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De Blasio Releases Tax Returns; Paid Effective 8.3% Rate
Mayor Bill de Blasio is the first New York City mayor to release his tax returns in 12 years, according to the WSJ. de Blasio earned $165,000 as public advocate last year and brought in an additional $52,000 in rent on a second home he owns in Park Slope, according to his 2013 tax returns. Mr. de Blasio’s effective tax rate was 8.3%.
As WSJ reports, Mr. de Blasio’s predecessor, Michael Bloomberg, a billionaire who served as mayor from 2002 through 2013, released highly redacted copies of his return that gave scant information about his net worth.
In 2001, during Mr. Bloomberg’s first campaign for mayor, he lost his temper on the steps of City Hall when pressed by a reporter about why he was refusing to release his returns when his opponents had released their IRS filings.
“That’s fine,” Mr. Bloomberg snapped. “They don’t make anything.”
Which means, Mr. de Blasio is the first city mayor in 12 years to release a full copy of his tax returns.
New York City Mayor Bill de Blasio and first lady Chirlane McCray reported $165,047 in total income last year, according to a copy of their joint tax return released on Tuesday.
...
Mr. de Blasio’s effective tax rate was 8.3%.
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The federal and state filings, released by his aides on Tuesday afternoon, show de Blasio and his wife, Chirlane McCray, reported receiving $52,000 in rent last year on the property where his mother lived before her death.
Despite their earnings, they reported taking a $6,493 loss on the home, because they paid $28,758 in mortgage and said the home depreciated by $21,547, according to tax code.
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According to the return, the city’s first couple reported $5,597 in gifts to charity, roughly 3% of their total income.
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"It's good to be King".
Fucking parasites.
My condolences to Mr. Deblablio for managing to lose money in Park Slope Brooklyn during this epic boom.
8 % ?......nice
The rest of the country really doesn't give a shit.
Now could all of the media, including ZH, give some attentions to Bath House's transcripts, bogus birth certificate, sexual habits, four social security numbers, etc, etc, ad infinitum???
PAY WHAT I TELL YOU not what I payed
He must have more deductions than just what is listed to get to 8%
Socialism is never for the socialists.
Of course, AND he's just better and smarter than all of us poor schlubs.
We, the useless eaters, just suck it up.
Hobo Up Motherfucker
He would be living under a bridge somewhere trying to live on $165k in NYC.
more power too him i say. Bloomturd..."the billionaire who thinks taxes are for poor people." And people wonder why New York City is on the edge of going bankrupt again.
Probably so. I have been able to get my effective theft rate down to 10.8% on near $200K combined income of my wife and myself, but this year it was pushed up to 15.3%, as we jumped up a theft bracket. One thing I noticed is that the deduction I used to be able to take are no longer available to me since I make too much to qualify. My wife's earnings are now completely nullified, as the IRS tax bill alone is more than what she makes. Take into consideration the SS Theft and fuck me!!!!!!
Two steps forward in my property, one step back with the IRS theft. Fucking bastards.
Can we call this guy by his real name? He's Warren Wilhelm, Jr.
Stop complaining and enjoy your "free" Obamacare.
so do I get it right? 47% of Americans have a negative total rate for being net recipients, aka poor, 20% have it somewhere 10%, aka rich, and the reminder 33% is somewhere around 30%? serious, honest question, I find the US Tax system seriously puzzling
oh, and don't ask me how much we eurozoners pay, it's like something like on the other side of the twilight zone
The arbitrary edicts of the politburo regarding what portion of wealth we can keep is puzzling. Most of the "deductions" they allowed at one point or another was there to drive a certain industry, i.e. rental properties, auto lending interest, student loan interest, mortgage interest, etc.
All I know is that I make my return as long as humanly possible by using every calculation worksheet and every possible deduction available (home office, car, trip miles, doantions, etc.). I make it as long as I can as I have two friends that work for the IRS. The front line of the IRS is nothing but a glorified telemarketer that can't even make sure all of their shit goes completely in the toilet when they use it. The incompetance is used against them by people like me. Extentions filed regularly, reduced my withholdings, and alwways use their payment plan (as it follows the Effective Funds Rate). It's like free money compared to interest rates available through any other plebe mechanism available. Too afraid to not file though, I utilize that for my local municipalities though.
