Are you not? Who cares? What I'm talking about are those that earn income at 15% instead of at 35% because they make most of their money from investments instead of salary and business profits. Essentially those who work have to pay more income taxes than those who simply own.
Name one that a single person can take advantage of that compares to child credits and dependent deductions. I guess I could go into debt and get another mortgage. The tax code is byzantine if people have to do that to avoid being hosed.
Because it won't pay the bills, it has been calculated that it would take something like a 17-20% flat rate.
Why wouldn't you go get a mortgage? If you can borrow at about 4% or maybe better on a 15 year mortgage and you could deduct the interest at a 28% tax rate (????). that basically puts you at borrowing money at less than three percent and possibly as low as 2.5%. You could then invest that money and make the spread. Not exactly related to the topic at hand but I don't understand why that wouldn't be a no brainer for someone like you.
This is in fact how some of the rich get even richer, borrow money and invest it and make a lot more than what they borrowed, pay it back and keep the rest. Wish I was smart enough to do that.
The child tax credit is only 1000 bucks. I think the Life Time Learning Credit would be a reasonable substitute and is a much better deal because 1000 dollars of college courses is much cheaper than a kid. Cut a check to any charity for 37000 and you are in the same place as someone who takes a dependent deduction, and again it is much cheaper for you than if you actually had a kid. You could if you were a fool. I already offered to trade you my mortgage interest deduction for you paying off my house. You don't have to take out a mortgage to get a tax deduction. Just cut a check to any charity if you so desperately want a deduction. Like I told martin, a simple tax code makes perfect sense, but it will never happen.
No. No one should. But you are the guy who said So again if my w-2 said I made 91,000 what should I owe? What if I had 910,000 in this hypothetical? What should I owe then? Who cares how someone else earns income or pays taxes? It is simply not your business. It does not effect you. I can say that I am completely uninterested in the financial matters of other folks. The fact that you are so jealous of what others have and owe is sad.
Bet he doesn't answer this I will take the money I won off the first bet and double down that he comes back with "why do you kiss the ass of the rich" Then I will parlay it all that he tells me "don't ever speak for me"
