mnealtx 0 #176 January 26, 2012 QuoteSo would you apply the same tax rate to retirement income? After all, it's investment income, too. SocSec benefits can be taxed, depending on how much you made. Traditional IRAs are taxed at disbursement. From SSA: If you: •file a federal tax return as an "individual" and your combined income* is ◦between $25,000 and $34,000, you may have to pay income tax on up to 50 percent of your benefits. ◦more than $34,000, up to 85 percent of your benefits may be taxable. •file a joint return, and you and your spouse have a combined income* that is ◦between $32,000 and $44,000, you may have to pay income tax on up to 50 percent of your benefits ◦more than $44,000, up to 85 percent of your benefits may be taxable.Mike I love you, Shannon and Jim. POPS 9708 , SCR 14706 Quote Share this post Link to post Share on other sites
Gravitymaster 0 #177 January 26, 2012 Why should SS be taxed at a lower rate than any other investment income? Isn't that just giving a tax break to many wealthy seniors? Quote Share this post Link to post Share on other sites
mnealtx 0 #178 January 26, 2012 *golf clap* Well played, Sir....well played!Mike I love you, Shannon and Jim. POPS 9708 , SCR 14706 Quote Share this post Link to post Share on other sites
ManagingPrime 0 #179 January 26, 2012 I've been reading all these comments (as many as a could until my eyes glazed over).... Why am I not seeing support for the Ron Paul idea of NO INCOME TAX and LESS GOVERNMENT? His general idea is sound. I like the idea of... No (federal) Income taxes Corporate taxes, sales taxes, tariffs, excise taxes, estate/gift taxes and the like would provide more than enough. Every man and woman deserves to keep what they EARN regardless of if they earn that money by their own labor or investing in the efforts of others. Quote Share this post Link to post Share on other sites
mnealtx 0 #180 January 26, 2012 QuoteI've been reading all these comments (as many as a could until my eyes glazed over).... Why am I not seeing support for the Ron Paul idea of NO INCOME TAX and LESS GOVERNMENT? His general idea is sound. I like the idea of... No (federal) Income taxes Corporate taxes, sales taxes, tariffs, excise taxes, estate/gift taxes and the like would provide more than enough. Every man and woman deserves to keep what they EARN regardless of if they earn that money by their own labor or investing in the efforts of others. RP has some ideas I agree with (at least in broad strokes) regarding fiscal responsibility and small government - unfortunately, he's never seemed to have heard a conspiracy theory he didn't like and the whole newsletter issue leads me to believe that his negatives overwhelm his positives.Mike I love you, Shannon and Jim. POPS 9708 , SCR 14706 Quote Share this post Link to post Share on other sites
billvon 2,356 #181 January 26, 2012 >Why am I not seeing support for the Ron Paul idea of NO INCOME TAX and LESS >GOVERNMENT? Less government - good idea No income tax - have to see the numbers behind that. It's nice to say (as a politician) "I'll eliminate taxes!" A lot harder to do it in practice - and so far attempts have just made the tax code more byzantine. AMT anyone? Quote Share this post Link to post Share on other sites
ManagingPrime 0 #182 January 26, 2012 I'm not saying I endorse him for presidency, however I do find him to be a bit more ummm...honest...than any other political candidate. I also like his stance on the fed. Unfortunately, it seems all to easy for some to disregard some of his VERY SOUND ideas due to some of the "fringe" ideas he holds. Quote Share this post Link to post Share on other sites
rushmc 18 #183 January 26, 2012 QuoteI'm not saying I endorse him for presidency, however I do find him to be a bit more ummm...honest...than any other political candidate. I also like his stance on the fed. Unfortunately, it seems all to easy for some to disregard some of his VERY SOUND ideas due to some of the "fringe" ideas he holds. I think many find his domestic and financial ideas strong His foreign policy ideas are another topic however I view him as a very consistent and principled on all topics even when I dont agree with him He has my respect"America will never be destroyed from the outside, if we falter and lose our freedoms, it will be because we destroyed ourselves." Abraham Lincoln Quote Share this post Link to post Share on other sites
kelpdiver 2 #184 January 26, 2012 QuoteQuoteQuoteThe if it's taxed one time as income, and then invested, should the income from the investment then be taxed as dditional income? If so that brings us back to whether we should tax all :capital gains" including retirement income at the same level. I would think just the profits are true income. You invest $100 and, when you sell, you get $150, then you have $50 of income - tax it just like you made it digging ditches. So would you apply the same tax rate to retirement income? After all, it's investment income, too. retirement income is, for the most part, taxed the same way as regular income. Traditional IRAs, traditional 401ks, deferred annuities all involve not paying taxes at the point of earning, but do tax all distributions in retirement. (A few states don't tax these as an incentive) The exceptions are the Roth IRAs/401ks which tax the contributions, but not the gains. Social Security is taxed if you make any substantial amount of income - if you didn't, you wouldn't be paying much on it anyway. As for rehmwa saying tax $50 like anything else...this would cause quite the trading volume for up until Dec 31st the year before the change takes effect. Everyone with unrealized gains would be selling and buying back 31 days later their holdings. The feds would balance the budget the next year, but then see reduced capital gains taxes for the next decade, in spite of the higher rate. Quote Share this post Link to post Share on other sites
