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To take an example, suppose your taxable income (after deductions and exemptions) was exactly $100,000 in 2008 and your status was Married filing separately; then your tax would be calculated like this:
($ 8,025 minus 0 ) x .10 : $ 802.50(32,550 minus 8,025 ) x .15 :3,678.75(65,725 minus 32,550 ) x .25 :8,293.75(100,000 minus 65,725 ) x .28 :9,597.00 Total: $ 22,372.00
I agree with you that a single rate tax is the most equal application of taxes. Taxes should be neither progressive nor regressive, but applied equally to everyone, including corporations (after all, the Supreme Court recently ruled that corporations were considered "people").
The application of taxes has absolutely nothing to do with the amount of government services that are used by the taxpayer. It does not matter if someone pays very little in taxes and uses lots of government services or if someone pays a great deal in taxes and uses no government services. As long as everyone is being taxed equally, meaning at the same rate, then everyone is paying their share.
They are "people" only in that they are separate from their owners (especially where it comes to liability), unlike an LLC where the company IS the owners.
Corporations are doubly taxed, they pay taxes then the income distributed to shareholders is also taxed. I take it you own no stock? If you do, the company is taxed on its profits and this reduces what it can pay to shareholders (you), and then you have to turn around and pay gains taxes on what you earn from your smart investment. Sounds like a great plan.
Well I made just over 75K, I paid in just over 25K in total taxes (social security, medicare, federal witholdings, etc), and I got a 1,700 dollar return.
Thats with two dependents, home interest write off, child tax credit, everything.
Honestly, that sounds nuts. Maybe you need a better accountant. ?
The average family earning $50K a year has PLENTY to save for a rainy day.. The fact that you choose not to, isnt the fault of others.. My "net" income is 1/2 of that and I live in a 6k sf home, with a vacation home to boot. you choose to spend your money on things like cell phones, and "luxuries" that you can live without..
1/2 of that would be more than most people with two kids mortgage, property taxes and health insurance premiums, let alone groceries, school supplies...your numbers don't add up.
They are "people" only in that they are separate from their owners (especially where it comes to liability), unlike an LLC where the company IS the owners.
Corporations are doubly taxed, they pay taxes then the income distributed to shareholders is also taxed. I take it you own no stock? If you do, the company is taxed on its profits and this reduces what it can pay to shareholders (you), and then you have to turn around and pay gains taxes on what you earn from your smart investment. Sounds like a great plan.
Correct.. This is why Buffet decided to stop paying his stock holders a dividend.. He didnt like the fact that it resulted in double taxation.. He'd rather the stock grow in value, (i.e. tax free, because the profits are invested, i.e. spent), and then be sold by the investors not subject to double taxation.. And since they are institutional investors usually, they can hold them for over a year, lowering the tax rate owed..
its how buffet got so rich and why his tax rate is lower than his secretaries, i.e. holding his stock, and then donating it to charity, i.e. not cashing in. But liberals dont like the facts..
1/2 of that would be more than most people with two kids mortgage, property taxes and health insurance premiums, your numbers don't add up.
People with two kids, a home and health insurance only make $25k per year? Did I just misunderstand you or is that what you said? If that is what you said, they cannot possibly afford health insurance out of pocket, nor can they afford a mortgage, and they most likely are receiving assistance to help pay for their two kids they should never have had.
1/2 of that would be more than most people with two kids mortgage, property taxes and health insurance premiums, your numbers don't add up.
Numbers very well add up.. I moved to another state to get lower taxes, higher disposable income, and a better bang for the buck.. Dont blame me if you arent willing/able to do the same..
Well I made just over 75K, I paid in just over 25K in total taxes (social security, medicare, federal witholdings, etc), and I got a 1,700 dollar return.
Thats with two dependents, home interest write off, child tax credit, everything.
Sounds a little bit off when you examine the tax tables. Look at the example :
To take an example, suppose your taxable income (after deductions and exemptions) was exactly $100,000 in 2008 and your status was Married filing separately; then your tax would be calculated like this:
($ 8,025 minus 0 ) x .10 :
$ 802.50(32,550 minus 8,025 ) x .15 :3,678.75
(65,725 minus 32,550 ) x .25 :8,293.75
(100,000 minus 65,725 ) x .28 :9,597.00
Total: $ 22,372.00
That's $22,372 on a Adjusted gross income of $100K
Now you say your AGI is 75K and you paid $23,300
How could someone who has a AGI of 100K pay more than you whose AGI is $75K?
Something seems fishy in your tax preparation
I also realize that the example is from 2008 but the tables in the link are for 2010 and you can figure from there. If the taxes were raised, then Obama is liar, because he promised not to raise taxes on anyone under $250K
Do you agree with this commonly held assessment held by some conservatives?
I agree that it is NOT a commonly held assessment by anyone at all.
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