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Originally Posted by vrrooom
It always amazes me how uninfromed majority of taxpayers are, most of the people with 7 figure incomes pay little or no income tax. I remember a meeting I had in college with a alum from San Marino, Ca. With a 7 figure annual income, his total income tax was under 25K, everything else was diverted or sheltered. Most of the income tax burden falls on the "middle class" those of us who work for wages and don't have the ability to shift income to non taxable streams or sources (I just watched one $38M non taxable perk G-V fly into Laconia. The Chairman of course is not allowed to use commercial transportation for Security reasons HA HA).
Locally we really need a tax cap (limiting spending growth to inflation + new homes added to the tax roles) to control local spending.
My 2 centavos |
Sorry Vrrooom, but your alum is either a liar or a cheat or both. If he is making a 7 figure income he is in at least the top 10% of earners and he should be paying at least an "effective" tax rate of 28%
http://www.cbo.gov/ftpdocs/57xx/doc5...edTaxRates.pdf
which would amount to about $280,000 for $1,000,000 earned. I'm not an accountant but diverted means he hasn't been paid the money yet and will be taxed when he receives the money. This perception that higher income people don't pay taxes is bogus and it is very easy to find the numbers from the IRS if you are not convinced. Of course there are many crooks who think they can get away without paying taxes but eventually they get caught and end up in jail.