Obama's Millionaire Tax

I was an ANIMAL in the sack in 1988, now, I am lucky to make it through without a heart attack.

Aging sucks.

 

I have a friend who is worth $100mil. She travels on a Cessna Citation CJ3 between NYC and Aspen constantly. It is not necessary but knowing her, the last place you want this ultra-bitch (who I dearly love) is in an airport with the serfs.

 

Why go that far back?

I'm class of '02 and I remember paying less than a buck for a gallon of gas for parts of high school...

 

And what relevance does that have? Can you rationalize WHY he and his billionaire buddies do it????

To BEAT the system!!!
But you have more faith in a guy who "wants" to pay more??!?!? ***cough BS!!! cough***


By the way, not every person who earns $1M/year has the luxury to hide their assets like good ole honest Warren Buffet so he effectively wants everyone else to pay more while he laughs it up with his billionaire buds playing bridge on some LearJet.

 

I guess I see that a little different. If it saves the company time and money then they would buy the jet regardless of the tax write-off. They can deduct a standard ticket price for the employee. The problem is the abuse. More often than not these jets are used for pleasure rather than business. I know first hand (although it's not a G5, rather a Cessna Citation) about the waste. Same with the corporate yatchs. It's not a second home, it's a toy. No write-off. Same with company vehicles. You do not need a Mercedes S class to get to and from meetings. If that's what you want or feel you need to impress your clients than it's on you. Again there should be a standard deduction for car allowances. Again, the rich have a high enough tax rate, they just need to pay more of that percentage. I work for the man. You can do my taxes on a napkin. Not a whole lot of deductions for me (child, mortgage interest, state sales tax, capital gain losses-because I suck at investing). Not a whole lot of options so I pay more than my fair share.

Oh yeah, Warren Buffet is a commie bastard.

 

I'm not seeing how the aircraft issues is such a big deal, other than class warfare.

The treatment for non-commercial aircraft is determined based on the use (personal v. business). If it is personal, Under § 274(e)(2), with respect to covered executives, a corporation may not deduct the expense of operating aircraft in excess of the amount included in the executive's income, which is generally based on the SIFL valuation methodology. New § 274(e)(2) applies to expenses incurred after October 22, 2004.

If the use is business, then it is correctly deductible, just as it would be if it was a commercial flight.

 

Seems like the blinders are on. Funny how no one wants to actually look at the data and then have a data driven discussion...I know this is the dungeon

 

I missed the link.

Would you mind explaining it to me. I looked over it, and I'm not quite sure what it is showing, or how it relates to what Warren Buffet said.

T/Y

 

It appears that the highest earners pay the highest % of their AGI in income taxes if I'm reading that accurately and the top 1% of earners pay over 38% of the income taxes while the top 25% of earners pay over 86% of income taxes. Did I read that correctly?

 

These figures disagree with your... significantly. http://www.bargaineering.com/articles/federal-income-irs-tax-brackets.html

 

Paying the largest percentage of taxes is NOT the same as paying the higest percentage of income in taxes.

 

Do you understand the difference between salary and income?

 

No, explain it to me.

 

I pay myself a salary. My income includes monies from investments, royalties, etc.

I pay taxes on my total income, which includes my salary.

Are you under the impression that Buffet's only income is his salary?

 

but it was 69 cents back in 84. (99.9 cents doesn't count.)

 

Using the top 1% as an example from table 1, they paid $392M in taxes which equates to 38% of all taxes paid on an AGI base of $1.7B which equates to an average tax rate of 23.27%. This tax rate is the highest rate on the table which makes sense given the progressive tax rates in place today ( make more money, pay more taxes).
The data does not support the claims that the wealthy do not pay their fair share. In fact it shows they pay the most. On the contrary, the bottom 75% only contribute 14% of income taxes while making up 33% of the AGI.

 

Correct. Just keep in mind that the top 1% is included in the top 25% as the table is cumulative.

 

My company owns one and has it as part of a subsidary. Part of it is the owner is really into planes. But many in the company have used it including after 9/11 to get our people home. It is not a big dog only thing as if there is enough people going it actually saves the company money to use our jet. Though if it is a big dog fest somewhere one of them draws the short straw and flies commercial, we learned from the Bruno's tragedy.

 

I looked and it seems the national everage got to about a dollar per, but I'd swear I remembered paying 85 cents or so for a gallon of regular back then as well.

Regardless, getting half a tank out of the change in my center console was pretty sweet as a high-schooler working part-time as a fry cook...

Does 99.9 cents a gallon not constitute less than a dollar a gallon? Are you really going to split hairs over the fact that it was damn near a dollar a gallon when gas is currently 350% more expensive?

I don't know what you're trying to argue about here. It's not like I said gas was cheaper when I was in high school than you guys...

Are you upset because I called out your napkin math in the other thread? Can we hug it out??