Sanders Tax Returns

[Ben]

Well, now we know why Sanders was so hesitant to release past tax returns. For a "fair share" guy, he doesn't seem to be doing his part. Also, as a Wall Street hater,  I wonder what kind of portfolio he has? <15% means dividends are tax free.

http://twitchy.com/2016/04/15/you-wont-believe-how-little-bernie-sanders-pays-in-taxes/

[Boomhauer]

Socialism is for thee, but not for me!

Typical communist little *expletive deleted*ck...

[Ben]

Obama's and Biden's tax returns have also just been released. Obama paid 19% effective, and Biden paid 23% effective.

Clinton released her return, but I haven't seen numbers. I won't be surprised to see a similar effective rate though. The Democrat motto: "We need to stick it to the (other) fat cats!"

[birdman]

Obama's and Biden's tax returns have also just been released. Obama paid 19% effective, and Biden paid 23% effective.

Clinton released her return, but I haven't seen numbers. I won't be surprised to see a similar effective rate though. The Democrat motto: "We need to stick it to the (other) fat cats!"

Not that weird.  If you make $300k as a married couple with -zero- deductions (effectively, a $300k taxable income) you will pay ~$75k or 25%.  Not that hard to take that down by $20-30k with deductions to get to <20% effective.
Hell, we grossed in that range last year and had an effective tax rate of <10% (-huge- amount of qualified deductions this year) without any LTCG or weirdness.

[Ben]

Not that weird.  If you make $300k as a married couple with -zero- deductions (effectively, a $300k taxable income) you will pay ~$75k or 25%.  Not that hard to take that down by $20-30k with deductions to get to <20% effective.
Hell, we grossed in that range last year and had an effective tax rate of <10% (-huge- amount of qualified deductions this year) without any LTCG or weirdness.

Though the point is that they are hypocritical because they don't want you to have that rate, but have no problem using the tax code to their own advantage. There is nothing stopping them from not taking deductions and paying their "fair share" of 30% or so to the IRS.  :)

[Fly320s]

Though the point is that they are hypocritical because they don't want you to have that rate, but have no problem using the tax code to their own advantage. There is nothing stopping them from not taking deductions and paying their "fair share" of 30% or so to the IRS.  :)

And Bernie could voluntarily pay more, if he chose.

Not that weird.  If you make $300k as a married couple with -zero- deductions (effectively, a $300k taxable income) you will pay ~$75k or 25%.  Not that hard to take that down by $20-30k with deductions to get to <20% effective.
Hell, we grossed in that range last year and had an effective tax rate of <10% (-huge- amount of qualified deductions this year) without any LTCG or weirdness.

How did you escape the AMT? 

[birdman]

And Bernie could voluntarily pay more, if he chose.

How did you escape the AMT? 

Qualified deductions.  We bought a house, had way more business expenses, etc.  I was shocked as well.
Also, even with AMT, say your married AGI was 160k...your effective tax rate would still only be like 14%.

[Hawkmoon]

Another poster child example of why we need a flat rate income tax system. What did Steve Forbes say a flat rate would have to be to fund the government? Wasn't it 15 percent? I could live with that.

[MechAg94]

Another poster child example of why we need a flat rate income tax system. What did Steve Forbes say a flat rate would have to be to fund the government? Wasn't it 15 percent? I could live with that.

I would be okay with that as long as they get rid of stuff like the earned income tax credit that end up being a money giveaway.  Everyone pays.

I would rather get rid of income tax all together, but that would require a lot of spending and regulatory cut backs.  None of that would happen without some big changes in our govt.

[Boomhauer]

Another poster child example of why we need a flat rate income tax system. What did Steve Forbes say a flat rate would have to be to fund the government? Wasn't it 15 percent? I could live with that.

Politicians can't buy votes easily under a system like that nor leverage class warfare as easily, which is exactly why it will always have zero traction.

[Hawkmoon]

Politicians can't buy votes easily under a system like that nor leverage class warfare as easily, which is exactly why it will always have zero traction.

Unfortunately, sad but true ...

[K Frame]

Supposedly he drives a 150k car.

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[Boomhauer]

Real man of the people there...

[Ben]

Supposedly he drives a 150k car.

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And there's another point. Not just for Sanders, but for all of them with their "spread the wealth" crap. I'll believe them when they drive a Toyota Corolla (and not just for the photo op while keeping a couple of Mercedes in the garage), when they live in a tract home (or hey, a tiny house!), and fly regular cabin commercial, or better yet, telepresence to your meetings if you care so much about climate change.

Most of them seem to talk the talk for photo ops, while living like Al Gore behind the scenes.

[Perd Hapley]

Sander's comfortable, upper-class lifestyle is perfectly in line with his being a socialist politician. Or any Congressmen, of course.

[dogmush]

Sander's comfortable, upper-class lifestyle is perfectly in line with his being a socialist politician. Or any Congressmen, of course.

Or Politburo member.

[Hawkmoon]

Supposedly he drives a 150k car.

That story has apparently been discredited.

[White Horseradish]

Supposedly he drives a 150k car.

I'm pretty sure like most politicians he doesn't actually drive himself. Probably gets driven around in a limo of some sort.

[K Frame]

That story has apparently been discredited.

That story has apparently been discredited.

Bummer.

[Hutch]

Just to howl with the pack, I recall seeing Bubba's and Al's returns dissected, along with many of their cronies.  Very little charitable giving was, like, you know, actual money, oh no.  More like household discards.  Very little of it went to, like, actual needy people.  No, it was given to universities, and liberal foundations and suchlike.  A fine platform of generosity to stand on and hector us knuckle-dragging, butt-scratching cousin-lovers about how uncaring, greedy, and selfish we are.

[Fly320s]

Are presidential applicants/candidates required to release their tax returns?

[Ben]

Are presidential applicants/candidates required to release their tax returns?

I don't believe so. Trump hasn't released his. Not sure if it's a requirement for sitting President and VP, but the records seem to be made public each year.

[Fly320s]

I don't believe so. Trump hasn't released his. Not sure if it's a requirement for sitting President and VP, but the records seem to be made public each year.

That is what I thought.  I'm surprised that any candidate releases his records.