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View Diary: How are the rich getting richer? The more they make, the lower income tax rates they pay. Face palm. (141 comments)

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  •  LOL. No. It's not realistic at all. (2+ / 0-)
    Recommended by:
    Capt Crunch, Ian Reifowitz

    (1) You completely ignore the many ways to shelter money.

    (2) You play along with that intentional misquote, because it suits your ends.
    Here's the real quote:

    The league's old collective bargaining agreement provided that this up-front compensation could be up to 80 percent of the contract's annual worth.
    Yeah that's right. The entire contract. Not one years pay.

    No way is he taking the full 80% up front unless there's a way around the additional taxes.

    Did you really think this sort of blatant misquote wouldn't get caught?

    "What could BPossibly go wrong??" -RLMiller "God is just pretend." - eru

    by nosleep4u on Sat Nov 02, 2013 at 10:07:00 AM PDT

    [ Parent ]

    •  how do you shelter money? (1+ / 0-)
      Recommended by:
      Ian Reifowitz

      any practical tips would be helpful.  remember, I'm looking for ways to save money, so saying "donate a grand and you can save 396 in tax" isn't helpful.

      •  (bearing in mind that I don't really trust (1+ / 0-)
        Recommended by:
        Ian Reifowitz

        investments in oil and gas partnerships.......)

        this happens all the time, though.  a client will ask how they can pay less in taxes.  there are some limited circumstances where you can propose, say, a pension fund, but what do I say to an executive that gets a shit ton of W2 income, for example?

        •  They don't (0+ / 0-)

          They are compensated in other ways. Geeeeze.

          Are we really going to argue that the wealthy are paying their fair share?

          It blows my mind that ANYBODY that is a real member of Kos would even consider that to be true.

          •  What forms of compensation aren't taxed? (0+ / 0-)

            They can get group term insurance of up to $200,000 tax free, and in some circumstances can get security, but that isn't all that common and, in any event, that's up to the company to do.

            So, again: what can I tell a client to do to shelter that income?

            re: fair share: I never said that they aren't paying their fair share, which you would understand if you were a better reader.  I don't think that you and some others understand the first thing about the tax code, though.

    •  What is the contract's annual worth (0+ / 0-)

      if not one year's pay?

      He was often wrong, but never in doubt.

      by Holgar on Tue Nov 05, 2013 at 04:43:37 AM PST

      [ Parent ]

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