Topic: Becoming rich and higher taxes. (Read 338 times)
The rich should thank God that they are fortunated enough. I know that nobody likes to pay taxes willingly but just at the lifes of poor and homeless people. The Government tries to spend their taxes on improving the quality of the country. Please, pay the taxes fairly.
As you become rich many opportunities open up to you, a good accountant usually pays for themselves in the reductions you get in tax. As you reach an even higher level of wealth a wealth management consultant, a financial lawyer, where you are domiciled.. all becomes part and parcel of reducing your tax responsibilities. Ive found a financial lawyer has become a really useful asset.
Income taxes are part of a gigantic Ponzi known as the banking system. The difference between it and other Ponzi's is, the banking Ponzi is legal.
I don't know which country you come from. But in many countries, there are grave penalties for tax evasion. Of course, there are many cases of injustices and rich privilege. But you speak as if it is the norm. And it is not so. If you check it, rich people are even taxed a greater percentage of their proceeds. The government ends up gaining more from them. There are already enough reasons to hate on the rich. This might not be one.
This reminds me of George Carlin's description of social classes:
https://www.youtube.com/watch?v=XdH38k0iUgI
I just got around to watching this video. It's hilarious. I mean it's sad at the same time. The middle class people are taxed heavily and the rich people just keep getting richer. The poor people are just there to keep the middle class scared and keep them working. I have see so many times how it's often not a good thing to be in the middle class. When I was traveling in Chile, I remember people telling me that it's better to be poor than by in the middle class because you won't have to pay taxes. There are lot of people living in cheap huts, but inside they have huge TVs and expensive sound systems. Even in the US it's similar. If you have no money, you can get free health care in the US, but if you have a bit of money, you may be hit with medical bills that are more than your annual salary! https://www.youtube.com/watch?v=XdH38k0iUgI
Exactly what am saying. Taxes is meant to milk people dry. Rubbing the middle class and poor of there hard earned 💰 money. Taxation is satanic!!!!
The thing about this topic is that it is inherently flawed by the fact that the people commenting here don't really know the tax code works. If you are a business (or incorporated in any sort) you're expected to pay ESTIMATED quarterly taxes if you expect to owe more then 1000 in taxes for the year. This means that you're going to have to send in taxes to the IRS every quarter on your profits.
If you own assets and you sell them for a gain, this is the ONLY TIME that taxes are put off until tax time.
Rich people get the benefit of putting taxes off until the end of the quarter, that's it. If they are paid through a company (through payroll) like every other everyday person then money is withheld for them too -- just like everyone else.
They don't get special treatment in any regard, this is done to have uniform policy for all businesses -- and it is the best thing that we have going as of right now.
If you want to talk about INFLUENCE over the tax code then that's one thing, but it makes no sense to complain about some random portion which isn't true in the least.
If you own assets and you sell them for a gain, this is the ONLY TIME that taxes are put off until tax time.
Rich people get the benefit of putting taxes off until the end of the quarter, that's it. If they are paid through a company (through payroll) like every other everyday person then money is withheld for them too -- just like everyone else.
They don't get special treatment in any regard, this is done to have uniform policy for all businesses -- and it is the best thing that we have going as of right now.
If you want to talk about INFLUENCE over the tax code then that's one thing, but it makes no sense to complain about some random portion which isn't true in the least.
There are lots of rich people who didnt pay taxes for a long years and some of them payed little tax, more lesser than ordinary people.Like what happened here in my place.Theres a certain bank owner who payed less than 100 pesos a year for tax.Thats really crazy because ordinary employee payed tax more bigger than that bank owner.Well for sure that theres a big politician who is behind those illegal activities.There should be a proper audit of taxes in every citizen so that there should be fair collection of taxes whether you are rich or not.
I don't think that all rich people think taxes are good for nothing, but of course everybody would prefer to pay less. I just realized that it's strange that rich people could pay, for example 1 million dollars in taxes in a year. They will never actually use government services worth 1 million dollars. I wonder if there is a tax limit per person anywhere.
Yeah actually, a lot of rich people reached that level through constant perseverance and dedication. Especially self-made millionaires, who built up companies out of nothing. They deserve to pay less taxes in my opinion because they did a lot of work on their own, and they are actually contributing more to society than the government is by providing valuable products or services and employing a vast amount of people.
You're not able to simply avoid tax payments or anything along those lines. You're able to use creative accounting, which is a fine thing to use if you have the resources, and you're also able to lobby Congress to change the tax code.
The problem doesn't lie in the accounting or anything like that, the problem lies in the lobbying of Congress to change the tax code to benefit the higher earners in society. That is where the disparity lies, as the middle and lower class don't have the resources to change the laws which are holding them down. While the high earners do.
Who knows the best way to change this though.
The problem doesn't lie in the accounting or anything like that, the problem lies in the lobbying of Congress to change the tax code to benefit the higher earners in society. That is where the disparity lies, as the middle and lower class don't have the resources to change the laws which are holding them down. While the high earners do.
Who knows the best way to change this though.
Exactly, and this is a matter of taking advantage of the resources at your hand. If people are more clever at tax avoidance, then fine. It's their effort and hard work they put into it that should be rewarded. They aren't exactly cheating the system because they still pay the taxes, they are just using the system to their maximal advantage. But lobbying is bullshit, I agree. This is how minorities push their intolerances through to become laws.
