Home › Forums › Financial Markets/Economics › wealth tax
- This topic has 115 replies, 14 voices, and was last updated 17 years, 1 month ago by
drunkle.
-
AuthorPosts
-
January 17, 2008 at 12:27 PM #137600January 17, 2008 at 12:33 PM #137307
Raybyrnes
ParticipantWhy not get your insurance or real esate licenses (even if your are not going to use them that much) set up an LLC (small cost) and start writing off expenses. A good one is mileage for your car.
My own situation is that my wife recently passed her dental exams so while whe will start out working for a dentist I will be actively looking for opportunities to incorporate as soon as the cash flow situation provides.
I am expecting AMT to be a challenge next year to work around.
January 17, 2008 at 12:33 PM #137513Raybyrnes
ParticipantWhy not get your insurance or real esate licenses (even if your are not going to use them that much) set up an LLC (small cost) and start writing off expenses. A good one is mileage for your car.
My own situation is that my wife recently passed her dental exams so while whe will start out working for a dentist I will be actively looking for opportunities to incorporate as soon as the cash flow situation provides.
I am expecting AMT to be a challenge next year to work around.
January 17, 2008 at 12:33 PM #137543Raybyrnes
ParticipantWhy not get your insurance or real esate licenses (even if your are not going to use them that much) set up an LLC (small cost) and start writing off expenses. A good one is mileage for your car.
My own situation is that my wife recently passed her dental exams so while whe will start out working for a dentist I will be actively looking for opportunities to incorporate as soon as the cash flow situation provides.
I am expecting AMT to be a challenge next year to work around.
January 17, 2008 at 12:33 PM #137569Raybyrnes
ParticipantWhy not get your insurance or real esate licenses (even if your are not going to use them that much) set up an LLC (small cost) and start writing off expenses. A good one is mileage for your car.
My own situation is that my wife recently passed her dental exams so while whe will start out working for a dentist I will be actively looking for opportunities to incorporate as soon as the cash flow situation provides.
I am expecting AMT to be a challenge next year to work around.
January 17, 2008 at 12:33 PM #137610Raybyrnes
ParticipantWhy not get your insurance or real esate licenses (even if your are not going to use them that much) set up an LLC (small cost) and start writing off expenses. A good one is mileage for your car.
My own situation is that my wife recently passed her dental exams so while whe will start out working for a dentist I will be actively looking for opportunities to incorporate as soon as the cash flow situation provides.
I am expecting AMT to be a challenge next year to work around.
January 17, 2008 at 1:31 PM #137334bubba99
ParticipantAecetia,
“In 1980, when the top tax rate was 70%, the richest 1% paid only 19% of all income taxes; now, with a top rate if 35%, they pay more…”
Every thing you say here is true, but the more telling detail is the top 1% of the richest, earned 70% of everything. Although a 19% of total tax seems high compared to their 1% status, is seems a little low when compared with their 70% of earnings!
January 17, 2008 at 1:31 PM #137537bubba99
ParticipantAecetia,
“In 1980, when the top tax rate was 70%, the richest 1% paid only 19% of all income taxes; now, with a top rate if 35%, they pay more…”
Every thing you say here is true, but the more telling detail is the top 1% of the richest, earned 70% of everything. Although a 19% of total tax seems high compared to their 1% status, is seems a little low when compared with their 70% of earnings!
January 17, 2008 at 1:31 PM #137567bubba99
ParticipantAecetia,
“In 1980, when the top tax rate was 70%, the richest 1% paid only 19% of all income taxes; now, with a top rate if 35%, they pay more…”
Every thing you say here is true, but the more telling detail is the top 1% of the richest, earned 70% of everything. Although a 19% of total tax seems high compared to their 1% status, is seems a little low when compared with their 70% of earnings!
January 17, 2008 at 1:31 PM #137593bubba99
ParticipantAecetia,
“In 1980, when the top tax rate was 70%, the richest 1% paid only 19% of all income taxes; now, with a top rate if 35%, they pay more…”
Every thing you say here is true, but the more telling detail is the top 1% of the richest, earned 70% of everything. Although a 19% of total tax seems high compared to their 1% status, is seems a little low when compared with their 70% of earnings!
