I'M RICH!!! Oh, wait, maybe not...

[hardheadjarhead]

I saw Bush say this on the news yesterday. It stunned me.

Bush criticized Kerry's plan to eliminate the tax cuts for those making more than $200,000 a year, saying that the "the rich in America happen to be the small business owners" who put people to work.

Bush also said high taxes on the rich are a failed strategy because "the really rich people figure out how to dodge taxes anyway."


This is SUCH a relief, let me tell you. Given that I make less than six digits a year, and am not in the upper 1% of the population insofar as wealth ($285,000 per year), it thrills me to know that as a small business owner I am now rich...even if I'm in the middle class.

Now that I'm rich, is there anybody who can tell me how to take advantage of that and dodge those taxes? Do I need to take up golf? Must I divest myself of denim? Should I use a saucer when drinking coffee? Must the latter latte be?



Regards,


Steve

 

[Feisty Mouse]

lol - hey, how about treating all your students to stylish, hand-made uniforms with gold thread spelling out the name of the school on back?

It's comments like this that really reinforce for me just HOW out of touch with over 99% of the American public Bush the Second really is. How ignorant can you be?!??!

 

[Flatlander]

Bush also said high taxes on the rich are a failed strategy because "the really rich people figure out how to dodge taxes anyway."

This is sort of Homer Simpsonish, isn't it? "Well son, if something in life is too difficult, just don't try."

 

[Mark Weiser]

Well since GW is in the top 1% do you really expect him to volunteer to pay higher taxes lol. He has to be made to do this. Oh I forgot he has all the power LOL!!

 

[MartialArtist68]

What really cracks me up is when GW made the comment during a social occasion that he was with the "haves and the have-mores". This scene was shown in F9/11, by the way.

Best Regards,
pk

 

[michaeledward]

What really cracks me up is when GW made the comment during a social occasion that he was with the "haves and the have-mores". This scene was shown in F9/11, by the way.

Best Regards,
pk

Actually, the quote referenced was from an 'Invitation Only Town Meeting' (?) in Annandale, Virginia, yesterday. A complete transcipt can be found here:

http://www.whitehouse.gov/news/releases/2004/08/20040809-3.html

The President's comments concerning taxes are located in the response to Ms. Rainey's question.

An interesting commentary on these comments can be found here:

http://www.thenation.com/capitalgames/index.mhtml?bid=3&pid=1675

Certainly, David Corn is not a Bush fan, but it is an interesting angle on the President's comments.

Mike

 

[hardheadjarhead]

It was at the Alfred E. Smith Memorial Dinner in New York during the last election where he delivered the famous line in question. He looked out at the crowd...all dressed in tuxedos and gowns and all having paid $800 a plate to be there...and said:

"What an impressive crowd. The 'haves'-and the 'have mores'. Some people call you 'the elite'. I call you my base."

It was a revealing statement. It was not a classic "Bushism", but a joke that revealed what many understand to be the truth. Across America he has a certain populist appeal with those that don't understand that he caters to big business. His folksy charm (nauseating to some) draws them in. His West Texas twang hides gives him a chumminess and "good ol' boy" persona.

He'd have made one heck of a good used car salesman.


Regards,


Steve

 

[Rich Parsons]

I saw Bush say this on the news yesterday. It stunned me.

Bush criticized Kerry's plan to eliminate the tax cuts for those making more than $200,000 a year, saying that the "the rich in America happen to be the small business owners" who put people to work.

Bush also said high taxes on the rich are a failed strategy because "the really rich people figure out how to dodge taxes anyway."


This is SUCH a relief, let me tell you. Given that I make less than six digits a year, and am not in the upper 1% of the population insofar as wealth ($285,000 per year), it thrills me to know that as a small business owner I am now rich...even if I'm in the middle class.

Now that I'm rich, is there anybody who can tell me how to take advantage of that and dodge those taxes? Do I need to take up golf? Must I divest myself of denim? Should I use a saucer when drinking coffee? Must the latter latte be?



