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+--- Thread: IRS: Nearly 1,500 millionaires paid no federal income tax in 2009 (/showthread.php?tid=121612)
Re: IRS: Nearly 1,500 millionaires paid no federal income tax in 2009 - john dough - 08-09-2011
My accountant has one of those forms on his wall. Could you imagine an income of 500K back then?
cbelt, are you ok with people making more, FAR more than us, paying little to no tax? I, for one, am not.
Re: IRS: Nearly 1,500 millionaires paid no federal income tax in 2009 - Mac1337 - 08-09-2011
Aside from that silly yacht example(which had nothing to do with income tax), you still haven't said how they avoid paying no taxes? Tell me how I can pay no taxes if I made a million dollars a year.
Re: IRS: Nearly 1,500 millionaires paid no federal income tax in 2009 - john dough - 08-09-2011
But it DOES have to do with taxes. Talk to my accountant; if you have the income to support it, there are vehicles to park your money in where you can shelter for INCOME taxes where the average person (with less than $500K in liquid, not real-estate assets) can invest in.
Far be it for me to show you how to shelter your money. I am not even sure you are employed. (
)The yacht example is a way of tax avoidance off the top of my head. There are other ways that they re-classify income (as payment to a corporation that is based outside of the US, which an individual, within the US controls, for one).
I am learning more and more working with some of my wealthy clients to where, if I am doing what they are doing, I could pretty much retire. Some of these people generate $25+K per week, every week.
Re: IRS: Nearly 1,500 millionaires paid no federal income tax in 2009 - Mac1337 - 08-10-2011
It is obvious you can't name even one income tax shelter that is not available to the rest of us.
Re: IRS: Nearly 1,500 millionaires paid no federal income tax in 2009 - $tevie - 08-10-2011
http://www.businessweek.com/magazine/content/11_16/b4224045265660.htm
Re: IRS: Nearly 1,500 millionaires paid no federal income tax in 2009 - Mac1337 - 08-10-2011
I appreciate the link but it still deals with generalities. See if you can duplicate this in your life. How does using a line of credit lead to paying no taxes?
Developers such as McCourt, according to a declaration in his divorce proceeding, "typically fund their lifestyle through lines of credit and loan proceeds secured by their assets while paying little or no personal income taxes."
Re: IRS: Nearly 1,500 millionaires paid no federal income tax in 2009 - john dough - 08-10-2011
Funny how when facts are presented to you, you come up with nothing.
Now that we have presented our case, prove us wrong. You do nothing but run your mouth off here: show us your "facts" that you are correct for once. I bet $35 that you cannot do it.
BTW, there ARE shelters for people to not pay taxes on income. You believing otherwise does not make them magically go away.
Re: IRS: Nearly 1,500 millionaires paid no federal income tax in 2009 - $tevie - 08-10-2011
I think the tax liabilities end up on the business and thus no personal income taxes? And of course by virtue of being business they can then play the loopholes game with it. We are out of my area of expertise for sure.
https://www.wellsfargoadvisors.com/financial-services/lending/securities-backed-line-of-credit.htm
Re: IRS: Nearly 1,500 millionaires paid no federal income tax in 2009 - lazydays - 08-10-2011
I believe that we received a significant tax break for investing in a manufacturing facility in a depressed area. So that might be an example of how to avoid some taxes.
According to our accountant we are very generous towards non-profit organizations. I take no pride in that at all as it indicates to me that others do not. I only bring it up to point out that is another way to reduce taxes.
Investments in 401k plans also reduce taxable income but is probably not a good example when focusing on the "rich" that seems to be the topic of this discussion.
I'm sure there are many other ways to reduce taxable income that are very legitimate, such as the ones I mentioned above. I think taxes on investments can bet pretty complicated can't they?
I would love to have more ways of course. :-)
Re: IRS: Nearly 1,500 millionaires paid no federal income tax in 2009 - Mac1337 - 08-10-2011
john dough wrote:
BTW, there ARE shelters for people to not pay taxes on income. You believing otherwise does not make them magically go away.
Stop saying there are shelters. Name one. The fact that you are struggling so much to come up with a single real life examples shows there aren't any that you and I can't use. You are probably the one who is padding his expenses with all sorts of "business" expenses and then come here and complain about loopholes.