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200 more Millionaires step up to the Plate !
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<blockquote data-quote="trplnkl" data-source="post: 902337" data-attributes="member: 13254"><p>I think you may be shorting out your thought process. Slow down, take a deep breath..hold it...hold it...now gently exhale. </p><p></p><p> The "millionaires that have no businesses, such as lottery winners, thru inheritance, thru youtube, or a 1 hit wonder song." pay the basic tax based on what money they received the year they "made it big" few, if any, have tax write offs that a business has. A million dollar lottery winner here will give up nearly half of his winnings without being able to deduct one dime for all the loosing tickets he bought during the year. OK, that's not totally true, depending on how they file. So yeah one could say they even have access to a "LOOP HOLE". </p><p></p><p> What in your thinking says that a business owner with deductions should pay more than someone without deductions? without loop holes, write offs, deductions (whatever term you choose to use) everyone in the same tax bracket pays the same % on their earnings. </p><p></p><p> Trust me, there are lots and lots of people that know exactly what the details of the loop holes are and how to get them applied. Around here they call them CPAs or Tax consultants (btw, a % of what they charge is tax deductible).</p></blockquote><p></p>
[QUOTE="trplnkl, post: 902337, member: 13254"] I think you may be shorting out your thought process. Slow down, take a deep breath..hold it...hold it...now gently exhale. The "millionaires that have no businesses, such as lottery winners, thru inheritance, thru youtube, or a 1 hit wonder song." pay the basic tax based on what money they received the year they "made it big" few, if any, have tax write offs that a business has. A million dollar lottery winner here will give up nearly half of his winnings without being able to deduct one dime for all the loosing tickets he bought during the year. OK, that's not totally true, depending on how they file. So yeah one could say they even have access to a "LOOP HOLE". What in your thinking says that a business owner with deductions should pay more than someone without deductions? without loop holes, write offs, deductions (whatever term you choose to use) everyone in the same tax bracket pays the same % on their earnings. Trust me, there are lots and lots of people that know exactly what the details of the loop holes are and how to get them applied. Around here they call them CPAs or Tax consultants (btw, a % of what they charge is tax deductible). [/QUOTE]
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