5/14/12

If Michael Bloomberg made 5% per year on $20 billion, and paid half his taxes on long term capital gaines and half on dividend interest, will he "earn" an extra $295 million over the two years with Obama’s Tax Deal?

"President Barack Obama should tell Democrats angered by his compromises with Republicans
on extending tax cuts to “suck it up,” New York City Mayor Michael Bloomberg said.

“He says, ‘Look, this is what I did, this is the best I can do. Suck it up,’” Bloomberg said,
when asked how Obama should deal with Democrats angered by the tax measure
and other compromises with Republicans."

Molly Peterson and Gopal Ratnam

If Michael Bloomberg is worth about $20 billion,
and makes about $1 billion per year on long term capitol gaines and dividend interest
could he save about $295,470,320 over two years if Obama’s Tax Deal passes?

.......…………….............…………..…Tax Cuts Extended…………….Tax Cuts Expired

Dividends and LT Capital Gains...........$1,000,000,000…………………$1,000,000,000?

Tax Liability…………………................…..$149,948,250 ………………….$297,683,410?

Average Tax Rate………........................…..14.99%……………….....……. 29.77%?

$297,683,410 – $149,948,250 = about $147,735,160 x 2 years
= about $295,470,320?

5 comments:

How could US Congressman Howard Coble explain why he may vote to charge each and every US child about $1,600 each to give US Senator John Kerry what could be about $500,036 in Tax Cuts over two years? « Questions for America said...

[...] If Michael Bloomberg makes 5% per year on $20 billion, and pays half his taxes on long term capitol ... [...]

How could US Senator Kirsten Gillibrand explain why she may vote to charge each and every US child about $1,600 each to give New York City Mayor Michael Bloomberg what could be about $295 million in Tax Cuts over two years? « Questions for America said...

[...] If Michael Bloomberg makes 5% per year on $20 billion, and pays half his taxes on long term capitol ... [...]

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[...] If Michael Bloomberg makes 5% per year on $20 billion, and pays half his taxes on long term capitol ... [...]

How could Virginia US Senator Jim Webb explain why he may vote to charge each and every US child about $1,600 each to give US congressman Darrell Issa what could be about $1.3 million in Tax Cuts over the next two years? « Questions for America said...

[...] If Michael Bloomberg makes 5% per year on $20 billion, and pays half his taxes on long term capitol ... [...]

Unknown said...

Higher tax rates will results into economic crisis. You can understand the concept in Ed Butowsky latest video, "A Taxing Game".