2016 Postmortem
Related: About this forumBernie's effective tax rate. Stop the dirty political games.
Bernie does not make MILLIONS in income. Thus, his effective tax rate should be no where near the Clintons who have been paid MILLIONS by their corporate buddies.
For instance, I know a couple who just filed. They have no dependents and make a little over 100k (though this is net of their health insurance premium which are not included in their AGI). With only deductions for:
1. Mortgage interest (on a regular house, not a McMansion)
2. Real Estate taxes
3. State taxes paid.
they have an effective tax rate of 9.5%.
bobbobbins01
(1,681 posts)I live on a 10 acre farm so I take a land use deduction, I deduct all my real estate taxes & mortgage interest. I run a few small businesses from home so I write off those expenses plus the square footage I use for it, and my phone & internet.
If they're available take them. The less income you have, the more deductions you should be eligible for, unfortunately the system doesn't work that way. We need to change that.
Thinkingabout
(30,058 posts)not so bad after all.
Skwmom
(12,685 posts)Tax rates include with income. You do realize that don't you?
Thinkingabout
(30,058 posts)frylock
(34,825 posts)seabeyond
(110,159 posts)running on raising our taxes for the free stuff, when he doesn't pay. Not to mention the first two decades of adulthood with a job that paid into the system.
Skwmom
(12,685 posts)family members, and big money backers who have fed at the public troughs for decades.
seabeyond
(110,159 posts)Autumn
(45,106 posts)Xipe Totec
(43,890 posts)Your personal taxes? You, who makes less than he does?
seabeyond
(110,159 posts)NWCorona
(8,541 posts)seabeyond
(110,159 posts)his.
NWCorona
(8,541 posts)seabeyond
(110,159 posts)Doesn't mean we did not speak out.
uponit7771
(90,347 posts)bigwillq
(72,790 posts)DanTex
(20,709 posts)TheBlackAdder
(28,208 posts).
$200,000 versus almost $14 Million.
Yet, people are worried about minutia that really doesn't add up to significance, in the scheme of things.
.
CentralCoaster
(1,163 posts)And I mean if there was a clear and honest accounting, without tricks or hidden assets.
I can't imagine it being as high as 9.5%
Estate tax champions Bill and Hillary Clinton are doing just about everything in their power to stave off hefty estate taxes on their own personal fortune, according to Bloomberg News.
The report out Tuesday shows that the two heads of the political dynasty have been seizing on legal but slippery loopholes to minimize taxes on inherited wealth - maneuvers not atypical of multimillionaires but which will inevitably drum up cries of hypocrisy based on the Clintons' active support for the estate tax in the past.
Bloomberg cites county property records that show the Clintons divided ownership of their New York home into separate 50 percent shares, then placed those shares into trusts. The moves ensure that any growth in the house's value will occur outside their estate and that they can claim a discounted value for the home, which could save the Clintons hundreds of thousands in estate tax avoidance.
"The goal is really be thoughtful and try to build up the nontaxable estate, and that's really what this is," David Scott Sloan, a partner at Holland & Knight LLP in Boston, explained to Bloomberg. "You're creating things that are going to be on the nontaxable side of the balance sheet when they die."
http://www.cbsnews.com/news/after-touting-estate-tax-bill-and-hillary-clinton-seize-on-loopholes/
amborin
(16,631 posts)KK9
(81 posts)For federal income tax in isolation, effective tax rates are pretty easy to determine. For 2014 1040 returns it is line 62 (total tax) divided by line 22 (total income). So:
Total Tax Total Income Rate
Clinton 9,981,350 28,336,212 35.22%
Sanders 27,653 205,617 13.45%
Kasich 74,543 402,603 18.52%
Cruz 442,701 1,210,382 36.58%
Romney (2011) 1,935,708 13,696,951 14.13%
Sorry for the formatting (or lack thereof). All for 2014, except for Romney. Trump has offered anything as far as tax returns go, so he's still a mystery.
All of them are in the appropriate ballpark for income level, except for Romney! Looks like Cruz could use a little help with tax planning, though.
Fawke Em
(11,366 posts)Should he release his tax returns? Sure.
But the hypocrisy of the supporters of a candidate who takes millions from Wall Street speeches, hides her earnings in foundations, shell companies and other loopholes and refuses to release exactly what she told her Wall Street benefactors is richer than she is.
Dem2
(8,168 posts)That's a messed up example you gave, they must have a massive mortgage interest payment ($500k+ house?) and pay huge state and property taxes. No sympathy here.