View Single Post
Old 04-18-2018, 08:25 AM   #17 (permalink)
Fat Charlie
Rat Racer
 
Fat Charlie's Avatar
 
Join Date: May 2011
Location: Route 16
Posts: 4,150

Al the Third, year four - '13 Honda Fit Base
Team Honda
90 day: 42.9 mpg (US)
Thanks: 1,784
Thanked 1,922 Times in 1,246 Posts
Quote:
Originally Posted by redpoint5 View Post
If Buffett pays a lower effective tax rate (which I highly doubt), it's only due to his exploitation of legal means of avoiding and deferring tax payments to the government. Had his secretary been as prudent as he, they would be paying a lower effective tax due to their lower income.
Investment income has long been taxed at a lower rate than actual work. The way tax policy is supposed to work, it means our lawmakers are trying to punish those of us who have to work for a living, encouraging us to live off of investment income instead. Or you could say that the rich have bought Congress.

Social Security and Medicare, reagrdless of how you dress them up, are taxes. Taxes not on income as such, but on payroll income. And they're capped so someone making $1m a year may pay more in SS than I do, but it's a much lower percentage of their income. If they're reasonably smart, they've got things structured so that most of their money isn't in regular payroll anyway.

We can't all be classified as owners and get our pay labeled as investment profits: most of your regular secretary's income will be payroll, taxed at a higher rate than Buffett's money as well as being subject to SS & Medicare deductions.
__________________

Quote:
Originally Posted by sheepdog44 View Post
Transmission type Efficiency
Manual neutral engine off.100% @MPG <----- Fun Fact.
Manual 1:1 gear ratio .......98%
CVT belt ............................88%
Automatic .........................86%

  Reply With Quote
The Following User Says Thank You to Fat Charlie For This Useful Post:
Ecky (04-18-2018)