Quote:
Originally posted by widebody911
$300k earner will have ~$83k taken from his pay ~31.6%
This is a red herring: guys pulling in that kinda green pay accountants to get that $83k closer to $24k.
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Thom,
I have to disagree, that statment in itself is a redhearing statement. And I believe most peopel actually believe your statement to be true, when in fact it isn't.
That may be the case for a business owner, but you'd have to have real expenses to deduct to get you income down.
A w2/1099 earner would have very limited avenues available to reduce that income. One option might be owning rental real estate as a business, but you'd still have to shell out cashflow to create a deduction. Shell out a $1.00 expense for a .35 deduction. They'd still be out .65