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pdooma
Lv 7
pdooma asked in Politics & GovernmentPolitics · 9 years ago

If you make $1 a year, should you get tax credits?

Like Larry Ellison, whose salary is $1 per year.

6 Answers

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  • James
    Lv 6
    9 years ago
    Favorite Answer

    That might be his salary, but it is not his total income.

    Ellison made $15M from Oracle in salary, bonuses, and excised options last year. That does not include capital gains from the tens of billions he has. Credit? I don't think so.

    http://finance.yahoo.com/q/pr?s=ORCL+Profile

  • 9 years ago

    Some income tax regimes have tax credits that are refundable and others have credits than are non-refundable. The non-refundable version means that you will only pay tax that exceeds the credit. The refundable version means that the tax that you didn't earn enough to pay will be paid to you. It is a kind of "guaranteed minimum income" scheme.

  • Anonymous
    9 years ago

    Like James said; the stock options he gets paid with more than rule out tax credits for regular income.

  • Anonymous
    9 years ago

    If he spends any money at all he pays a tax

    Every one pays tax

    And Yes why not Romney does not do a damn thing and seems to get all the breaks

    So why not

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  • I'm sure somebody like you who cannot subtract 35 from 42 correctly would never be able to correctly fill out a tax form.

  • 9 years ago

    Maybe he could pay 14% - 14 cents

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