“Give Me Five Minutes To Explain Taxes To You: The Top Marginal Tax Rate Is Currently 39.6 Percent,

“Give me five minutes to explain taxes to you: The top marginal tax rate is currently 39.6 percent, which remember, is an altogether different thing from the effective tax rate that wealthy people end up actually paying after taking advantage of various tax loopholes. What does that even mean - a ‘marginal tax’ rate of 39.6 percent? Does it mean the average person pays 39.6% in taxes? No. Does it mean that the income earners in the top one percent pays 39.6% in taxes? NO! Here’s what a marginal tax rate of 39.6% means: First, as of 2013 the top tax rate for individuals currently doesn’t begin unless you earn $406,750 dollars. Actually, that tax rate doesn’t even take effect until you make $406,750 + $1 dollar. Got that part? That’s important. Here’s the tricky detail that most people miss: the 39.6% tax rate is only applicable on anything OVER $406,750 dollars. So if you made $406,752 dollars, then only two ($2) of those dollars will be taxed at the highest rate of 39.6%…and the other $406,750 is not. Of course, this does not take into account the numerous tax loopholes that I alluded to earlier. Thus, if the top marginal tax rate is 39.6 percent, then after using any number of tax loopholes, write offs and various other cheats, it’s entirely possible earn over $406,750 dollars per year and still pay even less in taxes than a working class American earning much less. SN: this applies only to people who do actual work for a paycheck. If, on the other hand, your primary income is from inheritance or stock investments and you pay all your bills off of that interest (aka “capital gains”), then your taxes work differently altogether (hint: they’re even lower). Take multi-billionaire Mitt Romney, for example. In 2010 he only paid an effective (real) tax rate of 13.9 percent, odds are that’s much lower than the tax rate you (or your parents) just paid. Here’s the last thing you should remember: Only one percent of Americans make $400,750 a year or higher. Stated differently, the top income tax rate effects around 3.5 million —out of 350,000,000 Americans. And that’s only on the dollars ABOVE $400,750. BOO HOO right? Approximately 3.5 million Americans might, maybe, perhaps *possibly* have to pay the top federal income tax rate…but only on anything above $406,750 dollars…and only if they refuse to take advantage of ridiculously huge tax loopholes so big you could fly a jumbo jet through them. THAT is what conservatives are crying about when they complain about the top tax rate. That’s it.”

— This is why whining about the top tax rate is a joke and Republicans are the party for the Greedy One Percent (and the deluded suckers “future millionaires“ who repeatedly vote for them)

Key revelations from the Paradise Papers

1) Millions of pounds from the Queen’s private estate has been invested in a Cayman Islands fund – and some of her money went to a retailer accused of exploiting poor families.

2) Prince Charles’s estate made a big profit on a stake in his friend’s offshore firm.

3) Extensive offshore dealings by Donald Trump’s cabinet members, advisers and donors, including substantial payments from a firm co-owned by Vladimir Putin’s son-in-law to the shipping group of the US commerce secretary, Wilbur Ross.

4) Twitter and Facebook received hundreds of millions of dollars in investments that can be traced back to Russian state financial institutions.

5) The tax-avoiding Cayman Islands trust managed by the Canadian prime minister Justin Trudeau’s chief moneyman.

6) The Formula One champion Lewis Hamilton avoided taxes on a £17m jet using an Isle of Man scheme.

7) A previously unknown $450m offshore trust that has sheltered the wealth of Lord Ashcroft.

8) Oxford and Cambridge and top US universities invested offshore, with some of the money going into fossil fuel industries.

9) The man managing Angola’s sovereign wealth fund invested it in projects he stood to profit from.

10) Apple secretly moved parts of its empire to Jersey after a row over its tax affairs.

11) How the sportswear giant Nike stays one step ahead of the taxman.

12) The billions in tax refunds by the Isle of Man and Malta to the owners of private jets and luxury yachts.

13) Offshore cash helped fund Steve Bannon’s attacks on Hillary Clinton.

