Will Smith lectures French on paying taxes

[PeaShooter]

Until he learns that their top rate is 75%! Listen carefully to Will, as it is overdubbed in French.

[ame]http://youtu.be/sJFLh7aVd7c[/ame]

 

[jamil]

That's funny. It at least shows that a line exists where too much is too much even in Will Smith's world.

 

[blamecharles]

HAHA. Changed that tune real quick.

 

[Expat]

That is where Hannity exposes a lot of hypocrisy with these people. He asks them first how much he should have to pay. When they say 50% or often less than that, he explains he already pays more than that with Federal, State, property taxes, sales taxes, etc.

 

[Tsigos]

That is where Hannity exposes a lot of hypocrisy with these people. He asks them first how much he should have to pay. When they say 50% or often less than that, he explains he already pays more than that with Federal, State, property taxes, sales taxes, etc.

I somehow doubt that Mr. Hannity pays an effective tax rate of over 50% of all of his income even if he adds sales taxes and property taxes. Maybe 50% of his ordinary wage-related income but probably zero taxes on his income from investments. In my opinion all income should be considered ordinary income. Why should I be penalized because the majority of my income comes from wages and not wealth.

 

[actaeon277]

I somehow doubt that Mr. Hannity pays an effective tax rate of over 50% of all of his income even if he adds sales taxes and property taxes. Maybe 50% of his ordinary wage-related income but probably zero taxes on his income from investments. In my opinion all income should be considered ordinary income. Why should I be penalized because the majority of my income comes from wages and not wealth.

So you're saying you want your 401k, IRA, college savings for kids, retirement nest egg, and other savings accounts taxed higher?

 

[handgun]

So you're saying you want your 401k, IRA, college savings for kids, retirement nest egg, and other savings accounts taxed higher?

That is what the poster obviously stated. ( Poster probably doesn't have such things)

 

[actaeon277]

That is what the poster obviously stated. ( Poster probably doesn't have such things)

I'm not gonna make a judgement on a man's finances.

I do know I've managed to scratch and scramble to get some of those. And I ALREADY paid taxes on it as income once.
And before I had some of that stuff, I had plans to try to get some of it.

 

[Expat]

I somehow doubt that Mr. Hannity pays an effective tax rate of over 50% of all of his income even if he adds sales taxes and property taxes. Maybe 50% of his ordinary wage-related income but probably zero taxes on his income from investments. In my opinion all income should be considered ordinary income. Why should I be penalized because the majority of my income comes from wages and not wealth.

I am sure you would know what he pays better than he does.

 

[GodFearinGunTotin]

In my opinion all income should be considered ordinary income. Why should I be penalized because the majority of my income comes from wages and not wealth.

In my opinion, the size of government should be reduced so that we all get to keep more of our income and wealth. And maybe we won't fall under the spell of politicians that use class warfare to justify robbing citizens of their property to prop up a bloated welfare state.

 

[goinggreyfast]

Couldn't listen to it. Combined with all the other voices in my head, I couldn't make sense of what he was saying. Looks like it was quite the wake up call though.

 

[apsjiml]

If you really want everyone to have a fair shot, why not just have a flat tax or a national sales tax. That way everyone pays the same percent. Instead of focusing on what the weathly pay why not focus in on the fact that almost 50% of americans pay 0 federal income tax? Also, with regaurd to capital gains tax, you already paid taxes when you made your money, why must you pay again when you make money on your investments?

 

[chraland51]

Blame our high taxes on the scumbags that we keep returning to Washington term after term after term. They just sit around and think of new ways to put the screws to us taxpayers and never sit around trying to think how to cut spending. The best we can hope for from these criminals is that they will reduce the rate of spending increases only after we the people show them that we are really mad. Democreeps and repukelicans both do the very same thing.

 

[Stschil]

I somehow doubt that Mr. Hannity pays an effective tax rate of over 50% of all of his income even if he adds sales taxes and property taxes. Maybe 50% of his ordinary wage-related income but probably zero taxes on his income from investments. In my opinion all income should be considered ordinary income. Why should I be penalized because the majority of my income comes from wages and not wealth.