kallend 1,611 #185 January 26, 2012 QuoteQuoteThen why does William get to cut in line if he doesn't make as much as Paul? He shouldn't, that's my point. QuoteDo we give the poor kids in schools easier tests to "even things out?" Nope. Again, that's my point. Why is investment income "special?" While I don't see investment income as special, I can see a better reason for giving it preferential treatment than hedge fund managers' fees being considered as anything other than ordinary income. They certainly aren't special in any way. I think the source of income should not influence the tax rate on it.... The only sure way to survive a canopy collision is not to have one. Quote Share this post Link to post Share on other sites
diablopilot 2 #186 January 27, 2012 QuoteQuoteQuad, could you please explain HOW it was unfair the way Romney made his money. For about the bajillionth time . . . it's not unfair how he MADE the money, but rather how the money is TAXED. Paul. Do you have any idea what YOUR capital gains tax rate is?---------------------------------------------- You're not as good as you think you are. Seriously. Quote Share this post Link to post Share on other sites
quade 3 #187 January 27, 2012 QuoteQuoteQuoteQuad, could you please explain HOW it was unfair the way Romney made his money. For about the bajillionth time . . . it's not unfair how he MADE the money, but rather how the money is TAXED. Paul. Do you have any idea what YOUR capital gains tax rate is? Not . . . the . . . point. Do you have any idea what my income tax rate is?quade - The World's Most Boring Skydiver Quote Share this post Link to post Share on other sites
normiss 615 #188 January 27, 2012 Clearly not enough, whatever it is. Quote Share this post Link to post Share on other sites
kelpdiver 2 #189 January 27, 2012 QuoteQuoteQuoteQuoteQuad, could you please explain HOW it was unfair the way Romney made his money. For about the bajillionth time . . . it's not unfair how he MADE the money, but rather how the money is TAXED. Paul. Do you have any idea what YOUR capital gains tax rate is? Not . . . the . . . point. Do you have any idea what my income tax rate is? Many people here have no idea what their own tax rate is, let alone others. And that's really his point - lots of people acting indignant...from a position of ignorance. Quote Share this post Link to post Share on other sites
kallend 1,611 #190 January 27, 2012 QuoteQuoteQuoteQuoteQuoteQuad, could you please explain HOW it was unfair the way Romney made his money. For about the bajillionth time . . . it's not unfair how he MADE the money, but rather how the money is TAXED. Paul. Do you have any idea what YOUR capital gains tax rate is? Not . . . the . . . point. Do you have any idea what my income tax rate is? Many people here have no idea what their own tax rate is, let alone others. And that's really his point - lots of people acting indignant...from a position of ignorance. Well, we know some posters are unable to divide one number by another but I think most can handle it.... The only sure way to survive a canopy collision is not to have one. Quote Share this post Link to post Share on other sites
mnealtx 0 #191 January 27, 2012 QuoteQuoteQuoteQuoteQuoteQuoteQuad, could you please explain HOW it was unfair the way Romney made his money. For about the bajillionth time . . . it's not unfair how he MADE the money, but rather how the money is TAXED. Paul. Do you have any idea what YOUR capital gains tax rate is? Not . . . the . . . point. Do you have any idea what my income tax rate is? Many people here have no idea what their own tax rate is, let alone others. And that's really his point - lots of people acting indignant...from a position of ignorance. Well, we know some posters are unable to divide one number by another but I think most can handle it. We know some posters divide one number by another to create a dishonest point, but most see through it.Mike I love you, Shannon and Jim. POPS 9708 , SCR 14706 Quote Share this post Link to post Share on other sites
