Page 1 of 3 123 LastLast
Results 1 to 40 of 95

Thread: Does this piss you off?

  1. #1
    Petrolhead Browning151's Avatar
    Join Date
    Jun 2008
    Posts
    1,119
    Rep Power
    16

    Default Does this piss you off?

    Pretty damn ridiculous if you ask me.

    A Michigan woman who won a $1-million lottery jackpot last fall admits she's continued to collect $200 a month in public assistance. That's not all: The 24-year-old also says she deserves the financial aid because she's now saddled with expenses related to two houses.

    Can you hear that bellowing and clanging of pitchforks? That's the sound of Michigan taxpayers' outrage.

    The situation came to light this week after the Detroit-area Local 4 station
    received a hot tip
    : "Please do a story on lottery winners on welfare."

    Local 4 did just that. First, it tracked Amanda Clayton using her public assistance card at a local snack market. Then, it tracked Clayton out to her home, where she was packing up a U-Haul for a move to her new place -- a home she had bought with cash from her lottery earnings, along with a new car.

    Clayton, stopped in her driveway, barely flinched when the camera and microphone were thrust in her face. Nor did the single mother of two backpedal; she said she deserves the extra income just like any other taxpayer on public assistance.

    "I thought that they would cut me off, but since they didn't, I thought maybe it was OK because I'm not working," Clayton told the reporter. "I feel that it's OK because, I mean, I have no income, and I have bills to pay. I have two houses."

    Watch the video -- she also quibbles with the reporter who wonders how she can justify taking public aid after winning $1 million on the state's "Make Me Rich!" television show. After taking the lottery payment in a lump sum and paying taxes upfront, she walked away with much less. (Clayton's mother told the media her daughter pocketed about $500,000.)

    It's not clear that Clayton is actually doing anything wrong, mind you. She does not have a job, and as a result, does not technically have any income.

    But the idea of a lottery winner on welfare does not sit well with Michigan state Rep. Dale Zorn.

    The Republican lawmaker has introduced legislation, now pending, that would trigger a state notification whenever a resident wins more than $1,000 in the lottery. He authored that legislation after it was discovered that another Michigan resident, Leroy Fick, continued drawing public assistance after winning a $2-million lottery jackpot in 2010.

    The problem, Zorn told The Times on Wednesday, is that many lottery winners opt to take their earnings in a lump sum and pay their taxes upfront. That helps them to largely fly under the radar.


    Under Zorn's pending legislation, lottery officials would be required to alert the state's Department of Human Services, which oversees public assistance, whenever a state resident wins more than $1,000.

    The winner's name would then be checked against the state's roster of financial aid recipients. Winners would be required to undergo a reassessment to see if they still deserve aid after their financial windfall, he said.


    "Public assistance is for those people who can no longer purchase food for their families, or pay their heating bills," Zorn told The Times. "It's not here to help those who win millions of dollars."

    For her part, Clayton is no longer talking to the media. But her mother is.

    "Until the bill's passed, apparently it's legal, and people need to leave her alone," Euline Clayton toldthe Detroit News, referring to Zorn's bill. "I'm not saying it's the right thing to do. But it's nobody's business if she's not breaking the law."
    http://www.latimes.com/news/nation/n...,3643323.story


  2. #2
    IA's MIA'r Sammich's Avatar
    Join Date
    Dec 2005
    Location
    Killin all imposter Sammiches
    Posts
    59,408
    Rep Power
    134

    Default

    that's fukin ignorant!!!!!!!!!! joker lookin bitch



    Quote Originally Posted by Sinfix_15 View Post
    You travel with so much luggage that it wont fit in a wagon? you dating a kardashian?

