (15%) which is the sticking point. I believe romney wants to remove capital gains tax alltogether for people making under $250. So i guess you would be screwed on that as well.

[dandridge 10]

I imagine there are a large number of rich people who do not pay more than 15% or so of their total income in taxes because they've arranged things so that all their income qualifies as investment income. I have no idea what percentage of people earning more than $250,000 these lucky folks are, though. I assume it's 100% because it's just hard for me to imagine people not taking advantage of all the gaping holes in our tax system, but I suppose it could be lower than that.

I still think dandridge should fire his accountant.

Zonker, I have plenty of friends that are in families that make over $250,000 a year (some, believe it or not, are government workers). All it takes is for one spouse to make $150,00 and another spouse to make a little over $100,000. That is not hard to do, especially in the D.C. area. Almost all of this income is from salaries, not investment income. In fact, I can't think of one friend whose income is mostly derived from investments. Most of their income is salary and its taxed at 33 or 35% percent. My accountant is not missing anything and neither are my friends accountants.

[Zonkerbl]

FIRE HIM ANYWAY!!!

GRAWR!!!!!

BTW I was assuming you were saying you yourself earn $250k, not that your family earns that much, that's different. I'm pretty sure I don't know any Feds earning $250k.

[dandridge 10]

FIRE HIM ANYWAY!!!

GRAWR!!!!!

BTW I was assuming you were saying you yourself earn $250k, not that your family earns that much, that's different. I'm pretty sure I don't know any Feds earning $250k.

Zonk, I didn't say exactly how much I earn. I do not know a government worker that makes more than $250k a year. However, I know couples that both work for the government and their combined income would be over that amount. As I understand it, they would be considered "rich" under Obama's plan.

BTW, when my wife left the government as a policy analyst after about 7 years at FDA, she was making close to $100,000. She was not even in a managerial role or a senior person. I think you would be surprised how much federal government workers make in this day and age.

[Zonkerbl]

Not surprised at all, Dandridge, nudge nudge wink wink...

What surprises me, actually, is how little a salary of $100k+ gets you in DC. If I were earning this much in podunk, Ohio, where I grew up I'd be living in a mini mansion with servants and sending my kids to private school.

Here I get taxed like a 1 percenter and live like an auto worker.

[fishercob]

Not surprised at all, Dandridge, nudge nudge wink wink...

What surprises me, actually, is how little a salary of $100k+ gets you in DC. If I were earning this much in podunk, Ohio, where I grew up I'd be living in a mini mansion with servants and sending my kids to private school.

Here I get taxed like a 1 percenter and live like an auto worker.

That's the point. That 250K threshold has got to be raised.

[Zonkerbl]

I definitely feel like I'm middle class. The only difference is someday I'll be able to cash in my house and move back to Podunk and roll around in cash all day.

Someday... *sniff*

[Benjammin]

Having grown up in NOVA and lived there most of my life, it never ceases to surprise me with the arrogance and hubris of people in the DMV.

While I have great respect and compassion for teachers/firefighters/police officers and others there, I can muster absolutely no sympathy for GS-13-15 with many years of experience crying poverty, even with the ridiculous housing costs. Many of those long-term workers bought their houses many years ago and/or sold and profited from them along the way.