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Wed Jan 2, 2013, 07:52 PM

I wish I had to pay more taxes / I wish I made $400k a year!

Why would I complain about paying more taxes?

32 replies, 1817 views

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Reply I wish I had to pay more taxes / I wish I made $400k a year! (Original post)
L0oniX Jan 2013 OP
SidDithers Jan 2013 #1
deminks Jan 2013 #2
L0oniX Jan 2013 #3
taught_me_patience Jan 2013 #4
LiberalFighter Jan 2013 #11
taught_me_patience Jan 2013 #17
LiberalFighter Jan 2013 #18
taught_me_patience Jan 2013 #19
hunter Jan 2013 #13
taught_me_patience Jan 2013 #16
hunter Jan 2013 #25
Jackpine Radical Jan 2013 #26
L0oniX Jan 2013 #15
Enrique Jan 2013 #21
taught_me_patience Jan 2013 #30
hfojvt Jan 2013 #31
progressoid Jan 2013 #32
LisaLynne Jan 2013 #5
LeftInTX Jan 2013 #6
Martin Eden Jan 2013 #7
neverforget Jan 2013 #8
TRJuan Jan 2013 #9
Demo_Chris Jan 2013 #10
L0oniX Jan 2013 #14
fadedrose Jan 2013 #22
Jackpine Radical Jan 2013 #27
LiberalFighter Jan 2013 #12
Enrique Jan 2013 #20
99Forever Jan 2013 #23
kentuck Jan 2013 #24
handmade34 Jan 2013 #28
hfojvt Jan 2013 #29

Response to L0oniX (Original post)

Wed Jan 2, 2013, 07:55 PM

1. I wish I was a little bit taller...

I wish I was a baller.

***

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Response to L0oniX (Original post)

Wed Jan 2, 2013, 07:58 PM

2. I wish I had any hope of making that much money a year.

I would gladly hope to pay my fair share of taxes as well.

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Response to deminks (Reply #2)

Wed Jan 2, 2013, 07:59 PM

3. Exactly. Makes you wonder what all the fuss is about. n/t

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Response to L0oniX (Original post)

Wed Jan 2, 2013, 09:02 PM

4. What if you toiled your entire life at a small business

and relied on selling it for 800k for your retirement? Would you still wish to pay more taxes on that?

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Response to taught_me_patience (Reply #4)

Wed Jan 2, 2013, 11:33 PM

11. If a business is sold for $800k how much of it is profit?

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Response to LiberalFighter (Reply #11)

Thu Jan 3, 2013, 12:10 AM

17. Usually most of it unless there is a large debt to pay off

and if it's an s-corp, it's taxed as ordinary income.

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Response to taught_me_patience (Reply #17)

Thu Jan 3, 2013, 09:55 AM

18. So none of the money that was invested by the owner on startup is deducted?

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Response to LiberalFighter (Reply #18)

Thu Jan 3, 2013, 10:00 AM

19. Depreciation

If it is a long time owner looking to retire, then most of the physical assets would have depreciated a long time ago. Plus, in a small business asset sale, most of the "asset" sold is goodwill.

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Response to taught_me_patience (Reply #4)

Wed Jan 2, 2013, 11:36 PM

13. I wish I had an $800k business...

It's fascinating how people don't want to pay taxes on all that IMAGINARY money they might be making.

Most of the small business owners I know are hanging on by their fingernails and hoping when they crash and burn they can escape their debts and still have a working automobile and someplace to live.

Mom's old house in a bad neighborhood of El Centro starts to look pretty good even if you have to share it with an alcoholic sister, her "boyfriends," and a crazy uncle who forgets to put on his pants.

Meanwhile the very wealthy steal the surplus of our supposedly increasing productivity, the steal our REAL money, and they "invest" it in dirty business schemes that make them wealthier and contribute nothing to the greater economy as the physical and social infrastructure of our nation disintegrates around us.

Do you actually know anyone with a small business they could sell for $800K???