  3. #3
    IA LEGEND #truth Brett's Avatar
    Join Date
    Aug 2001
    Location
    Charlotte, NC
    Age
    47
    Posts
    67,792
    Rep Power
    115

    Default

    And she in her mind actually thinks she deserves a free damn handout still, that just blows me away.
    Brett (One of the true OG's, No really... ask anyone)
    '15 Chevy SS
    '16 K7 SXL SWP

    www.facebook.com/brett.lowenthal1

    R.I.P Leisa, You are never forgotten - 10/7/08

  4. #4
    Senior Member
    Join Date
    Jul 2007
    Age
    36
    Posts
    1,627
    Rep Power
    14

    Default

    It pisses me off. Kinda like how Romney only pays 14% on his income taxes. Both of them are following the law but it's still ridiculous.

  5. #5
    magical negro/photog .blank cd's Avatar
    Join Date
    Jan 2006
    Location
    Kennesaw, GA
    Posts
    12,103
    Rep Power
    33

    Default

    Quote Originally Posted by bu villain View Post
    It pisses me off. Kinda like how Romney only pays 14% on his income taxes. Both of them are following the law but it's still ridiculous.
    This. One million times this.

    NIKON Squad member 01

    I HAVE SUBS AND CAMERAS AND LENSES FO SALE
    OF*C
    OEMFitment Crew Memeber 01

  6. #6
    IA LEGEND #truth Brett's Avatar
    Join Date
    Aug 2001
    Location
    Charlotte, NC
    Age
    47
    Posts
    67,792
    Rep Power
    115

    Default

    People always trying to scam the system
    Brett (One of the true OG's, No really... ask anyone)
    '15 Chevy SS
    '16 K7 SXL SWP

    www.facebook.com/brett.lowenthal1

    R.I.P Leisa, You are never forgotten - 10/7/08

  7. #7
    IA's MIA'r Sammich's Avatar
    Join Date
    Dec 2005
    Location
    Killin all imposter Sammiches
    Posts
    59,408
    Rep Power
    134

    Default

    oh...they aren't trying, they obviously are.



    Quote Originally Posted by Sinfix_15 View Post
    You travel with so much luggage that it wont fit in a wagon? you dating a kardashian?

  8. #8
    Petrolhead Browning151's Avatar
    Join Date
    Jun 2008
    Posts
    1,119
    Rep Power
    16

    Default

    Quote Originally Posted by bu villain View Post
    It pisses me off. Kinda like how Romney only pays 14% on his income taxes. Both of them are following the law but it's still ridiculous.
    Quote Originally Posted by .blank cd View Post
    This. One million times this.
    How about those that pay none, or are net tax consumers?

  9. #9
    IA LEGEND #truth Brett's Avatar
    Join Date
    Aug 2001
    Location
    Charlotte, NC
    Age
    47
    Posts
    67,792
    Rep Power
    115

    Default

    Quote Originally Posted by Sammich View Post
    oh...they aren't trying, they obviously are.
    TRUTH
    Brett (One of the true OG's, No really... ask anyone)
    '15 Chevy SS
    '16 K7 SXL SWP

    www.facebook.com/brett.lowenthal1

    R.I.P Leisa, You are never forgotten - 10/7/08

  10. #10
    magical negro/photog .blank cd's Avatar
    Join Date
    Jan 2006
    Location
    Kennesaw, GA
    Posts
    12,103
    Rep Power
    33

    Default

    Quote Originally Posted by Browning151 View Post
    How about those that pay none, or are net tax consumers?
    There are ZERO people who are net tax consumers in the U.S., unless you can manage to escape paying sales tax on anything you buy ever. Nice try though.

