2000 hour wonders hired at Delta

[HA25]

It's all over the place. Keep in mind that we're talking actual dollars paid in taxes.

which corresponds to actual dollars earned/made.. so it's apples to apples.

The bottom 40% of the population pays 0% (or 0 dollars) in taxes! Take a good hard look at the rest of the numbers and then let me know if you feel the same way about middle class.

I do... since the middle class are far more likely to earn a "Wage" rather than earn wealth and income in other ways, such as equity or capital gains.. both of which are taxed at a lower rate under current law...

Good for her! But, uhm, have you actually seen your sisters tax return and do you have a complete picture of her financials?

I am her and her husbands' investment advisor and work with their CPA at tax time to minimize her taxes under current law. I know EXACTLY how much they paid .. I also know that 76% of their last years income, earnings and gains wasn't even taxed (legally).

Yes! Like investing in other companies, (BUYING stock) -

Depreciation of assets (but first you have to BUY something before it can be depreciated!)


Airline travel write-offs for business meetings (hopefully on an aircraft that you pilot!) But first you have to BUY something before you can make that trip

Follow me on this a sec..

Millionaire buys a private jet.. and adds it onto a FAR 135 certificate at a friend/business partner's air taxi.. millionaire pays their pilots $50-70K/yr with some benefits.. and therefore creates 3 lower middle class jobs. Add to that 1 A&P @ $50K/yr... The airplane has a capitalized cost of $20M.. and he uses a straight line (DDB) depreciation schedule over 5 years, so $4M/yr is now being offset against "income" from the business OR (and this is key) any other captain gains income that the owner has.. so this person, who might have taken home a paid wage of $500,000/yr but $25M in capital gains now has an effective $21M in capital gains for tax purposes, thus "hiding" $4M from taxes (legally)... BUT.. here's the beautiful part.. at the end of 5 years, when there is no more depreciation to be had, the aircraft is then sold as "salvage" for maybe 50-60% of what was paid for it... thus returning 10-12M into the coffers... the net result is 20M is saved taxes on capital gains, the use of a private jet, AND all it cost them was $8M..

This my friend is why the "rich" don't pay themselves a $65,000,000 "Salary"... but rather pay themselves $500,000 or something, and the other $64,500,000 in "other income"..

3 martini lunches that support not just the rest owner BUT all the illegals bussing tables, and this list goes on and on. The common denominator is that most tax write offs require that the person or company BUY something!

BUYING something is how the economy grows and how jobs are created. Without that single feature, I don't care if you're a lib or full conserv, nothing else matters because the economy is doomed.

here's another one for you.... when my sister and brother in law earn an extra million or two they don't spend it.. they usually invest a part and retain a part via cash, annuity or bonds.. so that extra million might benefit the economy at some level as invested capital, but not anywhere near as much as if that $1M went into the hands of a bunch of people making $50K yr as a pay raise (of lets' say $5K/yr),... the employee (or wage earner) that is living pay check to pay check is going to spend 99% of that $5K and therefore benefit the economy far more than the retained $1M the "owner" keeps.

This is why we pilots in "labor" should never relent on taking more and more wages .. it's a 0 sum game.. either we get the added wage, or the owners (investors, etc..) keep it.. is your labor worth anything to you?

 

[waveflyer]

the top 1% of income earners pay as much tax as the lower 90%, that sure makes others happy!

This thead has drifted everywhere- may as well get to taxes-
And the constant whining about them!

Warren Buffett issued a challenge- he'd give a $Million to any one if his peers who would publicly admit they pay less as a percentage of income than their secretaries do.

The poster above has it right I'm not worried about the top 1/2% - they have more loopholes than you can imagine- it's te top 1%-9% that is getting shafted as they don't have the same shelters available to them.

Complaining the bottom 40% doesn't pay taxes is idiotic. Ever hear that you can't get blood out of a rock? They don't have an income to pay from- try to remember that a gallon of milk or gas costs the same for each class- while a loan is much cheaper for us- you guys sound like you're pissed that the tax system could promote upward mobility- we really don't want those with talent and drive to be held down under the thumb of economics.

And if you're too retarded to think that can't happen- go to south america and see how the enormous gap between rich and poor is working out for those countries-
And hint: america is heading that direction.

 

[CessnaFan]

Still more to come.....

which corresponds to actual dollars earned/made.. so it's apples to apples.

But that still doesn't change the fact of the original post, that 1% of the people pay the same or more in tax dollars then the lower 90%.



Follow me on this a sec..

Millionaire buys a private jet.. and adds it onto a FAR 135 certificate at a friend/business partner's air taxi.. millionaire pays their pilots $50-70K/yr with some benefits.. and therefore creates 3 lower middle class jobs. Add to that 1 A&P @ $50K/yr... The airplane has a capitalized cost of $20M.. and he uses a straight line (DDB) depreciation schedule over 5 years, so $4M/yr is now being offset against "income" from the business OR (and this is key) any other captain gains income that the owner has.. so this person, who might have taken home a paid wage of $500,000/yr but $25M in capital gains now has an effective $21M in capital gains for tax purposes, thus "hiding" $4M from taxes (legally)... BUT.. here's the beautiful part.. at the end of 5 years, when there is no more depreciation to be had, the aircraft is then sold as "salvage" for maybe 50-60% of what was paid for it... thus returning 10-12M into the coffers...

