Make 1.2 million

Spotted the govt. shill, no one wants to move to your crashing socialist cuntry. Let us ruin ours first with Mr. Bernie then you can talk.

Guy from Denmark who won the 2008 WSOP had to pay 80% in taxes.

>use money after that tax loss to buy something
>pay taxes on purchase

its like they eventually take it all.

learn how to incorporate fag

>paying taxes
pleb

Youve got a LOT to learn about tax minimization, my friend.

Unless you live in Belgium where there's no capital gains tax.

We have this guy Marc Coucke who made around a billion last year selling his (cranked up books) Omega Pharma company to Perrigo (yep murrica you got rekt).

He didn't have to pay a single euro in taxes. Living the dream.

And save going bankrupt when you get cancer by being a stressed frugalcuck that eats shit.

Just lol at thinking there is a way to save money. If you arent' born a trust fund WASP with a 6.5+ face and 6'2''+ kill yourself.

>tfw 7.5 face and 6"3 WASP with a multi million dollar inheritance

:^)

>Make 6 million
>Lose 58% to taxes
Living in Ireland and okay with this if it means our social welfare, health and education system aren't as shitty and corrupt as their American counterparts.

>lying on the internet

>okay with this
You're ok with it, because you make 6 million?
Or you feel people who make 6 million should be ok with it?

They would be okay on 2 million a year.

I see it as something the levels the field in a way. Think about how hard it is to make money when you're on 100k a year. Now think about how easy making money would be if you were making 1M a year. Having bigger capital opens the doors to a lot more opportunities to make money. Gotta make it a bit difficult to keep the game fun right?

How is Ireland?

I'm not user from Ireland. Just dropped in the thread.

Oh, my bad.
I just assumed that since you were answering questions about Ireland, you were the user I asked.
So how is that 58% structure set up?

Without the infrastructure in place there is no way you would have made that money. Stop bitching like a little faggot and remember, YOU DID NOT BUILD THAT. That cash in your account right now was "earned" on the backs of other people who probably deserve it more than you do.

40% in the UK

>treating europe as one country

triggered

rich people actually pay less in taxes. They tend to get so called capital gains taxes instead of regular income taxes

>all these wagecucks ITT honestly think taxes in the US are too high, should be lower
>because they think they're going to be "making it big" one day and don't want to get fucked over by taxes

My business is slated to show ~$200k in profits this year, our first year, and it will grow tremendously in the next couple as we get a better grip on marketing and inventory/manufacturing management. Taxes of all kinds in the United States are way, WAY too low. I'm a fucking 22 year old just-graduated-from-college kid and I'm already in the top 1%, but for me to make it to the top 0.1% I'd have to be earning 10x more. To get into "wealthy" I'd have to increase my income by two orders of magnitude, something far outside the reach of the average person. So-called "ultra-wealthy" is 3 orders up from where I stand.

>but user you're just a small business owner on a sudanese tissue collecting imageboard, your opinion is shit because x

Alright you stupid faggot, how about you read the words of a man worth literally thousands of times more than your entire family combined: politico.com/magazine/story/2014/06/the-pitchforks-are-coming-for-us-plutocrats-108014

This guy has a net worth in the billions. And unlike every other greedy fuck at the top and all the violently ignorant sheep at the bottom (that's you morons), he realizes that wealth inequality and, particularly, income inequality like this IS going to get ugly. That is not an "if", it's a "when".

The fact that my business can pay less in taxes than a fucking sole-proprietor contractor earning the same amount is absolutely, completely fucking retarded. It's so fucking stupid. This game is rigged to shit and there are two groups of people: the ones at the top who know it is and benefit ENORMOUSLY from it (that's me), and the ones at the bottom who follow the literal propaganda that every source of media spews, that taxes are too high and welfare is awful, and that (this is just hilarious) the rich create jobs.

The people at the bottom are you people, by the way.

And lemme touch on the bullshit "if you tax the rich, they'll stop creating jobs".

IT

DOES

NOT

WORK

LIKE

THAT

We have 1 employee right now, plus two founders (me and another). With a little more experience and refining of our various processes, I expect we'll be able to knock out a million in revenue with only 1 (maaaybe 2) more employees. The jump to 10 million would still probably have our business under 10 total people.

