Sheesh! If you'd read other of my posts you know I hate both the RepubliClowns and DemoCraps equally... My kind of president would be the next Andrew Jackson. (And if you don't know why I said that, let me suggest your read up on him before you wishfully cast your vote for NObama.) Bush isn't MY "MBA president"... I didn't vote for and regard him as likely the WORST president in history. I've got plenty of outrage about all of these shenanigans. I've been ready to leave the USA for several years because of all this... but none of this was apparent enough to wifey (or at least hit her hot buttons) like for HER to pay even MORE taxes so that NObama could "spread the wealth around"... She's finally making the connection that NObama will be spreading HER wealth around, and so it has become her personal issue.
Loopholes bring in the campaign money. More Government ALWAYS means more loopholes. Only with loopholes could you target certain income groups while giving a pass to others.
That's what I'm talking about, yeah!! All these Demopolitical punks that infest these forums are going to learn that eventually. 5% for a reason, burn it into your memories you little bastards. I'm not paying for your shit, STFU and go get real jobs instead of cut and pasting for MoveOn.org.......
Good Luck with that. Jail Time for Tax Cheats "Tax Cheat Sentenced to 6 Years for Defying I.R.S. " ...
You're in the top 5% of wage earners (citation needed by the way) AND you found the time to post over 4 thousand times on ET??? Talk about multitasking! You're my hero!
http://www.people.com/people/article/0,,20194986,00.html Wesley Snipes Sentenced to Three Years in Jail The Blade star, 45, was sentenced Thursday to three years behind bars as his punishment for failing to file his tax returns, U.S. District Judge William Terrell Hodges announced in an Ocala, Fla., courtroom. The actor sat stone-faced â and some people in the courtroom gasped â when the sentence was read. "I'm very sorry for my mistakes and errors. I apologize to my family, the court and the community," Snipes said as his wife looked on. "I've asked the court to show me mercy and the opportunity to make things right." In February, a federal jury convicted Snipes of three counts of failing to file a tax return (from 1999 through 2001). Thursday he received 12 months for each count. Prosecutors say the actor owes a total of $41 million in taxes, of which he paid $5 at the sentencing.
You guys are giving away your income level. The taxes of a 5% earner are complicated and flexible. Since the top 5% receive the highest audit rate ,across the board they are usually the most accurate. Most of the 5%'rs have the very smartest and best advisors in the country. One problem is tax rules are so complicated. IRS is not very clear on their own rules. The IRS will say a certain investment is treated with this tax rule then 5 years later they will rule differently
I would not do too much "trading" in it. I doubt on a small Roth the IRS will care or notice but if you start reporting six figure gains in a 401k and tens of thousands of r/t's you'll be busted.