?Changing the tax rate?

Discussion in 'Taxes and Accounting' started by kmkkra, Apr 13, 2008.

  1. kmkkra


    Hello to anyone who reads this...

    I am just starting to learn how to trade, and about finance.
    I have just recently learned that any capital gains above $100,000 are taxed at a rate of either 35% or 39%(I don't know which one). This, in my opinion, is insane. I know the government needs money, and that running a country can be expensive, but this percentage is NOT EXCEPTABLE!!! If I were to make $10,000,000 profit through trading stocks or through owning a business I would have to pay at least $3,900,000 in taxes. I think that paying $2,000,000, however, would be MORE than enough! I mean, honestly, I wouldn't even spend percentages like that on myself, and yet the government just expects me to hand over this percentage?

    If I were making $100,000+, I, personally, would be willing to pay 20% without any fuss.

    However, if there were people(voters) out there who, for some strange reason, actually wanted to be taxed at a higher rate. Then, with great anger and hesitancy, I would be willing to pay as much as 25%, but not a penny more!

    Anyway, my Questions are:

    (1) Are there any oranizations out there that are trying to lower this ridiculous tax rate, and who are they?

    (2) What do you feel about paying 35% or 39% on taxes?

    THANK YOU for responding...
  2. erd0c


    This is going to sound silly but, welcome to the highest tax bracket.

    being salaried and in this tax bracket is the worst because it gets taken out right away.

    If you own a business and deduct itemized then you have a chance to get it lower (i.e. computer, internet connection, educational (books, subscriptions, etc)

    if you have a job and get bonuses, all bonuses are taxed at the highest rate regardless of your base salary.

    The only people trying to change it are the rich (for the "better") but you also have to realize that capital gains tax (which is different from income tax) is lower than its been for a while.

    Its better to pay tax on money that you have than no tax on tax you don't have.

    Don't be salaried, and choose a scalable profession
  3. Bob111



    to get into your favored 35% you have to earn >357K in short term cap. gains. everything below that will be taxed in range from 10 to 33%...
    read, before you put yourself in position of worldwide moron :)
  4. Dude, you are a moron. It's "acceptable" not "exceptable." You can't even spell, you have paranoid delusions of having to pay taxes on money you will never make--and you expect a groundswell of sympathy for the idea of some rich asshole having to pay tax on his multi-million income? Well, at least you came to the right place, lol.
  5. slowcpa


    if you want to cry some more dont forget to add self employment tax if youre in a trading "business". social security at 13%of 100k plus medicare at 3% of all.

    then the state will prob want 6-8%

    if you live in ny city, birmingham or other city that has city/county income tax you gotta pay them a few %

    assuming you actually want to spend that $ on a veyron (sp) you will be dropping a cool 5-9% on sales tax and a few points on annual ad valorem. dont forget the gas guzzler tax and the taxes at the pump for each gallon

    with whats left you can buy a beach house and pay transfer tax as well as annual property tax and the employment taxes on the housekeeper.

    then when you die you can get popped for estate taxes.

    you will probably pay 175% of that money in tax before its all done

    better just not make it and save yourself the 75%
  6. kmkkra


    Hello Bob111, Bobby Boy, Big Billy Bob..................

    This is in response to -------- Bob111's post as well as to all the other malicious posts out there. I am a beginner... A novice, if you will. I did not post to educate others, but rather to be educated or corrected (in an amiable manner of course), and I see nothing wrong with my post other than a mispelled word and my high expectations for the future( achieved through extreme intelligence, work, study, and a lot of luck).

    I had hoped the statements

    would have given the impression that I am indeed a beginner, and therefore any statements that I make henceforth are NOT to be viewed as fact, but assumption(a novice's assumption who is seeking knowledge rather than giving).

    I have read through a number of the post on "elitetrader.com", and have noticed a large number of angry responses to "general" comments or questions which otherwise would have no reason to induce such anger or criticizm. I, therefore, knew ahead of time that I would recieve malicious post such as the ones posted by "Bob111" and "buster_hymen".

