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Pro Athlete Tax Returns Illustrate Complexities of U.S. Tax Code

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07-15-2013, 02:25 PM
  #51
Swarez
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Originally Posted by Burke the Legend View Post
I wouldn't call those "loopholes", they are credits that our representatives in parliament believe were needed to promote certain positive social behaviours. They have a trade off cost, and their merits are debatable but they aren't "loopholes" in the sense that they would allow a rich guy to get around the principles of taxation and pay significantly lower rates.

Loopholes are more along the lines of certain charity donation deals (over-valued artwork used to be popular, but the CRA has stopped that), (international) corporate structures, registration tricks, trusts, or offshore holdings to massively lower your tax % on property or types of income.
What I was saying as individuals there is little we can do to lower our taxes, what I listed was most of them (there are some more but yo get the idea).

Business have loopholes, not going to deny that, I do corporate taxes for a living for one of the big firms in Toronto, our job is to lower tax payments, legally mind you.

There are 4 types of incomes in Canada
-personal income (salary)
-Business income (non corp, gets added to personal income)
-Corporation income
-Investment income

All have there own rules.

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07-15-2013, 02:32 PM
  #52
Burke the Legend
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Which is my issue. The fact her tax rate is higher is completely mind boggling!
It's more of a problem that the tax code simple isn't designed around billionaires as wealthy as Warren Buffet. They are what would be called "table breaking" in math/programming. His assets are so unconventionally structured it's really not right to use him as a yardstick, and attempts to do so reek of political populism (Mr. tax-me buffet by the way is leaving his fortune to private charity, not the government, one final post-mortem tax dodge).

At the higher end of the progressive scale it's designed more everyday millionaires (like say pro athletes) who do end up paying higher tax rates.

The alternative minumum tax was originally designed in the late 60s to snare people like Buffet, but it was a poorly written law.

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07-15-2013, 03:09 PM
  #53
Riptide
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Originally Posted by Burke the Legend View Post
Loopholes are more along the lines of certain charity donation deals (over-valued artwork used to be popular, but the CRA has stopped that), (international) corporate structures, registration tricks, trusts, or offshore holdings to massively lower your tax % on property or types of income.
There are people who use off shore holdings. One of our previous PMs (like your pres) had his entire shipping company registered overseas to avoid taxes.

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07-15-2013, 03:25 PM
  #54
Roomtemperature
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Originally Posted by Swarez99 View Post
Canada has a progressive system and very few loopholes, America's problem is there tax law not progressive/flat tax issue. You can have just as many loopholes with flat tax and progressive tax. Flat taxes would also hurt most people. Ontario's highest rate is 49% and Alberta's is 39%. Ontario is progressive, Alberta is flat. If you make under $140,000 (household) you pay less income tax in Ontario vs Alberta.

Warren Buffet's secretary has an income tax, Warren Buffet makes most of his money form investment income. Want him to pay more tax, have him get rid of investment income and treat all income the same. Over night he will pay more taxes than his secretary on a progressive system. But at the same time you hurt the economy and slow the economy.
So it will slow the economy because people won't want to make money on investments anymore? They'd rather not make any money then get taxed higher

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07-15-2013, 03:45 PM
  #55
tucker3434
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So it will slow the economy because people won't want to make money on investments anymore? They'd rather not make any money then get taxed higher
Is that a question? At absolute best, the amount of funds for investment will be reduced by the difference between the current tax rate and the future rate. At worst, it changes investment strategies and causes people to find different forms of investment.

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07-15-2013, 04:19 PM
  #56
Riptide
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Is that a question? At absolute best, the amount of funds for investment will be reduced by the difference between the current tax rate and the future rate. At worst, it changes investment strategies and causes people to find different forms of investment.
Yes, but if there's money to be made, people will invest in it.

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