Pertinent Rap Lyrics of Today - Page 2 - Nubblies.net Forums

ninjaface · 10-05-2012, 06:58 PM

You're trying to confuse the issue.

His actual legal tax rate was 9%. By not taking all the charitable deductions that he could have taken, he bumped it up to over 14%.

Ugly Bastard · 10-05-2012, 08:40 PM

Quote:

Originally Posted by Dirty Harry

Clearly you have little understanding how the tax code works. He only pays 13% of personal income tax. The dividends from which his income is derived was already taxed at 35%, so technically his income is taxed at a rate of 48%. It's actually probably even higher if you factor in state and local taxes.

There is a reason why dividends are only taxed at 15%, and that is the reason.

WHAT?!

Saint DH · 10-05-2012, 08:45 PM

A divided is a distribution of retained earnings from a corporate entity. The corporate income tax is 35%. This is the double taxation of corporate income. This is why dividends are not taxed at ordinary income rates.

DJ FC · 10-06-2012, 10:04 AM

OMG ARE YOU AN ACCOUNTANT???

DH: He claimed less deductions than he could have in order to pay a higher tax rate. He voluntarily paid more tax than he had to.

Saint DH · 10-06-2012, 11:49 AM

Honestly not even sure what you're arguing. You just said the exact same thing that I said in my first post.

Being an accountant has nothing to do with this. I don't even work in tax, you prick asshole.

The double taxation of corporations should be common knowledge. A dividend is a distribution of income that has already been taxed at the corporate level, which is 35%. Most of Romney's income is generated from these corporate distributions because he owns a fucking investment firm. Since this income was already taxed at the corporate level, and so as to not punish investors, the personal tax rate for dividend income is 15%. If you factor in exemptions and deductions, his personal income tax rate would be slightly less than 15%. He pays such a low personal rate because the income was already taxed at 35%.

I don't know what his reasoning was for not claiming his entire charitable donation deduction, but if you're going to give the guy shit because after giving 30% of his income to charity he didn't take the full 10% deduction on his taxes, then you're an asshole.

I'm sick of repeating myself, so this will be the last I comment on this issue. If you want to think differently about this, that's fine. You can go ahead and be wrong then.

Dent · 10-06-2012, 12:59 PM

Quote:

Originally Posted by Dirty Harry

He only pays 13% of personal income tax. The dividends from which his income is derived was already taxed at 35%, so technically his income is taxed at a rate of 48%.

So If he was paid $1000 would he be getting $520 in his pocket?
Don't want to put my foot out too far, not understanding the US system and y'all. but that seems like a royal fuck up.

Saint DH · 10-06-2012, 01:18 PM

On my phone so I won't quantify it, but this is how it works: Romney invests money in a firm and that firm uses the funds to carry out it's operations to generate revenue. That revenue is taxed at the corporate level before distributions to investors. Then, from what is left over, the firm can elect to distribute profits to investors. Whatever income the investor receives is taxed as personal income at the special dividend rate of 15%.

THEINCREDIBLEdork · 10-06-2012, 01:52 PM

Quote:

Originally Posted by Dirty Harry

Clearly you have little understanding how the tax code works. He only pays 13% of personal income tax. The dividends from which his income is derived was already taxed at 35%, so technically his income is taxed at a rate of 48%.

Actually, wouldn't it be closer to a 43.5% tax rate? Seems like you're using Jerad Shaw math.

f3lix · 10-06-2012, 07:46 PM

Jerad Shaw Math, indeed. Trademark that shit.

DJ FC · 10-06-2012, 09:16 PM

DH I don't think you get it... We're not giving him shit for how much tax he has to pay. We're giving him shit for voluntarily giving more than that.

Saint DH · 10-06-2012, 09:36 PM

Yeah that was a mistake. As hard as it may be to believe, I do make them occasionally.

Quote:

Originally Posted by DJ FC

DH I don't think you get it... We're not giving him shit for how much tax he has to pay. We're giving him shit for voluntarily giving more than that.

That's fine, but the only reason I even made a comment was bc of the Kanye west lyrics. This whole kind of thing pisses me off. It's just like how warren buffet can say that his secretary is in a higher tax bracket than he is. It's total bullshit. Warren buffet is an asshole, and the only reason he says shit like that is because he wants higher taxes so he can buy companies in a fire sale.