    NIKON Squad member 01

    I HAVE SUBS AND CAMERAS AND LENSES FO SALE
    OF*C
    OEMFitment Crew Memeber 01

  11. #11
    IA LEGEND #truth Brett's Avatar
    Join Date
    Aug 2001
    Location
    Charlotte, NC
    Age
    47
    Posts
    67,792
    Rep Power
    115

    Default

    This is exactly why we should go to the Flat Tax system, then everyone would have to pay their share, Illegally here or not, you'd have to pay it.
    Brett (One of the true OG's, No really... ask anyone)
    '15 Chevy SS
    '16 K7 SXL SWP

    www.facebook.com/brett.lowenthal1

    R.I.P Leisa, You are never forgotten - 10/7/08

  12. #12
    Petrolhead Browning151's Avatar
    Join Date
    Jun 2008
    Posts
    1,119
    Rep Power
    16

    Default

    Quote Originally Posted by .blank cd View Post
    There are ZERO people who are net tax consumers in the U.S., unless you can manage to escape paying sales tax on anything you buy ever. Nice try though.
    lol, ok. I'm not going to turn this into a political argument about taxes. Point of the thread was I can't stand mooching assholes. There's no reason that female should receive a single penny of assistance from anyone.

  13. #13
    magical negro/photog .blank cd's Avatar
    Join Date
    Jan 2006
    Location
    Kennesaw, GA
    Posts
    12,103
    Rep Power
    33

    Default

    Quote Originally Posted by Browning151 View Post
    lol, ok. I'm not going to turn this into a political argument about taxes. Point of the thread was I can't stand mooching assholes. There's no reason that female should receive a single penny of assistance from anyone.
    Then why keep spreading false info?

    NIKON Squad member 01

    I HAVE SUBS AND CAMERAS AND LENSES FO SALE
    OF*C
    OEMFitment Crew Memeber 01

  14. #14
    Petrolhead Browning151's Avatar
    Join Date
    Jun 2008
    Posts
    1,119
    Rep Power
    16

    Default

    Quote Originally Posted by .blank cd View Post
    Then why keep spreading false info?
    Go start a thread about taxes in the political section if you want to talk about that. I'm done with it here.

  15. #15
    Look Behind You !!! -EnVus-'s Avatar
    Join Date
    Sep 2006
    Location
    Projects
    Posts
    8,743
    Rep Power
    29

    Default

    Yep saw this the other day in the news wish i knew someone in her area that could kick her ass.....She will get whats coming to her in then end karma is a bitch!

  16. #16
    Kinda lame IRL isa2o3's Avatar
    Join Date
    Dec 2005
    Posts
    1,125
    Rep Power
    17

    Default

    Quote Originally Posted by Browning151 View Post
    Go start a thread about taxes in the political section if you want to talk about that. I'm done with it here.

    I already did

    http://www.importatlanta.com/forums/...y-Avoids-Taxes

  17. #17
    John Paul II, wat!? blaknoize's Avatar
    Join Date
    Apr 2007
    Location
    Columbus, OH
    Age
    33
    Posts
    6,294
    Rep Power
    23

    Default

    Quote Originally Posted by bu villain View Post
    It pisses me off. Kinda like how Romney only pays 14% on his income taxes. Both of them are following the law but it's still ridiculous.
    Quote Originally Posted by .blank cd View Post
    This. One million times this.
    Multi-this

    CHASE ->>>
    WHAT MATTERS

  18. #18
    Moderator BanginJimmy's Avatar
    Join Date
    Oct 2005
    Location
    Hiram, GA
    Age
    40
    Posts
    7,499
    Rep Power
    25

    Default

    Quote Originally Posted by bu villain View Post
    It pisses me off. Kinda like how Romney only pays 14% on his income taxes. Both of them are following the law but it's still ridiculous.
    Quote Originally Posted by .blank cd View Post
    This. One million times this.
    And to prove how informed you are, you dont even know what type of taxes Romney pays.


    I'll give you a hint, it isnt income taxes because he didnt have any earned income.

  19. #19
    Petrolhead Browning151's Avatar
    Join Date
    Jun 2008
    Posts
    1,119
    Rep Power
    16

    Default

    Quote Originally Posted by BanginJimmy View Post
    And to prove how informed you are, you dont even know what type of taxes Romney pays.


    I'll give you a hint, it isnt income taxes because he didnt have any earned income.
    You might as well quit wasting your time.

