Does anyone know the answer to this question about what obama/buffet/democrats are wanting to do about the capital gains tax rate?

2seaoat wrote:No calculations needed......did you pay tax on your 2012 income tax return?

Bob wrote:
I paid $1100 to uncle sam. And all I know is I wrote a check and gave it to my tax guy. I have no idea if it was capital gains or income tax or whatever it was. I remember every time he gives me my copy of the tax returns I try to read them and it's about ten times harder to understand than a pinball machine schematic so I don't even try.

Sal wrote:
If your income is as you describe it, and any significant portion of that check you wrote went to pay taxes on income derived from capital gains, the obvious conclusion is that you need a new tax guy.

Bob wrote:We need margin call on this. None of us has enough cipherin ability to even understand all this complex bullshit.

Floridatexan wrote:
Look at your tax return and particularly Schedule C...that's your income from the operation of your business. The only way I know to reduce that tax liability by deducting your business expenses, but I understand that you can also reduce your liability by filing quarterly. The reason, of course, is that, as an independent contractor, you've had zero withholding on your ordinary income throughout the year.

Bob wrote:There is now a groundswell of support for increasing the capital gains tax to 25% or even 30%.
BUT I cannot get the answer to this question. Are these obamas and buffets and democrats wanting to give EVERYONE the same increase? Even those like me who are living off a $19,000 annual income which about half comes from dividends (taxed as capital gains)?
They keep saying the ultra-rich are getting an unfair break on that 15% rate.
But it aint only the ultra-rich who are paying capital gains tax. A helluva lot of us ultra-not rich are paying that too. Do they want to double our taxes along with the ultra-rich or are they instead wanting their tax increase to only apply to those with a whole lots of capital gains?
Does anyone know?

Human wrote:

bob, im not sure if anyone picked up on this. Your saying you receive about $10,000 a year through anuities. This leads me to know your investment is much much higher. Your a rich man bob.

Bob wrote:There is now a groundswell of support for increasing the capital gains tax to 25% or even 30%.
BUT I cannot get the answer to this question. Are these obamas and buffets and democrats wanting to give EVERYONE the same increase? Even those like me who are living off a $19,000 annual income which about half comes from dividends (taxed as capital gains)?
They keep saying the ultra-rich are getting an unfair break on that 15% rate.
But it aint only the ultra-rich who are paying capital gains tax. A helluva lot of us ultra-not rich are paying that too. Do they want to double our taxes along with the ultra-rich or are they instead wanting their tax increase to only apply to those with a whole lots of capital gains?
Does anyone know?

2seaoat wrote:The 5% and 0% long-term capital gains rates will only apply when the total taxable income of the taxpayer(s), INCLUDING the capital gain income, does not exceed the maximum income to qualify for the 15% income tax bracket, with any gain exceeding that threshold taxed at 15%. For the year 2005, the maximum total taxable income to remain in the 15% tax bracket was $59,400 on a joint tax return, and $29,700 for single filers.

So Bob has been calling everybody names.......and he does not pay a dime of tax on his capital gains.......hmmmmmmm he should run for office.....that indignation.......false as it was..........very very convincing.

Bob wrote:

2seaoat wrote:No calculations needed......did you pay tax on your 2012 income tax return?

I paid $1100 to uncle sam. And all I know is I wrote a check and gave it to my tax guy. I have no idea if it was capital gains or income tax or whatever it was. I remember every time he gives me my copy of the tax returns I try to read them and it's about ten times harder to understand than a pinball machine schematic so I don't even try.

salinski wrote:

Bob wrote:

2seaoat wrote:No calculations needed......did you pay tax on your 2012 income tax return?

I paid $1100 to uncle sam. And all I know is I wrote a check and gave it to my tax guy. I have no idea if it was capital gains or income tax or whatever it was. I remember every time he gives me my copy of the tax returns I try to read them and it's about ten times harder to understand than a pinball machine schematic so I don't even try.

Bob,

I pay more taxes in a month than you pay in a year. A lot more.

NaNook wrote:

salinski wrote:

Bob wrote:

2seaoat wrote:No calculations needed......did you pay tax on your 2012 income tax return?

I paid $1100 to uncle sam. And all I know is I wrote a check and gave it to my tax guy. I have no idea if it was capital gains or income tax or whatever it was. I remember every time he gives me my copy of the tax returns I try to read them and it's about ten times harder to understand than a pinball machine schematic so I don't even try.

Bob,

I pay more taxes in a month than you pay in a year. A lot more.

Why not throw a forum party at Jacksons? You can write the expense off, right? You're rich, you know the rules....

BTW: Bob, look at the Nuveen CEFs........you should have kept PGX, 14+ a share + yield.

2seaoat wrote:Bob,

I pay more taxes in a month than you pay in a year. A lot more.

I did not know the Government was taxing people by the number of people they put in the hospital.......

salinski wrote:

NaNook wrote:

salinski wrote:

Bob wrote:

2seaoat wrote:No calculations needed......did you pay tax on your 2012 income tax return?

I paid $1100 to uncle sam. And all I know is I wrote a check and gave it to my tax guy. I have no idea if it was capital gains or income tax or whatever it was. I remember every time he gives me my copy of the tax returns I try to read them and it's about ten times harder to understand than a pinball machine schematic so I don't even try.

Bob,

I pay more taxes in a month than you pay in a year. A lot more.

Why not throw a forum party at Jacksons? You can write the expense off, right? You're rich, you know the rules....

BTW: Bob, look at the Nuveen CEFs........you should have kept PGX, 14+ a share + yield.

Why would I buy your food at a luncheon? Don't you already eat for free at the waterfront mission. And why are my taxes being wasted on foodstamps if you're still going to beg for food from the working class? Get a life.

NaNook wrote:

salinski wrote:

NaNook wrote:

salinski wrote:

Bob wrote:

2seaoat wrote:No calculations needed......did you pay tax on your 2012 income tax return?

I paid $1100 to uncle sam. And all I know is I wrote a check and gave it to my tax guy. I have no idea if it was capital gains or income tax or whatever it was. I remember every time he gives me my copy of the tax returns I try to read them and it's about ten times harder to understand than a pinball machine schematic so I don't even try.

Bob,

I pay more taxes in a month than you pay in a year. A lot more.

Why not throw a forum party at Jacksons? You can write the expense off, right? You're rich, you know the rules....

BTW: Bob, look at the Nuveen CEFs........you should have kept PGX, 14+ a share + yield.

Why would I buy your food at a luncheon? Don't you already eat for free at the waterfront mission. And why are my taxes being wasted on foodstamps if you're still going to beg for food from the working class? Get a life.

I do eat for free at the water front mission. How did you know?

stormwatch89 wrote:I've never been more intent on tax evasion as I am .