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Old 04-22-2013, 09:38 AM   #30
DenverBrit
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Join Date: Aug 2005
Location: Denver
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Quote:
Originally Posted by StugotsIII View Post
I pay 23% and I make just under 60k per year…


How does that sound right?
Try deducting 25% of your income by giving to charity and see what your effective rate might be.

Tax rates work best when you're wealthy and living off investments and paying cap gains rates @ max 15%, less whatever deductions and deferments can be squeezed in.

Become a Hedge fund Manager, they get to pay 15% or less on billions of income.

Quote:
One of the tax breaks upon which President Obama has focused is a provision that allows hedge fund managers — who make billions annually — to receive a substantial tax break. This particular tax break, known as the carried-interest loophole, allows hedge fund managers to treat the money they receive from investors as capital gains, subject to a 15 percent tax rate. Though this money is a paycheck received for services, just like a movie star receiving a bonus if her movie does well, it’s treated as investment income.

Since hedge fund managers are some of the richest people in the country, this tax break actually causes a significant loss of revenue. In fact, according to calculation by RJ Eskow, closing this loophole would raise more than $4 billion per year just from the 25 richest hedge fund managers:
http://thinkprogress.org/economy/201...ons/?mobile=nc
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