Boone buys 4k tickets for the Gonzaga game

[BigTime]

Gave them away for free to fans...

 

[DenverSooner]

It must be nice to have that kind of money. At just $10 a ticket that is $40,000. I cannot even imagine giving away $40,000.

 

[OSUFan]

Ticket office opened at 8:00 this morning for pickup, all 4k gone by 9:30

 

[SuperHoops]

3,500 tickets now available on StubHub.

 

[SoonerBounce13]

3,500 tickets now available on StubHub.

haha probably true

 

[tycat947]

Booger Pickens will do anything to stroke his ego!

 

[oSuJeff97]

This was kind of cool, but also kind of embarrassing.

Oh well... maybe getting a good atmosphere for a big game in GIA will encourage some of the fans to come back.

 

[bocabull]

It must be nice to have that kind of money. At just $10 a ticket that is $40,000. I cannot even imagine giving away $40,000.

Of course BP is throwing around money like a crazy person. Starting in 1998 his capital gains tax rates on his unearned income (all of his income) were lowered from 28% to 20% to the ridiculously low 15%. His tax rate is lower than person serving popcorn at the arena.

So he's got an extra 13% to recklessly throw around at the the expense of the US budget deficit.

 

[CarlWeathers]

I saw at least one ticket on craigslist. The scary thing is the tv colors guys are going to mention this at the start of the game and there will probably still be a few thousand seats unoccupied.

 

[playmakr]

Of course BP is throwing around money like a crazy person. Starting in 1998 his capital gains tax rates on his unearned income (all of his income) were lowered from 28% to 20% to the ridiculously low 15%. His tax rate is lower than person serving popcorn at the arena.

So he's got an extra 13% to recklessly throw around at the the expense of the US budget deficit.

You've already been proved wrong on this. Do I need to post the chart again lol. Just admit it, Bill Clinton knew what he was doing when he lowered the short and long term rates. Now, go take it up with him, and stop posting inaccuracies, it's beneath you as the board's Gatsby.


*Stands by for pompous rant*

 

[SoonerBounce13]

Of course BP is throwing around money like a crazy person. Starting in 1998 his capital gains tax rates on his unearned income (all of his income) were lowered from 28% to 20% to the ridiculously low 15%. His tax rate is lower than person serving popcorn at the arena.

So he's got an extra 13% to recklessly throw around at the the expense of the US budget deficit.

lol

I would imagine his income tax rate is not lower than anyones here

 

[okccpa]

It may be lower, but I bet he pays a significant amount of $$$$ more than the popcorn vendor.

 

[DenverSooner]

It may be lower, but I bet he pays a significant amount of $$$$ more than the popcorn vendor.

He also pays a significantly higher percentage for income taxes (if you factor in employment taxes his rate may not be so much higher). Just do the math. A family of four with a household income of $50K has taxable income of $24K after personal exemptions ($3,650 per person or $14,600) and a standard deduction ($11,400) (and those are 2010 numbers, they are higher now). The tax on that is $2,754. That family pays an effective tax rate of 5.5% or roughly 1/3 of T. Boone's rate. Additionally, I can assure you that all of T. Boone's income is not capital gais so he will pay more like 20% and that is after he gives away millions to charity.

If people want to have these debates, I am all for it but lets be honest and stop acting like poor people and the lower middle class and middle class are getting screwed. They simply are not. The people that pay higher rates are the upper middle class and low end wealthy people. A couple with two working spouses making a household income of $250,000 gets screwed about as hard as anyone under our system, especially if the income is split pretty evenly and they are both maxing out their eployment tax wage base. That family will pay an effective rate almost double T. Boone and that is what is not right about our tax code.

 

[DenverSooner]

lol

I would imagine his income tax rate is not lower than anyones here

It probably is lower than a highly compensated employee but it is most certainly not lower than a peron making $15.00 an hour (even if both spouses work) or even $25,00 unless both spouses make $25 an hour.

 

[steverocks35]

I guarantee you that T. Boone Pickens is paying a lower EFFECTIVE tax rate than 15%. Let's not forget that Mitt freaking Romney had to voluntarily pay more taxes than required so he could bump it up to 13% so that he wouldn't be made out to be a liar. Surely Pickens is as smart as Mitt Romney. Comparing him to a family of four that make 50K is ridiculous.