  20. #20
    magical negro/photog .blank cd's Avatar
    Join Date
    Jan 2006
    Location
    Kennesaw, GA
    Posts
    12,103
    Rep Power
    33

    Default

    Half true. It's capital gains tax, but it's still his income.

    NIKON Squad member 01

    I HAVE SUBS AND CAMERAS AND LENSES FO SALE
    OF*C
    OEMFitment Crew Memeber 01

  21. #21
    John Paul II, wat!? blaknoize's Avatar
    Join Date
    Apr 2007
    Location
    Columbus, OH
    Age
    33
    Posts
    6,294
    Rep Power
    23

    Default

    Quote Originally Posted by .blank cd View Post
    Half true. It's capital gains tax, but it's still his income.
    Income nonetheless, which should incur the same tax we all incur in our respective states. Which apparently, we all already argued about.

    CHASE ->>>
    WHAT MATTERS

  22. #22
    Petrolhead Browning151's Avatar
    Join Date
    Jun 2008
    Posts
    1,119
    Rep Power
    16

    Default

    I guess I'll jump back in since it seems to be where this thread is headed.

    Quote Originally Posted by blaknoize View Post
    Income nonetheless, which should incur the same tax we all incur in our respective states. Which apparently, we all already argued about.
    So then why shouldn't everyone pay the same percent of tax, top to bottom?

  23. #23
    Moderator BanginJimmy's Avatar
    Join Date
    Oct 2005
    Location
    Hiram, GA
    Age
    40
    Posts
    7,499
    Rep Power
    25

    Default

    Quote Originally Posted by blaknoize View Post
    Income nonetheless, which should incur the same tax we all incur in our respective states. Which apparently, we all already argued about.
    Then I want the 0% income tax rate too.

    Sent from my DROIDX using Tapatalk

  24. #24
    Senior Member EG_Ryder's Avatar
    Join Date
    Oct 2009
    Location
    Southside ATL
    Posts
    1,628
    Rep Power
    13

    Default

    LOL @ "I thought it was okay because I have no income. I have bills to pay. I've got two houses now." Dumb cunt



  25. #25
    I'm not OK. Doppelgänger's Avatar
    Join Date
    Nov 2002
    Location
    wherever
    Age
    36
    Posts
    7,366
    Rep Power
    32

    Default

    People like her deserve a bullet to the head. Sorry. Her kids will grow up with the same ignorant mindset.

    This story and the one of the illegal who will be collecting his $750k lottery winnings here in GA. What part of ILLEGAL do people not understand? For fuck's sake. What is the point of having laws if they can be challenged and over ruled? I hate people.
    02' Miata




  26. #26
    ballin on a budget RL...'s Avatar
    Join Date
    May 2008
    Location
    ATL, GA
    Age
    32
    Posts
    5,893
    Rep Power
    35

    Default

    Damned if you do damned if you dont


  27. #27
    Gods Chariot Vteckidd's Avatar
    Join Date
    Jul 2003
    Location
    Atlanta Centennial Park
    Age
    38
    Posts
    33,102
    Rep Power
    65

    Default

    I'd like to pay 0% and be subsidized for being poor.

    Kthxbai
    Enterprise Data Resources- Ecommerce Project Manager
    -www.usedbarcode.net

  28. #28
    Gods Chariot Vteckidd's Avatar
    Join Date
    Jul 2003
    Location
    Atlanta Centennial Park
    Age
    38
    Posts
    33,102
    Rep Power
    65

    Default

    Lol did you really say sales tax? Everyone pays sales tax even Romney.

    You want to compare income to capital gains, and income to sales tax? Are you retarded ......
    Enterprise Data Resources- Ecommerce Project Manager
    -www.usedbarcode.net

  29. #29
    It's good to be boosted JennB's Avatar
    Join Date
    May 2006
    Location
    ITP
    Age
    42
    Posts
    2,093
    Rep Power
    16

    Default

    Quote Originally Posted by .blank cd View Post
    There are ZERO people who are net tax consumers in the U.S., unless you can manage to escape paying sales tax on anything you buy ever. Nice try though.
    I never post on here but I had to respond to this. You can easily not pay sales tax, live in a state that doesn't have sales tax and don't travel.