Regards,


Steve

I am NOT sure why everyone wants to be me??? Being Rich is not all it is cracked up to be

 

[hardheadjarhead]

I am NOT sure why everyone wants to be me??? Being Rich is not all it is cracked up to be

You're rich, Rich? That's rich.


The following is to be sung to the tune of "The Yellow Rose of Texas."

"There's those awful blows of Taxes,
All levied straight at me!
The rich don't feel as badly
'Cause Dubya's in D.C.

The middle class is strapped so,
its like to break my heart,
I wish that with my hard earned cash,
I nevermore will part."

I'd write more, but I'm told by She Who Rules that I must get milk and fruit.

My wife noted before sending me on this mission that any poem Emily Dickinson wrote can supposedly be sung to the tune "The Yellow Rose of Texas." I can not verify this...but the woman does kick my butt in Jeopardy whenever literature categories come up.


Regards,


Steve

 

[Phoenix44]

You are such a spoilsport, hardhead! Why don't you log off right now and start planning your tax evasion strategies like all the other really rich guys!

 

[KenpoGirl]

I am NOT sure why everyone wants to be me??? Being Rich is not all it is cracked up to be

Oh Geeze, Bad, Bad Rich .... :whip:

 

[MartialArtist68]

What I don't understand is that I, as a minor, who makes approximately $3,000 a year, still have to pay taxes when Bill Gates, one of the richest men in the world, doesn't have to pay as much in proportion to his salary. I can't even vote!

 

[hardheadjarhead]

You are such a spoilsport, hardhead! Why don't you log off right now and start planning your tax evasion strategies like all the other really rich guys!

That's the problem. I haven't any idea where to start...this being "rich" thing is so new to me. Besides, when I checked my bank account this morning, it still had the usual couple of grand in it. Is Bush going to make a direct deposit? How exactly does this work?

Regards,

Steve

 

[mj-hi-yah]

Hi Steve nice to meet ya!

 

[kenpo tiger]

What I don't understand is that I, as a minor, who makes approximately $3,000 a year, still have to pay taxes when Bill Gates, one of the richest men in the world, doesn't have to pay as much in proportion to his salary. I can't even vote!

Okay okay. We all love to hate Microsoft and Bill Gates with all his $$. Let me point out to you, a minor, in the interest of fairness, that Mr. Gates, his company,and his wife all donate generously to charities who desperately need that small amount 'in proportion to his salary'.

That being said, I detest being given a label. Furthermore, I make less than a lot of other people (not you, MA68 - at least SOMEONE makes less than I do!) because I work for a non-profit organization.

So where are all you rich people giving your excess cash??? :idunno: That's why the arts are in trouble. Bush doesn't seem to think that his cronies need to support 'quality of life'. (End of rant) KT

 

[michaeledward]

What I don't understand is that I, as a minor, who makes approximately $3,000 a year, still have to pay taxes when Bill Gates, one of the richest men in the world, doesn't have to pay as much in proportion to his salary. I can't even vote!

I am fairly certain this is an incorrect statement.

With an income of $3,000.00 you would be in the lowest tax bracket; 10%. If you were not a dependent of your parents, you would probably not pay any income tax (you might be eligble for a tax credit). You would be required to pay 6.2% of your income into the Social Security trust fund. This is matched by your employer's contribution on your behalf of 6.2%. If your employer was not obligated to make this payment, you could anticipate a higher rate of pay. You are also responsible for paying into the Medicare program. Again, a very small protion is withheld from your check for this program.

Bill Gates certainly has the highest net worth of any American Citizen. From Microsoft, he draws a salary of $865,000.00 a year. At this salary level, he is obligated to pay taxes at the highest tax bracket; 35%.

Now, yes, Bill does get to take some deductions that you don't; he has 2 children, he owns a home, he is the 'head of household'.

