31–40 of 79 posts
Earlier quoted context omitted.
Broseph, they're paying 28% via federal as well, and social security and Medicare. If it were only 13% marginal that would be whoop-for-joy low.
(In case you're wondering -- you're likely being downvoted for calling the parent 'Broseph' -- it's a bit of a pejorative, which is uncalled for in HN's mostly civil discourse)
Earlier quoted context omitted.
Wealthy != high income. A high-earning couple might make $500K spread across 2 W-2 salaries, and then pay those $45K in state and ~$200K in federal taxes. A wealthy couple owns a network of business, reinvests all profits of those businesses in capital improvements to make more money in the future, pulls out only enough in salary to meet their expenses, makes an equivalent donation to charity to offset all their "inc…
Can you explain the charity portion, isn’t that the net same as not having the money? Sincere question
Why, yes, I am still salty that the Mormons didn't get their tax-exempt status revoked over Prop 8 in California. Thanks for asking.
Earlier quoted context omitted.
Broseph, they're paying 28% via federal as well, and social security and Medicare. If it were only 13% marginal that would be whoop-for-joy low.
(In case you're wondering -- you're likely being downvoted for calling the parent 'Broseph' -- it's a bit of a pejorative, which is uncalled for in HN's mostly civil discourse)
I'd like to think he got downvoted because his information was wrong (which it might be, I'm not sure, as I am not an authority on taxes).
Earlier quoted context omitted.
Can you explain the charity portion, isn’t that the net same as not having the money? Sincere question
You get to control where it goes, rather than the government. For most people, their values are an extension of their identity. (This, BTW, is why we get values voters on both sides of the aisle who vote against their own economic self-interest for a party that supports the kind of world they want to live in.) If you're making 2x+ times what you actually need to live the personal lifestyle you want, the rest is going…
"pulls out only enough in salary to meet their expenses, makes an equivalent donation to charity to offset all their "income", and then pays zero in taxes."
and that's confusing, 'cause say I can live off $100K/yr. So I pay myself $140K (or whatever) and pay the taxes on that and I have $100K left to pay for groceries and rent or whatever.
Sure, my company maybe donated a bunch of money to some nonprofit I liked, and that decreased the company's tax liability. Maybe my company even lost money after the donations, and maybe I get to carry those losses forward... but that's not going to impact the personal income taxes on those wages I pay myself, or personal capital gains tax on the dividends I pay myself.
But that's a different thing from the tax liability on that $140K I took out to buy my groceries, and pay my rent.
I'm not a tax person, though I have been in the situation of paying both corporate and personal taxes- all I can say is that you need a properly licensed tax person in that situation, even if your business makes less than a google engineer.
Earlier quoted context omitted.
Can you explain the charity portion, isn’t that the net same as not having the money? Sincere question
You can donate to your church who can then fund an anti-gay political campaign and neither of you get taxed on the money. If you tried to fund that directly, you would have gotten taxed on it first before you could spend it. Why, yes, I am still salty that the Mormons didn't get their tax-exempt status revoked over Prop 8 in California. Thanks for asking.
Earlier quoted context omitted.
You can donate to your church who can then fund an anti-gay political campaign and neither of you get taxed on the money. If you tried to fund that directly, you would have gotten taxed on it first before you could spend it. Why, yes, I am still salty that the Mormons didn't get their tax-exempt status revoked over Prop 8 in California. Thanks for asking.
[removed - this was not intended as a political comment but somehow it became such]
Planned Parenthood Action Fund (PPAF) is a properly taxed 501c4 and does political action.
Planned Parenthood are quite scrupulous about this given how often they wind up in the crosshairs. Would that the religious organizations received such scrutiny.
Please take your GOP disinformation points somewhere else.