    Yes, it is possible to pay no taxes or to be a tax consumer in the US.

    First, not all states have sales tax. Second, not all states have income tax.

    If you live in a state with no sales tax, you can have a low income, get EIC and have no taxable income at the state or federal level. The EIC can be up to and even over $5,000, which is more than you could possibly pay in mandatory Social Security and Medicare taxes. Those are taxes no one can get out of. If you make the absolute maximum salary to receive EIC, you will pay $3,845 in SS and Med taxes (at the regular, not currently reduced rates) but you'll receive EIC of $5,891. So you've paid no sales tax, have 0% effective tax rate, you paid SS and Med but you received EIC of more than what you paid. The bottom line is if you live in a state with no sales tax and have a low income, it's not that unusual to pay very little or no tax at all. Most very low income people are not homeowners, so they don't pay tax on their dwelling, not all states impose excise tax on vehicles. If you want to get technical, you can attribute the property tax on their home to them since they are indirectly paying it by paying rent, but it's not like a person with a $20K per year income is in a home with a high property tax bill.

    If you live in a state with no income tax, it all depends on how much of your income you spend on taxable goods. Since most people with lower income spend a higher percentage of their pay on non-taxed housing expenses, they pay easily end up paying no or very little net taxes when all federal, state and local taxes are considered.




    As for the actual topic at hand, the girl in this story is a moron. She's entitled trash. But... I'm not worried about it. That money will all be gone soon. A fool and his (her) money are easily parted. She'll pump some money back into businesses and be right back where she started.
    2005 Mazdaspeed MX-5 -1.8L Turbo

  30. #30
    ballin on a budget RL...'s Avatar
    Join Date
    May 2008
    Location
    ATL, GA
    Age
    32
    Posts
    5,893
    Rep Power
    35

    Default

    Poor people paying taxes is hardly the issue. The issue is that people who have just come into wealth whether through inheritance or lottery winnings, shouldn't receive financial aid from the government. BUT, with that said in the grand scheme of things situations like this are so far and few it doesn't really matter.

    The government needs to cut politicians' pay, keep taxes the same, reform welfare to get ppl to get off their ass and get a job, eliminate social security right now and switch over to personal retirement accounts that get aggregated and invested, and reform medicaid and medicare which are huge money pits.
    Last edited by RL...; 03-09-2012 at 02:21 PM.


  31. #31
    Thanks for the Add!! Austin?'s Avatar
    Join Date
    Aug 2009
    Age
    35
    Posts
    2,380
    Rep Power
    15

    Default

    Obama voter!!!! All they do is take take take. There's no goods come out of Obama voter.
    My name is Austin and I approve this ^^^^ comment.

  32. #32
    Gods Chariot Vteckidd's Avatar
    Join Date
    Jul 2003
    Location
    Atlanta Centennial Park
    Age
    38
    Posts
    33,102
    Rep Power
    65

    Default

    Quote Originally Posted by JennB View Post
    I never post on here but I had to respond to this. You can easily not pay sales tax, live in a state that doesn't have sales tax and don't travel.



    Yes, it is possible to pay no taxes or to be a tax consumer in the US.

    First, not all states have sales tax. Second, not all states have income tax.

