Thanks for the link. It explicitly states that it's not just racehorses, that it's already expired, it was $500,000 on an asset above $2,000,000 value - and it's not just thoroughbreds. Thanks for playing, buh bye!
Oh, and still wondering about that whole "the rich pay less than 15% taxes" you claimed way back when to be either substantiated - or for you to admit your error...
Hmmm, payroll taxes cap out at about $110,000. Who pays the full amount every time? The rich. Now, should they keep paying more, eliminate the cap?
The question was about the relative percentages paid in taxes.
Uh, nice goal post move Ratzo! You stated that the rich would hate a 15% tax rate because that would be an increase for them. I've shown, conclusively, otherwise (in fact, they tend to pay at least 22.8% on average in income tax;adding in payroll taxes - at the average of $434K - would be another ~2% for an average income-and-payroll tax load of about 25%). Now you want to change the subject. I wonder why? Perhaps because you're wrong?
The rich do not pay a higher percentage of their income in taxes than the middle and working class.
Wrong again. Assume middle class is the 26-50% income range. They average about a 7.2% income tax rate. Add in FULL payroll taxes of 7.62% and you're short of 15%. WELL below what the rich pay. Payroll taxes are a flat 7.62% up to ~$110,000. Really easy to calculate - and well below that of the rich. Even if the rich paid ZERO payroll taxes they'd still pay well beyond, percentagewise, than the middle class. You're shooting blanks, Ratzo.
If you evaluate total incomes instead of adjusted incomes (since the wealthy are able to make far better use of the tax code, which after all, was written for them), then you see that the rich pay a far lower percentage of their incomes - their true incomes - in taxes.
Do we do the same for the other groups as well?
The Tax Foundation is an advocacy group for energy and pharma corporations that don't want to pay taxes. Period.
Do you want to pay taxes? Do you take your legal deductions? If so - how are you any different than what you decry? Hypocrisy - thy name is Ratzo...
"Necessity is the mother of invention" is a silly proverb. "Necessity is the mother of futile dodges" is much nearer the truth. -- Alfred North Whitehead