They're Coming After Everything BUT Gold This Time

This is why I am stockpiling belly-button lint !

 

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Very few paid those tax rates, though, esp. with all the deductions.

The biggest users of tax shelters ? Not businessmen...not Wall Street types...but Hollywood stars !! THEY were the big earners back before the 1970's. The tax shelter sellers said that they practically lived out in Bel Air, Beverly Hills, etc....that's who bought most of their shelters.

Johnny Carson was deferring over 90% of his gross paycheck for tax purposes. I think his accountant must be working for Shohei Ohtani today !!

 

Retail must be buying gold and silver the last few years otherwise I don't think we'd all be seing all those TV commericals plugging them this entire time....U.S. Gold...Roslyn Capital...plus the 1/2 hour infomercials on the weekends.

 

Since discovering (through TV) that a re-modeled walk-in shower is Nirvana, I no longer watch TV.

 

The answer is simple give everything to your kids before you die !

 

Finally! I am glad we have a thread where we can discuss this! Back in the "good ole days" when the "rich" paid 90% income taxes, they forgot to mention tax loopholes big enough to drive 18 wheelers 5 wide through the tax code with zero taxation, which were closed many years ago. And that's all I gots to say about that.

 

End thread/ lol...........nailed it!

 

Well, it's certainly a good thing that tax loopholes have been abolished, leaving all high earners paying their fair share of taxes at the top bracket rate.

 

Ironically, if it weren't for all of those bad guys, there would be little tax receipts in the coffers to begin with.

 

Bob Hope, Barbara Stanywick, and lots of other high-earners (male and female) had to have the shelters.

Otherwise, they'd keep maybe 20% tops of their $$$. Stanywick was the highest-earning woman (or actor, male or female) a few years running making $500,000 a year.

 

Believe it or not, if you go over the IRS data, they are.

In the 1960's, the Top 50% of wage earners paid about 85% of the income taxes (bottom 50% paid about 15%).

Today, the Top 50% pays about 97% and the Bottom 50% about 3%.