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1400 millionaires paid no income tax in 2009..

Discussion in 'Political Discussion' started by DarrylS, Aug 5, 2011.

  1. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

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    I paid my taxes, everyone I know pays their taxes, but 1400 millionaires, due to this weighted tax code paid no tax at all.

    Have been waiting for this stuff to trickle down since Reagan, it ain't happening.. and probably never will. All the while many get a free ride.. the rich get richer, and those in the middle get shyt on.

    American Millionaires: 1,400 Paid No U.S. Income Taxes In 2009

    Making More, Contributing Less

     
    Last edited: Aug 5, 2011
  2. BSR

    BSR In the Starting Line-Up

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    It had little or nothing to do with a weighted tax code. The weighting doesn't go to zero. It was more than likely due to capital loss carrybacks. I wouldn't get too caught up with anomalies like that.
     
  3. Wolfpack

    Wolfpack Banned

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    How dare you bring some sense and reason into a thread which was clearly meant to rant and rave over class warfare!?!
     
  4. The Brandon Five

    The Brandon Five Experienced Starter w/First Big Contract

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    #75 Jersey

    That's 1400 out of about 50 million...

    Nearly half of US households escape fed income tax - Yahoo! Finance
     
  5. sdaniels7114

    sdaniels7114 Experienced Starter w/First Big Contract

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    From the first link: "And of the 235,413 taxpayers who earned $1 million or more in 2009, 1,470 of them paid no taxes.




    The words: "sense" and "reason" must mean something else to a neocon like yourself don't they?
     
  6. sdaniels7114

    sdaniels7114 Experienced Starter w/First Big Contract

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    btw BSR when a person earns in excess of 1 mil and still pays no taxes, that the 'weighting' going to zero.
     
  7. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

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    IF you derive your income from say government bonds, wither T bonds of State and Municipal bonds you would pay no income taxes. Do not know if this is the case here, but you can add this to the list above.

    Any lefties want to get rid of the loop hole for the rich to buy government bonds and have the interest tax free?


    BTW I still want a Flat Tax the one Forbes proposed specifically.
     
  8. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

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    From our friends at the peoples cube:

    [​IMG]
     
  9. The Brandon Five

    The Brandon Five Experienced Starter w/First Big Contract

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    #75 Jersey

    I don't think the interest from Treasuries is exempt from Federal tax. Municipal bonds are, and some of them are subject to AMT (you can also buy bonds that are explicitly not subject to AMT).

    Individual - Treasury Bills
    Municipal bond - Wikipedia, the free encyclopedia
    Not sure about taxation of state bonds (I found conflicting info for that).
     
  10. IcyPatriot

    IcyPatriot ------------- PatsFans.com Supporter

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    #87 Jersey

    A better article would have been why the 1470 paid no income taxes. The article was very weak in explanations.
     
  11. BSR

    BSR In the Starting Line-Up

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    No..it doesn't. It most likely has nothing to do with tax code weighting or with tax cuts. Capital loss carry backs have been in place for decades and simply allow you to recognize losses from previous periods. If this code didn't exist people would simply game the timing of realizations to the same effect.
     
  12. The Brandon Five

    The Brandon Five Experienced Starter w/First Big Contract

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    #75 Jersey

    Assuming that the tax year in question was 2008 (returns filed in 2009) it makes sense that capital losses were in play. Given that the catastrophic financial collapse in 2008 wiped out some $10 trillion in wealth, it is not surprising that people who may have still collected $1 million in wages, interest and dividends had many times that in capital losses. If anything the surprise is that the number is not higher.
     
    Last edited: Aug 5, 2011
  13. wistahpatsfan

    wistahpatsfan Pro Bowl Player

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    #75 Jersey

    Whether you're for a flat tax or a consumption tax, you have to agree that the current tax code is one of the main reason this country is in trouble and an imaginary "class war" might become a real one.
     
  14. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

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    The goal was to play the class warfare card, so Obama can make a play to raise tax rates on the 'rich' ;)


    The DNC probably wrote the article.
     
    Last edited: Aug 5, 2011
  15. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

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    Class warfare was started by George Bush when he chose to only give the rich tax breaks.. a better answer would have been equity for all, but he did not think that would benefit his friends enough.

    Obama and crew need to continue to fight this war, so everyone can benefit not just the chosen few..
     
  16. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

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    Wrong again the Bush tax cuts went to all taxpayers. Try again.


    A simple assessment you might understand:

     
  17. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

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    What I understand is the the richest folks reaped the greatest benefit, and if you read the article it clearly stated "Very Mildly Progressive".. what a difference it would have been if we all benefitted equally.

    Epic fail, as usual.. keep googling though, somewhere out there is an article meets your needs.
     
  18. BSR

    BSR In the Starting Line-Up

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    Why is the tax code the main reason? I don't know if I can agree with that unless you can explain it further.
     
  19. BSR

    BSR In the Starting Line-Up

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    Why would it makes sense to have everyone benefit equally if we don't pay into it equally?
     
  20. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

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    The richest pay the most taxes. Should the 47% who pay no federal taxes get the cuts?
     

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