 

[tycat947]

I guarantee you that T. Boone Pickens is paying a lower EFFECTIVE tax rate than 15%. Let's not forget that Mitt freaking Romney had to voluntarily pay more taxes than required so he could bump it up to 13% so that he wouldn't be made out to be a liar. Surely Pickens is as smart as Mitt Romney. Comparing him to a family of four that make 50K is ridiculous.

:clap

 

[DenverSooner]

I guarantee you that T. Boone Pickens is paying a lower EFFECTIVE tax rate than 15%. Let's not forget that Mitt freaking Romney had to voluntarily pay more taxes than required so he could bump it up to 13% so that he wouldn't be made out to be a liar. Surely Pickens is as smart as Mitt Romney. Comparing him to a family of four that make 50K is ridiculous.

I seriously doubt he is paying less than 15% but it could be possible if he has significant tax exempt income such as government bonds and makes significant charitable deductions. The 15% rate is for long term capital gains and dividends. Other income will be taxed at ordinary rates and for T. Boone that means the maximum rate. One thing that is virtually certain is a person like T. Boone is going to have a very complicated tax return.


It is not ridiculous to compare T. Boone to a family of four with $50K of income when people say he pays a lower rate than the person selling popcorn. The example is designed merely to show you the effective rate of a lower middle class family of four makig $50K and nothing more. I am not remotely advocating that he should only pay 15% but the public debate on this issue is simply not driven by facts. The tax code does not remotely favor uper income people, with the possible exception of the super rich who earn the vast majority of their income through dividends and capital gains. Highly compenstated individuals ($150K+) pay pretty high tax rates compared to other individuals.

Right now the top 10% of earners pay about 70% of all income taxes. The Top 25% pay 87%. I am not necessarily against this but I do believe that everyone should pay something even if it is miniscule and when I say something I mean something for income taxes not just employment taxes. I also would have zero problem with some for of minimum tax on people earning $1,000,000 or more; provided, there was an exception for the sale of their business. I don't think a person should work his or her whole life, sell a business for a couple of million and get taxed at excessive rates. I personally think a 15% capital gains rate is about right in that situation.

 

[bocabull]

It probably is lower than a highly compensated employee but it is most certainly not lower than a peron making $15.00 an hour (even if both spouses work) or even $25,00 unless both spouses make $25 an hour.

Not true. Even a person making minimum wage has 15.3% (13.3% after the temporary 2% stimulus reduction) taken off the top of their gross wages. Before we even consider income taxes every single worker in the country is playing a higher effective rate than Pickens, Buffett, myself, Romney or anybody whose income is derived from capital gains creatively structured through LPs and LLCs. We pay absolutely ZERO on our gross income. After we expense everything possible and take advantage of any and every loophole we only pay capital gains taxes on what is left. The silly notion that raising the capital gains tax will somehow cause us to stop pursuing future gains is ludicrous.

 

[steverocks35]

I would posit that not only is Boone's rate lower than the popcorn seller but he may also pay less in actual taxes. In fact he may pay something approaching zero in actual taxes depending on how good his accountants are.

 

[DenverSooner]

Not true. Even a person making minimum wage has 15.3% (13.3% after the temporary 2% stimulus reduction) taken off the top of their gross wages. Before we even consider income taxes every single worker in the country is playing a higher effective rate than Pickens, Buffett, myself, Romney or anybody whose income is derived from capital gains creatively structured through LPs and LLCs. We pay absolutely ZERO on our gross income. After we expense everything possible and take advantage of any and every loophole we only pay capital gains taxes on what is left. The silly notion that raising the capital gains tax will somehow cause us to stop pursuing future gains is ludicrous.

You are confusing employment taxes with income taxes. Additionally, an employee only pays 50% of his or her employment taxes. I specifically mentioned employment taxes when I discuss this issue. You are wrong to say every single worker in America is paying more than T. Boone or any other super rich person. Many people actually receive refundable tax credits, meaning they get paid by the government. I suspect (but I don't know this for a fact) the number of people being paid money vastly exceeds the number of people like Romney and T. Boone.

Will higher capital gains rates be a deterrent to investment? I don't know and neither do you but making wholesale changes to the Tax Code based on a few isolated examples is not the correct approach. It will just move more of the tax burden to the upper middle class who are alrady paying very high rates.

I am simply providing accurate facts. I am sorry if the facts don't align with your political opinions.