From the customer's wallet to my bank account, the amount I'm taxed has *literally* nothing to do with how many people I hire or how much I pay them. If I need someone on my team, I'm going to bring them on. If I don't, I'm not going to. If you didn't tax me at all I wouldn't just hire some random fuck because "LOL I guess I have more money now! Better hire someone for no reason!"

Employees are added if, and ONLY if, they are required to meet the growing or changing demands of a business. Taxes have fuck all to do with employment. That's a lie brought to you by extremely rich, extremely powerful people and so thoroughly ingrained in American culture that it honestly disgusts me how much you fucking idiots follow dogma and don't question what you believe.

Christ.

Whats your business?

It's in the field of consumer electronics. We designed a product, refined it, offered it to the public, and are now expanding our offerings.

I can't go into too much detail because we held a crowdfunding campaign and tracking me down would be one google search away. I'll go public with the opinions I posted above when I have more financial clout.

>politico.com/magazine/story/2014/06/the-pitchforks-are-coming-for-us-plutocrats-108014
Yeah....really doubtful that you have a business. Being on Veeky Forums doesn't count as a business.

... what does the article have to do with me owning a business?

I think he is implying if you were really a businessman you would be a greedy bastard with no empathy rather than someone who cares about pitchforks. Business owners are all supposed to be republican and stingy after all.

Marginal tax rate for the highest earners i.e. millionaries should be at around 80%, which ironically also happens to be allocative efficienct.

But I doubt any of you have ever heard of Pareto because you're too busy taking it up the ass in your mother's basement.

More like
>make 1.2 million
>use trusts, shell corps and offshoring
>pay maybe 5 percent tax

fuggin plebs

Dude, Bernie Sanders isn't going to get elected.
Your liberal fantasies will not come true.

I think at that point its justified to go full Breivik

>80% tax rate
Anyone who advocates for this kind of stupidity is already a little bitch taking it up the ass from the government.

economically illiterate pleb detected

economics.sas.upenn.edu/~dkrueger/research/top1.pdf

read it faggot, but I doubt you understand anything about econometrics or beyond macro 101

...

>leveling the field in your favor because you're too fucking stupid to know how to make that money

>endless math & assumptions
>doesn't take into account the fact that richfags can just shelter their assets in U.S. territories like Peurto Rico, Virgin Islands, etc..

You'll see Miami explode if any of these high tax policies go through. The real richfags will just fly to Miami to go to work.

>hurrr endless math i dont understand
>they just gonna go to da tax havens so you see thats why i told you its stupid xDDDD
>what is global tax
>pls don't implement high taxes pls

Brain dead kike thinking he's being anything but self destructive to his entire species.

You should kill yourself.

>oh shit i have no argument
>i should just tell him to kill himself

kek, stay mad you illiterate

>ireland thinks they have decent healthcare or education

Tell me more potato nigger

At least we get something in return.

Trump would raise the taxes without giving you free healthcare and education?

> lose
> 100% of your investment is based around government provided services

Oh, okay that makes sense. Yep, the overwhelming majority of people are 100% greedy and hold the mindset of "I get what I want, everyone else? Fuck em." You just don't notice it when it's an employee who thinks like that; they have no influence, they aren't making a ton of money. But if they were in the position of being a founder or executive, they'd keep the same greedy mindset.

That's not just with money though, to be frank, most people are totally unaware of the consequences of their actions and beliefs. That's not solvable through government, though.

I don't want Bernie to get elected because he's an advocate for gun control which, pro tip, has never made anybody safer anywhere in the United States. Try to prove me wrong, you literally can't. That said, he's not backed by major banks or corporations so he was out before he started.

What you aren't seeing is that if taxes were ever to go that high, the rich people who are already in control of laws and the government would force more efficiency from government.

>if you're gonna take 50%+ of my earnings then you damn well better be using it effectively
>if my effective tax rate is only, what, 8% then who gives a shit, do whatever you want

/thread

>sweden $60k 56% taxes
the swedish dream :) :) !!

>france 1m 75% taxes
the french dream :) :) !!

>You don't need money to make money

Capital is a hell of a thing.

what tax bracket pays this much. Sounds made up.

