Skip to main content

View Diary: 15% Rule (29 comments)

Comment Preferences

  •  It's actually very easy... (2+ / 0-)
    Recommended by:
    ban nock, lordcopper

    ...to pay <15%.  If you're self employed, or your income is in dividends or carried interest or any of dozens of other tricks. My income is high-ish, and I pay maybe 20% after allowances... but I could legally pay a lot less if I wanted, I just don't want to...

    •  If you are self-imployed, the only (0+ / 0-)

      way to reduce your taxes below what everyone else pays is to cheat. You are saying that being self-employed opens up opportunities to cheat (by inflating expenses, etc.). But we're supposed to be talking about legal strategies. And say the person is a partner at a private equity shop (not a hedge fund, as hedge funders generally are not able to take advantage of long-term capital gains rules) and enjoys the benefit of carried interest. If that candidate is for ending the carried interest benefit, isn't that all that counts? Or are you saying that you'd expect a private equity partner to actually treat their income as ordinary when by today's tax code it is clearly capital?

      •  Yes... (1+ / 0-)
        Recommended by:
        ban nock

        ...I am actually saying that. My brother-in-law is a partner and does pay less than 15% because of that, which is fine and legal. But at the point he wanted to run for office, he should voluntarily pay the difference to bring him up to the minimum. He wouldn't be forced to legally, of course, but it would allow him to take the moral high ground, if asked, no?

        •  I disagree. (1+ / 0-)
          Recommended by:
          OrganicChemist

          The law is the law. It's enough for me that a politician says they want to get rid of stuff like this. To expect them to basically donate money to the US treasury sounds like a shakedown. All of us who pay some amount of our taxes based on capital gains or dividend rates are taking advantage of rates that we may feel are too low. But who, really, sends in an extra check just to be patriotic? I think that is pretty silly actually.

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site