surprise surprise

[PETA]

Originally Posted by J. Fees

but wouldnt you agree, if he makes 2 million in profit, but pays personal income tax of 100k that he is not paying his full taxes?

I'd need to see the form of business and books to see where the money went.

I think you're suggesting a scenerio where he simply cheats. I would agree - that's fucked up. The solution to that is better tax enforcement.

[J. Fees]

Originally Posted by NoKegger4U

here at the accounting firm I work at, i've seen graphs that show that the richer peeps pay more than poorer folks when it's all said in done.

significantly more. something like 10% of (rich) americans pays 60% of the taxes... (i pulled those numbers out of my ass, btw, but it's something like that)

yeah, because poor people are in the majority and they rarely if ever pay taxes, regardless of if they file or don't. you would have to look at the graph and figure out what constitutes rich as well.

[PETA]

Originally Posted by NoKegger4U

here at the accounting firm I work at, i've seen graphs that show that the richer peeps pay more than poorer folks when it's all said in done.

significantly more. something like 10% of (rich) americans pays 60% of the taxes... (i pulled those numbers out of my ass, btw, but it's something like that)

it is actually even more disparate than that Micah

[J. Fees]

Originally Posted by PETA

I'd need to see the form of business and books to see where the money went.

I think you're suggesting a scenerio where he simply cheats. I would agree - that's fucked up. The solution to that is better tax enforcement.

it just seems like there is a more likely scenario for rich people to maybe not cheat, but use all the tax loopholes and shelters to their advantage to say someone that makes 50k and does his own taxes.

[PETA]

Originally Posted by J. Fees

it just seems like there is a more likely scenario for rich people to maybe not cheat, but use all the tax loopholes and shelters to their advantage to say someone that makes 50k and does his own taxes.

Yes, true. Those wealthy people also have a much higher tax rate. The fact remains that the rich pay more.

more tax tables..

http://www.ntu.org/main/page.php?PageID=6

[J. Fees]

they pay more in overall money because they make more money. but couldnt they end up paying at a similar or lower % of income by sheltering money?

[PETA]

Originally Posted by J. Fees

they pay more in overall money because they make more money. but couldnt they end up paying at a similar or lower % of income by sheltering money?

they could and some probably do... most do not. None of this escape the fact that the tax burden of the US is mostly borne by the wealthy not the middle class.

this compares income share and tax share

[J. Fees]

Originally Posted by PETA

they could and some probably do... most do not. None of this escape the fact that the tax burden of the US is mostly borne by the wealthy not the middle class.

you mean the majority of all the money collected or the percentage or both? It seems like since the middle class(which is hard to define) is larger, then it would pay equal or larger amounts. i guess that would still have to do with where you draw the line, but that line would have to be drawn at the highest tax bracket, right?

[PETA]

Originally Posted by J. Fees

you mean the majority of all the money collected or the percentage or both? It seems like since the middle class(which is hard to define) is larger, then it would pay equal or larger amounts. i guess that would still have to do with where you draw the line, but that line would have to be drawn at the highest tax bracket, right?

No. I mean that the rich pay in terms of % of total taxes collected significantly more than the not rich. The top 1% pay something around 25% of all taxes collect and the top 5% over 60% of taxes collected.

The classes you refer to are broken down into income strata and tax bracket strata to identify who is paying what and how much.

[Sinner]

and yeah, i'd think feezy's bud/uncle better be watching out for audits by the IRS...

companies try to show loses, but not a person. that will catch up w/ you.

[J. Fees]

i obviously dont know his whole situation, but there are more than a few that dont pay taxes that are mega rich. which usually lands them a 10 month to 4 year stay at a fed prision.

[Sinner]

my rich (lawyer) uncle died from a heart attack after having all his houses/cars locked up/towed off after the IRS came for his taxes he never paid

[PETA]

Originally Posted by NoKegger4U

and yeah, i'd think feezy's bud/uncle better be watching out for audits by the IRS...

companies try to show loses, but not a person. that will catch up w/ you.

companies that show a loss for X out of Y years tend to get auditted

Originally Posted by J. Fees

i obviously dont know his whole situation, but there are more than a few that dont pay taxes that are mega rich. which usually lands them a 10 month to 4 year stay at a fed prision.

who can say what the typical penalty for tax evasion is... usually its pay unpaid taxes, pay penalty, be heavily scrutinized for years, probation and in rare circumstances jail time.

But you're kinda making my point... people can cheat but it often catches up with them and that encourages others not to cheat. Making cheating the exception. It also ingnores a fundamental point, whether they pay them or not, the rich have larger tax liabilities.

[Nyteshade]

Originally Posted by J. Fees

it just seems like there is a more likely scenario for rich people to maybe not cheat, but use all the tax loopholes and shelters to their advantage to say someone that makes 50k and does his own taxes.

Making 48k a year, married with 2 kids, my taxes were hilariously small. My tax liability last year was a whopping $599. This was just using standard deductions.

[Damnsammit]

Well I make six figures because I'm a baller and I don't pay taxes because I'm an illegal immigrant.

BOOYAH!