January 17, 2008 at 1:31 PM #137635bubba99
ParticipantAecetia,
“In 1980, when the top tax rate was 70%, the richest 1% paid only 19% of all income taxes; now, with a top rate if 35%, they pay more…”
Every thing you say here is true, but the more telling detail is the top 1% of the richest, earned 70% of everything. Although a 19% of total tax seems high compared to their 1% status, is seems a little low when compared with their 70% of earnings!
January 17, 2008 at 4:16 PM #137531alarmclock
Participant[img_assist|nid=6205|title=Income tax vs 2pct Wealth tax|desc=Income tax vs Wealth tax |link=node|align=left|width=466|height=258]
Again, thanks for the input. A few things
1) I wish I had not mentioned the oxygen tax, I essentially trolled my own post. It had nothing to do with the topic.
2) robson: “Taxing wealth discourages the incentive to save”.
Alarmclock: The only thing I would mention is that if you buy a refrigerator, you ‘credit’ your cash account and you debit your refrigerator account, so the balance sheet should remain the same — there’s no tax benefit to spending. Of course, this points to the infeasibility of calculating wealth, and it is unreasonable to expect all tax payers to depreciate assets.
3) If I can successfully post an image, then anyone in the “W” section would prefer a wealth tax; anyone in the “I” section would prefer an income tax.
I am done beating this horse. I honestly did not anticipate the uniformly negative responses but that is what makes the interweb great.
January 17, 2008 at 4:16 PM #137739alarmclock
Participant[img_assist|nid=6205|title=Income tax vs 2pct Wealth tax|desc=Income tax vs Wealth tax |link=node|align=left|width=466|height=258]
Again, thanks for the input. A few things
1) I wish I had not mentioned the oxygen tax, I essentially trolled my own post. It had nothing to do with the topic.
2) robson: “Taxing wealth discourages the incentive to save”.
Alarmclock: The only thing I would mention is that if you buy a refrigerator, you ‘credit’ your cash account and you debit your refrigerator account, so the balance sheet should remain the same — there’s no tax benefit to spending. Of course, this points to the infeasibility of calculating wealth, and it is unreasonable to expect all tax payers to depreciate assets.
3) If I can successfully post an image, then anyone in the “W” section would prefer a wealth tax; anyone in the “I” section would prefer an income tax.
I am done beating this horse. I honestly did not anticipate the uniformly negative responses but that is what makes the interweb great.
January 17, 2008 at 4:16 PM #137766alarmclock
Participant[img_assist|nid=6205|title=Income tax vs 2pct Wealth tax|desc=Income tax vs Wealth tax |link=node|align=left|width=466|height=258]
Again, thanks for the input. A few things
1) I wish I had not mentioned the oxygen tax, I essentially trolled my own post. It had nothing to do with the topic.
2) robson: “Taxing wealth discourages the incentive to save”.
Alarmclock: The only thing I would mention is that if you buy a refrigerator, you ‘credit’ your cash account and you debit your refrigerator account, so the balance sheet should remain the same — there’s no tax benefit to spending. Of course, this points to the infeasibility of calculating wealth, and it is unreasonable to expect all tax payers to depreciate assets.
3) If I can successfully post an image, then anyone in the “W” section would prefer a wealth tax; anyone in the “I” section would prefer an income tax.
I am done beating this horse. I honestly did not anticipate the uniformly negative responses but that is what makes the interweb great.
January 17, 2008 at 4:16 PM #137792alarmclock
Participant[img_assist|nid=6205|title=Income tax vs 2pct Wealth tax|desc=Income tax vs Wealth tax |link=node|align=left|width=466|height=258]
Again, thanks for the input. A few things
1) I wish I had not mentioned the oxygen tax, I essentially trolled my own post. It had nothing to do with the topic.
2) robson: “Taxing wealth discourages the incentive to save”.
Alarmclock: The only thing I would mention is that if you buy a refrigerator, you ‘credit’ your cash account and you debit your refrigerator account, so the balance sheet should remain the same — there’s no tax benefit to spending. Of course, this points to the infeasibility of calculating wealth, and it is unreasonable to expect all tax payers to depreciate assets.
3) If I can successfully post an image, then anyone in the “W” section would prefer a wealth tax; anyone in the “I” section would prefer an income tax.
I am done beating this horse. I honestly did not anticipate the uniformly negative responses but that is what makes the interweb great.
-
AuthorPosts
- You must be logged in to reply to this topic.