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View Diary: Eliminate corporate tax, seriously (422 comments)

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  •  "Avoiding capital gains tax probably isn't exactly (2+ / 0-)
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    JesseCW, Alumbrados

    what he means.

    What he's likely referring to is reducing the taxpayer's effective tax rate overall.  If a taxpayer is earning income, capital gains, or heck, social security, a smart CPA, taxpayer, or simply Turbo Tax is going to take deductions that help offset income/gains.

    So someone with a lot of gains that would be taxed at 15% ultimately pays 10%.  But I know lots of people with ordinary income who pay around 10% after deductions.

    I don't think they're doing anything shifty. They're just taking advantage of current tax law.

    The question is, do we want to subsidize having kids, giving to charity, saving for retirement, investing in alternate energy, and owning a home?

    These are policy questions.

    But they're not really tax dodges, assuming you're honest and have an honest competent tax preparer.

    YMMV.

    © grover


    So if you get hit by a bus tonight, would you be satisfied with how you spent today, your last day on earth? Live like tomorrow is never guaranteed, because it's not. -- Me.

    by grover on Mon Aug 25, 2014 at 02:28:49 PM PDT

    [ Parent ]

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