tag:blogger.com,1999:blog-2182962435875556601.post357643590062946871..comments2023-09-24T08:04:06.909-04:00Comments on FSK's Guide to Reality: The Carried Interest Tax LoopholeFSKhttp://www.blogger.com/profile/11903396202330950362noreply@blogger.comBlogger8125tag:blogger.com,1999:blog-2182962435875556601.post-61260454399872752272011-07-30T14:16:33.533-04:002011-07-30T14:16:33.533-04:00The correct answer is "All taxation is theft!...The correct answer is "All taxation is theft!" Income taxes, property taxes, and the inflation tax are the most evil taxes.<br /><br />However, if the Libertarian fairy magically reset tax rates to only a couple percent, then I'd probably just pay and focus my efforts elsewhere.<br /><br />With a total tax rate more than 50%, I'm really a slave of the State.FSKhttps://www.blogger.com/profile/11903396202330950362noreply@blogger.comtag:blogger.com,1999:blog-2182962435875556601.post-27231332294860535002011-07-30T14:04:20.352-04:002011-07-30T14:04:20.352-04:00Right, or that, unlike in other countries, most pe...Right, or that, unlike in other countries, most people pay state income tax on top of federal, and a few places have county and city as well. There are of course then the property taxes which go up with reassessments each year, and the sales tax, also unemployment tax is a percentage taken out of your salary even though you never see it as a line item. It's not difficult to have more than 50% of your income go to taxes, even if you have a relatively modest income. But then Warren Buffett points out he pays much less percent in taxes on his income than his middle class secretary does.<br /><br />I'd like to see all income and sales taxes eliminated and reimplement heavy tariffs on all imports.Scottnoreply@blogger.comtag:blogger.com,1999:blog-2182962435875556601.post-7114560356220027732011-07-30T02:18:28.809-04:002011-07-30T02:18:28.809-04:00Some pro-State trolls frequently say "What ar...Some pro-State trolls frequently say "What are you complaining about? Federal income tax rates are only 25%!" They ignore the Medicare+Medicaid+FICA tax.FSKhttps://www.blogger.com/profile/11903396202330950362noreply@blogger.comtag:blogger.com,1999:blog-2182962435875556601.post-63731490040286460462011-07-30T01:47:50.286-04:002011-07-30T01:47:50.286-04:00With these fat cats it's like "Oh I am ma...With these fat cats it's like "Oh I am making a billion dollars a year, why the fuck should I have to pay ANY taxes at all? Isn't it enough that I have to pay tens of thousands in bribes to congressmen to advance my agenda? That's me paying my fair share!"Scottnoreply@blogger.comtag:blogger.com,1999:blog-2182962435875556601.post-87656217936517108592011-07-30T01:45:18.617-04:002011-07-30T01:45:18.617-04:00OK, thanks, but basically that extra 15.3% tax app...OK, thanks, but basically that extra 15.3% tax applies to the 99% of the US working population, just not to these cats.Scottnoreply@blogger.comtag:blogger.com,1999:blog-2182962435875556601.post-59664759817636652132011-07-29T19:00:30.306-04:002011-07-29T19:00:30.306-04:00FICA tax only applies to the first $100k of income...FICA tax only applies to the first $100k of income (approx). That's why I left it out of my comparison.<br /><br />However, if the hedge fund manager has no cash income and all carried interest, he also dodges FICA taxes.<br /><br />I forgot to mention this in the original post: The carried interest loophole also applies to CEOs who pay themselves with options and share grants.FSKhttps://www.blogger.com/profile/11903396202330950362noreply@blogger.comtag:blogger.com,1999:blog-2182962435875556601.post-80582898637815389072011-07-29T17:25:17.917-04:002011-07-29T17:25:17.917-04:00Also, there's no FICA tax on capital gains is ...Also, there's no FICA tax on capital gains is there? So that's another 15.3% (except for this year).Scottnoreply@blogger.comtag:blogger.com,1999:blog-2182962435875556601.post-5103685354066189302011-07-29T17:18:46.053-04:002011-07-29T17:18:46.053-04:00I live in a high tax Western country. Income tax (...I live in a high tax Western country. Income tax (20% income tax + 11% National Insurance + about 10% employer's payroll tax) is 41%. VAT is 20% on most things you buy. Council tax is 1500 pounds a year and that is after your money is already taxed.<br /><br />Despite high taxes I got injured at work, but slipped through the safety net and ended up unable to work and having to live off my savings. Obviously my savings were less than they would have been due to high taxation.<br /><br />So basically I did real productive work and had to pay high taxes. When I needed government help I was told to get lost (or words to that effect). I had to live off my savings until my body naturally healed itself.<br /><br />Yet you tell us these highly paid hedge fund managers dodge tax and live off our pension money.<br /><br />This is outrageous.<br /><br />The trouble is that so many things in our society are outrageous people just turn off.Anonymousnoreply@blogger.com