39.6% is the absolute highest income tax bracket in the US.

Though unless you're an idiot who just happened to stumble upon a $450k~/year job, a sizable enough portion of your income should come from investments, and the max capital gains tax is about half the highest income tax bracket, so even ignoring things like tax credit incentives, hardly anyone's paying the max tax rate on their entire income unless they literally do nothing but sit on their capital.

> Sweden 60k 56%
It's a bit more complex to count than that

> Zero federal rate up to 50 700 USD
> 20% from 50 700 to 72 660 USD
> 25 from over 72 660 USD

And add in 28-34% municipal rate.

BUT

> Capital gains tax is only 30%
Which is why a lot of higher wages are paid through these systems as direct wage.

> Sweden has a deductions.
Everything from mortgage interest to Labour Union fees to school books and miles traveles are deductible. An average Swede gets 1 100 dollars back from the state every year, bringing down the taxes by 2-3%.

This will keep happening because of the fed, IRS, and a retarded congress. Should we listen to ancaps?

>make 1.2 million
>lose 44% to taxes
>"""""only""""" have a measly 780k to work with

American dream indeed.

>What you aren't seeing is that if taxes were ever to go that high, the rich people who are already in control of laws and the government would force more efficiency from government.

Why would they implement 80% high tax on themselves if they control the government? No one is denying there should be efficiency, but why would they demand it? They would demand that the extra revenue they get from taxes would go to corporate subsidies instead of investing in public infrastructure or any other shit.

lmao, you can't even math bro. It's 672k.

Honestly, OP what is the solution here ?

If you want to pay less in taxes than some services will need to be given up.

But it won't really matter in the end, what you won't pay to the government you will end up paying to some business anyways.

Clearly someone who's never had 1.2 million.

50% of the federal budget goes to redistribution. rich people don't benefit from these programs.

>rich people
You know other people pay taxes too
By redistribution you mean pensions and healthcare, sure.

>If you want to pay less in taxes than some services will need to be given up
Except this part isn't true.
Almost everyone is willing to pay taxes in exchange for safety, infrastructure, etc.
The problem comes when people claim tax revenue isn't enough, while anyone with half a brain can see billions disappearing due to endemic abuse of the system; both of these things can't be true.

What those people are really saying is that, regardless of how much of this is misappropriated or stolen, taxpayers have to make up the shortfall (which rich people are paying the lion's share of).

That's not the same as "not having enough revenue" at all.

It's the law

>france 1m 75% taxes
More like 45%

Managerial perspectives like this ignore one salient fact, most wealth and income is earned by people who already have it.

Oh sorry, that was directed at the guy who called you a bitch. Taxes should definitely be higher, but you raise a good point. If taxes go up then the extra revenue is gonna get dumped into corporate welfare. There really is no winning this game until the public somehow scrambles their way out from underneath the propaganda machine that is the media.

>if you make 1 million dollars you should only get to keep 200,000 of it
So basically you're saying that the pediatrician who makes sure your chemo is going smoothly should make more than the guy who paid for his car?

Yeah fuck that, do you really think society would move forward if you need to earn $20M to retire comfortably?

Everyone with any ambition would gtfo quick.

My ""country"" has no income tax

>global tax
Off yourself, you fucking kike.

Goddammit, I said marginal tax rate - i.e. for every """"extra"""" dolar you earn, you pay 80% tax. It's doesn't account for the whole damn tax.

see above

gas yourself faggot

>marginal tax rate
Fuck your marginal rate.
Anyone who thinks taking 80% of someone's earned income is a solution is, by definition, a little bitch.

Still a fuckton of money though. greedy rich shits

>global tax

Now that I think of it, I'm truly surprised that the UN hasn't tried to implement such a thing.

>a 1% "Earth Tax" to help fund dem UN programs

Rich people automatically "move" to Mars with Elon Musk

The 1st Lunar Bank opens to be a tax shelter

Sometjing I've heard Rich people say "I'm grateful I live in a country where I can pay taxes"
Better to be taxed than live in communism

>hurr it goes against my personal beliefs

you don't really have an argument m8.

