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Old 10-14-2011, 11:12 AM
 
Location: Austin
29,518 posts, read 16,422,678 times
Reputation: 8061

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Quote:
Originally Posted by mmmjv View Post
That would put me in the 53%, when I was working anyway. Which now makes that figure suspicious because my income was never all that high

The source of the "53%" is the US Government.

Don't forget that some people have a lot of deductions for interest, child care, medical expenses, etc.

Example: A family of five making $30k pays no FIT even if they have no interest, no child care and no medical expenses.
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Old 10-14-2011, 11:13 AM
 
Location: Austin
29,518 posts, read 16,422,678 times
Reputation: 8061
Quote:
Originally Posted by nei View Post
NO the payments on the tax return include payroll taxes. The 47% are people who don't pay federal income taxes. But many of those 47% still pay payroll tax. If the sum of your payments throughout the year less your refund is positive, you may not be in the 53%.

Your payroll tax should be listed as FICA and/or medicare tax. Subtract those from the sum of your payments as well as your refund and then you can tell if you paid income tax.

I suspect a lot of the people who think they are in the 53% aren't. I was in the 53%, but just barely.

I was only discussing FIT. In that context, my formula is correct.
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Old 10-14-2011, 11:15 AM
 
Location: Austin
29,518 posts, read 16,422,678 times
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Quote:
Originally Posted by Skinny Puppy View Post
So someone who pays $8,000 in property taxes is a freeloader, if they fall in the 47% group?

No. And I don't think most people call EVERYONE in the 47% group a "freeloader".
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Old 10-14-2011, 11:19 AM
 
66,240 posts, read 30,160,286 times
Reputation: 8607
Quote:
Originally Posted by Roadking2003 View Post
I was only discussing FIT. In that context, my formula is correct.
I realize we're going with the thread title, but according to the U.S. Congress, only 49% of income earners pay any Federal Income Tax.
Quote:
"In summary, for tax year 2009, approximately 22 percent of all tax units, including filers and non filers, will have zero income tax liability, approximately 30% will receive a refundable credit, and approximately 49% will have a positive income tax liability."
http://finance.senate.gov/newsroom/r...1-ffc00b5c00ef
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Old 10-14-2011, 11:21 AM
 
66,240 posts, read 30,160,286 times
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Quote:
Originally Posted by Roadking2003 View Post
No. And I don't think most people call EVERYONE in the 47% group a "freeloader".
If they earn income and pay no FIT at all, I have no problem calling them freeloaders. Every income earner should pay FIT.
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Old 10-14-2011, 11:42 AM
 
Location: Louisiana
7,468 posts, read 4,227,903 times
Reputation: 6023
Quote:
Originally Posted by Skinny Puppy View Post
So someone who pays $8,000 in property taxes is a freeloader, if they fall in the 47% group?

I have a feeling that if you have a house nice enough to
pay 8K in property tax, yer prolly payin' income tax as well.
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Old 10-14-2011, 12:11 PM
nei nei won $500 in our forum's Most Engaging Poster Contest - Thirteenth Edition (Jan-Feb 2015). 

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Location: Long Island / NYC
45,973 posts, read 41,773,422 times
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Quote:
Originally Posted by Roadking2003 View Post
I was only discussing FIT. In that context, my formula is correct.
No, your formula will give you Federal Income Tax + Federal Payroll Tax
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Old 10-14-2011, 12:27 PM
 
3,502 posts, read 1,814,716 times
Reputation: 646
Quote:
Originally Posted by Speleothem View Post
I have a feeling that if you have a house nice enough to
pay 8K in property tax, yer prolly payin' income tax as well.
Not in Chicago or it's suburbs. I've seen small houses with real estate taxes of $11,000.
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Old 10-14-2011, 04:01 PM
 
Location: Sarasota, Florida
15,400 posts, read 19,525,972 times
Reputation: 11064
Quote:
Originally Posted by doc1 View Post
"Those of us who pay for those of you who whine about all of that... or that... or whatever. "

We Are The 53%
And now for a reality check with the truth in simple to understand graphics>>>>>




Last edited by PITTSTON2SARASOTA; 10-14-2011 at 04:45 PM..
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Old 10-14-2011, 04:10 PM
 
66,240 posts, read 30,160,286 times
Reputation: 8607
Quote:
Originally Posted by PITTSTON2SARASOTA View Post
And now for a reality check with the truth in simple to understand graphics>>>>>
Um... where does that graphic show the freeloading 51% actually PAYING for what they get, for a change?
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