rich people hire good accountants

[Extend a Hand]

WALLACE: would be weighed down by a faltering economy, an unpopular war, at least according to the polls, and — forgive me — according to polls, an unpopular president. How does he overcome all of that and beat the Democrats?

BUSH: Because there are two big issues. One is who’s going to keep your taxes low. Most Americans feel overtaxed. And I promise you the Democrat Party is going to field a candidate that says, “I’m going to raise your taxes.”

They’re going to say, “Oh, we’re only going to tax the rich people.” But most people in America understand that, you know, rich people hire good accountants and figure out how not to, you know, necessarily pay all the taxes, and the middle class gets stuck.

I can’t help but wonder if the president appreciates how foolish this is.

On the one hand, Bush is conceding that he’s content to allow the very wealthy to “hire good accountants,” shirk their legal responsibilities, and pass along the tax burden to the middle class. If the president is convinced that the rich are able to “figure out” how not to pay their tax bill, shouldn’t he, you know, care about fixing a system in which, by his own explanation, middle-class families are getting screwed?


I so hate that sorry little f*cker!!!! :mad:
They need to impeach him on principle.

[annabanana]

1. rich and famous people like OJ can hire the very best lawyers.. so they

should never be charged with murder, because they'll just get out of it. . .

[Mike Daniels]

2. A basic tax program can find ways to reduce your taxes

If your accountant can't reduce your taxes it's time to find another accountant, period.

[Extend a Hand]

5. If you are a wage earner

there aren't nearly as many "opportunities" to reduce your taxes.
I find it hard to believe that people are willing to accept the inevitability of "the rich" taking advantage of "tax loopholes" that aren't available to wage earners. It's unforgivable that the president of the United States can publicly acknowledge tax avoidance by "the rich" and no one even asks "well what are you going to do to fix that problem?"

[Jeffro40]

6. Could you give us 2 or 3 examples

I think it's more about knowledge of taxes than the "rich" versus the wage earner.

You seem knowedgeable about this, because you say, "there aren't nearly as many "opportunities" to reduce your taxes."

Name 2 or 3.

Wage earners can take advantage of all types of tax "loopholes."

[Extend a Hand]

9. last year Warren Buffet offered

offered 1 million dollars to any of the 400 richest Americans that prove they paid a higher tax rate than their secretary. he paid a tax rate of 17.7% his 60,000 / year secretary paid 30%.
http://tusb.stanford.edu/2007/07/warren_buffet_has_a_lower_tax.html

If you are a business owner (depending how the business is structured) business losses can be written off against personal income.

Corporate earnings are taxed at 35% that after all expenses are deducted. I sure do wish I could deduct my expenses and then pay 35% on my net earnings.

The very rich can collect dividends from shares owned with no tax at all because they are taxed at the corporate rate before distribution...hey rich share holders are getting that tax on the net deal.

Capital gains are taxed at 15%...a much lower rate than middle income wage earners are getting.

[thunder rising]

3. If you have a problem with taxes, first start a business (even a web page) and sell something

anything. An associate's wife that decorates her house elaborately at Christmas (at my suggestion) started a Christmas decoration consulting company and uses her decorations as advertisement...written it off.

And remember, somethings just never make a profit. Yahoo?

If you buy long lasting equipment for your business (computer etc) you have to depreciate it.

Bottom line, if you are paying too much in income taxes get a better accountant. And if you have an accountant that says you can't do this ... get a new accountant.

[Extend a Hand]

4. I have a problem with the idea that there is nothing that can be done to eliminate tax loopholes

for the rich. I believe it is a problem that wage earners are bearing an unfair share of the tax burden. I believe it is a problem that capital gains are taxed at 15% and not subject to FICA withholdings at all.

[Jeffro40]

7. That's a false issue - here's why

Everyone bitches about this one, but how many "rich" people who make a lot of captical gains, make less than the $94,000 threshold? NO income is taxed beyond that for FICA. So, in the end, it doesn't mean anything.

[Extend a Hand]

8. The very richest

make most of their money from dividends and capital gains. The $94,000 threshold only applies to EARNED income.

[Extend a Hand]

10. What really aggravates me about the topic of wealth

is that the real money , the people that own most of the wealth in this country have set it up so that that the lower and higher income earners are fighting each other for the crumbs. I see so many posts where people talk about the rich as being above $100,000. The real rich people have to be laughing their asses off.