Also, he only pays 6.2% of his salary toward Social Security on the first $87,000.000 of his salary.

As Microsoft is paying a special dividend this year, Mr. Gates will be responsible for paying 15% of that revenue in taxes.

I really don't think that Mr. Gates is paying less than you in taxes, even as a percentage of his income (not net worth).

Mike

 

[MartialArtist68]

Okay okay. We all love to hate Microsoft and Bill Gates with all his $$. Let me point out to you, a minor, in the interest of fairness, that Mr. Gates, his company,and his wife all donate generously to charities who desperately need that small amount 'in proportion to his salary'.

That being said, I detest being given a label. Furthermore, I make less than a lot of other people (not you, MA68 - at least SOMEONE makes less than I do!) because I work for a non-profit organization.

So where are all you rich people giving your excess cash??? :idunno: That's why the arts are in trouble. Bush doesn't seem to think that his cronies need to support 'quality of life'. (End of rant) KT

You still missed the point of my post. The points were that

a) Chances are, I pay more in proportion to my salary than Bill Gates in proportion to his.
b) I pay taxes even though I can't vote. If I could vote, I wouldn't mind some of my hard-earned money going to pay GWB's $400,000-per-year salary.

Yes, I think it's all well and good that Bill Gates donates much of his money to charities. I would do the same in that position.

And yes, that's good that you chose a lower-paying job to benefit others. I happen to work ar my place of training for my instructors.

 

[MartialArtist68]

By the way, you can say all that you want about Microsoft giving to charity. The STILL audit schools for software licenses, over charge for their "products", etc. six hundred per client for a school is a little steep, you have to admit.

 

[hardheadjarhead]

Not to pry, but does anybody on this forum make $285,000 or more a year and fall into the category of the richest 1%? Or are we all in the middle class?

I sure don't make that mu...oops...just blew my chances with MJ. Dang.

I went to look up some articles on Bush's tax restructuring for the rich. MartialArtist68, I know you're a "Mac" guy and hate Bill Gates, but he and Warren Buffet have both joined the Responsible Wealth Coalition in order to protest unfair tax advantages for the wealthy.

http://www.responsiblewealth.org/

Here's an article on extending tax credits for children to the rich.

http://www.washingtonpost.com/wp-dyn/articles/A38018-2004May18.html

Poor families with two children get a lump tax credit of $300. Rich families get upwards of $1,000 for their kids. Its all proportional, I suppose, but I wonder what we're giving the tax credits for. Do the rich kids need that extra money to support the lifestyle to which they've become accustomed?



Regards,


Steve

 

[MartialArtist68]

I am fairly certain this is an incorrect statement.

With an income of $3,000.00 you would be in the lowest tax bracket; 10%. If you were not a dependent of your parents, you would probably not pay any income tax (you might be eligble for a tax credit). You would be required to pay 6.2% of your income into the Social Security trust fund. This is matched by your employer's contribution on your behalf of 6.2%. If your employer was not obligated to make this payment, you could anticipate a higher rate of pay. You are also responsible for paying into the Medicare program. Again, a very small protion is withheld from your check for this program.

Bill Gates certainly has the highest net worth of any American Citizen. From Microsoft, he draws a salary of $865,000.00 a year. At this salary level, he is obligated to pay taxes at the highest tax bracket; 35%.

Now, yes, Bill does get to take some deductions that you don't; he has 2 children, he owns a home, he is the 'head of household'.

Also, he only pays 6.2% of his salary toward Social Security on the first $87,000.000 of his salary.

As Microsoft is paying a special dividend this year, Mr. Gates will be responsible for paying 15% of that revenue in taxes.

I really don't think that Mr. Gates is paying less than you in taxes, even as a percentage of his income (not net worth).

Mike

First of all, it's twelve percent. Second, I said in proportion of the amount he makes. I neglected to say, however, that he stepped down as CEO in 2000. :whip: