Floyds "tax issue" for the year, for possibly not fighting in 2010?

[WladIsTheChamp]

Read the first two paragraphs of my OP.

Then why did you ask the question if you already knew the answer?

[Dick Buffman]

Because people were going around saying that if he earned an additional 40 million this year, it would push him into another tax bracket.

One that does not exist.

I get that part. So why does he wanna wait for 2011?

[THE REED]

I get that part. So why does he wanna wait for 2011?

It was a rumor, that... that is WHY he wanted to wait.

For the tax purposes.

It doesn't make any sense... which is the point of this thread.

[THE REED]

Then why did you ask the question if you already knew the answer?

What question did I ask?

The post was informative, not asking a question.

[WladIsTheChamp]

What question did I ask?

The post was informative, not asking a question.

Your post was a question, are you blind and senile as well?

[WladIsTheChamp]

What question did I ask?

The post was informative, not asking a question.

Floyds "tax issue" for the year, for possibly not fighting in 2010? - Isn't that the the titel of your thread?

[THE REED]

Your post was a question, are you blind and senile as well?

The only question I asked... was, your thoughts?

Which was directed towards the people saying Floyd might want to wait until next year for tax purposes.

Which is obvious being that I started out the post talking about those same people.



Are you senile for posting something that I already said in the opening post?

[THE REED]

Floyds "tax issue" for the year, for possibly not fighting in 2010? - Isn't that the the titel of your thread?

Right... in other words... is it really an issue?

[freedom213]

I have seen people around here saying that if Floyd fights Pac in 2010... that his earnings for the fight... in addition to his earnings for the Mosley fight would push him into the next tax bracket.

This would make Floyd want to wait until 2011, so that the Pac fight earnings do not push him into the next bracket, and he would pay a higher percentage.

I myself am someone who has been saying this...


After doing some research (because I am not a tax expert).


There is actually a ceiling on the federal tax brackets..

In other words... once you make a certain amount per year... your tax percentage does not increase... should you continue to make more.

Depending on what you make, you fall into a certain criteria.. such as follows:

10% - $0 – $8,375

15% - $8,376 – $34,000

25% - $34,001 – $82,400

28% - $82,401 – $171,850

33% - $171,851 – $373,650

35% - $373,651+


35% seems to be the federal ceiling tax bracket.

In addition, Nevada (where Floyd lives) Does not have State income Tax.

With the Shane Mosley fight, obviously Floyd is already in this tax bracket, and it is my understanding that any additional income for Floyd (Pacquiao fight) would not push him into the next tax bracket... because another tax bracket does not exist.



What I found on "millionaire tax bracket":

What the discussion over the top marginal tax rate ignores, however (and what Ygelsias picks up upon) is that this rate has been assessed at very different thresholds of income. In 1940, for example, the top marginal tax rate was 81.1 percent -- but this rate only kicked in once you made $5,000,000 or more in income, which is equivalent to about $75,000,000 in today's dollars.

But today, the threshold where the top tax bracket kicks in isn't $75 million, or $5 million, or even $1 million ... it's a mere $357,700(as of 2009, it was kicked up to $373,651 for 2010).

The progressivity of the tax code stops there.

http://www.fivethirtyeight.com/2009/03/missing-1000000-tax-bracket.html

Your thoughts?

My thoughts are simple, its good to be rich and this is why America is going into the toilet while China is kicking our butts. Increase the ceiling and throw that money back into education and energy reform as opposed to some rich *******s offshore bank account. Sign the contract Floyd time to send manny pac packing.

[Chief2ndzOnly!]

My thoughts are that you lack any reasoning skills whatsoever -

Floyd has already made millions this year,therefore he is already in the highest tax bracket that is available, any additional money he makes will be taxed at the same rate whether he earns an additional $1 or an additional$10,000,000.

Don't tell me you don't understand this...

My thoughts are, you lack reading comprehension, being that you just said... what I already said.

With the Shane Mosley fight, obviously Floyd is already in this tax bracket, and it is my understanding that any additional income for Floyd (Pacquiao fight) would not push him into the next tax bracket... because another tax bracket does not exist.

Reading is fundamental Wlad......................It's purely fundamental.