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Old 11-17-2011, 01:23 PM
 
Location: Fort Worth Texas
12,482 posts, read 8,521,568 times
Reputation: 2525

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Quote:
Originally Posted by Cletus Awreetus-Awrightus View Post
that is correct.



no, obviously not.



that is correct.



No, you are conflating wealth and income.

People who have high incomes (100k+, 250k+, 500k, whatever) are not necessarily wealthy, especially if they live in somewhere like NYC or DC. They are "high income", may have tons of mortgage debt and property taxes, and heavily utilize the mortgage interest and property tax deductions.

People who have tons of wealth (billions) are not necessarily earning high wages, or itemizing and utilizing the mortgage interest deduction to begin with. If they do it doesn't really make much impact on their tax burden anyway, since their big benefit comes primarily from the "Bush tax cuts", which lowers the capital gains rate.
People with wealth itemize everything they can for them a standard deduction is nothing
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Old 11-17-2011, 01:28 PM
 
3,458 posts, read 2,995,337 times
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Quote:
Originally Posted by wjtwet View Post
People with wealth itemize everything they can for them a standard deduction is nothing
I'd say that the personal deductions typically benefit the high-wage individuals.

High-wealth individuals benefit more from corporate deductions; the business assets the high-wealth individuals own increase in value with corporate deductions.
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Old 11-17-2011, 01:29 PM
 
Location: Old Town Alexandria
14,506 posts, read 23,210,898 times
Reputation: 8833
Default exactly

Quote:
Originally Posted by wade52 View Post
Well said.

What many simply refuse to uinderstand is that the rise of China is the result of so-called "American" corporations sending their jobs and investment to China in order to undercut the American workforce. China's resurgence has been financed by predatory corporations interested in short term gains at the expense of the United States.

And millions of Americans blinded by their hyperpartisanship look right at it but refuse to see it. Instead, they claim the OWS movement is somehow their enemy.
and those service and banking jobs are NOT coming back. Has any1 seen how Shanghai ans SE Asia job market is thriving?...turn off faux news and tune in to linktv or even travel tv....

Bank of America and UBS etc...all their huge customer service centers are offshore.
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Old 11-17-2011, 01:34 PM
 
Location: NC
6,034 posts, read 7,201,922 times
Reputation: 6333
Quote:
Originally Posted by dreamofmonterey View Post
I worked at metlife mid 90's , they had that sham "HSA-health savings account" ..i.e. you had to take cash out of your OWN paycheck each month...
small business owners then were paying 6k per month for employees...health ins. should be a right not a privilege, it is unaffordable unless you are a multi-millionaire . One day in the ER costs 4-6k now...with tests etc.

Sorry but health savings account's are not sham's unless you compare it to taxpayer funded union health insurance that they only pay $20 a month for.

HSA's are a very good way to make much of your medical expenses pre-tax and deduct them.

$2,500 deductible , no co pays, no co-insurance.... employer kicks in $1,250 a year to cover 1/2 deductible.... you pay around $140/month for insurance then kick in some to your HSA.... all this reduces your taxable wages.

Compare that with a traditional plan where you pay similar amounts, but have as much as 20-30% co-insurance rates until you get to an out of pocket cost of $5,000.

HSA is not a scam. Also insurance isn't a right, just like it isn't your right for me to buy your gas.

Everything has to come from somewhere and right now the Government is creating around 12% of GDP by borrowing money..... Not sustainable.
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Old 11-17-2011, 01:37 PM
 
Location: Inis Fada
16,685 posts, read 27,956,954 times
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Quote:
Originally Posted by Cletus Awreetus-Awrightus View Post

People who have high incomes (100k+, 250k+, 500k, whatever) are not necessarily wealthy, especially if they live in somewhere like NYC or DC. They are "high income", may have tons of mortgage debt and property taxes, and heavily utilize the mortgage interest and property tax deductions.

People who have tons of wealth (billions) are not necessarily earning high wages, or itemizing and utilizing the mortgage interest deduction to begin with. If they do it doesn't really make much impact on their tax burden anyway, since their big benefit comes primarily from the "Bush tax cuts", which lowers the capital gains rate.
$100K for a family of 4 in downstate NY is not high income while it might be in a rural area in the midwest. It has to placed within context. I have friends who are earning a lot of money, who would be considered high income anywhere in the US, who are paying $20K/year in property taxes.