Saint DH · 11-25-2014, 05:02 PM

From DMX - Ruff Riders Anthem

Niggas wanna try
Niggas wanna lie
Then niggas wonder why
Niggas wanna die

Dent · 11-30-2014, 11:37 AM

will.i.am - Freshy

Hot wheels be hot, may what? Maybach
Bu what? Bugatti, masa who? Maserati

10-06-2012, 10:04 AM	#29 (permalink)
DJ FC MURICAN Join Date: Jul 2004 Location: Virginia Posts: 5,136 Internets: 253094	OMG ARE YOU AN ACCOUNTANT??? DH: He claimed less deductions than he could have in order to pay a higher tax rate. He voluntarily paid more tax than he had to.
	The basis of our governments being the opinion of the people, the very first object should be to keep that right; and were it left to me to decide whether we should have a government without newspapers, or newspapers without a government, I should not hesitate a moment to prefer the latter. But I should mean that every man should receive those papers and be capable of reading them.

10-06-2012, 09:16 PM	#35 (permalink)
DJ FC MURICAN Join Date: Jul 2004 Location: Virginia Posts: 5,136 Internets: 253094	DH I don't think you get it... We're not giving him shit for how much tax he has to pay. We're giving him shit for voluntarily giving more than that.
	The basis of our governments being the opinion of the people, the very first object should be to keep that right; and were it left to me to decide whether we should have a government without newspapers, or newspapers without a government, I should not hesitate a moment to prefer the latter. But I should mean that every man should receive those papers and be capable of reading them.

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10-05-2012, 06:58 PM	#26 (permalink)
ninjaface Level 20 Holothetan Join Date: Dec 2002 Location: Space Posts: 5,245 Internets: 210144	You're trying to confuse the issue. His actual legal tax rate was 9%. By not taking all the charitable deductions that he could have taken, he bumped it up to over 14%.

10-05-2012, 08:45 PM	#28 (permalink)
Saint DH Senior Member Join Date: Feb 2002 Posts: 6,147 Internets: 284753	A divided is a distribution of retained earnings from a corporate entity. The corporate income tax is 35%. This is the double taxation of corporate income. This is why dividends are not taxed at ordinary income rates.

10-06-2012, 11:49 AM	#30 (permalink)
Saint DH Senior Member Join Date: Feb 2002 Posts: 6,147 Internets: 284753	Honestly not even sure what you're arguing. You just said the exact same thing that I said in my first post. Being an accountant has nothing to do with this. I don't even work in tax, you prick asshole. The double taxation of corporations should be common knowledge. A dividend is a distribution of income that has already been taxed at the corporate level, which is 35%. Most of Romney's income is generated from these corporate distributions because he owns a fucking investment firm. Since this income was already taxed at the corporate level, and so as to not punish investors, the personal tax rate for dividend income is 15%. If you factor in exemptions and deductions, his personal income tax rate would be slightly less than 15%. He pays such a low personal rate because the income was already taxed at 35%. I don't know what his reasoning was for not claiming his entire charitable donation deduction, but if you're going to give the guy shit because after giving 30% of his income to charity he didn't take the full 10% deduction on his taxes, then you're an asshole. I'm sick of repeating myself, so this will be the last I comment on this issue. If you want to think differently about this, that's fine. You can go ahead and be wrong then.

10-06-2012, 01:18 PM	#32 (permalink)
Saint DH Senior Member Join Date: Feb 2002 Posts: 6,147 Internets: 284753	On my phone so I won't quantify it, but this is how it works: Romney invests money in a firm and that firm uses the funds to carry out it's operations to generate revenue. That revenue is taxed at the corporate level before distributions to investors. Then, from what is left over, the firm can elect to distribute profits to investors. Whatever income the investor receives is taxed as personal income at the special dividend rate of 15%.

10-06-2012, 07:46 PM	#34 (permalink)
f3lix Gangnam Style Join Date: Oct 2003 Location: DH's Massage Parlor Posts: 6,383 Internets: 213510	Jerad Shaw Math, indeed. Trademark that shit.

11-25-2014, 05:02 PM	#37 (permalink)
Saint DH Senior Member Join Date: Feb 2002 Posts: 6,147 Internets: 284753	From DMX - Ruff Riders Anthem Niggas wanna try Niggas wanna lie Then niggas wonder why Niggas wanna die

11-30-2014, 11:37 AM	#38 (permalink)
Dent Lost in Hilbert Spice Join Date: Jun 2004 Location: Surrounded by knaves and fools Posts: 3,524 Internets: 183146	will.i.am - Freshy Hot wheels be hot, may what? Maybach Bu what? Bugatti, masa who? Maserati