Dick Cheney's Tax Return PDF...

that's a HUGE itemized deduction total. not to mention income i'll never see in all the rest of my life combined.

wonder what he itemized? :blink:

 

Talk about the rich not paying their fair share of taxes!!! If this return is even real and not an internet hoax, they paid less than 6% of their DECLAIRED income in taxes!!! You can be sure it is actually worse than that. Also, they weren't liable for Alternative Minimum Tax??? Remember to not look at the numbers (amounts) look at the percentages. This return is a shining example/poster boy of why we seriously need tax reform.

 

<div class='quotetop'>QUOTE(MarinJohn @ Apr 15 2006, 01:58 PM) [snapback]240219[/snapback]</div>

Marin...I paid 23.5% and that is TOO DAMN HIGH!!!!!!!!

So, how much is "fair". Pick a number and it better be equal to or less than what you paid.

Oh, BTW, I am a supporter of either the flat or fair tax proposals.

DOWN WITH THE CURRENT TAX CODE.

 

Sure a flat tax is simple, but it is also one of the most regressive. Is that really what we want?

Peace --

 

Warren Buffett, the rich American businessman, said a few years ago that HIS tax liability, because of his numerous deductions and loop holes, was less than his secretary's tax liability. He was saying what a sham our current tax system is. I have to concur.

I am also in favor of a flat tax. I'm not an economics major but I would have to imagine that if everyone just payed 15% of their income to Federal taxes with no deductions, this government would have more money in the Treasury than now. Oh, and get out of Iraq....that would save 100 billion per year

 

I am a fool. I paid what I owed. It was no where near the percentage that our VP paid. I guess that I am a flat taxer. I also want to have a national single payer heath care plan. Daxx there goes my income again. Though I am old enough that I could be a Manager and make the big bucks working 9-5 weekends off.... and dare I whisper it nights off!

 

i would like to know how cheneys get 6.8 millions in itemized deduction.

 

<div class='quotetop'>QUOTE(eyeguy13 @ Apr 15 2006, 05:57 PM) [snapback]240321[/snapback]</div>

As long as ALL species of income generation including corporations, churches and non-profits paid a flat tax right off the top I could support a flat tax even tho it is severly regressive. No exceptions for anything including interest, dividends, capital gains etc.

 

<div class='quotetop'>QUOTE(Clar @ Apr 16 2006, 12:30 AM) [snapback]240384[/snapback]</div>

Here's how:

{quote}Vice President Dick Cheney and his wife, Lynne, reported owing $529,636 on taxable income of $1,961,157. The couple's total income in 2005 was $8,824,762, largely as a result of stock options Cheney received before stepping down as chairman of Houston-based Halliburton Co., the world's largest oilfield- services company, to run for vice president in 2000. The Cheneys donated $6,869,655 to charity in 2005 from the exercise of these stock options and from book royalties, the White House said.{End Quote}

Source: Bloomberg.com

 

<div class='quotetop'>QUOTE(MarinJohn @ Apr 16 2006, 12:21 PM) [snapback]240498[/snapback]</div>

How would you like a tax bill each month along with your phone bill.

 

<div class='quotetop'>QUOTE(SirGreen @ Apr 16 2006, 04:26 PM) [snapback]240604[/snapback]</div>

Sometimes is seems like half of my phone bill is taxes and fees. :angry:

 

<div class='quotetop'>QUOTE(MarinJohn @ Apr 16 2006, 11:21 AM) [snapback]240498[/snapback]</div>

Absolutely!!!!! No exceptions. Corporations must pay their fair share. Why is it that the tax burden falls on the working and middle class of this nation? The number of billionaires, billionaires, not millionaires, has doubled since the year 2000 (source: Real Time with Bill Maher, HBO, a few weeks ago). What does that say about our country and the distribution of wealth? Think about what all that money could be doing...national health care, improvements in our country's infrastructure, increasing teacher pay, and yes, maybe even improving the air quality by helping out Big Power add scrubbers and other anti-pollution devices to their power plants. Maybe all my time spent overseas in Europe and Japan serving in the military has changed my thinking. Those countries seem to value society over the individual. The common goal is NOT to get rich and screw everyone else. The common goal is to better their countries and lead a good life and have fun. Maybe we all buy Prius' because we care about the environment and want to create a better world for us and our kids. I know I did......

 

<div class='quotetop'>QUOTE(MarinJohn @ Apr 16 2006, 12:21 PM) [snapback]240498[/snapback]</div>

Gee Marin, do you want to eliminate the separation of Church and State? Churches should not have to pay taxes...why? because their funds come from AFTER TAX donations by the members. That would be double taxation.

Oh, I don't have time to go into my tax ideas.

 

Regressive, my nice person. Reducing the tax code from the eight or
whatever feet of bookshelf it is now to one slim volume would be
significant PROGRESS. What current "features" of the current tax
system do you view as being a disadvantage in giving up?
.
_H*

 

FIrst of all, why do you car what Cheney makes in a year. So what if he's Vice-President. Is your life any better now that you know his income? Did anything improve? No, all that happened is more complaining.



<div class='quotetop'>QUOTE(Denny_A @ Apr 16 2006, 06:45 PM) [snapback]240594[/snapback]</div>

Second, this pretty much explains how they deducted that huge amount. Damn rich people, how dare they give so much to charity and then get a tax deduction! Bastards! I hear that Bill Gates jerk is even worse. Imagine tha fat deduction he gets for donating a BILLION to charity.

 

<div class='quotetop'>QUOTE(hobbit @ Apr 16 2006, 07:52 PM) [snapback]240645[/snapback]</div>

Earned Income Credit comes to mind. Look, I'm not saying the tax code we have is good, I don't think that at all. But I think changes have to be thought through very carefully. Lots of unintended consequences.

BTW, I favor a single-payor health care system, too. Not there's a subject that gets me fired up!

Peace --

 

<div class='quotetop'>QUOTE(marjflowers @ Apr 16 2006, 09:28 PM) [snapback]240669[/snapback]</div>

Unintended consequences mostly are a result of social engineering through the tax code. Simple answer for simple flat tax. First $25K of anyones income is exempt. After that , 15% period.

The only "unintended consequences" I see is that rich people will not be punished enough....Oh wait, that is an INTENDED consequence.

Have you been followng the Massachusetts health care experiment. I think that has some promise. I lean towards everyone having to handle the first 2 grand of health car on their own (using MSA's or some such thing) and insurance only kicking in for big dollars.

 

<div class='quotetop'>QUOTE(DocVijay @ Apr 16 2006, 09:55 PM) [snapback]240646[/snapback]</div>

Assuming, am I, the sarcasm/TIC button was in use! My response was to provide an answer to another PCer's Q! IMO - more power to the philanthropy of our much-maligned 2nd-in-command.

 

<div class='quotetop'>QUOTE(Denny_A @ Apr 16 2006, 10:22 PM) [snapback]240699[/snapback]</div>

I actually appreciated your post, as you gave a clear answer as to why the Cheney's had such a huge tax deduction.

The first part was not directed at you, or any other person in particular. It was a genaral cry of frustration at the gawker mentality in this country. Same thing that keeps papparazzi employed, and causes slowdowns at car accidents.

...and yes, the sarcasm buttom was most definitely clicked.