Comments on: My Effective Tax Rate is Under 5% – That’s Just Wrong http://www.darwinsfinance.com/my-effective-tax-rate/ Financial Evolution: Education, Adaptation, Achievement Mon, 06 Feb 2012 15:43:23 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Do we Even Understand Tax Policy?http://www.darwinsfinance.com/my-effective-tax-rate/#comment-8458 Do we Even Understand Tax Policy? Thu, 12 May 2011 15:10:16 +0000 http://www.darwinsfinance.com/?p=2104#comment-8458 [...] My Effective Tax Rate is Under 5% – That’s Just Wrong [...] [...] My Effective Tax Rate is Under 5% – That’s Just Wrong [...]

]]> By: Darwinhttp://www.darwinsfinance.com/my-effective-tax-rate/#comment-8290 Darwin Sun, 27 Mar 2011 13:23:07 +0000 http://www.darwinsfinance.com/?p=2104#comment-8290 <a href="#comment-8288" rel="nofollow">@Financial Samurai</a>, I continue to be perplexed over your obsession with my income. But anyway, this is ADJUSTED GROSS INCOME, so that's an additional factor where various items like 401k contributions, healthcare premiums, FSA, etc are all deducted out...and the article's a few years old now. @Financial Samurai, I continue to be perplexed over your obsession with my income. But anyway, this is ADJUSTED GROSS INCOME, so that’s an additional factor where various items like 401k contributions, healthcare premiums, FSA, etc are all deducted out…and the article’s a few years old now.

]]> By: Financial Samuraihttp://www.darwinsfinance.com/my-effective-tax-rate/#comment-8288 Financial Samurai Sun, 27 Mar 2011 08:29:47 +0000 http://www.darwinsfinance.com/?p=2104#comment-8288 I just found something. You can only claim a $1,000 child tax credit if your income is $110,000 or less. For every $1,000 you make over $110,000, the tax credit is reduced by $50. In other words, at $130,000 income, you cannot get a tax credit. Are you basically at $110,000/year Darwin? Because it would help the reader a lot more if you can provide some idea of how much you make so one can put the 5% Federal Tax you pay in context. http://financialplan.about.com/od/taxplanning/a/child-tax-credit.htm I just found something. You can only claim a $1,000 child tax credit if your income is $110,000 or less. For every $1,000 you make over $110,000, the tax credit is reduced by $50. In other words, at $130,000 income, you cannot get a tax credit.

Are you basically at $110,000/year Darwin? Because it would help the reader a lot more if you can provide some idea of how much you make so one can put the 5% Federal Tax you pay in context.

http://financialplan.about.com/od/taxplanning/a/child-tax-credit.htm

]]> By: Financial Samuraihttp://www.darwinsfinance.com/my-effective-tax-rate/#comment-8287 Financial Samurai Sun, 27 Mar 2011 08:09:42 +0000 http://www.darwinsfinance.com/?p=2104#comment-8287 Darwin/IJ - Response? Just let me know if my assumptions are wrong about your income, and then I think it solves the answer. Otherwise, pls provide some suggestions (besides start a company) as to how one who makes $500K or more can pay just 10% or so in Federal Taxes. Thanks guys! Darwin/IJ – Response? Just let me know if my assumptions are wrong about your income, and then I think it solves the answer. Otherwise, pls provide some suggestions (besides start a company) as to how one who makes $500K or more can pay just 10% or so in Federal Taxes.

Thanks guys!

]]> By: Len Penzohttp://www.darwinsfinance.com/my-effective-tax-rate/#comment-8261 Len Penzo Fri, 18 Mar 2011 22:03:34 +0000 http://www.darwinsfinance.com/?p=2104#comment-8261 <a href="#comment-8260" rel="nofollow">@Michael Harris</a>, "You have a far right fascist GOP and a centrist Democrat Party. There is no left any more. . ." Really? Really? LMAOROTFL! What planet are you living on, man? How can anybody take anything you say seriously when you spout off crazy statements like that? Centrist Democrat Party. OMG, you have completely lost it. @Michael Harris,
“You have a far right fascist GOP and a centrist Democrat Party. There is no left any more. . .”

Really? Really? LMAOROTFL! What planet are you living on, man? How can anybody take anything you say seriously when you spout off crazy statements like that? Centrist Democrat Party. OMG, you have completely lost it.

