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Old 10-18-2011, 11:58 AM
 
4,912 posts, read 2,884,964 times
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Quote:
Originally Posted by workingclasshero View Post
yes...BY LAW

I earn 60k..and pay NOTHING in federal income OR PAYROLL taxes....by LAW

if by law we say you can write off medical costs,...then if the person is doing that..its ok
And are you, and others who have no problem with this, aware that about half of the so called 47% are in the exact same situation except that after their deductions, not including the ones they don't take because they don't have high priced tax lawyers, is $0.00? So $0.00 would be their fair share
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Old 10-18-2011, 11:59 AM
 
33,046 posts, read 22,067,502 times
Reputation: 8970
Quote:
Originally Posted by workingclasshero View Post
here is a wild thought

how about EVERYONE pay an EQUAL , nonDISCIMINATORY RATE

Americans For Fair Taxation: Americans For Fair Taxation

tax spending...not income..especially since a good portion of income is never reported

Oh this is hilarious.

nondiscriminatory FAIL

rent (including embedded property taxes) is fully taxed, while purchase of an existing home (and the property taxes on said purchased existing home) are untaxed.
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Old 10-18-2011, 12:01 PM
 
4,912 posts, read 2,884,964 times
Reputation: 1251
Quote:
Originally Posted by workingclasshero View Post
yes...BY LAW

I earn 60k..and pay NOTHING in federal income OR PAYROLL taxes....by LAW

if by law we say you can write off medical costs,...then if the person is doing that..its ok
in other words you're part of that mooching 47% that doesn't pay any taxes
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Old 10-18-2011, 12:06 PM
 
Location: 15 months till retirement and I can leave the hell hole of New Yakistan
25,332 posts, read 14,052,247 times
Reputation: 6510
Quote:
Originally Posted by freemkt View Post
Oh this is hilarious.

nondiscriminatory FAIL

rent (including embedded property taxes) is fully taxed, while purchase of an existing home (and the property taxes on said purchased existing home) are untaxed.
false..you would not pay 'fairtax' on rent, but you certainly pay property taxes on that preexisting home

try READING the link

Americans For Fair Taxation: Americans For Fair Taxation

or is reading to hard for you
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Old 10-18-2011, 12:08 PM
 
Location: 15 months till retirement and I can leave the hell hole of New Yakistan
25,332 posts, read 14,052,247 times
Reputation: 6510
Quote:
Originally Posted by mmmjv View Post
in other words you're part of that mooching 47% that doesn't pay any taxes
federally ..yes

but I get killed by the state, and moreso by the local

I EARN (gross) 60k..yet my property tax is 12k...a full 20% of my gross
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Old 10-18-2011, 12:14 PM
 
Location: The Land of Reason
13,300 posts, read 10,499,316 times
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Quote:
Originally Posted by jazznblues View Post
Long term income from capital gains is taxed at a lower rate than if it were ordinary income. But it is still income tax.

Someone living off capital gains will still pay income taxes unless their deductions are very high.

BTW - I bet most people in such a situation have dividend and interest income, which is taxed as ordinary income.
If they can live off of dividends more than likey they are listed as corporations which pay considerable less then the rest of us mere mortals, and have more deductions as well
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Old 10-18-2011, 12:18 PM
 
Location: The Land of Reason
13,300 posts, read 10,499,316 times
Reputation: 3541
Quote:
Originally Posted by workingclasshero View Post
federally ..yes

but I get killed by the state, and moreso by the local

I EARN (gross) 60k..yet my property tax is 12k...a full 20% of my gross
So I guess you are no fan of Cain's 999 plan
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Old 10-18-2011, 12:26 PM
 
33,046 posts, read 22,067,502 times
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Quote:
Originally Posted by workingclasshero View Post
false..you would not pay 'fairtax' on rent, but you certainly pay property taxes on that preexisting home

try READING the link

Americans For Fair Taxation: Americans For Fair Taxation

or is reading to hard for you

Psst...go to the FairTax website...at the bottom right (scroll down) there's a search feature...enter 'rent' and submit...this is on the first page:

[SIZE=-2][PDF][/SIZE] Comparing Average and Marginal Tax Rates under the ... ... Indeed, except for imputed rent on existing housing and durables, the FairTax
taxes all consumption (including rents on housing, new rental and ...
[SIZE=-1]www.fairtax.org/PDF/Comparing%20AverageandMarginalTaxRates-110206.pdf[/SIZE][SIZE=-1] - 2007-02-21
-------------------------------------------------------------

NOW tell me that I would not pay 'fairtax' on rent.

