Tax records on wealthiest Americans released

[tnt]

Well, you should check that - I think that is incorrect. My cap gains, div. and interest is taxed at a different rate and is on a different schedule.

[WuWei]

@tnt

Well, you should check that - I think that is incorrect. My cap gains, div. and interest is taxed at a different rate and is on a different schedule.

That’s probably because they are different.

[Samm]

They are listed in different sections off the same form and the calculated on the same worksheet.

[tnt]

@Samm

They are listed in different sections off the same form and the calculated on the same worksheet.

What Are the Capital Gains Tax Rates for 2024 vs. 2023?

I know what you are referring to - form 1040 has an entry for cap gains in income, but I think you use a different worksheet to determine if you have to enter anything in there. We use an accountant, so I’m not really sure…

[tnt]

there has to be an accountant on here who can explain this to us, doesn’t there?

[JayJay]

@tnt

@Samm

They are listed in different sections off the same form and the calculated on the same worksheet.

Capital Gains Tax Rates for 2024 vs. 2023 | Kiplinger

I know what you are referring to - form 1040 has an entry for cap gains in income, but I think you use a different worksheet to determine if you have to enter anything in there. We use an accountant, so I’m not really sure…

Yes taxes on short term and long term capital gains are taxed differently.

You are correct.

Long-Term vs. Short-Term Capital Gains

[zantax]

@gooddad409

@tnt

@WuWei

What do you own that was owned by your family in 1800? 1900? 1976?

My grandparents had the opportunity to be educated when they were born in america and their parents, except one I think, were property owerns… With their education, they provided a stable home for my parents.When their parents passed away, in one case, one of my grandparents was able to leverage that money into a successful business, which held assets that my parents eventually inherited, When my grandparents passed away, my parents inherited their assets, including homes, which helped my parents provide a stable life, and to invest in their business. All the while they were being educated unlike the black americans in their neighborhood. The stable home my parents provided me allowed a solid platform for my own life.

A similar black american’s great grandparents couldn’t own property. Grandparents couldn’t be educated nor own property in any practical sense. Parents, could own property but would have been red lined into the poorest of neighborhoods.

None could be educated in any real sense until my contemporary.

I dare say that story is no where near the norm. My grandparents left little behind and my parents even less.

My Dad left nothing really. A small house that the gov confiscated because of his nursing home stay.

Mom left very little and even that little i inherited when i was nearly 60.

I received no help starting out in life (made my own living from 18 on) and didn’t expect any.

That stubborn determination to make it on one’s own without help would certainly serve folks a lot better than a whiny i’m being screwed and i deserve massive handouts(from taxpayers) mind set.

Well that’s the best part isn’t it? The people sitting around waiting for the government to lift them out of poverty, will always be waiting, and poor.

[JayJay]

These types of arguments are specious.

I’m sure after some thought you’ll figure out why…

[gooddad409]

@zantax

@gooddad409

@tnt

@WuWei

What do you own that was owned by your family in 1800? 1900? 1976?

My grandparents had the opportunity to be educated when they were born in america and their parents, except one I think, were property owerns… With their education, they provided a stable home for my parents.When their parents passed away, in one case, one of my grandparents was able to leverage that money into a successful business, which held assets that my parents eventually inherited, When my grandparents passed away, my parents inherited their assets, including homes, which helped my parents provide a stable life, and to invest in their business. All the while they were being educated unlike the black americans in their neighborhood. The stable home my parents provided me allowed a solid platform for my own life.

A similar black american’s great grandparents couldn’t own property. Grandparents couldn’t be educated nor own property in any practical sense. Parents, could own property but would have been red lined into the poorest of neighborhoods.

None could be educated in any real sense until my contemporary.

I dare say that story is no where near the norm. My grandparents left little behind and my parents even less.

My Dad left nothing really. A small house that the gov confiscated because of his nursing home stay.

Mom left very little and even that little i inherited when i was nearly 60.

I received no help starting out in life (made my own living from 18 on) and didn’t expect any.

That stubborn determination to make it on one’s own without help would certainly serve folks a lot better than a whiny i’m being screwed and i deserve massive handouts(from taxpayers) mind set.

Well that’s the best part isn’t it? The people sitting around waiting for the government to lift them out of poverty, will always be waiting, and poor.

That’s very true. Good point.

[Samm]

Both are taxed at the same rate as ordinary income depending on your income (i.e. tax bracket.) Most taxpayers with capital gains fall within the group where that is the case. That link confirms that.

[JayJay]

@Samm

Both are taxed at the same rate as ordinary income depending on your income (i.e. tax bracket.) Most taxpayers with capital gains fall within the group where that is the case. That link confirms that.

No the links do not confirm that.

If you hold an asset for more than a year (I have done so…many times), it is taxed at a much lower rate than if it had been more income (it’s added last on the tax form, and thus would be taxed at the highest marginal rate if it was taxed as regular income).

The tax income threshold to be taxed at 15% capital gains rate is anywhere from $40,000 to $445,000. That’s a marginal rate anywhere from 12% to 35%. Most people who earn enough to have stocks of any value are likely in the 22% tax bracket or above. The capital gains rate you would pay is 31-53% less than if that capital gain was regular income.

[Samm]

@JayJay

@Samm

Both are taxed at the same rate as ordinary income depending on your income (i.e. tax bracket.) Most taxpayers with capital gains fall within the group where that is the case. That link confirms that.

No the links do not confirm that.

If you hold an asset for more than a year (I have done so…many times), it is taxed at a much lower rate than if it had been more income (it’s added last on the tax form, and thus would be taxed at the highest marginal rate if it was taxed as regular income).

The tax income threshold to be taxed at 15% capital gains rate is anywhere from $40,000 to $445,000. That’s a marginal rate anywhere from 12% to 35%. Most people who earn enough to have stocks of any value are likely in the 22% tax bracket or above. The capital gains rate you would pay is 31-53% less than if that capital gain was regular income.

Read the circled text carefully. Most taxpayers pay less than 15% on adjusted income. My income is over $100k and my bottom line tax rate is usually between 10 and 12%.

[JayJay]

Capital gains get added on to your income last. That means if you are paying normal taxes on cap gains (because you held the asset less than a year), that income is getting taxed at the highest marginal rate (your tax bracket).

That’s the proper comparison to make.

[Samm]

No … the bottom line is how people see their tax rate.

[Jezcoe]

Anybody see this?

So Peter Thiel, when founding PayPal, bought 1,000,000 shares for $2000 at $0.001 per share… a wildly discounted price by PayPal’s own admission. He then places those shares in a Roth IRA.

Now at the age of 60 he will get $5 Billion tax free.

Lord of the Roths: How Tech Mogul Peter Thiel Turned a Retirement Account for...