14) The secret loan and alliance used by the London-listed multinational Glencore in its efforts to secure lucrative mining rights in the Democratic Republic of the Congo.

15) The complex offshore webs used by two Russian billionaires to buy stakes in Arsenal and Everton football clubs.

16) Stars of the BBC hit sitcom Mrs Brown’s Boys used a web of offshore companies to avoid tax.

17) British celebrities including Gary Lineker used an arrangement that let them avoid tax when selling homes in Barbados.

18) Prominent Brexit campaigners have put money offshore.

19) An ex-minister who defended tax avoidance has a Bahamas trust fund.

20) The Dukes of Westminster pumped millions into secretive offshore firms.

21) A tax haven lobby group boasted of ‘superb penetration’ at the top of the UK government before a G8 summit that was expected to bring in greater offshore transparency.

22) The law firm at the centre of the Paradise Papers leak was criticised for 'persistent failures’ on terrorist financing and money laundering rules.

23) Seven Republican super-donors keep money in tax havens.

24) A top Democratic donor built up a vast $8bn private wealth fund in Bermuda.

25) The schemes used to avoid tax on UK property deals.

26) The celebrities, from Harvey Weinstein to Shakira, with offshore interests.

27) How a private equity firm tried to extract £890m from a struggling care home operator by making it take out a costly loan.

28) Trump’s close ally Robert Kraft, the New England Patriots owner, is the longtime owner of an offshore firm.

29) One of the world’s biggest touts used an offshore firm to avoid tax on profits from reselling Adele and Ed Sheeran tickets.

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mydickneedscpr

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Learning to Love Yourself

We tend to focus on looking for love, hoping for love, and waiting for love. Yet if we look to others to meet that basic need then we’ll always be empty and unfulfilled.

That is, for others to love us in a healthy way, we must first be able to nurture ourselves … and to love and honour who we truly are. The steps below can help you work towards this goal.

1. Decide to treat others with love and respect: As you seek to bring joy into others’ lives you’ll find that they repay you with kindness and love.

2. Practice random acts of kindness: “Play it forward” by doing random thoughtful things. That will turn you into someone you respect yourself – and you’ll also find that others are more generous to you.

3. Let go of the past: What happened in the past is merely history now. Today is a new day, and you are starting a new page. Let go of disappointments, hurts and any grievances you hold against yourself, other people – or the world!

4. Forgive yourself: We all make mistakes, or we regret some bad decisions. Don’t ridicule, berate or criticise yourself for that. Instead, forgive whatever happened, and give yourself a break. It simply means you’re human – and are not infallible.

5. Practice positive self-talk: Write down and repeat affirming statements and truths … like “I am gifted” … or “I’m a true and loyal friend”. Post these statements on the mirror and repeat them to yourself.

6. Think through what you really want in life – You can carve out your own path and you choose your own destiny. Your life is a gift and you can choose what you will do.

7. Be persistent: Work wholeheartedly at loving yourself. If you’ve suffered in the past then be compassionate. Be ready to acknowledge and work through your pain. You deserve that respect – and it will help to set you free.

8. Celebrate your accomplishments: It’s easy to ignore or to downplay what we have done – but don’t be blind to your successes and accomplishments. They ought to be acknowledged as they’re part of who you are.

9. Think of someone you want to be like and emulate them: Doing that will build those qualities into your life as well – so it is easier to like, love and accept yourself.

10. Be yourself and trust yourself: Be true to yourself – and don’t care what others think. Learn to trust your instincts and to follow your own heart. Also, learn it’s OK to say “no” and to do your own thing … And you don’t have to feel guilty for not pleasing everyone.

11. Don’t compare yourself to others: Every person on the planet is different and unique. We all have different talents and different histories. Discover who YOU are and then invest in being you!

12. Work on receiving love: When someone pays you a compliment or tries to show you love, don’t quickly brush it off – but try and see it as a gift. That is, a gift that shows you’ve value and are loved, and loveable.

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mydickneedscpr

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