    If you live in a state with no sales tax, you can have a low income, get EIC and have no taxable income at the state or federal level. The EIC can be up to and even over $5,000, which is more than you could possibly pay in mandatory Social Security and Medicare taxes. Those are taxes no one can get out of. If you make the absolute maximum salary to receive EIC, you will pay $3,845 in SS and Med taxes (at the regular, not currently reduced rates) but you'll receive EIC of $5,891. So you've paid no sales tax, have 0% effective tax rate, you paid SS and Med but you received EIC of more than what you paid. The bottom line is if you live in a state with no sales tax and have a low income, it's not that unusual to pay very little or no tax at all. Most very low income people are not homeowners, so they don't pay tax on their dwelling, not all states impose excise tax on vehicles. If you want to get technical, you can attribute the property tax on their home to them since they are indirectly paying it by paying rent, but it's not like a person with a $20K per year income is in a home with a high property tax bill.

    If you live in a state with no income tax, it all depends on how much of your income you spend on taxable goods. Since most people with lower income spend a higher percentage of their pay on non-taxed housing expenses, they pay easily end up paying no or very little net taxes when all federal, state and local taxes are considered.




    As for the actual topic at hand, the girl in this story is a moron. She's entitled trash. But... I'm not worried about it. That money will all be gone soon. A fool and his (her) money are easily parted. She'll pump some money back into businesses and be right back where she started.
    You should hear the stories from my friend who works at the IRS call center in Pittsburgh.

    Thank you for backing all of us up and pr0ving what we say is true.
    Enterprise Data Resources- Ecommerce Project Manager
    -www.usedbarcode.net

  33. #33
    IA LEGEND #truth Brett's Avatar
    Join Date
    Aug 2001
    Location
    Charlotte, NC
    Age
    47
    Posts
    67,792
    Rep Power
    115

    Default

    Quote Originally Posted by Austin? View Post
    Obama voter!!!! All they do is take take take. There's no goods come out of Obama voter.
    My name is Austin and I approve this ^^^^ comment.
    TRUTH!!!
    Brett (One of the true OG's, No really... ask anyone)
    '15 Chevy SS
    '16 K7 SXL SWP

    www.facebook.com/brett.lowenthal1

    R.I.P Leisa, You are never forgotten - 10/7/08

  34. #34
    Petrolhead Browning151's Avatar
    Join Date
    Jun 2008
    Posts
    1,119
    Rep Power
    16

    Default

    Here's what you get for bragging about being a loser....

    http://www.myfoxorlando.com/dpps/new...08-fc_18432495


    (NewsCore) - A Michigan woman won a $1 million lottery and continued to collect $200 a month in food stamps -- until she boasted about her situation to a local TV station and officials swooped in.

    Amanda Clayton hit the jackpot in the "Make Me Rich!" lottery game show in October and, after electing to take a lump sum of $700,000 and allowing for taxes, was left with about $500,000, she told WDIV-TV.

    The 24-year-old, who is unemployed, said she continued to receive public assistance.

    "I thought that they would cut me off, but since they didn't, I thought, maybe, it was OK because I'm not working," Clayton said. "It's hard. I am struggling."

    She added, "I feel that it's okay because I mean, I have no income and I have bills to pay. I have two houses."

    But the Michigan Department of Human Services (DHS) said Wednesday that the woman was no longer receiving benefits and warned that people who continued to receive handouts in such circumstances may face criminal investigation and be required to pay back those benefits.

    "Under DHS policy, a recipient of food assistance benefits must notify the state within 10 days of any asset or income change. DHS relies on clients being forthcoming about their actual financial status," DHS director Maura Corrigan said.

    "Michigan DHS does not currently have the ability to verify a person's lottery winnings in determining benefit eligibility, but bills pending in the state legislature would require the Michigan Lottery to notify DHS of lottery winners.

    "We fully support this proposed change. Our Office of Inspector General will continue to vigorously pursue any and all abuse and fraud in the welfare system."

    A bill to stop lottery winners from continuing to cash in on food assistance has passed the state House and lawmakers are pushing for the Senate to approve it as well.