Have you done the math on how the various tax changes would affect them, should they be able to sell these businesses?

If not your are simply spewing right wing talking points for the benefit of very wealthy insulated people who don't give a damn what happens to you as the economy crumbles.

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Response to hunter (Reply #13)

Thu Jan 3, 2013, 12:07 AM

16. Are you serious?

There are hundreds of small businesses that could be sold for 400k, 800k, or higher. Many small businesses also have property included, pushing sales prices well into the millions. Many small business owners are counting on the sale of their business for retirement. My mother owns a small manufacturing company she's trying to sell for $3 million. The sale of s-corps are treated as ordinary income.

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Response to taught_me_patience (Reply #16)

Thu Jan 3, 2013, 11:28 AM

25. Yep, I'm serious.

So what's preventing your mom from selling her 3 million dollar business? You say taxes?

The way it usually happens is a small business "you toiled your entire life" for isn't worth what you thought it was, especially in today's stagnant economy, a stagnancy that's the result of very wealthy people sucking money out of the system and shuffling it around among themselves in schemes that don't create good middle class jobs.

That's one reason we need a generous Social Security system, so everyone can retire in some comfort, even retiring small business owners who discover they can't sell their businesses for as much as they expected.

A single payer national health care system would help small businesses too; it would help them compete with big businesses for the best and brightest employees. People would be less afraid to leave their jobs at a big company to work for a small business, less afraid to start their own small businesses, if they knew their health care needs would be met no matter what.

The money for these programs could come from reductions in the defense budget and increased taxes on big businesses and very wealthy people who "invest" their money in financial schemes that don't contribute anything to the common good. So-called "vampire capitalists" need to be taxed and regulated out of existence. A few vulture capitalists are necessary in any economy to clean up dead businesses, but what we've got now are capitalists who profit by bleeding out and killing living businesses. The system is rigged so they can buy, for example, your mom's business for it's scrap value.

I don't buy into the lies these vampires are telling. Taxes are the problem, but the problem is not "high taxes" in general, the problem is our tax system is not structured to discourage the financial schemes that are destroying our nation's physical and social infrastructure.

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Response to hunter (Reply #13)

Thu Jan 3, 2013, 11:36 AM

26. America has no poor.

We only have temporarily embarrassed millionaires.

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Response to taught_me_patience (Reply #4)

Wed Jan 2, 2013, 11:42 PM

15. I don't know how anyone could retire on that.

What will the homeless do?

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Response to taught_me_patience (Reply #4)

Thu Jan 3, 2013, 10:07 AM

21. anyone in that position is extremely fortunate

good for them, the best of luck in their retirement, but your hypothetical small business owner has nothing to complain about, they will be living very comfortably.

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Response to Enrique (Reply #21)

Thu Jan 3, 2013, 12:23 PM

30. 800k is enough to live on comfortably?

WTF? Standards of wealth are really getting low around here.

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Response to Enrique (Reply #21)

Thu Jan 3, 2013, 12:30 PM

31. not so much at today's interest rates

having $600,000 after taxes, suppose you get 5% interest on that. That would be $30,000 a year, which is pretty good income from where I sit. But these days it is tough to get more than 1% per year, which only gives you $6,000 a year in income. If you spend the $600,000 at the rate of $25,000 per year then you have about $30,000 in income which drops every year as you earn less interest.

$30,000 a year for doing nothing is certainly not bad, I barely make that much now for working my a$$ off.

But $30,000 a year is not really "extremely" fortunate. Lots of people make more, even retired and some people live in higher cost areas where $30,000 does not go as far as it does for me.

And it will run out after 24 years.

My dad retired at age 55. This year he turned 79.

He is pretty fortunate, he still gets his defined benefit pension. In the $800,000 scenario, he would now be running out of money and perhaps forced to move in with his oldest son.

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Response to taught_me_patience (Reply #4)

Thu Jan 3, 2013, 12:31 PM

32. Then you get paid in installments.

100K a year for 8 years.


