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Let's add the 5.65% (4.2% SS + 1.45% Medicare) payroll tax to all of the bottom 90%, all the while acknowledging that many of those in the top 10% ALSO pay payroll taxes. The average total effective federal taxrates of the bottom 90% would be:
Top 10-25% pays a rate of 13.90%
Top 25-50% pays a rate of 11.21%
Bottom 50% pays a rate of 7.5% (1.85% effective federal income tax rate + 5.65% payroll tax)
NONE of the bottom 90% has an average total effective federal tax rate that is more than the 15% capital gains tax rate.
And furthermore, the capital gains earnings were ALREADY TAXED at the corporate level whereas employees' salaries are tax deductible as a business expense which is NOT taxed at the corporate level.
I just proved you TOTALLY wrong.
Are you including tax write offs and off shore accounts?
Are you all willing to payhigher prices for food, gas, and a lot of other things once the subsidies are cut?
Guess who higher prices would hurt more...
Still want to cut the subsidies?
So you can justify giving the wealthy tax subsidies so that prices would come down but not helping the poor be able to survive? So you also believe that the tax subsidies that the oil companies have are keeping our gas prices low, eventhough they have made record profits?
No, you can't reach people who don't understand finance and are incapable of taking care of themselves. In the end, the middle class will be screwed the most if Obama is re-elected. If there was only one promise I wish he had kept it would be when he said if the economy wasn't better then he would be a one term president. He loves the limelight and Obama cult too much to give it up now even going as far as kissing the asses of the people he hates to get money.
My question to you is that do you really think that it would be any better under mitt? He can't stand on any issue except looking out for his own best interest, which btw is not remotely similiar to the rest of the country
It's breathtakingly stunning how ignorant liberals are. The facts are easily accessible, yet they keep parroting their ridiculously false propaganda memes.
Are you including tax write offs and off shore accounts?
I'm including the same tax laws everyone follows when filing their tax returns. You, know, the tax laws that result in 30% or more getting MORE back from the government than they paid in taxes, giving them in fact a NEGATIVE effective tax rate.
The Chairman of the Economics Department at Harvard University knows the facts:
Quote:
Because transfer payments are, in effect, the opposite of taxes, it makes sense to look not just at taxes paid, but at taxes paid minus transfers received. For 2009, the most recent year available, here are taxes less transfers as a percentage of market income (income that households earned from their work and savings):
Bottom quintile: -301 percent
Second quintile: -42 percent
Middle quintile: -5 percent
Fourth quintile: 10 percent
Highest quintile: 22 percent
Top one percent: 28 percent
The negative 301 percent means that a typical family in the bottom quintile receives about $3 in transfer payments for every dollar earned.
The most surprising fact to me was that the effective tax rate is negative for the middle quintile. According to the CBO data, this number was +14 percent in 1979 (when the data begin) and remained positive through 2007. It was negative 0.5 percent in 2008, and negative 5 percent in 2009. That is, the middle class, having long been a net contributor to the funding of government, is now a net recipient of government largess.
So you also believe that the tax subsidies that the oil companies have are keeping our gas prices low, even though they have made record profits?
Who do you think gets the profits?
The answer might surprise you...
CalPERS and other pension programs like them DEMAND corporate profitability. Why? Because they need a high rate of return on their investment holdings to pay those pensions.
Quote:
"...working peoplehave bought enough stocks and shares to become bosses of the bosses. And some pension funds have begun making that clear. CalPERS, the California Public Employees' Retirement System, has led the way in telling Chief Executive Officers (CEOs) and boards of directors that they'd better manage effectively or else. And, CEOs and directors listen; after all CalPERS runs the country's biggest pension fund"
So far we've learned that subsidies help the poor (lower prices) and union members (corporate profits go to fund their pensions). Still want to cut the subsidies? Who do you think that will hurt the most?
It's breathtakingly stunning how ignorant liberals are. The facts are easily accessible, yet they keep parroting their ridiculously false propaganda memes.
You DID look at the IRS data I posted, right? And at the CBO data posted by the Chairman of the Economics Department at Harvard University?
Perhaps you can tell us why you believe your "opinion" is correct and the IRS and the CBO are wrong.
Let's hear it...
So Mitt's effective tax rate of 14% (which his accountants had to tweak to get there) is more than an average American's tax rate of over 25%. Let's not forget that Mitt Romney paid nearly as little as possible in income taxes.
So according to you 14 > 25+.
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is correct and the IRS and the CBO are wrong. 