  35. #35
    Senior Member | IA Veteran Nismo's Avatar
    Join Date
    Mar 2005
    Location
    Marietta
    Age
    34
    Posts
    5,892
    Rep Power
    23

    Default

    hoes will be hoes is what I always say
    Quote Originally Posted by blackboi50
    white power!!!!!! .....1

  36. #36
    It's good to be boosted JennB's Avatar
    Join Date
    May 2006
    Location
    ITP
    Age
    42
    Posts
    2,093
    Rep Power
    16

    Default

    Quote Originally Posted by Vteckidd View Post
    You should hear the stories from my friend who works at the IRS call center in Pittsburgh.

    Thank you for backing all of us up and pr0ving what we say is true.
    You're welcome.

    My years of working in public accounting were done at a real firm, not some tax shack... I hate those places. So I didn't work with the types of people you get at the place with the guy in the Statue of Liberty costume outside. But, I do remember a thing or two about general tax law


    But yes, these cases are few and far between and if you're that stupid, I hope you'll eventually get caught and get what you deserve. If she took home $500K after all was said and done and has two houses and a new car, I doubt she has much left already. Good (unintentional) job at bringing up the issue and getting people riled up though. Now she's not getting anything and everyone will be in favor of a law to prevent it in the future.
    Last edited by JennB; 03-09-2012 at 04:38 PM.
    2005 Mazdaspeed MX-5 -1.8L Turbo

  37. #37
    Senior Member
    Join Date
    Jul 2007
    Age
    36
    Posts
    1,627
    Rep Power
    14

    Default

    Quote Originally Posted by BanginJimmy View Post
    And to prove how informed you are, you dont even know what type of taxes Romney pays.


    I'll give you a hint, it isnt income taxes because he didnt have any earned income.
    Why so unnecessarily confrontational? I never said it was "earned income", I only said "income". Whether he has earned income or capital gains, they are both income. Form 1040 line 13 which is in the section titled "Income" says Capital Gains. I know this whole attacking semantics is fun and all but can we instead actually talk about laws that allow you to make roughly 21 million in a year and still only pay 14% of it in taxes?

    Don't get me wrong, I am and will continue to use capital gains rates to pay less taxes on money that I literally didn't have to lift a finger to earn. But, just because it benefits me, doesn't mean I think it's a good policy for the country. Thank God Reagan isn't still president because he raised capital gains to 28%.

  38. #38
    ballin on a budget RL...'s Avatar
    Join Date
    May 2008
    Location
    ATL, GA
    Age
    32
    Posts
    5,893
    Rep Power
    35

    Default

    The thing about capital gain tax and why its lower rate is justified, is that it is income made from investments. Investments which have a certain amount of risk associated with it. So if you invest 1 million dollars and lose it all, you just a shit load of money. But if you turned that 1 million into 2 million, you get taxed at a lower rate than as regular income because with regular income you are guaranteed a certain amount, say $10 bucks an hour but capital gain is not guaranteed. Atleast that's how I see it.


  39. #39
    Moderator BanginJimmy's Avatar
    Join Date
    Oct 2005
    Location
    Hiram, GA
    Age
    40
    Posts
    7,499
    Rep Power
    25

    Default

    Another way to justify the lower rate is that it is capital gains is money that was made by investing money that has already been taxed at the income tax rate.

    Sent from my DROIDX using Tapatalk

  40. #40
    Gods Chariot Vteckidd's Avatar
    Join Date
    Jul 2003
    Location
    Atlanta Centennial Park
    Age
    38
    Posts
    33,102
    Rep Power
    65

    Default

    MOST capital gains is money that has already been taxed at your income bracket fyi
    Enterprise Data Resources- Ecommerce Project Manager
    -www.usedbarcode.net

Page 1 of 3 123 LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
About us
ImportAtlanta is a community of gearheads and car enthusiasts. It does not matter what kind of car or bike you drive, IA is an open community for any gearhead. Whether you're looking for advice on a performance build or posting your wheels for sale, you're welcome here!
Announcement
Welcome back to ImportAtlanta. We are currently undergoing many changes, so please report any issues you encounter with the site using the 'Contact Us' button below. Thank you!