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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 |
WOW,talk about uniformed.I guess I have to talk to my accountant.I'm paying waaay too much tax.Where do people come up with these theories?Most companies are not cheating when sheltering.It's called the tax laws.If you don't take advantage of the shelters,then you are cheating yourself.I'm sure you or your accountant use the simplest of deductions even if your in the lowest tax bracket.
Now as far controlling spending,I'm all with you on that one.