Obama wants to end $4B oil industry tax breaks.

[shmike]

Originally Posted by Homeslice

I'm not sure why I need to show my work. I'm "middle class", or maybe "upper middle", and I paid what, 28-29% or whatever the heck my bracket is? I forgot.

I'm not a family, and I didn't have anything worth deducting this year, so my ability to reduce that is practically nill.

Not sure where they're getting 4.7% from.

And do you deny my claim that rich people are more likely to 1) use an accountant, 2) identify & make use of creative deductions, and 3) shelter money overseas?

When you use words like "most" and "the % of..." you should post numbers.

The quote tells you EXACTLY where they got the 4.7% figure from.

A single person with a decent income gets hit the hardest on taxes. That same person with children, mortgage interest, education expenses, etc. can have an effective taxe rate of 0% (just ask Paul).

I don't disagree that the rich use accountants and deductions not used by Joe average $50k/year.

However, if you think that a ball player, actor, business owner or hot shot banker, attorney or plastic surgeon earning $5mil a year has some magical offshore bank account into which their earnings are paid and not taxed, you are off your rocker.