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Old 10-12-2011, 10:01 AM
 
33,046 posts, read 22,062,610 times
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Quote:
Originally Posted by oz in SC View Post
Why do some insist on muddying the waters?

What percentage of eligible Americans end up having no federal income tax liability?

A more meaningful question would be the percentage of BREADWINNERS who end up having no federal income tax liability.

Specifically, how many of these no-liability tax returns are filed by students (high school and college) with non-job financial support and thus not working full time...retirees required to file but having no tax liability...subtract those to get the number who actually work for a living and have no tax liability.
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Old 10-12-2011, 10:02 AM
 
Location: 15 months till retirement and I can leave the hell hole of New Yakistan
25,332 posts, read 14,048,526 times
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Quote:
Originally Posted by walidm View Post
Did you read the thread topic and supporting research?
UHM


I have been doing taxes for 30 years
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Old 10-12-2011, 10:03 AM
 
33,046 posts, read 22,062,610 times
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Quote:
Originally Posted by workingclasshero View Post
LINK to that statment

because from YOUR (cbo) charts

Effective Federal Tax Rates for All Households, by Comprehensive Household Income Quintile, 1979-2006
Effective Individual Income Tax Rate
Year.....Lowest Quintile.......Second Quintile.......Middle Quintile
2004 .....-6.2......................... -0.9..................... 3.0
2005..... -6.6......................... -0.9..................... 3.0
2006..... -6.6......................... -0.8..................... 3.0

the lowest has an effective rate of NEGaTIVE 6%

Childless adults working full time at minimum wage have POSITIVE effective individual income tax rates.
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Old 10-12-2011, 10:03 AM
 
Location: Charlotte
12,646 posts, read 13,918,909 times
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Quote:
Originally Posted by workingclasshero View Post
UHM


I have been doing taxes for 30 years
Uh huh. Sure you have.
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Old 10-12-2011, 10:07 AM
 
33,046 posts, read 22,062,610 times
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Quote:
Originally Posted by workingclasshero View Post
meaning 3%

and with deduction pays NOTHING

HowTF much federal income tax do you want a minimum wage worker to pay? He certainly cannot adequately provide for himself and for his retirement, he can't buy a home, and he may well not be able to afford adequate health insurance.

How many minimum wage workers itemize deductions? Where would they even get deductions?
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Old 10-12-2011, 10:12 AM
 
33,046 posts, read 22,062,610 times
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Quote:
Originally Posted by NewToCA View Post

An individual who averaged $25K a year in income receives a monthly benefit of $860

An individual who averaged $75K a year in income receives a monthly benefit of $1745


So, even though the individual making $75K has contributed 3x the amount to the fund, they only get slightly more than 2x the benefit.

Individuals who average $25K a year have higher mortality rates than individuals who average $75K a year, so the $25K individual has a greater probability of getting an inferior rate of return due to early death.
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Old 10-12-2011, 10:14 AM
 
33,046 posts, read 22,062,610 times
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Quote:
Originally Posted by workingclasshero View Post

I earn 60k and pay NOTHING in federal taxes..infact I get back MORE than what was collected from BOTH federal income and federal payroll

And childless burger flippers pay more federal income and payroll taxes than you.

Aren't you ashamed of yourself?
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Old 10-12-2011, 10:15 AM
 
Location: San Diego California
6,797 posts, read 6,319,985 times
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Quote:
Originally Posted by InformedConsent View Post
Um, no. The payroll tax for SS is capped because the benefits paid out are capped.

The payroll tax for Medicare is not capped because the benefits are not capped.
That would be true if the SS was a trust fund, but it is not. As I said, it now goes into the general fund, the same as Income Tax.
Therefore, your statement is just more rhetoric that is meaningless. Or possibly deliberate propaganda.
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Old 10-12-2011, 10:22 AM
 
66,524 posts, read 30,333,656 times
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Quote:
Originally Posted by jimhcom View Post
That would be true if the SS was a trust fund, but it is not.
It's a federal government social insurance program. Both contributions AND payment benefits are capped.

Medicare contributions and benefits are NOT capped.

What about that do you not understand?
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Old 10-12-2011, 10:24 AM
 
33,046 posts, read 22,062,610 times
Reputation: 8970
Quote:
Originally Posted by workingclasshero View Post
facts are facts



and let's not forget the EIC....((earned income tax credit )).....The maximum income limit for the EITC rises to $49,078, up from $48,362 in 2010.The credit varies by family size, filing status and other factors, with the maximum credit going to joint filers with three or more qualifying children..... In 2011, Many Tax Benefits Increase Slightly Due to Inflation Adjustments (http://www.irs.gov/newsroom/article/0,,id=233465,00.html - broken link)

Unfair to childless minimum wage workers who get zero!
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