rushmc 18 #192 January 27, 2012 Quote Quote Quote Quote Quote Quote Quote Quad, could you please explain HOW it was unfair the way Romney made his money. For about the bajillionth time . . . it's not unfair how he MADE the money, but rather how the money is TAXED. Paul. Do you have any idea what YOUR capital gains tax rate is? Not . . . the . . . point. Do you have any idea what my income tax rate is? Many people here have no idea what their own tax rate is, let alone others. And that's really his point - lots of people acting indignant...from a position of ignorance. Well, we know some posters are unable to divide one number by another but I think most can handle it. We know some posters divide one number by another to create a dishonest point, but most see through it. Some have a hard time calculating years too"America will never be destroyed from the outside, if we falter and lose our freedoms, it will be because we destroyed ourselves." Abraham Lincoln Quote Share this post Link to post Share on other sites
mirage62 0 #193 January 27, 2012 Come on man, just answer ANY of the questions. You make statements and get called on them. For the "bajillionth" time...... How was it "unfair the way Romney made his money" If you pass on answering this again I'm just going to assume that you typed out of ignorance... a position of pure emotion. Seems you do that a lot when it comes to other people who may be successfulKevin Keenan is my hero, a double FUP, he does so much with so little Quote Share this post Link to post Share on other sites
quade 3 #194 January 27, 2012 QuoteIf you pass on answering this again I'm just going to assume that you typed out of ignorance... Believe what you will, as will I about certain people's abilities to read and comprehend.quade - The World's Most Boring Skydiver Quote Share this post Link to post Share on other sites
mirage62 0 #195 January 28, 2012 You know it may be your green status...it may be your a big old dude...but lot's of people that post here seem to be just scared to call you out on anything. I printed you two quotes, word for word. There's not a damn thing wrong with my ability to read and comprehend. It seems you have a problem with typing before putting much though into your comments If your going to say something as silly as what you said about Romney - most likely because successful people piss you off - than at least have the guts to admit your mistake afterwards. Everyone that has followed this can now assume you have past on defending your bs statement. In the future your comments will hold much less strength.Kevin Keenan is my hero, a double FUP, he does so much with so little Quote Share this post Link to post Share on other sites
quade 3 #196 January 28, 2012 QuoteI printed you two quotes, word for word. Then you should understand what I wrote in them rather than trying to change the meaning and asking for comments on that. If you don't respect my views on the subject and have a different opinion, well, that's just groovy by me. I'm certainly not going to lose any sleep over it.quade - The World's Most Boring Skydiver Quote Share this post Link to post Share on other sites
dannydan 0 #197 January 28, 2012 i'm on a dumbphone with a small screen and can only scroll about 11 posts per page... Got to post number two i believe it's Mr. Rumble and decided to back uP and reply to you the OP. The advice given to me back in 1990 when i was inquiring with my mentor about going self employed in the residential/commercial construction industry was "sure go for it!" he said to me. "i think that's a wonderful idea for you Danny! But, then learn the tax rules so YOU can WIN!" "HUH" I said... he concluded, "the guys in DC will never write laws that tax themselves to death! So once you understand the rules of the game, you will be fine!" My mentor preceded to tell me he gits audited each year since 1978 and has never had to say one penny in tax! Never has been fined and in fact has recieved money back! :) Here is that old addage, KNOWLEDGE IS POWER! i did great even tho i'm no millionaire and that's fine. I went back mainstream in 05 and it has sucked ever since. Well being indentured to the other man anyway. Quote Share this post Link to post Share on other sites
dannydan 0 #198 January 28, 2012 ran out of space before i could finish. Don't get me wrong, love love love my employer. He is the best at working with and for us, his employees. He can balance outside of work life with work. It's very important to him that we can get time off for even the smallest stuff. BUT, it's that word i used earlier, "indentured" There are so many positive things within sole propeitership that cannot be had while being an employee. As far as reading the other 195 posts, that'll have to wait till i git my tax refund to go buy the best laptop ever with DSL ;P lol Quote Share this post Link to post Share on other sites
shah269 0 #199 January 29, 2012 One day I hope to pay only '13.9% tax' .....so i too can export American jobs for slave labor in Asia! Life through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay. The only thing that falls from the sky is birdshit and fools! Quote Share this post Link to post Share on other sites
winsor 182 #200 January 29, 2012 Quote One day I hope to pay only '13.9% tax' .....so i too can export American jobs for slave labor in Asia! If you try to keep the work onshore, you are likely to wind up on unemployment - whatever tax bracket that might be. Quote Share this post Link to post Share on other sites