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Originally Posted by shmike
That same person with children, mortgage interest, education expenses, etc. can have an effective taxe rate of 0% (just ask Paul)..
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I'm aware of that, but not everyone has that ability. As I stated, I don't.
And my point was, plenty of "rich" people could easily bring their effective rate down below mine, by using creative deductions. The more assets you own, and the more business endeavors you're involved in, the more likely you or your accountant will be able to dream up "creative" deductions.
Quote:
Originally Posted by shmike
However, if you think that a ball player, actor, business owner or hot shot banker, attorney or plastic surgeon earning $5mil a year has some magical offshore bank account into which their earnings are paid and not taxed, you are off your rocker.
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I only said they were more LIKELY to, compared to the middle class.
Bottom line is, I don't feel sorry for rich people. They have more freedom & opportunity to GET rich in this country than practically any other.