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47% will pay no federal income tax

Old 10-05-09, 04:10 PM
  #76  
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Re: 47% will pay no federal income tax

Originally Posted by Groucho View Post
Brother of the year.
I wonder if the fee gets returned once the IRS audits her?
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Old 10-05-09, 04:18 PM
  #77  
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Re: 47% will pay no federal income tax

How much do you pay in taxes on that fee?
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Old 10-05-09, 07:07 PM
  #78  
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Re: 47% will pay no federal income tax

Originally Posted by Lemmy View Post
I've had a job since I was 13 years old; I'm now 46. I have ALWAYS filed longform when my income was sufficient to warrant it (starting at about age 20). I make it my business to know the tax laws every year; any changes, etc., and I've NEVER paid Federal income tax. In fact, one year (2005), I moved from Michigan to Texas to Indiana and back to Michigan, all in the name of employment. I paid about $5400 during the year in Federal tax, but got over $9000 (Federal) back, due to qualifying for several programs (both State and Federal) that pay expenses invloving work relocation.

And the years my income was too low to pay longform? I got every penny back on shortform.



If you pay....you're a sucker.

I now do taxes for family and friends every year as well. In fact, my sister won a $23,000 judgement this year, and will owe about 5K in taxes...if she files her taxes on her own. With my help, she'll get it all back (minus my 15% fee for finding the loopholes and filing the forms).
Please pray tell, help me on an income tax question: If I have annual dividend income from shares of common stock totaling $8,000 how would I avoid paying any and all federal income tax on these earnings? I dare say it is impossible.
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Old 10-05-09, 07:17 PM
  #79  
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Re: 47% will pay no federal income tax

You will pay, but you have to find credits elsewhere to offset it. Claim pets as children, etc.
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Old 10-05-09, 11:47 PM
  #80  
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Re: 47% will pay no federal income tax

Originally Posted by kvrdave View Post
Why risk money to innovate when the prize is having 70% of it taken away?
Because the risk is tax deductible.
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Old 10-06-09, 12:04 AM
  #81  
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Re: 47% will pay no federal income tax

I have people talk about how I should do all sorts of things to my rentals because it is tax deductible. There really are flaws with that thinking. It is still money lost. Money you no longer have.

Anyway, I think it is all silly. Rich people don't pay big taxes if they are smart. When the highest levels were 70-93% there were so many loopholes that it didn't matter. The rich make the tax laws. Ted Kennedy didn't pay huge taxes, he paid huge amounts to find ways to avoid it. The Kennedy trust is a great example of that.

If you really think you can get money out of the rich, you need to go with a wealth tax....and they won't pass that because it would cost them money.
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Old 10-06-09, 12:25 AM
  #82  
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Re: 47% will pay no federal income tax

When people talk about how great high marginal tax rates would be you certainly know they're talking in the abstract.
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