    Though thank you Bob111 and buster_hymen for any "actual " helpful info you gave me such as that we don't pay 35% until after we make $357,000 in short term capital gains. I just
    tested out your statements with the "Taxcut" program, and you were right, thank you!

    HOWEVER, I was fully prepared to tolerate such remarks in order to find out the answers to my questions, and get people's opinions on the matter. Plus I like being called a moron! I think there's a little moron inside of us all(no offense to "us all").

    SO, bring it ON!!!!!!! BRING IT ON BEBE!!!! As long as I get some good info from somebody out there I - do - not - care -about the malicous post I will inevitably recieve!!!!

    Thank you for your time, Amen!
  7. kmkkra


    Hello again, this post is in response to "buster_hymen" and "slowcpa" posts.

    Mr. buster_hymen(LOVE the alias by the way). Do you honestly think that I care about how a stupid word is spelled(ac·cept·a·ble Pronunciation[ak-sep-tuh-buhl] )? I thought this was a trading forum not an english forum. Ya know what, I like you! You write like an educated man... I think I'm gonna get drunk, learn how to spell then tattoo the alias "buster_hymen" on my butt. Ya know, as I just posted, I am a novice, and I came to be educated. As a novice or student I suspect that most teachers - don't refer to their students as morons, and if they did then I geuss we're all morons because we all have to learn.

    I do not have

    I have a thoroughly tested strategy that I am sure that will rack me a whole lot of money through trading(once I put it to work), and I am also going to be making a lot of money through other means as well. Or at the very least, this is what - seems to be very much true (but maybe I am wrong, whatever),but I concede to your implications, you are right, there are a lot of idiots out there who swear up and down there going to make it big, and yet they don't have any knowledge or idea how to do so.

    Now Mr. slowcpa I am not whinning only for myself, but also for every middle class American who has a dream and a plan to make it big. There are many rich people who started out as nobodies, and with barely enough to take care of their families, and yet they had a dream, and through extreme intelligence, work, study, and a lot of luck they made it after all. This is after all America, the greatest country on earth, and the land of opportunity!

    When you two were just a little slowcpa and a little buster_hymen, and all the kids made fun of you 'cause you had a dream to one day grow up and become the WORLDS GREATEST traders, and then put down all the other traders posts... Did you get mad? NO, you just smiled 'cause you knew....YOU KNEW........... . . .

    Anyway, as I already said, I am not whinning only for myself, but also for every middle class American who has a dream and a plan to make it big. These middle class Americans could be anybody, they could even be you(the reader) one day.

    And because of this I think it necessary for even middle class Americans as well as these "rich" " holes"(as you so lovely put it buster_hymen)to rise up, and denounce this ridiculous %35 tax rate.

    Thank you for reading this ridiculously long post, now I am going to stick my moronic head in the toilet, waist some more time, and wait for some more hate-posts or helpful posts or maybe even no posts, whichever comes first...
  8. I am probably wasting my breath here trying to advise you but I just can’t help myself sometimes I guess. What the others are trying to subtly tell you is that if you are too lazy to “care” about simple communication skills, how lax are your business or trading skills? If you don’t sound like a business professional, how do you expect to be treated as a professional? It only doesn’t matter to others who share your attitude. I for one welcome you to both the trading and business world. I hope it is obvious why. I am sure your great, thoroughly tested trading strategy (that you have never used in the real world) is a winner. Just remember the old poker adage, “If after a half an hour of playing of playing you don’t know who the sucker is, It’s you.”

    Instead of complaining about the reality of the situation, try to use it to your advantage as many have before you. Just try not to “waist” too much time before you make your millions. We need your tax money.

    Just remember your competition will be happy to take your money until you figure out what you are doing. I personally would be embarrassed by what you have written and your attitude, but alas, in today’s world many people think it is ok and wonder why they fall farther and farther behind. Now you can take this as another insult or you could actually try to learn from it. Good luck whatever you decide.