Re: Gibson raided
Hello All,
One thing is going conspicuously missing from this conversation.
Capital gains.
As in most of the rich don't make their money on income, per se, but on capital gains.
So the charts are useless in this instance.
Yes they pay higher taxes on "income" than we do. But most of their money coming in is capital gains, and is taxed at, if not all time low, a long time low of either 12 or 12.5%.
Things would be a lot different here if I were paying that rate.
Also, there is one entitlement that I would like to address. That of congress/senate members getting paid for life.
Even if they are a single termer. And getting full medical benefits for life also.
(I am even for the POTUS getting this treatment, and SCOTUS too.)
But to be able to vote for yourself to get this treatment rankles me. I really feel that they should have to live by the same system they set up.
EG, social security. Government is known for its benefits package, but this is ridiculous.
Regards, Jack
PS: JR, don't you get health insurance through the veterans administration?
PPS: Also, as I understand it, there is no SS payments on either capital gains, or business income. As in, I can pay myself a set income, which is taxed, and FDICed at the going rate. But when my company makes profit, and I distribute that at the end of the year, I don't think I pay social security on that, even if I have not hit the limit. Someone please set me straight on this.