I think you have it about right, except the definition of "rich" gets really strange, where the richer they are they poorer they are through god knows what all accounting tricks, shell corporations and shelters.
I'm solidly in the 1% with an average income in the mid-six-figures, and my average effective tax rate over the past 10 years has been 33%, and it's climbing -- the effective tax rate for my 2013 return was 34%, v. 31.8% in 2012, even though I made 100K less in 2013 than 2012.
Once property and other taxes are kicked, my effective rate is easily north of 40%.
HaHaHaHa suckers! I work off the books, and show only about 6K in income per year! We get HUD money for rent, subsidize heating, subsidizes eating, (You down with EBT? Yea! You know me!) and the freebies keep coming!! WE CANNOT KEEP TRACK OF THEM ALL!
3 meals per week at the Church-Free! Free phones for all! Soon free internet!
Our Earned INCOME Tax CREDIT is 5K per year! Our tax rate is negative 380 percent!
HaHaHaHa! So long, and thanks for all the Cheetos!
Signed
With sincere love and affection,
1/3 of the Amurikan Population
You just described my bitch of an ex-wife.
you married her dope
Cease and desist with the White Knighting.
In her defense she was an awesome fuck.
And I have never claimed to have never made a mistake.
That's what I dont get .... I'm not in the 1% (more like 2) but still .... how the hell does these people get out of paying 33% or so. I'd disgusting to see how much the feds freaking steal from us.
Start your own business and learn the ways of Schedule C.
Ghord, my wife and I combine for about $175k. According to the stats, I think we are like 92-93 %tile. We pay an effective federal income tax rate around 12%. I would say this would be typical skilled laborers and people with decent college degrees who are good at what they do and own a home. Counting SS, property, state income, local income, sales taxes, etc etc. getting closer to 35+% tax rate.
But I'm thinking a lot of what is going to my 401k and health insurance should be included in the tax calc, cuz I'm not sure if I'll ever see much of that myself.
What you are describing is the effect of the marginal rate. Make more, increased rate on higher earnings, lose deductions, effective increased rate on previous income level, overall result is a much higher rate on the increased income.
The same thing, but worse, applies to most of the people getting checks from the govt. Why work when not working pays better.
My wife and I combine to make almost as much as you, my boss, and my neigbor. But since my boss and my neighbor have their wives stay at home, they dont have a $24k annual child care bill. Not bitching, I guess (wouldnt trade places with those guys for a lot of reasons). But just pointing out there's a big difference between making $200 and combining for $200k when you have kids.
I wonder what his secretary paid?
How did he avoid the AMT? Fuck I need a better accountant.
Good question, he must be under the minimum before AMT kicks in?
The claimed income (if it's to be believed) is 10K below the AMT threshold, and also it sounds like he claimed accelerated depreciation, which triggers a different recordkeeping requirement (form 6251) and nukes the AMT calculations, regardless. So he escaped it two ways.
Again, if his claimed income is to be believed.
Tell your current accountant he can do anything he wants because the return will never be audited since you're a member of the club, and trust me, even the shittiest accountant can avoid the AMT. Indeed, you're probably incentivised to use a shitty accountant so you can blame him if your rigged return ever sees the light of day.
I am using the shittiest accountant I know (ME) and Turbo-Fuck-you-in-the-a$$-Tax for small businesses.
There has GOT to be a better way.
I can garden, go blowling or do accounting. These are the things I suck at. Everything else ... game on. Ugh
Turbo tax is pretty good. But it's clearly designed for use by retards. Read the 1040 instructions off the IRS website and you'll know more than 80% of tax accountants. Then file at freeefilefillableforms.com
Until the reset that is
What makes AMT kick in based on what we know for a married guy two kids typical deductions making $165k?
You can bet it's more than Bloomberg and the other .01 percenters paid...
Read that sentence about depreciation again...does it make any sense at all?
It makes sense if you are an NYC resident like me, who only sees appreciation in his assessed value for the purposes of taxation, regardless of what the actual market is actually doing. It makes perfect sense that this beaky dred-chaser would be helped along in such a bureacratic, opaque means of penny-pinching favor-getting.
it's been a while since i had to know it but i am pretty sure you can depreciate a rental property over 26 years or something like that.
Oh yeah, there are some comforts to being a slumlord. Is it no surprise that the only way to avoid taxation - besides being connected - is to be the heavily mortgaged and underwater owner of a decrepit moneypit juicing the hell out of your renters, building out every square foot to increase your units? This is what the regulation is breeding.
True...I guess I don't like the wording...you don't "lose money" due to depreciation...it's an expense associated with the use of an asset...
There should be a recapture when the asset sells. However I'm sure he has a trick up his sleeve for that one. Like maybe living there for 2 years before selling it???
Really, what an ass-hole.
LMAO Fonz that's what I was thinking.
It appears to be an accounting loss due to depreciation. Looks like it cash flows just fine.
EXACTLY
The depreciation amount would have already been captured in his reported AGI amount.
So to drop his tax rate that low it had to come through itemized deductions- and since we know what his charitable contribution percentage was only 3.4 % ($5,612) of AGI then it probably came from mortgage interest or some bullshit miscellaneous itemized deductions that a good communist should take for the better of the people.
He's very likely mortgaged to the hilt on that rental property. That's my entire thesis here.
1) Buy a house you can't afford at the top of the market via cheesy mortgage. Make sure the house is reasonably decrepit. Maybe his wife got some kind of minority discount on top, some kind of balloon. You can always claim hardship later...say, aren't all minorites hardship cases? That's the angle.
2) Build out the square footage to cram as many units as you can. Legality should be a consideration only in retrospect, that is, after you are found-out, which doesn't happen very often.
3) Oh, the market crashed! Hoocouldanoadit? Lookey here, I need mortgage assistance!
4) My oh my, I'm still getting a tremendous rent roll! Good thing, I gotsta buys me a Coach bag. Oh well, got to pay the banks too, right? Now where's my aid at? Oh there it is, my assessment is reduced, so now I no gots to send the taxman a check. Massa Boss Man done do me right!
My condolences for you not understanding that the mayor is cash flow positive yet recordinga loss on his tax return legally.
Looks like the "fair share" mayor of New York Shitty thinks 8% is fair for him and 35% is fair for successful harworking people.
Whats the problem? Everyone knows that some are more equal than others.
Wait for the spin. He couldn't have released these without expecting some fallout.
His $165K taxed at 8.3% equates to $233K taxed at 35%.
OOOOOOH, I can feel the equality already. How dare someone overachieve and try to provide goods and services to his fellow man.
Honestly, I couldn't give a shit what income tax rate this clown pays. Any income tax above 0% is slavery. So what if you're an 8% slave, a 12% slave, or a 30% slave? Any way you slice it, you're still a slave.
Don't think so? Try to run away from the plantation and see what happens.
I give a shit because this Statist/Authoritarian is telling everyone else to pay a "fair share" while he exempts himself. It confirms that these people don't care about social justice or whatever bullshit you want to call it. It is about taking control over your wealth and giving power to the State. I hope that some libtards who voted for this asshole will see that and wise up, but I won't hold my breath.
I agree in principle, but the problem with voicing your position is it allows the opposition to frame the argument-- with the frame being, "we all agree that there should be an income tax, now we just have to agree on who pays what."
NEVER let them frame the argument. ALWAYS stay focused on the correct frame, which is that the income tax MUST be abolished, in all its forms.
Agreed.
But to put it another way, to pay 35% and then to see someone of his position pay significantly less, can only disenfranchise honest people, and stir up problems.
FUCK THE STATE. In all forms. It exists to steal. Tax is only one tool by which it accomplishes this.
"...35% is fair for successful hardworking people."
39% is more like it for the very highest earners.
Ouch. Hope you're not actually paying the 39% the moocher class decided that you owe them for being productive and providing goods and services to them.
Looks like the "fair share" mayor of New York Shitty thinks 8% is fair for him and 35% is fair for hardworking succusseful members of the middle class. Fuck Statists.
Deleted
Fuckin Slumlord scum. Why doesn't Occupy Wall Street go after DeBlasio?
Because they tend to give big government statists a pass thats why. Its the corporations they hate. Its ok to them be fucked up the ass, as long as its by .gov.
Because they tend to give big government statists a pass thats why. Its the corporations they hate. Its ok to them be fucked up the ass, as long as its by .gov.
you, obviously, do not know what you are talking about...
Wingers only want OWS around so they can flame them. OWS sez, fuck you clowns too.
The guy who was running in 4th in the primary, until his kid with the afro appeared in a commercial with him, wherein he won the primary and then the election by a landslide?
The guy who does not need stop signs or speed limits if he's on the way to a workout?
$165,000 as public advocate .....this says it all..what the Hell is that???? other than a wink wink job..
If by "wink, wink job", you mean 'handjob', I'd have to assume De Blasio is actually giving z-jobs.
"$165,000 as public advocate .....this says it all..what the Hell is that???? other than a wink wink job.."
As are most .gov jobz. Most of them produce absolutely nothing. They just collect a paycheck, because, well, thats going to stimulate the economy. These people shop don't ya know?
You don't know? Public advocates work hand in hand with community organizers.
Now you know.
he turns on the automatic sprinklers....
If the letters "i" and "a" were next to each other on the keyboard, I would have thought that you meant "...a wank, wank job".
The Public Advocate position was created during the last City Charter revision (the one that term limited Guiliani). It really doesn't have any job description. If you know about local politics, I think it was created to give Mark Green something to do instead of having him play in traffic.
De Bloomio. Man of the people.
Oh, almost forgot. Fuck you Bloomberg.
Little Mikey, the Muni bond salesman at Merrill, who bankrolled his idea and then company, created a monopoly, and as Merrill blew up repeatedly until it effectively vanished, leaving everything in the hands of little Mikey ... who bought 3 elections and would like to turn the US into a Palestinian refugee camp.
Bloomtard now spends his idle time giving $50 million to get your guns !
http://www.foxnews.com/politics/2014/04/16/bloomberg-to-spend-50m-on-new-gun-control-effort-in-challenge-to-nra/
These mofos have too much cash lying around, someone hasnt been paying for their fair share of taxes and road and bridge maintenance etc...
That's ok...let him piss away his money. He'll be met dollar for dollar and defeated.
LOL, WUT?
You really think the playing field is level?
Besides, as long as the government controls the school systems, it's merely a matter of time before the critical mass of self-enslavement is achieved.
Words on paper don't mean shit when confronted by lifelong indoctrination.
I don't think it's a foregone conclusion, actually. I see too much de-programming happening when the kids get home and/or when the teachers subvert the system in subtle ways.
Income taxes are immoral.
pods
Another liberal hypocrite! Why is anyone surprised?
Do as I say not as I do.
It is sad to see what New York City has become. Once the 'gateway to liberty', the city is now a cesspool of liberal parasites and crony-coporatists. When I was younger I always wanted to move there; you couldn't pay me enough money to move to NY.
22% of the people on food stamps....lol...its the give it to me for free city
Serious question. How does on make 165k and only pay an 8.3% effective tax rate?
I am wondering this as well. I make a similar amount, itemize every deduction I can, and I can only get down to 15% on just Fed income tax. Not counting my SS, medicare, etc.
I think I will find this return and see if I can learn something.
I just skimmed the article but my guess is that was his gross income. once he takes his deductions and depreciation from his piece of shit park slope rental that threw off 53k or whatever and then factor in charitable gifts etc i guess it's possible.
It be nice if articles like this linked to the source material. Can't find anything on wsj.com or de Blasio's campaign webpage. How exactly did he "release" his return?
It's not on the internets anywhere, so I'm going with the "it doesn't exist" scenario. Press release, anyone?
Funny how "public advocate" looks a lot like public parasite on paper.
Is that 8.3% federal only or xcombined fed, state & city? The article does not say.
Despise her all you want, but Leona Helmsley was right: "only little people pay taxes."
Half of wage earners pay no income tax or actually make money on the earned income credit.
The top 20% pay 80% of the income tax.
Only the uber rich, like the dead bitch Helmlsey, have the leisure to play stupid games with their money.
Just think how much revenue the country would bring in, and how much production would be pushed back into society if the Feds on down to City taxed capital gains at payroll rates, and charged pay roll taxes at capital gains rates.
Where is the fairness in somebody making $165,000 paying an 8.3% tax rate. When I was single and making $30,000, I paid a tax rate 3x as high. Outrageous.
So, basically, for his famly of 4 people, they are paying less than $4,000 per person. That certainly won't support all the programs these free lunch people want others to pay for.
The liberals are right, the tax system is not fair. They are not paying enough to enjoy the benefits of citizenship here. The private equity guys paying 15% aren't either. Corruption and special interests run from the bottom to the top of the income ladder.
Great evidence that a simplified tax code is needed. Lower rates, no deductions.
I hear the sounds of the printing presses spinning 24/7
Guys-- this is a fucking distraction designed to get everyone to agree that an income tax is OK, we just need to argue about the rates that different people pay.
Do not fall for this psyop bullshit. The correct answer is, NOBODY should pay an income tax, no matter how big or small it is.
This is classic divide and conquer.
Threee things happened in 1913 that explain much of the mystery. The Federal Reserve was "created". The income tax was instituted. The third is never talked about, but I believe it is just as important, the direct election of Senators. The third one is a key piece, because all you have to do is rig one election, not bribe a whole state to get your boy inside. Congress could dismantle the whole edifiice is my understanding, but they don't.
These articles have the exact opposite effect than they should have. A government, instituted to protect the rights of the people, forcably taking 8.3% or even one damn cent from one of the people is a crime. Look up any definition of theft. Those in government owe a fiduciary duty to act in the interest of the people. Violating their right to property is a complete failure of that duty, and under the color of law (two crimes!).
So you don't think it matters that a wage earner with similar family of 4 is paying a 30-40% effective tax rate?
Good luck with that logic.
I see you favor the "robber barron" model...
I guess everything in my post went over your head. No, the people have the right to their property and their labor. None of the people should be taxed against their will, not even a government employee. Inalienable rights are, well, inalienable. Look it up.
And clearly my post went right over you head as well.
No shit, taxation is theft, period.
But do you not enjoy any public services? Unless you live 100% off the land, you do dumbass.
The point I was making is real leaderships holds people accountable, starting with THEMSELVES.
Fucking disingenuous douche.
And what public services would those be?
The roads I use to get work? Gas taxes (among others but not including income tax)
Public utilities? I pay out of pocket for. (Like Water, Sewage, Trash, and Electricity)
The land my home sits on? Property Tax.
Retirement? My own contributions to my Roth.
Social Security? Taken forcifully out of my paycheck seperate from Federal Income Tax.
Parks and Recreation? City Bonds
Schools? Comes out of my property taxes and additional City Bonds
So where doe the Fed Income Tax go, exactly? I'm working so I don't draw any of the usual "public services" that comes to mind like welfare, food stamps, unemployment benefits etc.
I don't mean to come across as a fucking disnegenous douchebag - I'm actually curious. What public services do I use that requires me to pay into the system? Or any working american making over the poverty line?
You get to enjoy the spectacle of bad browned skin people being executed on the other side of the globe to protect your freedoms. It's not rocket science my man.
It's pragmatism such as this that undermines society's moral base. Anyone who thinks two wrongs makes a right cannot help but to be wrong at all times.
Besides, there are plenty of people in the world who would label you as a robber baron based solely on your advantageous position above them (even though you likely worked your ass off to get there).
One can either approach the issue of taxation from the coherent viewpoint that it is all theft, or you can give the divide and conquer class further fuel for the fires by playing their game of relativity.
You might wish to reconsider your position.
NotApplicable, If I find a few like-minded buddies, grab a desert island and pull it off, then we have created a sovereign nation. If I and my like-minded buddies introduce - just for the sake of the argument - a flat income tax of 30%, then it's not robbery, 'cause it's voluntary. at least in the beginning...
for good or bad, we have this thing called nation-state. I know that you see the thing as imaginary or a delusion, yet there it is. some of those delusions are very, very old. and persistent
now if you find a way to have a different setup... yet a warning: cities require, request, create and maintain order. your novel idea should entail something that would work for densely populated cities as well as for sparsely populated territories
And you don't use any public service? Bullshit.
Yes it's theft, so eliminate all taxes and let private equity build the motherfucking roads etc.
History is very clear on how that turns out.
Want to go somewhere where no one pays taxes? Try Somalia moron.
Put your money where your mouth is and move to a location where they don't pay taxes or taxes can't be collected fucknut.
I promise you won't have time to blog about it.
Somalia is actually far better off without government than it would be with it.
How about you move to North Korea so you can get all the .gov you want plus a really cool haircut!
Fair.
But it underscores that there are different rules in society for the rulers.
Correct, which undermines faith...
A dangerous proposition in a "debt is money" system where all that matters is your "full faith and credit" worthyness...
Not really. Some know more about rights than others. Most know nothing about them.
Right, and "pumpkin" lives 100% off the land and enjoys no benefits of taxation.
I call bullshit.
How did he not pay the AMT?
So, yet another fascist/hypocrite revealed.
< shocker >
Let me clear; roll the motherfucking guillotines, nothing changes otherwise...
I don't see how trashing him counts as intelligent discourse.
If he didn't release them he gets trashed for not doing so, now he releases and gets trashed!?!
William of Blobzio? I'd be pissed the govganstaz took anything. As it were, his contribution to the whoremachine is noted and thanked. Somebody gotta pay for the Empire
Hasn't been in office long enough to get it down to 0%.
I was actually surprised the rate was as high as it was. Then again, $165k in NYC is about minimum wage, right?
Rumsfeld is definitely not one of my favorite warmongers but he gets a standing ovation from me for his open letter to the IRS.....
RE deblasio, 8% + 3% charitable giving sounds about right for EVERYONE accross the board including every member of the free shit army paid in full to their local municipality. If .gov can't secure the border and fill the potholes with ~10% of the produce of our labor then they can stop globetrotting for democracy, bailing out oligarchs, and go fuck themselves.
Can't disagree with what Rumsfeld said in the letter, but I take great issue with the underlying assumption of the letter-- that an income tax is OK, we just need to make it simpler.
This of course is wrong. The income tax is entirely immoral and inconsistent with any reasonable definition of LIBERTY and MUST BE ABOLISHED ENTIRELY.
Fair share! FAIR SHARE!
Well, he kisses the right arse:
NY Mayor tells AIPAC: ‘Part of my job description is to be a defender of Israel’http://mondoweiss.net/2014/01/blasio-description-defend.html
Reminds me of the Israeli flag in Palin's office I saw in a pic back during that election season.
I think a higher percentage of US politicians make the pilgrimage to the wailing wall than jews do.
pods
I read a lot of envy in these posts. Good for him for only paying 8% when so many pay NOTHING and expect to recieve a return. His income is not so high it should cause so much envy. Scrap the whole tax code and got to a flat tax with no deductions, no child credits, and no returns.
Sorry, a flat income tax is not the answer. That just makes everyone equal in their slavery. I suppose the plantation runs more smoothly when all the slaves are treated exactly the same, but the slaves are still slaves at the end of the day.
There is a flat tax. It's called the AMT. It fucks people who make $150-250k hard.
"Good for him for only paying 8% when so many pay NOTHING and expect to recieve a return."
I normally would agree with you, but De Blasio advocates for big government and BIG TAXES. Another hypocritical politician with the motto:
Taxes for thee, but not for me
De Blasio pitching moar taxes:
http://www.breitbart.com/InstaBlog/2014/04/16/NYC-Mayor-De-Blasio-Pays-8...
He made more then I did but I have at 30% effective tax rate. Somethig is wrong to get to 8.3% were is the AMT tax that Socialist love so the rich pay there fair share.
Yeah but what is his Secretary paying ??? That's the real question.
Do as I say not as I do. Or Rules for thee, but not for me. The Progressive mantra.
Free to those who can afford it, very expensive to those who can't.
Something is not right here. His tax rate should be in the upper 20% to lower 30% range. I should be come a liberal democrat so I too can enjoy the benefit of cheating on my taxes with impunity.
zh headline is misleading people. his tax rate isnt 8%. tyler is taking into account deductions/losses and then coming up with the net rate he paid that. im not sure where tyler is going with this. should we not have deductions now? somebody owns a rental property and they can deduct losses--this is a problem??? tyler whats the issue here? whats your point??? people should pay more taxes to a fucked up system? people that run their own businesses shouldnt be allowed to offset losses? this is bad for the last remnants of capitalism is this country?
tyler you are sending mixed messages to your flock.......
Kito,
His audience doesn't file tax returns and certainly doesn't use Schedules A,C, D or E.
Read the title of the article again - his effective tax rate was 8.3%.
And yes, the whole point of the article is to show how libs want higher earners to pay their "fair share" but then they themselves use every trick in the book to bring their effective tax paid down as far as possible, or 8.3% in this case.
I guess double standards and hypocricy is not something you're good at recognizing?
what trick did he use?? basic deductions?? accounting 101? perhaps you are great at going after chum that tyler throws in the water?
What every trick in the book are you talking about? Deducting New York and New York City Income Tax Deducting Mortgage Interest and Property tax? Deducting flexible spending and capital loss carryforward?
I'm pretty sure those indents on the article mean that he's quoting something else.
So I take it, he is NOT in the Tea Party ???
If I could figure out a way to pay 8% legally I would, and you most certainly would too. This is not the issue. The issue is that if taxes are going to be levied, they should be measured by the same set of rules for everyone. There is no such thing as more fair or more equal - only on the Animal Farm.
So you are saying, if we can't have Liberty, we should at least have Equality?
Sounds sort of Communist when you put it like that.
Might want to rethink your approach. How about we have LIBERTY, and abolish the income tax-- just like the founding fathers did?
Two sides of the coin. If we're going to be oppressed by wealth confiscation, then there shouldn't be special privileges for one group over another.
On the other side - of course liberty should be our inalienable right (isn't it?) but I'm being realistic - the thieving politicians love other people's money too much, and of course they enjoy and exploit the leverage that it gives them to intimidate and oppress one group, in return for currying favor from another. Of course I'm sure they also look at it as fun to squander money with impunity.
I guess we need to understand the term effective tax rate. An article I searched said they paid $25k in fed, state and local taxes and $2k more in property taxes.
I think he just takes advantage of all types of deductions such as maxing out 401k/sep, TRIP deduction, flexible spending, charitable deductions and on and on. Nothing illegal, just shrewd. He's also got two kids to deduct and wouldn't be surprised if child care deduction game of some sort.
Which is when the AMT kicks in.
You don't get to deduct these things.
Yeah but at $165k with legit deductions, he's nowhere close.
Got it.
I should just go work at Whataburger and play blackjack every quarter.
Sure, take every deduction you can and pay your 8.3% in Federal income tax.
Just don't preach to the masses that the "rich" (meaning income >$100k or whatever) should be paying 30%+ in taxes.
That would make you a two-faced asshole. Usually it would be a Democrat asshole, since they're the ones who preach the high-taxes-on-the-"rich" ideology.
Sorry but I don't consider $165k in NYC married two kids as rich. And I think the 8.3% number is crap if he's maxing out a retirement plan and deducting SALT, PTax and Mortgage Interest.
A member of the communist oligarchy.
An undomesticated oligarch.