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“More things in heaven”
Since: Mar 09
and Earth, Horatio
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If he's paying 50%, he needs to fire his manager and hire a decent accountant.
It's not as if he's created a cure for polio or invented a longer-lasting battery, ferchrissakes!
Dolt!
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BS Detector
Studio City, CA
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Judged:
1
1
snyper wrote: If he's paying 50%, he needs to fire his manager and hire a decent accountant.
It's not as if he's created a cure for polio or invented a longer-lasting battery, ferchrissakes!
Dolt! What's the top personal income tax rate? It's 35%. Add 16% self employment tax if he's working as an independant contractor. Add state income tax. Another 10.3% in California if he makes over $1M, 9.3% if it's under $93k. So far, he's being taxed at a rate of about 60% not including possible Los Angeles City Business tax. My guess is that he's a Sub S Corp which would be a huge tax advantage, and if his corp is registered in Nevada, Wyoming or Delaware, there are state tax advantages.
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“More things in heaven”
Since: Mar 09
and Earth, Horatio
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BS Detector wrote: <quoted text> What's the top personal income tax rate? It's 35%. Add 16% self employment tax if he's working as an independant contractor. Add state income tax. Another 10.3% in California if he makes over $1M, 9.3% if it's under $93k. So far, he's being taxed at a rate of about 60% not including possible Los Angeles City Business tax. My guess is that he's a Sub S Corp which would be a huge tax advantage, and if his corp is registered in Nevada, Wyoming or Delaware, there are state tax advantages. His State taxes are deducted from his Fed, he can deduct huge amounts of professional overhead, etc. I doubt that he ever went the S-Corp route. Let's face it. He's just not that talented, nor popular. This is a publicist's stunt.
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Since: Jan 12
Port Richey, FL
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Jon honey you made 12 mil over a ten year span! That's 120 tho a year you're not the super rich hes talking about so un knot your panties
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“Together for 24, legal for 5”
Since: Sep 07
Littleton, NH
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BS Detector wrote: <quoted text> What's the top personal income tax rate? It's 35%. Add 16% self employment tax if he's working as an independant contractor. Add state income tax. Another 10.3% in California if he makes over $1M, 9.3% if it's under $93k. So far, he's being taxed at a rate of about 60% not including possible Los Angeles City Business tax. My guess is that he's a Sub S Corp which would be a huge tax advantage, and if his corp is registered in Nevada, Wyoming or Delaware, there are state tax advantages. You know that people in the 35% bracket are way past the Social Security max. Of course, that 10.3% state tax is deductible from federal taxes, so reduce that to a net 6.6%. Also add 3.3%(?) for MedicareNo clue about local taxes in CA. But the 45% that I calculated would be close to what a worker making $50K would pay. I can't really feel,too bad. On the other hand, if he had the good sense to inherit his money, he could pay 15%, like the rest of the rich people.
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“More things in heaven”
Since: Mar 09
and Earth, Horatio
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nhjeff wrote: <quoted text>
You know that people in the 35% bracket are way past the Social Security max. Of course, that 10.3% state tax is deductible from federal taxes, so reduce that to a net 6.6%. Also add 3.3%(?) for MedicareNo clue about local taxes in CA. But the 45% that I calculated would be close to what a worker making $50K would pay. I can't really feel,too bad.
On the other hand, if he had the good sense to inherit his money, he could pay 15%, like the rest of the rich people. Only local sales and property taxes in Cali; but there are local fees for this-n-that, none of which would touch his profession. We do have an unemployment pay-in, though. He's a whiner.
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BS Detector
Studio City, CA
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snyper wrote: <quoted text>
His State taxes are deducted from his Fed, he can deduct huge amounts of professional overhead, etc. Of course. snyper wrote: <quoted text>
I doubt that he ever went the S-Corp route. I disagree. Why do you doubt the Sub S corp? Anybody making six figures might to do well to go Sub S. You can deduct a sneeze! snyper wrote: <quoted text>
Let's face it. He's just not that talented, nor popular. Irrelevant. snyper wrote: <quoted text>
This is a publicist's stunt. Also irrelevant. And if it were, would it change any of the numbers?