]]> By: Michael Harrishttp://www.darwinsfinance.com/my-effective-tax-rate/#comment-8260 Michael Harris Fri, 18 Mar 2011 20:51:52 +0000 http://www.darwinsfinance.com/?p=2104#comment-8260 <a href="#comment-8245" rel="nofollow">@Evan</a>, The top 400 families in this country own more than the bottom 150,000,000,000 people combined. Yes you read that right, the top 0.000001% own more than the bottom 50% combined. I should HOPE they pay more taxes then the bottom 50% combined, but they don't. The wealth inequality in this country is mindboggling, it goes to show you how there is nobody for the working class any more. You have a far right fascist GOP and a centrist Democrat Party. There is no left any more. . .that should make all you ideologs happy. @Evan,

The top 400 families in this country own more than the bottom 150,000,000,000 people combined.

Yes you read that right, the top 0.000001% own more than the bottom 50% combined. I should HOPE they pay more taxes then the bottom 50% combined, but they don’t. The wealth inequality in this country is mindboggling, it goes to show you how there is nobody for the working class any more. You have a far right fascist GOP and a centrist Democrat Party. There is no left any more. . .that should make all you ideologs happy.

]]> By: Michael Harrishttp://www.darwinsfinance.com/my-effective-tax-rate/#comment-8259 Michael Harris Fri, 18 Mar 2011 20:47:35 +0000 http://www.darwinsfinance.com/?p=2104#comment-8259 <a href="#comment-8244" rel="nofollow">@Financial Samurai</a>, Why is this article about Federal Taxes, and not SSI's tax? If you REALLY wanted to focus on inequality, you could tell me why someone who makes $20million a year pays the SAME AMOUNT as someone who makes $120K a year. There is the REAL inequality. . .or is that not part of your agenda? @Financial Samurai,

Why is this article about Federal Taxes, and not SSI’s tax? If you REALLY wanted to focus on inequality, you could tell me why someone who makes $20million a year pays the SAME AMOUNT as someone who makes $120K a year. There is the REAL inequality. . .or is that not part of your agenda?

]]> By: Michael Harrishttp://www.darwinsfinance.com/my-effective-tax-rate/#comment-8258 Michael Harris Fri, 18 Mar 2011 20:46:04 +0000 http://www.darwinsfinance.com/?p=2104#comment-8258 <a href="#comment-8244" rel="nofollow">@Financial Samurai</a>, If you do NOT know how to shelter your money, you are not using the right accountant. @Financial Samurai,

If you do NOT know how to shelter your money, you are not using the right accountant.

]]> By: davidhttp://www.darwinsfinance.com/my-effective-tax-rate/#comment-8252 david Fri, 18 Mar 2011 04:23:27 +0000 http://www.darwinsfinance.com/?p=2104#comment-8252 <a href="#comment-8245" rel="nofollow">@Evan</a>, The top 5% also own about 80% of the wealth so they need to take up a larger share of the tax burden, that is, if they wish to live in a civilized world. @Evan, The top 5% also own about 80% of the wealth so they need to take up a larger share of the tax burden, that is, if they wish to live in a civilized world.

]]> By: Financial Samuraihttp://www.darwinsfinance.com/my-effective-tax-rate/#comment-8251 Financial Samurai Fri, 18 Mar 2011 03:48:31 +0000 http://www.darwinsfinance.com/?p=2104#comment-8251 I'm not saying $700,000 a year is middle class Darwin. I'm saying how does someone who makes $700,000 a year, or over $500,000 a year for that matter (not through long term dividends) pay 10% or less Federal Tax rates? There is massive phaseouts for people making over $150,000. I'm under the assumption that you and IJ make multiple-six figures, which is why I want to LEARN how you guys pay so little! Unless, my assumption is wrong about what you guys make. thx I’m not saying $700,000 a year is middle class Darwin. I’m saying how does someone who makes $700,000 a year, or over $500,000 a year for that matter (not through long term dividends) pay 10% or less Federal Tax rates? There is massive phaseouts for people making over $150,000.

I’m under the assumption that you and IJ make multiple-six figures, which is why I want to LEARN how you guys pay so little! Unless, my assumption is wrong about what you guys make.

thx

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