But you're not going into the 2nd or 3rd layer of what that 20 Mil purchase did. What was the sales tax on that jet? How many jobs are created to build a new jet by the jet factory? Who fuels the jet? Who delivers that fuel to the airport? Who processes that fuel? Who gets that fuel out of the ground as oil? Who hangars the jet? Who sells replacement parts to the jet? Who makes those replacement parts? Who earns a commission on selling that jet 2 x's? The 20Mil investment goes on and on creating countless jobs.




the net result is 20M is saved taxes on capital gains, the use of a private jet, AND all it cost them was $8M..

Long term capital gains tax is 15%. When you sell an aircraft that has been depreciated, there will be “depreciation recapture” – income tax will be paid on the amount of gain. The gain is the amount that the sales price exceeds the adjusted basis of the aircraft. This recapture will be taxed as ordinary income, not capital gains. So taking all of this into account, how much are they really saving/hiding in real dollars compared to what they spent?

 

[CessnaFan]

Oh no, the Warren Buffet card again....

This thead has drifted everywhere- may as well get to taxes-
And the constant whining about them!

Warren Buffett issued a challenge- he'd give a $Million to any one if his peers who would publicly admit they pay less as a percentage of income than their secretaries do.

That's brilliant, assuming that you never die! Ever hear of the 55% (yes 55%) estate tax? Any idea what that is?



The poster above has it right I'm not worried about the top 1/2% - they have more loopholes than you can imagine- it's te top 1%-9% that is getting shafted as they don't have the same shelters available to them.

Wait, different tax laws for different earners? I'm missing something here.....





Complaining the bottom 40% doesn't pay taxes is idiotic. Ever hear that you can't get blood out of a rock? They don't have an income to pay from- try to remember that a gallon of milk or gas costs the same for each class- while a loan is much cheaper for us- you guys sound like you're pissed that the tax system could promote upward mobility- we really don't want those with talent and drive to be held down under the thumb of economics.

I don't want blood from anything, I just want folks to work as hard as I do.



And if you're too retarded to think that can't happen- go to south america and see how the enormous gap between rich and poor is working out for those countries-
And hint: america is heading that direction.

Hard for me to compare the greatest industrialized and capitalist democracy in the history of the planet earth with a 3rd world entity......nice try though

 

[waveflyer]

Oh I know- the Warren Buffett card is so wrong ... Why listen to a humble midwest multi billionaire who's created more jobs than just about any other millionaire you just described- and the average netjet job is better than 90% of most other corporate gigs-

I've said it before- supply side economics does work- as long as enough people have the money- I don't hate the rich- I just think the country works better with a hundred people worth $3M than 1 worth $300M-

So avoid the growing gap between the rich and poor and the shrinking middle class- bc trickle down economics does not fix that- otherwise we wouldn't have experienced this mess after bowing down to the trickle down gods for the last decade

 

[dillfer]

Most people don't have money because they're not good with money. Look at all the people that win the lottery that just blow there money. The guy with the rich sister, maybe if she doesn't pay enough in taxes, maybe she ought to just give some more money to the government if you guys are so sure that the government can spend her money better than she can. Or maybe she ought to donate some of her millions. She probably won't though because rich people typically don't give a large part of there fortune away, because they're good with there money.

 

[waveflyer]

God- the dumb political one liner- "you think the govt can spend your money better than you..."
What a bullsh/t statement

 

[CessnaFan]

Warren's cool....

and like any other successful business person he is a good seller. Good sellers focus on the positives of their message. The fact that folks quote his statements without really looking into it was my point. It's rather foolish to blindly listen to folks, even if they are "Uncle Warren". The 55% estate tax is real, and NOBODY ever escapes death, so his statement, while well intended, is not accurate.

YES, he has created jobs! That's exactly my point! Let the business people continue to contribute to society by doing what they do best: GROWING their business. As a business person I can attest to this 1 simple fact: GROWING a business requires employees. The less tax that I pay any given day the more money that I have to invest (ie create jobs!) in my business. This is just such a simple concept I don't get how folks can't grasp it.....

Oh I know- the Warren Buffett card is so wrong ... Why listen to a humble midwest multi billionaire who's created more jobs than just about any other millionaire you just described- and the average netjet job is better than 90% of most other corporate gigs-

I've said it before- supply side economics does work- as long as enough people have the money- I don't hate the rich- I just think the country works better with a hundred people worth $3M than 1 worth $300M-

So avoid the growing gap between the rich and poor and the shrinking middle class- bc trickle down economics does not fix that- otherwise we wouldn't have experienced this mess after bowing down to the trickle down gods for the last decade

 

[CessnaFan]

What about this?

In the past decade, the nine states with the highest personal income tax rates have seen gross state product increase by 59.8%, personal income grow by 51%, and population increase by 6.1%. The nine states with no personal income tax have seen gross state product increase by 86.3%, personal income grow by 64.1%, and population increase by 15.5%.

Just a coincidence????

God- the dumb political one liner- "you think the govt can spend your money better than you..."
What a bullsh/t statement

 

[HA25]

In the past decade, the nine states with the highest personal income tax rates have seen gross state product increase by 59.8%, personal income grow by 51%, and population increase by 6.1%. The nine states with no personal income tax have seen gross state product increase by 86.3%, personal income grow by 64.1%, and population increase by 15.5%.

Just a coincidence????

I got an idea then... lets get rid of all taxes and that way we can all live like it was the reign of King Henry VIII again... the poor can just struggle and make due with what the Church can give them, and the rich and powerful can live in castles and collect the fruits of their land and capital.