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Phil Mickelson makes a statement about high taxes then.....

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Phil Mickelson makes a statement about high taxes then.....

Old 01-27-2013, 03:20 PM
  #61  
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I'm not much less than 50% all in (fed, state, SS) and certainly at 50%+ if I add in PP tax and other taxes I pay.

it is criminal.
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Old 01-27-2013, 04:45 PM
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I wish Phil would of kept the issue going. Paying near 60% tax on income is criminal.

With the new Obama care tax I'm getting hit over 50%.... sux.
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Old 01-27-2013, 04:51 PM
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Originally Posted by triplenet View Post
I believe the 20% effective number is Federal Tax only,,,,, so in California add all the other taxes....

And if I am not mistaken - 50% of the population doesn't pay any taxes - so whats their "fair share"

Zero ?
Thanks to Bush, at least for 12,000,000, yeah. Of course, I didn't vote for him, so I'm not to blame. I think everyone should pay, except the truly impoverished.

Again, there is a simple solution here.

Drop ALL rates at least 20%. Top bracket should be no higher than 25%. Apply it to ALL earnings, and do away with EVERY deduction, with the single exception of setting the tax rte on the first "x" of earnings at 0%, where "x" = the annual poverty rate for the filer.

Problem is, we all love our own government assistance programs too much to go for it. Especially when it's so easy to blame everyone else on government assistance programs.
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Old 01-27-2013, 04:59 PM
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Originally Posted by Crabpot Man View Post
28.9% effective is the federal average rate for the high earners, some pay less some pay more.

At $60 million annually of taxable income, deductions, ss and marginal rates below the top are meaningless, hundredths of a percentage point.

Feds 39.6%
Calif 13.3%
Medi 2.9%

Total 55.8%

Criminal.
Lets stay apples to apples and leave out the corporate tax rates.

The average individual federal income effective tax rate is 21.0%. That's for the top 1%. As for your belief about percentage points, how was it possible for the top 400 individual earners to pay an average effective rate of 17.17% and 16.62%?

In 2007
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Old 01-27-2013, 05:08 PM
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Originally Posted by jzima View Post
Lets stay apples to apples and leave out the corporate tax rates.

The average individual federal income effective tax rate is 21.0%. That's for the top 1%. As for your belief about percentage points, how was it possible for the top 400 individual earners to pay an average effective rate of 17.17% and 16.62%?

In 2007
It's simple, many in the 1% are making their money on passive income (investments, etc) thus paying at the capital gains rate. Those of us that are making it by working pay the top rate plus state plus obamacare tax plus medicaid... etc.
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Old 01-27-2013, 05:13 PM
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Originally Posted by jzima View Post
Lets stay apples to apples and leave out the corporate tax rates.

The average individual federal income effective tax rate is 21.0%. That's for the top 1%. As for your belief about percentage points, how was it possible for the top 400 individual earners to pay an average effective rate of 17.17% and 16.62%?

In 2007
Tax exempt investments
Capital Gains
Philanthropy
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Old 01-27-2013, 05:17 PM
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The question was a rhetorical one as it seemed to imply that what CPM said above was incorrect.

The reality is this. The top 1%'s average effective rate was 21% last year, it's highest in years.

This is the main problem with our tax structure. While we all argue about how unfair it is for Lefty to pay a % that I guarantee you he doesn't pay, our elected representatives destroy our great nation.


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Old 01-27-2013, 05:20 PM
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Backtothesea, I'd like to make you a sweet deal. Since you believe you pay close to 50% in Fed, State, and SS taxes, let me do your taxes for you this year. For each % point that I save you from 48%, I get half of what it would've cost you. Rest assured I'll put your money to good use, much better than the gubmint would've.

If you already pay that amount to the gubmint, you have nothing to lose.

So, do we have a deal?
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Old 01-27-2013, 05:44 PM
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Originally Posted by jzima View Post
The question was a rhetorical one as it seemed to imply that what CPM said above was incorrect.

The reality is this. The top 1%'s average effective rate was 21% last year, it's highest in years.

This is the main problem with our tax structure. While we all argue about how unfair it is for Lefty to pay a % that I guarantee you he doesn't pay, our elected representatives destroy our great nation.
There was nothing in my post that was incorrect, please pay attention to what you are reading.

You do understand averages, right?
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Old 01-27-2013, 07:34 PM
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Originally Posted by Danny33486 View Post
Is he the guy with the giant moobs?
he is a girl
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Old 01-28-2013, 03:44 AM
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Originally Posted by Crabpot Man View Post
Tax exempt investments
Capital Gains
Philanthropy
What if his name was Steve?
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Old 01-28-2013, 10:19 AM
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Originally Posted by Crabpot Man View Post
There was nothing in my post that was incorrect, please pay attention to what you are reading.

You do understand averages, right?
Nope. I'm not your average guy.

Get it?
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Old 01-28-2013, 11:25 AM
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Every endorsement contract and all prize money (less expenses) that phil wins are taxed at ordinary income...so the argument about the 1% only paying 15% (capital gains, dividends, etc) would not really apply to his situation.
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Old 01-28-2013, 11:27 AM
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So his last million was taxed at what, 35%?
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Old 01-28-2013, 12:08 PM
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Originally Posted by Johnny Dreamer View Post
So his last million was taxed at what, 35%?
By the Feds, yeah, or now 39% or something. But then there's the California state of 13% or so. Then there's 2.9% for Medicaid. He's self employed, so there's 10% for SS. Oh wait, clearly he's already earned $106k this year, so scratch that part.

So 39+13+2.9=60 now?

And of course, Phil is the first and only self employed guy in history to not take any deductions. It's not like travel costs anything in his business. He probably flies coach. His private jet doesn't cost anything. Or memberships. Or swing coaches. All free.

And of course, Phil just takes his cash and stuffs it in his mattress. He doesn't invest any of it, unless you count betting on the NFL.
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Old 01-28-2013, 03:04 PM
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Why am I not surprised that some clown from Cape Cod knows more about Phil's tax situation than Phil and his accountants?
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Old 01-28-2013, 04:03 PM
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Originally Posted by jzima View Post

And of course, Phil is the first and only self employed guy in history to not take any deductions. It's not like travel costs anything in his business. He probably flies coach. His private jet doesn't cost anything. Or memberships. Or swing coaches. All free.
Those are business expenses not deductions and have no bearing on his effective tax rate.
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Old 01-28-2013, 04:04 PM
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Originally Posted by johnny dreamer View Post
so his last million was taxed at what, 35%?
51.2 %
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Old 01-28-2013, 04:29 PM
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Originally Posted by CARV View Post
Why am I not surprised that some clown from Cape Cod knows more about Phil's tax situation than Phil and his accountants?
Because you know even less about taxes than he does?
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Old 01-28-2013, 04:42 PM
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Originally Posted by Crabpot Man View Post
Those are business expenses not deductions and have no bearing on his effective tax rate.
Well, that's just not true. Any golf related expenses would be deductions as business related expenses, and travel, even "luxury" travel, is included in that.

Also, he gets to deduct his state taxes paid from his federal taxes. So on ever $100 he earns over $388k for the year, he doesn't pay 39%, he pays 39% of $86.7, or roughly $33.80. So just there we've reduced his number by almost 6%.

Of course, we are also well aware of his charitable affiliations, so clearly he has deductions there as well. More likely than not, he's got a mortgage as well, and probably pays more in interest than the average family.

The list goes on and on.

Again, I'm not advocating that his rate is "fair" at all. I think the top rate should be 25% and there should be no deductions at all, but I also know there's no way he pays what he said he pays.
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