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BS Detector
Studio City, CA
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nhjeff wrote: <quoted text>
You know that people in the 35% bracket are way past the Social Security max. Of course, that 10.3% state tax is deductible from federal taxes, so reduce that to a net 6.6%. Also add 3.3%(?) for MedicareNo clue about local taxes in CA. But the 45% that I calculated would be close to what a worker making $50K would pay. I can't really feel,too bad.
On the other hand, if he had the good sense to inherit his money, he could pay 15%, like the rest of the rich people. Okay. So you figure 45% and he figures 50% Not that much difference, is there?
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BS Detector
Studio City, CA
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disaster in the making wrote: Jon honey you made 12 mil over a ten year span! That's 120 tho a year you're not the super rich hes talking about so un knot your panties Check your math.$12M over ten years is $1.2 million per year.
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“ WOOF !”
Since: Oct 10
Coolidge, AZ
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I saw him interviewed by Bill O'Reilly on THE FACTOR. Lovitz says he thinks The Obamaniac is a POS. That's why the usual suspects in the Hollywood Professional Left is giving him such grief.
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“ WOOF !”
Since: Oct 10
Coolidge, AZ
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“Together for 24, legal for 5”
Since: Sep 07
Littleton, NH
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BS Detector wrote: <quoted text> Okay. So you figure 45% and he figures 50% Not that much difference, is there? But YOUR figure was 60%+. That's what I was responding to. And Lovitz is still whining abou facing the same taxes as someone making 1/20 what he does.
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“More things in heaven”
Since: Mar 09
and Earth, Horatio
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BS Detector wrote: <quoted text> Of course.
<quoted text>
I disagree. Why do you doubt the Sub S corp? Anybody making six figures might to do well to go Sub S. You can deduct a sneeze!
<quoted text>
Irrelevant.
<quoted text> Also irrelevant. And if it were, would it change any of the numbers? The asserted numbers suggest that he hasn't gone the S-Corp route. They don't work well for wildly inconsistent income from year to year. Perhaps you need to counsel the marginally talented whiner. You could take yet another percentage of his income ... which he could, of course, deduct as part of operating expenses.
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disgusted american
Philadelphia, PA
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whats wrong John Lovitz - need More attention -call your friend idiot Victoria Jackson
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“Equality First”
Since: Jan 09
St. Louis, MO
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Judged:
1
Most Americans think they are paying too much in taxes. But then, most Americans who think this are to dumb to know how our tax system works. That's why they hire someone else to do their taxes. Lovitz is obviously one of them. I highly doubt that he is in actually paying 50% of his gross income in taxes. Anyone who is needs a new tax preparer.
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John E
Farmington, MI
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disgusted american wrote: whats wrong John Lovitz - need More attention -call your friend idiot Victoria Jackson Exactly. You, Victoria, and JJ Walker can have a three way of conservative love and still no one will care. There must be better ways to stay in the news. You need a new publicist if this is your only option.
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D Up
Chicago, IL
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John E wrote: <quoted text>
Exactly. You, Victoria, and JJ Walker can have a three way of conservative love and still no one will care. There must be better ways to stay in the news. You need a new publicist if this is your only option. Maybe a he could do a Alec Baldwin and curse out his daughter. Or maybe he could team up with Sean Penn and visit some dictators.
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John E
Farmington, MI
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D Up wrote: <quoted text>
Maybe a he could do a Alec Baldwin and curse out his daughter. Or maybe he could team up with Sean Penn and visit some dictators. Neither of those guys are hurting for jobs or publicity. Bad comparison.
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“Stop the liberal madness”
Since: Sep 10
Location hidden
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FaFoxy wrote: I saw him interviewed by Bill O'Reilly on THE FACTOR. Lovitz says he thinks The Obamaniac is a POS. That's why the usual suspects in the Hollywood Professional Left is giving him such grief. I also saw him and agree with him completely . Dems will try to silence those they disagree with. Obama and his minions are relentless.
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“ WOOF !”
Since: Oct 10
Coolidge, AZ
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luv Sarah Palin wrote: <quoted text>
I also saw him and agree with him completely . Dems will try to silence those they disagree with.
Obama and his minions are relentless. They're Stalinists. That's obvious. They tolerate NO dissent from their socialist policies. These are PROFOUNDLY EVIL people.
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