Taxes in ze US

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Originally posted by Coredweller
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Spammer.

[Jumpman]

Where is Denmark?

[Living-In-Clip]

Let me say this for you, Sam.

America is a cesspool that should of been blown up along time ago. Don\'t move here. If  it wasn\'t for the fact I have a job here and family here, I wouldn\'t live here. I\'d move to Canada or someplace. It\'s a cesspool.

Originally posted by Jumpman
Where is Denmark?

Right above Germany, Europe (Scandinavia as well ).

[Jumpman]

I never knew that Sam.

Lic, move to Canada, we have winter\'s with bizitches and wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing wing.

Canada is cool, why haen\'t you thought about that place Sam?  Not for me though, every trip has great scenery, and very safe places to visit but everything just seems boring and uneventful.  I\'d prefer to live in the heart of Manhattan compared to Toronto.

Originally posted by THX
Canada is cool, why haen\'t you thought about that place Sam?  Not for me though, every trip has great scenery, and very safe places to visit but everything just seems boring and uneventful.  I\'d prefer to live in the heart of Manhattan compared to Toronto.

It has crossed my mind actually. Dunno what kind of taxes those crazy Candians pay though.

I lived in Toronto for a month back in 1992.  It was not to my liking, but maybe that was because it was FAWKING COLD.  I don\'t need that kind of cold.

Then it\'s humid as hell in the summer, and not very enjoyable.  Southern California or maybe Florida are the best places to live in North America.  Actually Vancouver is nice too, but once again, too cold.  

[Jumpman]

Vancouver too cold?

QQ<---Crying eyes.

Samwise:

Your PM box was full, so I\'m just going to post the answer to your question here.  Sorry for boring everyone.  

This should answer your question.  Since I\'m not a tax professional, I chose not to paraphrase the tax code.  I don\'t want to make a mistake in conveying the information.  I already removed a bunch of info about exceptions and special circumstances, and tried to pare this down as small as possible.  The part about capital gains tax rates in easy to pick out.  All this info comes from the 2004 US Master Tax Guide published by CCH, Inc.

Also note this info defines only the US federal income tax, which is the largest portion of an individual\'s tax responsibility.  Most states also apply their own income taxs, but they are much much smaller than the federal tax.

In order to determine whether a taxpayer\'s gains or losses are ordinary or capital in nature, it must be determined if the taxpayer entered into the transaction as an investor, dealer or trader. The following is an overview of how these terms are defined.

Investors. An investor is a taxpayer whose activities are limited to occasional transactions for his own account. The level of activity is less than that associated with a trade or business. Gains and losses of an investor are subject to the capital gains and loss rules.[/b]

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Tax on Capital Gains --Individual, Estate, Trust --2003


Generally, for sales prior to May 6, 2003, gain from the sale of long-term capital assets is subject to a maximum capital gains tax rate of 20% (10% for individuals in the 10% or 15% tax bracket). A lower rate of 8% (for individuals in the 10% or 15% tax bracket) may apply when the asset was held more than five years (Code Sec. 1(h)). [2004FED3260 ].

For sales after May 5, 2003, the maximum tax rates that are generally applied to long-term capital gains have been reduced:

(1) a 15% maximum rate replaces the 20% rate,

(2) a 5% rate replaces the 10% rate for individuals in a 10% or 15% tax bracket, and

(3) a 0% rate replaces the 5% rate for tax years beginning after December 31, 2007.

The higher capital gains rates for collectibles (i.e., 28%) and unrecaptured Section 1250 gain (i.e., 25%) still apply.

These capital gains rates apply to individuals, estates and trusts. In addition, the rates apply when a taxpayer is computing the income tax under the alternative minimum tax (AMT). Ssee 1401 for information on AMT.

Installment Payments. The lower capital gain rates apply to installment payments received on or after May 6, 2003. [2004FED 3260.033 ].

Dividend Income. Prior to 2003, dividend income was taxed at the same rate as an individual\'s ordinary income. Qualified dividend income received after December 31, 2002 is now taxed at the same rate used to calculate an individual\'s capital gains tax (i.e., 15% maximum, or 5% for those in the 10% or 15% tax brackets).


Investment Interest. When a taxpayer elects to treat any amount of net capital gain as investment interest under Code Sec. 163(d)(4)((iii), then that amount is subtracted from the total net capital gain in order to determine the amount subject to the maximum capital gains rate. See 1094 regarding investment interest.

:gman:

Taxes? Did someone say taxes?

I think for most of us, if you add up all the taxes you pay it probably ends up to be fifty percent or more.

Let\'s see: Income, state and federal. Property taxes, sales tax, gas tax etc. Then there are all the taxes that have another name like fees and tolls.

Granted I live in Taxachusetts but it still hurts. My property taxes are about $3,000.00 plus and the news is that it\'s going up this year another five percent. Sorry tenants but the rent is going up. My water bill, which I call a tax because I am part of forty cities who are paying extra to clean up Boston harbor, is about $2000.00 a year. It\'s a three family house but it\'s still crazy.

My head is ready to explode. I think I\'ll leave now.

Texas\'s sales tax is 8.25% highest I believe if not one of the highest, but we don\'t pay personal income state taxes so I don\'t mind it.

The Los Angeles County sales tax is also 8.25%, and Californians DO pay personal income tax as well.

Isn\'t NYC something like 18%?