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I'm not sure exactly how the new ***** Tax will impact the rich, but Floyd better get in some fights before the Bush Tax cuts expire.
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I am by no means agreeing with Floyd's reasoning, but I hope you people realize that paying your taxes is not as simple as ( Income * tax rate = taxes). Especially for someone like Floyd who I'm sure has many properties, investments, etc. Not to mention Mayweather Promotions.
That being said, its very possible this is all bull****.Comment
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You must live on another planet if you don't know that income on anyone making over 380 thousand a year is going to be taxed at over 4 and a half per cent higher after January.
Those tax cuts might be extended for the middle and lower class, but you're insane if you think they're going to be extended for the "rich."
And under no circumstances would Mayweather ever pay less taxes overall by fighting Pac next year.Comment
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Jimmy boy, None of us are physic's.
So lets go on what we know now and stay in reality.
Anything is possible. Especially in the current Political environment.
**** if you would told me 2 years ago we will now have a new social entitlements with Healthcare, and all new laws on regulation of derivatives, and feds can now cap Executive pay. I would have called you crazy..
But guess what we do, so dont speak so absolutely about the future because in short, you do not know **** about what "could" happen.
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Listen Reed, You are correct they pay the same percentage.
Which is 35%.
I agree with you on that. All the facts support that argument.
But here is the problem.
The more money you make the more taxes you pay.
Just because you pay the same percentage doesnt mean you pay the same taxes.
You can add the numbers up yourself on 1040.com But for the sake of discussion I did it for this thread. As of right now, according to all reports Mayweather has made 65 Million this year, and according to the Federal Tax Estimator he will be paying $23,268,870 in taxes.
Federal Tax Estimator Results
Adjusted Gross Income: $65,000,000
Earned Income Credit: $0
Tax: $22,724,837
Total Tax: $22,724,837
Taxable Income: $64,991,867
Federal Balance Due: $23,268,870
2010
Mayweather already owes 22 or 23 Million in taxes for this fiscal year.
Now let's say Mayweather vs. Pacquiao happens this year and Mayweather
makes an additioal 55 Million.
Now according to the Federal Tax Estimator Mayweather would now have to pay $42,979,715 in taxes.
Federal Tax Estimator Results for Mayweather if he Fights Pacquiao and earns 55 Million.
Adjusted Gross Income: $120,000,000
Earned Income Credit: $0
Tax: $41,974,837
Total Tax: $41,974,837
Taxable Income: $119,991,867
Federal Balance Due: $42,979,715
2011
Now say they fight in 2011, and Mayweather makes that same 55 Million
Federal Tax Estimator Results
Adjusted Gross Income: $55,000,000
Earned Income Credit: $0
Tax:$19,224,837
[B]Total Tax:$19,224,837
Taxable Income[/B]: $54,991,867
Federal Balance Due:$19,685,080
Now according to the Federal Tax Estimator Mayweather would now have to pay $19,685,080 in taxes for a Pacquiao fight.
So once again I understand this argument because based on the numbers it is a valid argument.
So too completely dismiss this argument is not fair because it has some validation.He might even pay more like you said, however we just do not know..
Mayweather might just have a problem writing a check for the amount of 42 Million to the federal government instead of 23 Million..lol
At the end of the day we all have to pay taxes, and based on past history Floyd has a huge problem paying Taxes...
That long ass unnecessary post DOES IN NO WAY SHAPE OR FORM, change the way taxes are charged, or paid.
It doesn't matter if he makes 100 mill this year, or 50 million this year, and 50 million next year.
He pays the SAME AMOUNT in taxes whether he makes it all this year, or he splits it up between the two years.
He will actually pay A HIGHER percentage next year than this year.
And another 6 page post isn't going to change anything.
You telling me someone who makes 100 million will pay more taxes than someone who makes 50 million.. means nothing.
NO **** THEY DO.
What you DONT llike to talk about ... is that, that person just made 50 MILLION more than the other person.
It's all relative!
These are your arguments?
He doesnt like to pay taxes?
WHo the **** likes to pay taxes Horus?
Why do you defend for the sake of defending?Comment
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That's what you keep ignoring.
Who the **** cares if he has to pay more taxes if he's making more?
Would you rather make 50 million and pay 17.5 in taxes?
Or make 100 million and pay 35 million in taxes?
You could either make 32.5 million this year after taxes, or make 65 million after taxes.
SO your argument is lame as ****.Comment
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No, I'm just an actuary with a minor in business.Jimmy boy, None of us are physic's.
So lets go on what we know now and stay in reality.
Anything is possible. Especially in the current Political environment.
**** if you would told me 2 years ago we will now have a new social entitlements with Healthcare, and all new laws on regulation of derivatives, and feds can now cap Executive pay. I would have called you crazy..
But guess what we do, so dont speak so absolutely about the future because in short, you do not know **** about what "could" happen.
The reality is the Bush tax cuts are expiring in January and ***** has shown no desire to stop the top income level cuts from expiring.
There's a 99 per cent chance Floyd will pay more in total taxes fighting Pac next year instead of this. A 0 per cent chance that he'd pay less. The remaining 1% (if you're keeping track) is that he'd pay the same.
Facing those odds, I'd fight Pac in December.Last edited by Jim Jeffries; 07-27-2010, 02:35 PM.Comment
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