Do we learn from our mistakes?

Electrophil · #1 05-03-2006, 09:02 AM

Apparently not. Here we go again. Our tootsie roll is an increase to 62.5k before going to a different tax table. (Which, if anyone has done the math between the two, it makes a couple of dollars difference at 80k.)

The wealthy's cake factory is an extension of the capital gains tax with a little extra sauce.

http://news.yahoo.com/s/ap/20060503/...congress_taxes

How many of you guys have done a capital gains worksheet? There are 3 of them. You start with the first, send the left over to the second, and then the leftover from that one to the third which is the huge 25% tax. I did one last year. I won't say for exactly how much, but it was lower 5 digits. I zero'd out on the first sheet for the 5% tax. Zero'd out.... not one thin dime capital gains tax. I had to pay zilch in capital gains pulling in a windfall in the 5 digits. You have to make some really serious bucks in dividends and stocks before this puppy even kicks in on the 5% route. Easily in the millions to barely reach the third worksheet.... and you'll probably zero out.

Another huge cut for the ultra wealthy, while our debt..... well, everyone knows, don't they?

(Then why do they keep on getting by with it?? The middle class WILL have to pay all of this back.)

svxthc · #2 05-03-2006, 11:22 AM

Yeah, it's ironic looking back on the history of taxes. Originally the wealthy were taxed by the poor because the poor wanted to tax them. But the wealthy, i.e. the educated people found a way around it and it backfired on them. History repeats itself...fo'sho. Bill Gates probably pays pays under 200 grand in taxes, if that.

Electrophil · #3 05-03-2006, 04:56 PM

Yeah, it's taken some time, and a lot of work by Bill Gates, but he is finally below 1 billion shares of Microsoft.

That must have been a lot of trips to the bank. Poor guy's probably wore out.

http://biz.yahoo.com/t/62/412.html

lhopp77 · #4 05-03-2006, 05:49 PM

Quote:

Originally Posted by Electrophil

I won't say for exactly how much, but it was lower 5 digits. I zero'd out on the first sheet for the 5% tax. Zero'd out.... not one thin dime capital gains tax. I had to pay zilch in capital gains pulling in a windfall in the 5 digits. [/SIZE]

If you feel so guilty about it, I am sure that the government will accept a voluntary contribution. But you will probably give it to some ultra liberal group to bash Bush.

Lee

Electrophil · #5 05-03-2006, 07:00 PM

Quote:

Originally Posted by lhopp77

If you feel so guilty about it, I am sure that the government will accept a voluntary contribution. But you will probably give it to some ultra liberal group to bash Bush.

Lee

I had this one political group call me, and I was really mad at Bush that day. (I'm usually mad at Bush only on the ones that end with "day".) While on the phone, I looked them up online and found they were national, but had helped out local candidates. They were legit.

Anyway, I agreed to donate $60..... like an idiot... over the phone. Got my little invoice in a few days, and I sent them off a check.

I'll never do it again over the phone like that. Those numbskulls called me every 2 weeks like clockwork until I finally went off on them. General script of "You've helped us in the past, and we appreciate that, and ....... (continuous drone)

I felt like I was being hounded by a collection agency. I was like "Look! Am I the only name in your computer banks?"

I did blow some of that money, and sent my wife off on a Safari. It was an excellent vacation since I didn't have to go!