Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Alighieri who wrote (434837)	11/13/2008 3:39:49 PM
From: Tenchusatsu	2 Recommendations Read Replies (1) \| Respond to of 1574480

Al, > Don't feel sorry for Exxon...they have more loopholes than you and I ever will. When I factor all the taxes I pay, my tax rate is far higher than that of Exxon. a) The point is not to make anyone "feel sorry" for ExxonMobil, but to counter the ridiculous notion that Big Oil enjoys huge tax advantages relative to individual taxpayers. b) It's not my business to pry into your financial situation, but I still find it hard to believe that your tax rate is far higher than 41%. Tenchusatsu

To: Alighieri who wrote (434837)	11/13/2008 3:46:06 PM
From: TimF	Respond to of 1574480

And, as far as I can see, only the miserably poor don't pay income taxes. # 10% on the income between $0 and $16,050 Its only 10% of the income between $0 and $16,050, for those who make over a certain amount, not starting at the first dollar (I can look up the amount if you want but since you've posted the tax tables, I assume you may know it already) Of course that amount is low enough that it could reasonably be considered "miserably poor". But there is the standard deduction, and other deductions, credits, and exemptions. A lot of people that have kids and have low income, get back EITC and possibly other credits, that equal or exceed their income tax liability. The IRS's data shows that about a third of filers have no net tax liability (add in the non filers and you probably have more like 40% with no net tax liability) taxfoundation.org

To: Alighieri who wrote (434837)	11/13/2008 8:15:56 PM
From: i-node	Read Replies (2) \| Respond to of 1574480

>> Don't feel sorry for Exxon...they have more loopholes than you and I ever will. When I factor all the taxes I pay, my tax rate is far higher than that of Exxon. But your income isn't taxed twice like Exxon's is -- once when it is earned and again when those earnings are distributed to its shareholders. That's one reason corporate income taxes are so unfair -- the earnings of corporations are taxed multiple times. You're confusing corporate entities with individual taxpayers. They are two totally different kinds of taxpayers. Individual taxpayers who are in business have essentially the same rules for deductions as corporations (i.e., "ordinary and necessary business expenses"). But you can't sensibly compare an employee with a corporation. Employees, by definition, don't have business expenses, other then the minimal out of pocket, unreimbursed expenses which are a result of the agreement negotiated at arms-length between the employee and his employer. Unreimbursed EBE are not automatically deductible, whereas the ordinary and necessary expenses of conducting a business are.