I don't think that all rich people think taxes are good for nothing, but of course everybody would prefer to pay less. I just realized that it's strange that rich people could pay, for example 1 million dollars in taxes in a year. They will never actually use government services worth 1 million dollars. I wonder if there is a tax limit per person anywhere.
Yeah actually, a lot of rich people reached that level through constant perseverance and dedication. Especially self-made millionaires, who built up companies out of nothing. They deserve to pay less taxes in my opinion because they did a lot of work on their own, and they are actually contributing more to society than the government is by providing valuable products or services and employing a vast amount of people.
The higher the income, the higher the taxes are --- and that is true. However, what makes the rich with higher taxes go even richer, is theor attitude towards tax, the timing in their payment, and how they pay taxes. I believe that rich people see taxes as an expense for nothing. Meaning, they do not let their money flew just like that. They make sure that they are benefiting to what they think they give. Second, their proper timing. They tend to use money, take it and send it, reconsidering the time. Meaning, they make it a point that everytime they pay taxes, income will also be with them. Lastly, they ensure that they pay the right amount, in accordance with the law, and they know how and when to compromise things, in general, for their betterment.
I suppose you have a specific country in mind? You do realize that each country has their own tax laws right? There are most definitely countries that do not charge more to people that have a higher income. I mean, in the end they'll pay more in a nominal amount because they make more, but there are countries that have equal taxation for everybody, regardless of income. I don't think that all rich people think taxes are good for nothing, but of course everybody would prefer to pay less. I just realized that it's strange that rich people could pay, for example 1 million dollars in taxes in a year. They will never actually use government services worth 1 million dollars. I wonder if there is a tax limit per person anywhere.
This reminds me of George Carlin's description of social classes:
https://www.youtube.com/watch?v=XdH38k0iUgI
https://www.youtube.com/watch?v=XdH38k0iUgI
The higher the income, the higher the taxes are --- and that is true. However, what makes the rich with higher taxes go even richer, is theor attitude towards tax, the timing in their payment, and how they pay taxes. I believe that rich people see taxes as an expense for nothing. Meaning, they do not let their money flew just like that. They make sure that they are benefiting to what they think they give. Second, their proper timing. They tend to use money, take it and send it, reconsidering the time. Meaning, they make it a point that everytime they pay taxes, income will also be with them. Lastly, they ensure that they pay the right amount, in accordance with the law, and they know how and when to compromise things, in general, for their betterment.
The rich 's game they said...they think they can manipulate the government because they know that their businesses helps the government by creating works for the middle class and poor people thus the government can't force them to close even if they delay to pay for their taxes...clever minded people
Astonishing indeed! Rich people are always smart! joking! but actually, in your example you are right. We must notice that the governments are supported by rich people. The elections are won when money is used for good advertisement. Usually, rich people spend their money on politicians. In return, politicians help them to become richer and to pay fewer taxes. This is pure business. Nothing about friendship or love here. Rich people like business and for them, everything is business. Even life in our societies for them is business and paying taxes is not for them. Governments just need to be strong and fix this matter.
If we take into account the fact that rich people actually manage politicians and state policy, then there is nothing surprising. It would be strange if people who spend millions and billions on electoral campaigns of politicians do it for love of the people, patriotism or the like. The rich know how to become even richer. And almost always this happens at the expense of ordinary people.
Taxes used to be a way for development so if anyone tries to avoid tax payment is not a good thing at all but on the other hand,our leadies have made us feel that the taxes we pay cannot solve our problems .And any human being who do not see what their contributions are used for will not be willing to continue the payment.That is a challenge for everyone in the world.If no taxes are collected then we are all not making any improvement.
You're not able to simply avoid tax payments or anything along those lines. You're able to use creative accounting, which is a fine thing to use if you have the resources, and you're also able to lobby Congress to change the tax code.
The problem doesn't lie in the accounting or anything like that, the problem lies in the lobbying of Congress to change the tax code to benefit the higher earners in society. That is where the disparity lies, as the middle and lower class don't have the resources to change the laws which are holding them down. While the high earners do.
Who knows the best way to change this though.
The problem doesn't lie in the accounting or anything like that, the problem lies in the lobbying of Congress to change the tax code to benefit the higher earners in society. That is where the disparity lies, as the middle and lower class don't have the resources to change the laws which are holding them down. While the high earners do.
Who knows the best way to change this though.
Its relatively easy to avoid paying taxes if you are self employed. Scrap men and takeaway restaurants are notorious for it and they are working class jobs. In reality any job where you can get paid in cash and not through a bank account makes it quite easy to not declare your earning fully or not at all. The only differences are the amounts of money involved.
Most nations structure their taxes in such a way that they are made to pay more taxes but little did they know that taxes are actually mearnt for the poor and middle class to pay.Let's say that you are paid by the government as a middle class worker.Definitely the government has control over your funds so he taxes you first even before you get the money.The rich man who owns his business decides to delay tax payment and use that money to even make more investments and later pay or better still there are legal ways to swerve tax payment. So the rich are smarter than the government.
It's probably better not to say that the rich are are smarter than the government, but rather that the rich run the government. Rich people fund the government leaders and their campaigns. They have private meetings with politicians. They constantly lobby the government. Rich people influence politicians to have laws created that benefit them. I think your version of how the rich pay taxes is a little simplified. Of course, they can invest the money instead of paying taxes up front, but they should also be paying taxes on the capital gains too. Jump to: