Replies to post #75130 on Politics and Money

[shermann7]

I think the tax code is slanted towards the rich vs the middle class...when all is said and done...I believe they do very well when the overall package is added up...If you do not believe me, there is always Warren Buffet and Bill Clinton's word to fall back on...

Shermann

[properlynumb]

They get the max.
Unfortunately, they have many opportunities for deductions that the majority of Americans don't.

Capital Gains?.......
Hedge funds can collect billions and get a 15% income tax rate.

Mortgage interest?
"According to a study by The Wharton School at the University of Pennsylvania, mortgage interest deductions for households with incomes between $40,000 and $75,000 average just $523, while households with incomes above $250,000 enjoy an average write-off of $5,459, or more than 10 times as much.

You must itemize on IRS Form 1040 Schedule A to claim the deduction. If you do, you can also deduct the interest paid on a second home. The rich do both, but most of the middle class does neither."
http://www.bankrate.com/finance/taxes/tax-deductions-favor-rich-4.aspx

Inheritance tax?
This is money that is not earned but bequeathed.
The person that is taxed is dead.

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Please!
Consult your Tax preparer and ask a few questions!
You post like you're completely naive.