10 Common Tax Myths

[TravelTime]

These are things I know that many people do not know. Regardless if they are facts, the media has convinced people of these myths and there is no way to change people’s minds.

10 Common Tax Myths, Debunked

The 16th Amendment permitting Congress to impose an income tax, was ratified and became part of the U.S. Constitution in 1913. See tax myths.

taxfoundation.org

 

[easyrider]

One concern that wasn't addressed is that those in the top 1% have the ability to use tax breaks , tax incentives, foreign accounts, foreign corporations, grants and other legal maneuvers to shield their income.

Bill

 

[Brett]

One concern that wasn't addressed is that those in the top 1% have the ability to use tax breaks , tax incentives, foreign accounts, foreign corporations, grants and other legal maneuvers to shield their income.

Bill

maybe it's not a myth

 

[needvaca]

disclosure: "Tax Foundation" is a biased business/corporate funded think tank with an agenda of low corporate taxes for businesses.
I work alot in tax and can tell you alot of their explanations are very misleading.

 

[Ralph Sir Edward]

One concern that wasn't addressed is that those in the top 1% have the ability to use tax breaks , tax incentives, foreign accounts, foreign corporations, grants and other legal maneuvers to shield their income.

Bill

Emphasis on LEGAL. If it's legal,you may not like it, but you have no right to complain about it. Change the law. . .

 

[rickandcindy23]

That is a good article. I did think the rich paid 90% in income tax in 1940's-1960's, according to tax charts, but this article says they paid that % only after a certain amount of income. My BIL always says we should go back to those tax rates because they saved the country from The Great Depression.

 

[MrockStar]

That is a good article. I did think the rich paid 90% in income tax in 1940's-1960's, according to tax charts, but this article says they paid that % only after a certain amount of income. My BIL always says we should go back to those tax rates because they saved the country from The Great Depression.

People, hard working Americans saved us from the great depression. Not tax rates or government programs. Big Government programs is usually the problem not the answer.

 

[Brett]

disclosure: "Tax Foundation" is a biased business/corporate funded think tank with an agenda of low corporate taxes for businesses.
I work alot in tax and can tell you alot of their explanations are very misleading.

yes, for sure

https://en.wikipedia.org/wiki/Tax_Foundation

 

[1Kflyerguy]

Emphasis on LEGAL. If it's legal,you may not like it, but you have no right to complain about it. Change the law. . .

I think you can still complain, complaints are the way laws get changed. But you should not fault people or corporations using whatever means they can to reduce their taxes.

 

[Brett]

I think you can still complain, complaints are the way laws get changed. But you should not fault people or corporations using whatever means they can to reduce their taxes.

Warren Buffett keeps saying each year his tax rate is much lower than his "secretary" ... yes - it's not his fault
Fedex and Nike haven't paid "income" taxes ... not their fault

 

[dioxide45]

One concern that wasn't addressed is that those in the top 1% have the ability to use tax breaks , tax incentives, foreign accounts, foreign corporations, grants and other legal maneuvers to shield their income.

Bill

But still they make up 38% of the income tax receipts for the US Treasury.

 

[dioxide45]

Warren Buffett keeps saying each year his tax rate is much lower than his "secretary" ... yes - it's not his fault
Fedex and Nike haven't paid "income" taxes ... not their fault

He can certainly send additional money to the US Treasury if he wants to.

Bureau of the Fiscal Service - Public

fiscal.treasury.gov

 

[easyrider]

maybe it's not a myth

Or a concern, lol.

Bill