So you are saying that we should be taxed at the same rate twice on money we've earned, meanwhile nearly 50% of America pays zero income tax at all?

Better switch your koolaid to water.

 

[Loco179]

HA HA HA try paying 75% of your income. Good luck with that!

 

[John Galt]

Fairtax, baby!

 

[Tsigos]

That is what the poster obviously stated. ( Poster probably doesn't have such things)

You "obviously" have no idea how our tax system works so I won't expect you to understand. I have no problem with acculating wealth tax-free via a qualified retirement plan. However, a person whose sole income is made as a day trader in the stock market should have their income taxed the same as a wage earner. Income is income regardless of the source.

 

[Stschil]

You "obviously" have no idea how our tax system works so I won't expect you to understand. I have no problem with acculating wealth tax-free via a qualified retirement plan. However, a person whose sole income is made as a day trader in the stock market should have their income taxed the same as a wage earner. Income is income regardless of the source.

Are you sure about that?

Hypotheticals:

I scrimp and save money I earn from my regular job. That income has already been taxed at the higher rate. I take some of that that I have saved and invest it. I watch the markets, I sell when it is profitable and now I have double my investment. Why in all that is holy should I have to pay tax on that profit at the ordinary income tax rate? I have already given uncle Sam my pound of flesh.


I sell a home at a profit, every dime I have put into making mortgage payments has already been taxed, why should I have to pay additional taxes on the profit?

A family member passes away and leaves me a chunk of mulah. Said family member has payed taxes on that cash while he/she was alive. What gives the govt the right to expect me to pay them an inheritance tax?

Let's say I have workEd my tush off all my life. Paid into social security and now it's time to start drawing on those funds, Which by the way have alread been taxed, withheld against my will and used as an interest free loan by the government. WTH should I have to pay income tax on that?

The tax code is ludicrous. It is a governmental scheme of theft. Nothing more.

 

[nawainwright]

I think the real question is: WHY DO THE FRENCH CARE WHAT WILL SMITH HAS TO SAY ABOUT TAXES?!?!?!?

 

[Tsigos]

Are you sure about that?

Hypotheticals:

I scrimp and save money I earn from my regular job. That income has already been taxed at the higher rate. I take some of that that I have saved and invest it. I watch the markets, I sell when it is profitable and now I have double my investment. Why in all that is holy should I have to pay tax on that profit at the ordinary income tax rate? I have already given uncle Sam my pound of flesh.


I sell a home at a profit, every dime I have put into making mortgage payments has already been taxed, why should I have to pay additional taxes on the profit?

A family member passes away and leaves me a chunk of mulah. Said family member has payed taxes on that cash while he/she was alive. What gives the govt the right to expect me to pay them an inheritance tax?

Let's say I have workEd my tush off all my life. Paid into social security and now it's time to start drawing on those funds, Which by the way have alread been taxed, withheld against my will and used as an interest free loan by the government. WTH should I have to pay income tax on that?

The tax code is ludicrous. It is a governmental scheme of theft. Nothing more.

Look, I understand that you don't want to pay taxes. Nobody does. I also believe we need to become more fiscally conservative as a nation. However, if you accept the idea of having an "income" tax, then all income should be taxed the same (you can exempt social security and other retirement plan income to encourage savings for retirement if you want). the reality is that most of the things you mentioned (profit from home and stock sale) are already taxed but at a lower rate than other income. Winnings at a casino=ordinary income but realized gain from the stock market=capital gain? Why? Because the rules were created by the guys holding the stock market investments.

If all income was taxed the same regardless of the source, taxes paid on wages could be reduced and you and I would have more money available to save, invest or spend how we choose.

BTW- if you are expecting an inheritance, have your parents call an estate planning attorney because almost nobody pays an inheritance tax unless the deceased party did not plan appropriately during their lifetime.