- Jun 22, 2001
I was referring to hiding your money using illegal tax evasion when I said tax shelter. Big deal, I used the wrong term. But thanks for the condescending comments, who is the one in high school again? Grow up. In addition, I'm still waiting for Fern's response to how one hides $151,000 in income.Originally posted by: BoberFett
SEC huh? Are you sure he didn't say manager at MickYDs?Originally posted by: SP33Demon
Yes, we're quite aware that Buffet should be paying taxes on his wealth, thank you for affirming what I said.Originally posted by: Fern
Buffet is a diversion from the topic. As a fund manager he uses a loophole allowing him to tax his income as LT cap gains, a loophole I have consistantly argued should be closed. It is Charles Shumer who refuses to allow that.Originally posted by: SP33Demon
Is this about the time we hear you lecture us about Warren Buffet's taxable income. lol. Spare us please, we know how wealth/taxable income works, but the notion that you think every 250K+ earner is going to hide behind tax shelters is quite humorous.Originally posted by: Fern
If you do actually know how wealth/income works, please act like it when you post.
Much of the income of those earning above $250K comes from stock options (primarily ISO's), instead of selling (or excer-selling) they can just hold on to them until the tax rates drop. Likewise for anybody with money tied up in real extate or the stock market.
I've been doing income taxes for almost 30 years (the top rate was 70% when I started); you raise the rates enough - we defer the income. It's that simple.
I wasn't talking about wealth, but income. How the hell are you going to defer $151,000, please enlighten me. Either way, someone who is earning 250K that seeks tax shelters is breaking the law by avoiding what the tax is supposed to do and you are the accomplice. Way to brag about that. What income tax company and in what state do you work for? My stepdad is a manager at the SEC, I'm sure he'd love to hear about this.
If tax shelters are illegal, you better let congress know. They're the ones who set them up for themselves and their rich friends.
Come back when you get out of high school, boy.
PS: My stepdad would run laps around you, he's busted some pretty big fish over the years as an auditor: His biggest bust.