No wonder Obama has his college records sealed....he probably flunked Math!

[Christians4LessGvt]

BT check this out for the truth....yeah it's a few years old....but still the same basic numbers.

http://www.american.com/archive/2007/november-december-magazine-contents/guess-who-really-pays-the-taxes

[BT]

My focus is on clearing up any misunderstanding in members minds concerning the differences between income, payroll and capital gains taxes. There seems to be some confusion.

It is common knowledge that Steve Jobs salary as CEO of Apple was $1.

What tier would that place him in?

[Plane]

  If you earn an income selling goods or working for a wage , and you earn more than a certain threshhold you will owe income tax on those earnings.

    If you spend all of the remainder you will never owe any capitol gains tax.

    But if you buy land , or stock in a company or otherwise invest in securitys you might, when you sell again, owe a tax on its increase in value.

     So you pay a tax on your money , and if you invest well you will be taxed again on the same again.

     Increasing the capitol gains tax will reduce investment , make it harder to buy and to sell farms and homes and decrease the ability of 401k type retirement accounts to carry their retireees thru retirement.

     Eliminating the capitol gains tax will still allow the government to tax all earnings once , and if investment and sale of major propertys and securitys is easyer to make profit on , it would promothe business and employment.

      You can call a tax on taxed money "fair" if you really have to think in this peculiar way, but it is the sort of fairness that promotes starvation being shared rather than prosperity being unequally distributed.

     Yes Warren Buffet is kidding , I can't beleive he doesn't understand this stuff.

[sirs]

My focus is on clearing up any misunderstanding in members minds concerning the differences between income, payroll and capital gains taxes. There seems to be some confusion.

It is common knowledge that Steve Jobs salary as CEO of Apple was $1.

What tier would that place him in?

Touche'

[Xavier_Onassis]

Jobs owned stock in the company. So his tax bracket would be 15% of the capital appreciation of his stock, if he sold it. If not, he would pay no tax until he realized his capital gains.

The $1 is immaterial. It is just a gesture.

There is no touché. Stop being annoying.

[BT]

Jobs owned stock in the company. So his tax bracket would be 15% of the capital appreciation of his stock, if he sold it. If not, he would pay no tax until he realized his capital gains.

The $1 is immaterial. It is just a gesture.

There is no touché. Stop being annoying.

So when he filled out his 1040ez form to pay income taxes, would he put in $1 for gross earnings?

Does he file another form for Capital Gains?

[Xavier_Onassis]

If his total income was $1, he is not required to pay taxes. Again, duh.

Like anyone else, he would add up his W-2 forms and add income from the profit of the sale of any securities. He was clearly not living on air, and no doubt got income from some source other than his job at Apple.
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Just get a copy of a Form 1040 and follow the directions. input what you think he made and you will get the result of what he would pay if your guessing was accurate.

[Plane]

If your income were all capitol gains , you could dedcide how much to harvest and therefore how much to pay tax.

How you would make your investments dependable enough to harvest a living from is something I havn't figured out.

[Xavier_Onassis]

How you would make your investments dependable enough to harvest a living from is something I havn't figured out.
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Then you should consult with a financial adviser. I suggest calling TIAA-CREF. They can figure this out for you quite well. If you want to be more hands-on, I suggest you join AAII. Both are readily available, very well-qualified and extremely affordable.

[Plane]

How you would make your investments dependable enough to harvest a living from is something I havn't figured out.
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Then you should consult with a financial adviser. I suggest calling TIAA-CREF. They can figure this out for you quite well. If you want to be more hands-on, I suggest you join AAII. Both are readily available, very well-qualified and extremely affordable.

Thank you , but should I really risk buying a lot of securitys when the government is just about to raise the rate of capitol gains taxes?

[sirs]

Jobs owned stock in the company. So his tax bracket would be 15% of the capital appreciation of his stock, if he sold it. If not, he would pay no tax until he realized his capital gains.

The $1 is immaterial. It is just a gesture.

There is no touché. Stop being annoying.

Of course its a touche'.  Bt has clearly ruined both yours and bsb's attempts at conflating taxes, trying to intermix them to pull a number that's more appealing to your rhetoric, regardless of where it came from

Whether its Jobs, or Romney, or Soros, they PAYED income taxes, until they reached a level that they believed they could live on their Capital gains taxes, which by the way, they were PAYING on them as well, when they were also PAYING income taxes.  The % of folks who actually live off their Capital Gains is a mere fraction of the rest of this country.  Just because those few could survive a hike in their capital gains taxes, not to mention the idea of hiking their income taxes as well, not only is grossly unfair, as they ALREADY ARE paying the vast majority of the Government to function, but as the whole point of this thread demonstrates, from the original post, it doesn't even begin to dent the debt that this President and the Dems have blanketed this country, its children, and its children's children with

[Plane]

Suppose there is someone , in his sixth or seventh decade of life.

This person has saved up and bought land , securitys.

His plan may be to retire, but his savings are marginal, he can only barely do it.

He needs to sell his house and a lot of his securitys.

This is the kind of guy that higher capitol gains taxes will hurt worst , these are the taxes that will reduce his fixed income.

[sirs]

Yep...not to mention that Obamination care is the biggest tax hike on the Middle class, this country has ever been soaked with

[Xavier_Onassis]

This is the kind of guy that higher capitol gains taxes will hurt worst , these are the taxes that will reduce his fixed income.

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Being as I am retired and have investments, I can tell you that you are full of crap.

If the guy is retired and has investments, they are in either a Roth IRA and he will pay ZERO taxes, or they are in a traditional IRA and he will have to pay at the standard  rate, NOT the Capital gains rate. Increasing the rate on capital gains will affect him nary one whit.

If you are on Social Security, you can have around $30K per year income, including Social security and pay NOTHING to the IRS. and you won't pay into Social Security, either.

[Plane]

This is the kind of guy that higher capitol gains taxes will hurt worst , these are the taxes that will reduce his fixed income.

==========================================
Being as I am retired and have investments, I can tell you that you are full of crap.

If the guy is retired and has investments, they are in either a Roth IRA and he will pay ZERO taxes, or they are in a traditional IRA and he will have to pay at the standard  rate, NOT the Capital gains rate. Increasing the rate on capital gains will affect him nary one whit.

If you are on Social Security, you can have around $30K per year income, including Social security and pay NOTHING to the IRS. and you won't pay into Social Security, either.

Sounds as if you are not paying your fair share.