Incorporate, you plebs.
Britbong here.
Over 95% of FTSE 100 companies use offshore tax havens.
Literally everybody avoids tax.
Tax avoidance is legal, and no free government authority or service goes to any trouble to lower your tax bill - it's your responsibility to minimize it.
Tax evasion is illegal.

Tax avoidance - lowering your tax liability or structure to avoid tax.
Tax evasion - not paying tax you are liable for.

Wagecucks get fucked first, middle class, self-employed sole agents / proprietors get fucked next, and are also more liable to be audited / less likely to get tax rebates.

Businesses / corporations have way more freedom over structure and tax liability.
For instance, profits and losses can be 'recategorized' or carried forward / backwards, depending on the jurisdiction, of course.

>Implying everyone pays the same rate.
I pay 20%, after the first 10k.
It is dependant on circumstances.
>Implying everyone is liable for VAT on everything.
If selling B2B goods or services, you are not liable for VAT. Hence many places offer 'trade prices' and offer a 10-20% discount.
It's not like a sales tax in some US states, most things are not VAT liable.
Technically, only 'luxury goods' are liable, not essentials.

>Veeky Forums still doesn't understand what marginal tax means

He's taxed at the same rate as everyone else is. His first 100k is taxed just like someone who only makes 100k

>crowdfunding
nice job on your kickstarter scam pajeet but I dont think that counts :^)

That's not who its affecting Maneesh. It affects large established businesses who have maximized their position in a major market. Large businesses work on a very different scale. Say they've got 10M to open a new facility that will need 100 workers to operate at minimum margin and the high tax rate may only allow
Yours is a small experimental consumer goods project. But the production facility that makes it actually uses these metrics.
If you become a full fledged company and are offering a full suite of consumer electronic designs across multiple sectors. then you can talk.

>goes against my personal beliefs
Like not getting cornholed is against yours? You should just put up with it, I guess.
What a shitty, lame argument.
Learn logic, you moron.

I should learn logic? You didn't put forth any studies in which you'd try to defend your statements. I have Too bad you won't understand it since you didn't make it past macro101, pleb

The British Dream

>set up corporation and base offshore, maybe in an overseas UK territory, or somewhere friendly.
Or in Channel Islands/Isle of Man, our very own local tax havens.
>win £500 on a horse race gamble
>bet £500 on black at roulette and win
>win £1 million on premium bonds
>win millions on lottery
>invest up to £15k a year via an ISA
>travel frequently to claim non-domestic status
Tax liable for all the above - £0

Burgerland -
>get taxed anywhere you are on the planet regardless, also pay federal and state taxes or sales taxes...
>get taxed on winnings from gambling, betting, lottery, etc

Yes, you should learn logic.
Chiefly because you're treating the issue as an objective argument you can win, when in reality it's a subjective one you can't.
Eat shit.

>hhur its an objective that cant be solved with numbers because it involves me feelings
>what is econometrics

Okay.

>doesn't know an objective argument from a subjective one
I believe we are done here.

You know what rich ppl do? They have offshore shell companies. They "loan" money from their offshore shell company and pay them back. Loans aren't taxable. It's a loophole in the system to get away with paying high taxes.

But I guess panama papers is out so they can't do it for much longer.... I suspect US will eventually patch this loophole since they are losing billions and billions in tax dollars from this shit.

At least Sanders won't get elected. I'd pay over 50% in taxes for bullshit I'd never use.

Taxes on the wealthy and businesses are lower than they ever have been. You're being fueled propaganda to enrich those in power over you at your own expense.

>taxes for bullshit I'd never use
well, increased welfare has indirect benefits such as less crime because less need to steal. Also, Bernie Sanders wants to spend billions on infrastructure too. I'm sure you use public roads.

If sanders was strongly for improved public transit i would vote for him but he hasnt really touched on the subject

He said that he's raising the tax on the rich on HIS TAX PLAN, not on what is currently in place.

>less need to steal
This would be funnier if part of his platform (FTT) wasn't outright theft.
But it is, and acceptable to his supporters because they swallow the idea that speculation is evil.

public transit in the US is hard as shit. It bugs the hell out of me when people expect us to have PT comparable to Japan or Europe when those places have multiple times our population density levels.
I'm all for PT in most urban or even highly populated suburban areas though.