> Nick wrote: > I don't really believe that. > > There are way to hide and move money around, but the taxes will get paid > one way or another. >
Yup, if you're staying legal. The highest tax bracket is 35% at something like $300k/yr in income and up. BUT each "chuck" of your income gets taxed at the marginal tax rate. So, for example, your first $15k is taxed at 10%, your next $10k is taxed at 12%, etc, until the rest of your income $300k and up is taxed at 35%. So all you can do at that point is try to minimize your taxable income. You can do that through charitable donations, retirement, etc. One way is if that guy's law firm had a deferred comp plan. Then you can dump lots (I don't know the rules, but it's a lot) into that and it's not taxed - until you take it out and then you're hit with taxes. But here's the trick: ANYONE CAN DO THAT! Most people don't because they never save enough to be able to dump income into their retirement. (plus they don't know about it) E.g., If you have no bills and make $70k/yr you can dump most of that into retirement and pay no taxes. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Upgrade to Adobe ColdFusion MX7 Experience Flex 2 & MX7 integration & create powerful cross-platform RIAs http:http://ad.doubleclick.net/clk;56760587;14748456;a?http://www.adobe.com/products/coldfusion/flex2/?sdid=LVNU Archive: http://www.houseoffusion.com/groups/CF-Community/message.cfm/messageid:226898 Subscription: http://www.houseoffusion.com/groups/CF-Community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=89.70.5
