Archived posting to the Leica Users Group, 2011/10/16
[Author Prev] [Author Next] [Thread Prev] [Thread Next] [Author Index] [Topic Index] [Home] [Search]"Who pays taxes at a lower rate?" Warren Buffet paid 17% last year, not the highest rate of 35%. A survey found that the average was around 20% for high income taxpayers. Hedge fund managers, of course, pay the 15% capital gains rate rather than the 35% earned income rate. Robert On Oct 16, 2011, at 7:45 PM, Ken Carney wrote: > Robert, > > Which "news"? If I got my information from TV or even the recently > discredited WSJ, I would not have a complete view. With regard to > Warren Buffet, I think a confiscation of income over, say, $1 > million would accomplish nothing. I stand to be corrected. As > always. > > Best, > > Ken > > On 10/16/2011 7:25 PM, Robert Meier wrote: >> Ken, >> >> "The Buffet Rule:" Haven't you been following the news? >> >> Robert >> >> On Oct 16, 2011, at 7:16 PM, Ken Carney wrote: >> >>> On 10/16/2011 6:33 PM, George Lottermoser wrote: >>>> On Oct 16, 2011, at 6:07 PM, Ken Carney<kcarney1 at cox.net> wrote: >>>> >>>>> Wonder how all these occupiers were able to get off work for so >>>>> long? >>>> Many of the Milwaukee "Occupiers" (a one Saturday event) were >>>> "laid off" or otherwise unemployed; part of that 9.1% as well as >>>> the 99%. I spoke with quite a few degreed professionals with 20 >>>> plus year professional careers who have been unable to find >>>> "any" work for 4 to 12 months. Others have been forced into >>>> early retirement. Others are serious students who can no longer >>>> finance their educations; or find employment. The stories are >>>> many and sad. Minorities in Milwaukee have more than 4 times >>>> that 9% unemployment rate. And those rates do not include the >>>> people who have simply given up on the prospect of finding work. >>>> >>>> Regards, George >>>> >>>> _______________________________________________ >>>> Leica Users Group. >>>> See http://leica-users.org/mailman/listinfo/lug for more >>>> information >>>> >>> I hear you. It also relates to Richard's comments about >>> corporations hoarding cash and banks not lending...the reason is >>> that there aren't as many opportunities for investment now. The >>> reverse, actually. The question is, what can our government do >>> about it? The government doesn't create jobs, except in a >>> temporary and largely wasteful sense. Large CEO salaries and >>> taxes on the rich are irrelevant - the most draconian measures >>> would not put a small dent in the debt. What is needed, IMHO, is >>> competent fiscal administration, something not present now >>> (IMHO). I have now escalated into a rant, which needs at least a >>> couple of constructive suggestions. As a tax adviser, I will >>> probably be excommunicated for this one, but I think the current >>> policies regarding transfer of intangible assets offshore should >>> be revisited (Google, Cisco et al.). All that is happening there >>> is that the income escaping U.S. tax must be reinvested in >>> another offshore business, else it will become income subject to >>> U.S. tax. So, the U.S. tax break is building industries and >>> infrastructure in other countries. A U.S. citizen is taxable on >>> worldwide income, now matter where earned. Why should it be >>> different for a corporate business? A second suggestion is to >>> stop U.S. military intervention in hopeless causes, e.g., >>> Afghanistan. OK, a third bonus suggestion would be some way to >>> eliminate federal pork spending, a lost cause I know. >>> >>> Lastly, I have numerous clients who have taxable income in excess >>> of $1 million. They all pay taxes at the highest rate. They are >>> also usually high charitable givers. Who pays taxes at a lower >>> rate? Two instances come to mind. One is the risk taker who is >>> able to take a deduction for intangible drilling costs in the >>> exploration for oil and natural gas, and that is a temporary >>> thing. The other is someone who has bitten on a tax shelter, >>> with blowback potential that will greatly exceed the temporary >>> tax savings. EOR! >>> >>> Ken >>> >>> >>> _______________________________________________ >>> Leica Users Group. >>> See http://leica-users.org/mailman/listinfo/lug for more information >> >> >> _______________________________________________ >> Leica Users Group. >> See http://leica-users.org/mailman/listinfo/lug for more information >> > > > _______________________________________________ > Leica Users Group. > See http://leica-users.org/mailman/listinfo/lug for more information