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Old 02-26-2009, 02:44 PM
 
939 posts, read 2,013,552 times
Reputation: 567

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Quote:
Originally Posted by Brandon26pdx View Post
The link is not working, but out of curiosity, what did it say you had to make to be considered in the top 1% of earners?
Sorry about the bad link. I'll try again.

The Tax Foundation - Summary of Latest Federal Individual Income Tax Data

Based on 2006 tax information:
Top 1% is $388,000+
Top 2-5% is $153,542 to $388,000

Average tax rate for top 2-5% is 17.48%
Average tax rate for top 1% is 22.79%
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Old 02-26-2009, 02:46 PM
 
Location: Texas
43,534 posts, read 52,626,787 times
Reputation: 70762
Paige, that's great, but not reflective of true cost.

Don't forget the social security and medicare...someone making $300,000 will pay well over $100,000 in total taxes.
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Old 02-26-2009, 03:01 PM
 
939 posts, read 2,013,552 times
Reputation: 567
Quote:
Originally Posted by stan4 View Post
Paige, that's great, but not reflective of true cost.

Don't forget the social security and medicare...someone making $300,000 will pay well over $100,000 in total taxes.
I thought the post was about income taxes. Is the administration discussing raising the percentages on social security and medicare taxes as well?

SS tax is 12.4% of wages. The tax cap hits at $102,000 for 2008 ($106,800 for 2009). So for every dollar earned over that amount, no additional social security taxes are paid. The max a person pays is $6,324 if they make at or over the $102,000 cap. I can earn $300,000 per year and I'm still paying the same $6324 that the person earning $102,000 pays.

Medicare is 1.45% with no cap.

Last edited by Paige65; 02-26-2009 at 03:06 PM.. Reason: added information
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Old 02-26-2009, 05:20 PM
 
Location: Texas
43,534 posts, read 52,626,787 times
Reputation: 70762
My point is that if you're going to have a realistic discussion of taxes, you should look at what you're adding to the entire burden. Yeah, they're maxed out on those taxes...but it kind of mitigates what the cost looks like if you don't even talk about it. And don't forget that someone making $300,000 is phased out of almost every single tax exemption, any if not all of the proposed tax credits, any first-time home buyers incentives, and they are subject to the AMT.

Simply put, if you have no kids and no house, you have no exemption. You pay everything. And that reaches almost 40%.

You can be like, "Oh, well they don't need any of that stuff. They have tons of money! Pay more!" But when the rest of the country is getting checks from the government and you are having to fork out more money to accomplish this, giving up your youth to work your butt off and get a well-paying profession seems like more and more of a waste of time.

You can always say that the answer is 'tax the rich more,' but that is not in the spirit of what I thought America was all about. If you want to say taxing 50% of $10 million is fair b/c they still have $5 million to work with while someone with a $40,000 salary won't 'make it'...well, hell, why don't you just tax that $10 million all the way down to $40,000?
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Old 02-26-2009, 05:30 PM
 
66,437 posts, read 30,294,925 times
Reputation: 8660
Quote:
Originally Posted by springfieldva View Post
Actually, I'm puzzled by Warren Buffet's behavior. He is a self built billionaire and, as such, should understand how hard it is to get ahead in life - how hard it is to become "rich."

You would think if anyone would understand the value of hard work and the importance of rewarding success, it would be him. Yet, he is an Obama supporter and serves on the board of The Washington Post - one of the most liberal rags out there. Evidently, he is o.k. with "spreading the wealth around" - not through charitable donations mind you, but through government intervention/confiscation.
This puzzles me, too - particularly because Buffett donates to charity instead of funding the government with his great wealth. He's very careful to structure his income and assets so that he isn't taxed much - he even goes on and on about paying less tax than his secretary. So, why the 'do as I say, not as I do' from Buffett?

Quote:
But, I hate to see legitimate successes being punished with back breaking taxes.
Well, yeah, they're disincentivizing hard work and success. We'll see how well that works out...
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Old 02-26-2009, 06:14 PM
 
3,288 posts, read 3,975,787 times
Reputation: 816
Quote:
Originally Posted by InformedConsent View Post
Well, yeah, they're disincentivizing hard work and success. We'll see how well that works out...
If there's so little incentive to work hard, why do you work hard???
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Old 02-26-2009, 06:39 PM
 
Location: Apple Valley Calif
7,475 posts, read 20,197,389 times
Reputation: 5614
Quote:
Originally Posted by mrbob View Post
This Thursday the Obama administration will announce the first legislative proposal to begin rolling back the Bush Tax Cuts for the rich, and to redistrubute the tax burden more towards the affluent - WHICH IS WHERE IT SHOULD BE!!!

The days of Dubya's evil smirk are over!!!

Obama will once again make the rich pay their fair share, and to reverse the massive distribution of wealth from the middle-class to the rich that occurred during the Bush administration..

This is change we can believe in!!!

http://www.nytimes.com/2009/02/26/us...t.html?_r=1&hp
You really don't have a clue, do you....?
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Old 02-26-2009, 06:42 PM
 
Location: The Planet Mars
2,150 posts, read 2,308,599 times
Reputation: 523
Quote:
Originally Posted by Donn2390 View Post
You really don't have a clue, do you....?
So let's see - people who don't see it your way don't have a clue???

I'm convinced I'm right - that's good enough for me..
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Old 02-26-2009, 06:58 PM
 
Location: Lafayette, Louisiana
14,095 posts, read 23,675,494 times
Reputation: 7984
So sad to see people cheering for a Communist form of government. Looks like the Democratic party has studied the Communist Manifesto well and public school teachers and college professors have done their job with some of our population.
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Old 02-26-2009, 07:00 PM
 
Location: The Planet Mars
2,150 posts, read 2,308,599 times
Reputation: 523
Quote:
Originally Posted by sailordave View Post
So sad to see people cheering for a Communist form of government. Looks like the Democratic party has studied the Communist Manifesto well and public school teachers and college professors have done their job with some of our population.
ROFLMAO!!!!

Making the tax code an itsy-bitsy bit more progressive is 'Communist'???

Talk about your super duper extreme hyperbole!!!

ROFLMAO!!!
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