And note that "the FairTax taxes all consumption (including rents on housing etc)" but does not tax "imputed rent on existing housing".

That means homeowners get to enjoy untaxed housing consumption while renters get to pay tax on their rent.
[/SIZE]
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Old 10-18-2011, 12:43 PM
 
31,385 posts, read 32,103,545 times
Reputation: 14896
Interesting figures on the 47% of "dead beat" Americans who pay no income tax:

At or below the median income:

68% earn less than 50k per year (63.2 million)

At or above median income:

12.5% earning incomes between 50k-100k per year (4.3 million)

02.1% earning incomes between $100k-$500k (485,000)

01.6% earning incomes between $500-$1m (14,000)

01.% earning incomes over $1m (4,000)

Interesting note, of the top 400 individual tax returns with an an average adjusted income of $345 Million the average tax rate has dropped from 26% to 17% between 1992 and 2007 a period which saw their average adjusted income rise from $45 million to $345 million.

http://money.cnn.com/2011/04/14/pf/t...axes/index.htm

Additionally, two thirds of those who are making less than $50,000 and pay nothing in income taxes pay payroll taxes while only 4% of those making over $100,000 pay anything in payroll taxes.

One little quote that I found interesting:

Quote:
Quote:
But by most other measures, high-income households benefit far more from tax expenditures than those at the bottom. On average, the lowest earners save enough in taxes to buy gas for three months. The highest? They save almost enough to buy three $500,000 Mercedes Benz SLR McLaren Roadsters (one for workdays, one for weekends, and one for truly special occasions such as tax day).
http://taxvox.taxpolicycenter.org/20...rong-question/

I strongly suggest folks read the entire article.

http://taxvox.taxpolicycenter.org/20...rong-question/

Last edited by ovcatto; 10-18-2011 at 12:51 PM..
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Old 10-18-2011, 12:43 PM
 
Location: 15 months till retirement and I can leave the hell hole of New Yakistan
25,332 posts, read 14,052,247 times
Reputation: 6510
Quote:
Originally Posted by freemkt View Post
Psst...go to the FairTax website...at the bottom right (scroll down) there's a search feature...enter 'rent' and submit...this is on the first page:

[SIZE=-2][PDF][/SIZE] Comparing Average and Marginal Tax Rates under the ... ... Indeed, except for imputed rent on existing housing and durables, the FairTax
taxes all consumption (including rents on housing, new rental and ...
[SIZE=-1]www.fairtax.org/PDF/Comparing%20AverageandMarginalTaxRates-110206.pdf[/SIZE][SIZE=-1] - 2007-02-21
-------------------------------------------------------------

NOW tell me that I would not pay 'fairtax' on rent.

And note that "the FairTax taxes all consumption (including rents on housing etc)" but does not tax "imputed rent on existing housing".

That means homeowners get to enjoy untaxed housing consumption while renters get to pay tax on their rent.
[/SIZE]
and rent is income...so even today it is taxed


1. Housing. Explicit rental payments are subject to taxation
under the FairTax. Implicit rents on existing owneroccupied
housing and farms are not. However, the Fair-
Tax implicitly taxes imputed rent on newly constructed
housing via a prepayment approach that levies the
FairTax on their initial sale.4 Thus, we remove the value
of imputed rent for housing and farm dwellings from the
base. Because purchases of new homes are counted as
investment in new structures in the NIPA accounts, we
add those figures to the base.
Under the FairTax, improvements to single-family
homes and realtors’ fees, which represent payments for
services provided, are also taxable. Those expenditures
are counted as investment and not consumption in the
NIPA tables, and they are added to the FairTax base. It
should be noted that, under the FairTax, there is no tax on
the resale of houses or any other property that was
previously subject to the FairTax or that was owned by a
consumer on the changeover date.

The imputed rent for owner-occupied
housing and farm dwellings is removed because the tax due on the imputed rent will become prepaid when the
property is sold as a new dwelling.



you fail

Last edited by workingclasshero; 10-18-2011 at 12:55 PM..
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