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Response to L0oniX (Original post)

Wed Jan 2, 2013, 09:04 PM

5. Yes, me too!

I would take that deal.

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Response to L0oniX (Original post)

Wed Jan 2, 2013, 09:12 PM

6. Wish I had that problem

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Response to L0oniX (Original post)

Wed Jan 2, 2013, 09:24 PM

7. $7,692.31 **per WEEK**

$7,692.31 **per MONTH** is $92,307.69 per YEAR, which is a very reasonable annual income for raising taxes.

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Response to L0oniX (Original post)

Wed Jan 2, 2013, 09:41 PM

8. It would be nice to have that "problem"

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Response to L0oniX (Original post)

Wed Jan 2, 2013, 10:02 PM

9. Not high enough

Taxes should have been raised much higher on anyone earning over $200K, no one needs that much money and others could benefit from it. Fucking capitalism has got to go if we are to get any equality in this Country.

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Response to L0oniX (Original post)

Wed Jan 2, 2013, 10:48 PM

10. If you walked a mile in our thousand dollar Gucci shoes you wouldn't say that

 

You think a half a mil a year is a lot of money? I am barely making ends-meet! Sub-Minimum wage just doesn't buy quality help these days, and who can afford more? Housekeepers, groundskeepers, drivers, even my personal shopper and antique scout, all seemed to expect a Christmas bonus. One of them, Juan the poolboy, actually got shirty with me when I told him that his bonus was that I wasn't having him deported. He's lucky to even have a job in these tough times, but as a job creator I feel my obligation deeply.

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Response to Demo_Chris (Reply #10)

Wed Jan 2, 2013, 11:39 PM

14. LMAO n/t

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Response to Demo_Chris (Reply #10)

Thu Jan 3, 2013, 10:10 AM

22. A very warm welcome to you...

I don't make that much, but have a problem thinking about what I would do if I did, and it really would create a lot of problems. I'd have to sit down with a checkbook everytime somebody visited. Better to be poor as a church mouse, or maybe not a church mouse, say, a library mouse.

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Response to Demo_Chris (Reply #10)

Thu Jan 3, 2013, 11:39 AM

27. Beautiful.

And a really warm welcome to someone who really understands the plight of the prosperous.

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Response to L0oniX (Original post)

Wed Jan 2, 2013, 11:36 PM

12. Cripes! If I earned $400k a year I would have more disposable income

than I do now. The taxes wouldn't bother me.

We need to figure out a way to convince the Republicans and rich people that we are only allowing those making above a certain amount to pay higher taxes. Convince them that anyone paying lower taxes shouldn't be allowed in Country Clubs or own mansions or yachts.

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Response to L0oniX (Original post)

Thu Jan 3, 2013, 10:02 AM

20. anyone making that is extremely fortunate

and should be spending most of their time expressing their gratitude for their great fortune.

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Response to L0oniX (Original post)

Thu Jan 3, 2013, 10:11 AM

23. I wish I had an income to pay taxes on.

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Response to L0oniX (Original post)

Thu Jan 3, 2013, 10:18 AM

24. Beats being homeless or a sharp stick in the eye...

An old Tom T Hall song: Faster Horses, Younger Women, and More Money

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Response to kentuck (Reply #24)

Thu Jan 3, 2013, 11:51 AM

28. yes, but...

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Response to L0oniX (Original post)

Thu Jan 3, 2013, 11:52 AM

29. I wish I had Mitt Romney's dividend income

then the "deal" would have CUT my taxes by almost million dollars per year.

$4.9 million in dividend income in 2011 * .396 = $1.94 million he would have paid had the Bush tax cuts expired
$4.9 million * .2 = $0.98 million he will pay thanks to the Obama deal

tax cut from the "deal" = $960,000 per year (permanently)

I wonder if Romney had won, so many Democrats in the Senate would have voted to give him huge tax cuts.

Then again, how much do Herb Kohl and John Kerry and Nancy Pelosi make per year in dividend income and how much will THEY save?

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