I bought a reasonably priced house ($130K) in dire need of repairs with very low taxes ($2800) in 1996. My taxes have quadrupled, my homeowners insurance increased when I had to find a new carrier because the old one is getting out of the local market. Our family income has remained stagnant the last 5 or 6 years while everything else has gone up. For me, the deductions are very welcome. I get a small tax return and in turn, use it to replace an appliance, or this year toward replacing the cesspool.

Everyone who is eligible would be foolish not to utilize the deductions while we still have them. Anyone who uses a paid preparer who doesn't utilize this for them should look for another tax preparer.
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Old 11-17-2011, 01:40 PM
 
Location: Fort Worth Texas
12,482 posts, read 8,521,568 times
Reputation: 2525
Quote:
Originally Posted by Cletus Awreetus-Awrightus View Post
I'd say that the personal deductions typically benefit the high-wage individuals.

High-wealth individuals benefit more from corporate deductions; the business assets the high-wealth individuals own increase in value with corporate deductions.
The standard deductions for 2010 are:

[LEFT]Single $5,800 $1,450
Married filing
jointly $11,600 $1,150 Personal Exemption $3,700
Head of
Household $8,500 $1,450
Married filing[/LEFT]
separately $5,800 $1,150 $
http://www.taxpolicycenter.org/taxfa...dual_rates.pdf



So the standard deduction for a married couple is 11,600.
do you really think a wealthy person will use that instead of itemize?
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Old 11-17-2011, 01:41 PM
 
Location: One of the 13 original colonies.
9,975 posts, read 6,115,101 times
Reputation: 7846
I Will NEVER Vote Republican again.



When did you attend the democratic school of propaganda?
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Old 11-17-2011, 01:43 PM
 
128 posts, read 211,092 times
Reputation: 164
Quote:
Originally Posted by Darkatt View Post
Here is what YOU are missing.

The top 1% of wage earners in this country's income starts at just over $100,000. (This means that all those people between that and your $200K figure are part of the top 1%, and if you are making 150K you are NOT middle class, you are part of the top 1%).
No, its $250k to $300k is where the top 1% begins. Please don't make things up.

Quote:
Originally Posted by workingclasshero View Post
YES THEY PAY BOTH

and the interest is tiny compare to the tax

and the interest still doesnt bring you up to the standard deduction...unless its a jumbo loan...which if you have a jumbo loan you ar not workingclass

you have been debunked
what the hell are you talking about ? interest on the average 400,000 dollar mortgage is easily over property taxes. A real working class hero wouldn't totally ignore the tax proposed on health insurance plans. The only one debunked here is you.
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Old 11-17-2011, 01:48 PM
 
Location: Inis Fada
16,685 posts, read 27,956,954 times
Reputation: 7181
Quote:
Originally Posted by LI*TEA View Post
No, its $250k to $300k is where the top 1% begins.


National Taxpayers Union - Who Pays Income Taxes?

Quote:
Tax Year 2009

Percentiles Ranked by AGI -AGI Threshold on Percentiles -- % of Federal Personal Income Tax Paid

Top 1% -- $343,927 -- 36.73%

Top 5% -- $154,643 -- 58.66%

Top 10% -- $112,124 -- 70.47%

Top 25% -- $66,193 -- 87.30%

Top 50% -- $32,396 -- 97.75%

Bottom 50% -- <$32,396 -- 2.25%

Note: AGI is Adjusted Gross Income
Source: Internal Revenue Service
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Old 11-17-2011, 02:12 PM
 
3,458 posts, read 2,995,337 times
Reputation: 1527
Quote:
Originally Posted by wjtwet View Post
The standard deductions for 2010 are:

[LEFT]Single $5,800 $1,450
Married filing
jointly $11,600 $1,150 Personal Exemption $3,700
Head of
Household $8,500 $1,450
Married filing[/LEFT]
separately $5,800 $1,150 $
http://www.taxpolicycenter.org/taxfa...dual_rates.pdf



So the standard deduction for a married couple is 11,600.
do you really think a wealthy person will use that instead of itemize?
I never said that rich folks wouldn't use deductions. I said that if you're rich, you'd rather lose these deductions, than have your capital gains rate increase.
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