Peter Schiff Tax Takeback

Peter Schiff explains how he arrives at almost 50% tax rate.

Zarathustra takes back some words and offers some new words.

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People & Blogs

Tags:

• Peter
• Schiff
• tax
• rate

[mainteg2004]

Hey, why is he wearing the same shirt as in the video he made yesterday?

[zthustra]

@mainteg2004

I usually wear t-shirts around the house. I have a couple of shirts with collars on them that I toss on when I feel the need for more than a t. If you watch the winter videos, I am almost always wearing a flannel shirt that I wear like a sweater or light jacket when it is cold out. Some of my videos do not have the backdrop up and you can see my very messy bedroom in the background. I am just a guy making videos at home in my bedroom. If I had Schiff's money I would dress better.

[dmg46664]

While there may not be consensus, I challenge you to find a SINGLE first year econ textbook with your definition. The origin of ur defn is in Marxist works. You have the same problem in pigeon-holing the teaparty movement. While I agree that there is a despicable wing of that movement, you are disregarding its Libertarian wing or origin. youtube.com/watch?v=nzJU7AX6aX­o . So your argument is not clearly correct of ommitting baggage vs. alt definitions. Kudos for apologizing to Schiff!

[zthustra]

@dmg46664

I have admired Ron Paul since I voted for him to be president in 1988. He is principled and his principles and ideals have not changed ... mine have.

I feel much the same way about Peter Schiff. I wanted to make some more videos on what he said, but OMG people are like Schiffites and view any criticism of him or his views like an attack on their favorite deity.

[dmg46664]

You are free to define capitalism as centralization of wealth. You are nowhere in the majority with that definition. Most economists (including Keynes) would define a pure capitalism as a Laissez-faire free trade system (protection of prop rights). Likewise Keynes and Socialism are not synonymous. Keynes advocates government as a way of "smoothing out the business cycle" and propping up aggreg demand, not social spending for it's own sake or redistribution. Go to econstories.tv and see Keynes P1

[zthustra]

@dmg46664

I think you might understand how I use the word capitalism better if you watched the video I made about the word:

watch?v=OQgWjeGXMAI

My problem with the modern use of the word is that it leaves us with no word to describe a person (-ist) who is, or condition of being (-ism), at the top (caput-head) with regard to money and property (capital wealth), or the political and economic system that promotes the same by concentrating wealth at the top.

[mainteg2004]

I also can tell you that you'll never understand the tax code. No one does. I look at it one line at a time. The code starts as: Income X Rate = Tax. Ever other line on every single form (federal, state, local and every international entity) is a result of a special interest affecting the code through some form of lobbying.

[mainteg2004]

@zthustra I was just goofing. BTW, you might try purchasing either TurboTax or TaxCut to test your tax calculations. You can probably get a 2010 version for about $10 on Ebay or Amazon at this point. The numbers won't be exact, but probably close enough for discussion.

Also, you are right that many Hedge Funds are organized so the Managing Partners can get Long Term Capital Gains on what you would rationally classify as earned income.

[doc2850]

@pirucreek he would pay less in taxes if we had the same tax regulation.

their was no AMT tax back then so he would essentialy be able to dodge a lot more taxes.

AMT is the true killer of the upper middle class when it comes to taxes since it not only hits the rich it also hits upper middle class.

[zthustra]

@cnxtrans

Just watched it! I like the way he explained it in the video. I'mnot sure he gets to claim any of those corporate tax expenses, but he was fair enough to point out that he might have used the money save for something other than personal earnings.

I NEED to get my next video done today! I don't think that I have been very clear how I feel about taxes. I don't think taxation is the way out. But I think Peter Schiff would be better off paying more taxes than with my solution.