quote:

Originally posted by Shakka Quoting a couple of passages from The Gartman Letter, a daily economics publication:

And this refers to income tax only? Definitely not including corporate tax or sales tax or anything like that?

Either way, if you're in the top 1% you're taking home a quarter of a million dollars after tax which is a huge amount! It's not like they're gonna go without food or owt is it?!

But, like I said below, the figures are irrelevant. And the figures you just posted are only in proportion to the spread of the wealth. The top 1% in America control approx 20% of the wealth, so it's obvious they will be paying a larger part of income taxes (well, the higher you go the more tax dodges there are). That the bottom 50% pay no taxes (income) suggests a rising number of poor people. Also, can you explain to me how they pay no taxes as I'm not aware of a tax free bracket in America? If you earn, you have to pay at least 10%, is that right? So either 50% of the population don't work (we're not counting pensioners and children in this figures are we?!) or I've got the wrong end of the stick???

I'd also like to point out that I don't favour raising taxes from anyone other than in the top bracket of income tax (those earning over $350k, and even then, for argument's sake, I could add a new tax bracket at over $0.5m and still raise shit loads extra at no extra cost to anyone other than less than 1% of the population). My preferred means of taxation would be from the profits of the mega corporations but then, you'd say that was "stealing" as well from small businesses!

quote:

Don't worry, I pay plenty.

Can you tell me what benefits you can see from paying your taxes? And what do you not like your taxes being spent on? Is there anything you think should receive more federal money?








I'd also like you to address the rest of my previous reply to you, not just cherry pick the areas you think you can make an argument (unless of course you agree with everything in my last post?)

Yes George you have to pay 10% on any earnings, but after you take the standard deduction and a personal exemption you don't have to start paying unless you earn at least $9000 since that is what the deduction + exemption amounts to.

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quote:

Originally posted by Zild Yes George you have to pay 10% on any earnings, but after you take the standard deduction and a personal exemption you don't have to start paying unless you earn at least $9000 since that is what the deduction + exemption amounts to.

Thanks. So if around 50% of the population are paying no tax, does that mean 50% of the (working) population earn less than $9k?! That can't be right can it??

quote:

Originally posted by George Smiley Thanks. So if around 50% of the population are paying no tax, does that mean 50% of the (working) population earn less than $9k?! That can't be right can it??

I believe that is what is being implicated.

___________________
I've never been able to eat a whole baby.
Kill the women. Eat the children.
It's just one of those days where you want to bend over everyone you know and kiss their ass goodbye with a big sideways boot.

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quote:

Originally posted by Zild I believe that is what is being implicated.

And this is working population, not counting children, pensioners and the unemployed?!

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Originally posted by George Smiley I'd also like you to address the rest of my previous reply to you, not just cherry pick the areas you think you can make an argument (unless of course you agree with everything in my last post?)

George, if there's anything I didn't address, I didn't address it because I perceived it as typical blather that didn't merit a response. If there's something you honestly want me to answer, please repeat what it is and I'll do my best. As history shows, there is little that you and I agree on.

1) 250K is not that much money and 2) I do not feel like more and more taxes on a more and more unequal progressive scale combined with income redistribution will provide the answer to the societal ills that you seem so concerned about.

quote:

Originally posted by Zild Yes George you have to pay 10% on any earnings, but after you take the standard deduction and a personal exemption you don't have to start paying unless you earn at least $9000 since that is what the deduction + exemption amounts to.

In addition to the standard deduction and the personal exemption, there are other deductions that you can take that can get your taxes to $0 even if you make more than $9000.

If you have children, you can deduct each of them $3400 for each. I believe that there are also deductions that you can take towards mortgage interest. Also, you can deduct up to $2500 in student loan interest if you don't make more than $65K a year. The list goes on.

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quote:

Originally posted by George Smiley Thanks. So if around 50% of the population are paying no tax, does that mean 50% of the (working) population earn less than $9k?! That can't be right can it??

No, I don't think that is correct. Something we agree on.

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Originally posted by Groundhog Boy In addition to the standard deduction and the personal exemption, there are other deductions that you can take that can get your taxes to $0 even if you make more than $9000. If you have children, you can deduct each of them $3400 for each. I believe that there are also deductions that you can take towards mortgage interest. Also, you can deduct up to $2500 in student loan interest if you don't make more than $65K a year. The list goes on.

hmmmm....i hesitate to agree with that. if someone is earning a living wage and doesn't have a house full of children, then it is unlikely they can reduce taxable income to zero. most deductions are actual costs incurred during the year and deductions increase as wealth increases. also, if someone has a mortgage interest deduction i sure hope you can't bring your income down to zero (you would be way over extended - and the entire reason for the current crisis). oh - don't forget the earned income tax credit which gives certain taxpayers (usually someone with children making less than 14k a year) a refundable credit.

the big deductions are the business deductions for unincorporated businesses - especially depreciation.

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Originally posted by Groundhog Boy In addition to the standard deduction and the personal exemption, there are other deductions that you can take that can get your taxes to $0 even if you make more than $9000. If you have children, you can deduct each of them $3400 for each. I believe that there are also deductions that you can take towards mortgage interest. Also, you can deduct up to $2500 in student loan interest if you don't make more than $65K a year. The list goes on.

True. I was just stating the basics for a single person not taking itemized deductions with no children who isn't going to school.

___________________
I've never been able to eat a whole baby.
Kill the women. Eat the children.
It's just one of those days where you want to bend over everyone you know and kiss their ass goodbye with a big sideways boot.

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quote:

Originally posted by Shakka George, if there's anything I didn't address, I didn't address it because I perceived it as typical blather that didn't merit a response. If there's something you honestly want me to answer, please repeat what it is and I'll do my best

Yes I'd like you to admit you were wrong to say doctors would be paid a "pittance" if health care were free, and also to admit that free health care works perfectly well where it has been implemented

quote:

1) 250K is not that much money and 2) I do not feel like more and more taxes on a more and more unequal progressive scale combined with income redistribution will provide the answer to the societal ills that you seem so concerned about.

1 - yes it is
2 - and how would you address the problems associated with being poor? let them rot away and die? do you even care about the situation the poor people of America find themselves in just to fund those "ever-so-hard-done-by" in the top tax brackets? did it ever occur to you that's where the money was coming from? what about all the social problems that affect the middle classes because the poor have no money like crime etc?

I don't understand people who say $250k a year isn't a lot of money. I know I will probably never make that much and I have a science education. My family pulls in about 100K a year and we are very very comfortable with a huge house three cars, etc...

___________________
I've never been able to eat a whole baby.
Kill the women. Eat the children.
It's just one of those days where you want to bend over everyone you know and kiss their ass goodbye with a big sideways boot.

Latest Mix