How Much is Enough?

Both Ronbo and Pine are correct. It is a withholding estimate on an estimated marginal rate on a massively complex tax code that, given the responses in this thread, few people understand.

You got a good deal really at 37%. Try doing some self-employment moonlighting on top of your regular job and you get

28 +15.3+4.6 = around 48% or so.

Even higher for the stinking rich SOBs in higher brackets than 28%.

No surprise that most don't understand this given the tax preparers and Turbo tax mentality of this country.

Enjoy. Marginal rates. Its not really that complicated.

LadyJazzer wrote: Gee, and it doesn't come close to the Obama-Derangement-Syndrome I see on here every day. I just used Mitt-Flop as an example. If his finances were so on the up-and-up, then why did he refuse to show his tax returns back far enough to show his shady dealings and off-shore shenanigans?

A LOT of people have employed more than I have, and paid more in taxes. A lot of people of his ilk have destroyed companies, killed jobs and sent them offshore ... in the name of vulture capitalism... Excuse me, but what relevance does ANY OF THAT have?

Your Mitt example makes no sense.

If he had "shady dealings" do you really think he'd put them in his income tax reporting? Actually, if they are in his income tax, that means he is paying tax on them as he should. If he had income he didn't report, it would take a lot more than his income tax records to discover that.

You don't pay tax on your savings whether you have them in an American bank or "hidden" in a foreign bank. You need to pay tax on the interest/dividends/capital gains you get. I do know that if you have foreign investments through an American brokerage that you and the government will get a 1099 showing any foreign income made.

Did Mitt try to hide his foreign interest? I doubt it because rates have been so low. Let's say he had $10 million stashed away. He'd be lucky to make 1% or $100K. 35% tax on that would be $35K. Why take the risk of keeping your money in some foreign bank where it may be much less safe for a measly (to him) savings of $35K? And why take the chance of getting caught and forced to pay much more?

You might use a hidden account (if such things are still possible) to hide illegal income, but I haven't seen any claim about that in regards to Mitt. Generally Mitt would get a W2 or 1099's which the government would see just as for anyone else. Do you think he runs a Meth lab or something? Maybe he moonlights as a taxi driver and pockets his tips? Or perhaps he does odd jobs as a plumber and asks for cash (which he pockets) when he unclogs your toilet?

Speaking of taxes, I gotta do a friends return with Pera state pension retirement income. Does Colorado tax Pera pension income? I think it goes on the Federal 1040 pension line, I'm not sure on the State return. Guess I have to read the instructions over a few beers. LOL

LOL wrote: Speaking of taxes, I gotta do a friends return with Pera state pension retirement income. Does Colorado tax Pera pension income? I think it goes on the Federal 1040 pension line, I'm not sure on the State return. Guess I have to read the instructions over a few beers. LOL

Free tax advice? Don't forget, you get what you pay for...

Generally the Colorado tax is based on your Federal taxable income, and that would include any pensions received.

However, Colorado has several additions and subtractions to that which may apply.

Looking at Colorado form 104, they do offer a subtraction for pensions on line 7, but it looks like it mainly applies if you are 55 or over. So I guess Colorado doesn't tax pensions unless you get them at a younger age.

Line 13 also has a subtraction for money paid into Pera, but only for 1984-1986.

Good luck!

uh ok, thanks!

I think we have a 457 or something too. I think I'll add that subtraction to the other addition and deduct and Obamacare penaly, and throw in a shared responsibility payment, divided by a "you can keep your plan" multiplied by a campaign contribution.............. It makes perfect sense now.

pineinthegrass wrote:

LadyJazzer wrote: Gee, and it doesn't come close to the Obama-Derangement-Syndrome I see on here every day. I just used Mitt-Flop as an example. If his finances were so on the up-and-up, then why did he refuse to show his tax returns back far enough to show his shady dealings and off-shore shenanigans?

A LOT of people have employed more than I have, and paid more in taxes. A lot of people of his ilk have destroyed companies, killed jobs and sent them offshore ... in the name of vulture capitalism... Excuse me, but what relevance does ANY OF THAT have?

Your Mitt example makes no sense.

You have me confused with someone who gives a sh*t... Hiding MILLIONS offshore, not subject to taxes, and using it to invest through a rat's-nest of shell companies to keep it from being taxed...? I'm not interested in your "speculations" about interest rates, etc.

'LJ has her spoon fed talking points and you aren't allowed to actually debate them. She was told Mitt was an evil capitalist and that is enough for her. Despite Mitt giving millions to charities and having a better work record than Obama did even after he was POTUS. He hides non taxable savings and the IRS nor the press found anything to hang him with.

LadyJazzer wrote:

pineinthegrass wrote:

LadyJazzer wrote: Gee, and it doesn't come close to the Obama-Derangement-Syndrome I see on here every day. I just used Mitt-Flop as an example. If his finances were so on the up-and-up, then why did he refuse to show his tax returns back far enough to show his shady dealings and off-shore shenanigans?

A LOT of people have employed more than I have, and paid more in taxes. A lot of people of his ilk have destroyed companies, killed jobs and sent them offshore ... in the name of vulture capitalism... Excuse me, but what relevance does ANY OF THAT have?

Your Mitt example makes no sense.

You have me confused with someone who gives a sh*t... Hiding MILLIONS offshore, not subject to taxes, and using it to invest through a rat's-nest of shell companies to keep it from being taxed...? I'm not interested in your "speculations" about interest rates, etc.

I know you don't give a sh*t. That's why you make crazy accusations with no evidence of anything.

My point was it's highly doubtful you can prove anything with federal tax 1040 records as you claimed. It would take far more than just your federal tax reports and probably something that only multiple governments could prove if stuff can really be hidden.

Again, "hiding" assets offshore does not mean you owe tax on them. You only owe taxes if they made money and it wasn't reported. And you can't prove any of that.

Hey, I'll even take a $100 bet with you. I'd be glad to compare Harry Reid's tax reports for the last 10 years vs. Mitt's. I'll bet on Mitt's being more accurate. Not that it will ever happen...