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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: American Spirit who wrote (180704)	1/16/2004 12:57:58 PM
From: i-node	Read Replies (4) \| Respond to of 1572300

>>>>>>>>Ever heard of FICA and all those things? They get taken out up front for working people. Wealthy people can avoid all that by self-incorporating, then writing off all sorts of things including travel, entertainment, etc. That is the fundamental unfairness of it all. When Bush took away the estate taxes for even multi billionaires he proved right thre who he was really serving. As usual, you haven't a clue what you're talking about. FICA is NOT a "redistribution of wealth from the poor to the wealthy" as I pointed out to you yesterday. It is a redistribution from the young to the aged. The deduction of travel and entertainment has been heavily limited since 1986, when Congress enacted Reagan's tax reform (note that it was REAGAN who eliminated the T&E loopholes). Furthermore, the term "self-incorporating" is meaningless. A wealthy person can form a corporation just as a middle class person, but neither is "self-incorporating" (a pretty meaningless term, actually). A closely-held corporation cannot, however, avoid the paying of salaries to its wealthy (or middle-class) owner; thus the wealthy have to pay their shares of SS and MC taxes. Other tax reform under Reagan eliminated the wealthy's use of PALs (passive activity losses) to escape taxation (Section 469). Also under Reagan the code sections 1300 et.seq., were rewritten to eliminate the use of the S-Corporation as a tax avoidance vehicle for the wealthy.

To: American Spirit who wrote (180704)	1/20/2004 2:10:31 AM
From: Joe NYC	Respond to of 1572300

AS, First of all, you did not answer my question. You posted that 35 to 40% of a "normal paycheck" is taking up by taxes. This is false, and you are again making stuff up. The tax burden on working class, lower middle and middle class has been reduced to substantially. In case you are not making stuff up as usual, give me the example you are talking about, and we can check it together. IRS has all the publications on its web site, and I will help you with math (it appears you need a lot of help in many areas). Ever heard of FICA and all those things? They get taken out up front for working people. Wealthy people can avoid all that by self-incorporating, then writing off all sorts of things including travel, entertainment, etc. That is the fundamental unfairness of it all. Again, you don't have a clue. Give me the example of a legal way to avoid FICA taxes. Joe