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Old 01-30-2012, 01:07 PM
 
Location: NC
586 posts, read 516,068 times
Reputation: 276

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Quote:
Originally Posted by Toyman at Jewel Lake View Post
Ouch. A house, with the associated interest and property tax payments should result in your federal income tax dropping a bit. However...I think you only accounted for the portion of your "contribution" to SS. The employer's portion, also a part of your compensation package, is another ~7%. Making your tax load closer to 36%. All this before sales taxes, fees, fuel taxes and the embedded taxes in all goods and services you purchase. Most likely your total tax load is 40-55% of your income. Doesn't that make you feel all warm and fuzzy?
Not only that, wasnt the SS rate only like 4.2% this year for employees instead of the normal 6.2%?

So you can add another 2% whenever that stops.

It's insane. And the middle to upper-middle class gets screwed. Especially single, childless workers.

I'm going to make about 30% more in 2012 than I did in 2011 as well so I cant wait to see how that turns out
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Old 01-30-2012, 02:31 PM
 
5,532 posts, read 5,981,930 times
Reputation: 3155
Quote:
Originally Posted by michiganmoon View Post
The spin machine has been out in full force distorting the truth about Romney's income tax return rate, which is slightly under an effective rate of 15%.

97% of Americans pay less than an effective income tax rate of 15%.

47% of American households pay an effective tax rate of 0% or even make a profit off of income taxes.

Maybe Romney should/could pay more...but the spin that he pays less than the common American is a lie.

Furthermore, ALL Americans pay 15% on Dividends...additionally Democrats like JFK and Bill Clinton have encouraged investing through means like lowering the dividend tax rate, as they believed that investing helps the economy.
Just a quick question: if that's the case, why so many argue that we Americans are "taxed to death"?
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Old 01-30-2012, 03:31 PM
 
Location: Michigan
5,370 posts, read 4,645,818 times
Reputation: 1627
Quote:
Originally Posted by michiganmoon
The spin machine has been out in full force distorting the truth about Romney's income tax return rate, which is slightly under an effective rate of 15%.

97% of Americans pay less than an effective income tax rate of 15%.
Quote:
Originally Posted by oberon_1 View Post
Just a quick question: if that's the case, why so many argue that we Americans are "taxed to death"?
Kinda throws out the whole 'T.E.A.' argument..........

Of course with Newt's proposed plan, Romney would pay next to nothing, and the rest of the working stiffs would still pay a lot more.
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Old 01-30-2012, 07:27 PM
 
Location: Palo Alto
12,172 posts, read 7,047,205 times
Reputation: 4175
Quote:
Originally Posted by oberon_1 View Post
Just a quick question: if that's the case, why so many argue that we Americans are "taxed to death"?
I think many Tea Party members are as much concerned about the deficit and the debt as they are the tax rate.

I could support the bottom 50% paying zero tax if the budget was balanced. Or at least close.
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Old 01-30-2012, 08:45 PM
 
Location: Sacramento, CA/Dover-Foxcroft, ME
1,810 posts, read 2,970,906 times
Reputation: 2831
Americans pay numerous taxes like payroll, federal, state, local, gas, rentals, capital gains, cigarette, inheritance, liquor, marriage license, luxury, property, real estate, sales, soc. security, telephone, utility, vehicle and probably many more. Add that to 15% and yikes!! That's probably what "taxed to death" means. I know I feel taxed to death.
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Old 01-30-2012, 08:51 PM
 
Location: Austin
29,546 posts, read 16,502,901 times
Reputation: 8087
Quote:
Originally Posted by michiganmoon View Post
Furthermore, ALL Americans pay 15% on Dividends...additionally Democrats like JFK and Bill Clinton have encouraged investing through means like lowering the dividend tax rate, as they believed that investing helps the economy.
Many Americans with a low level of earned income pay 0% on long term capital gains.......
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Old 01-30-2012, 08:52 PM
 
Location: Austin
29,546 posts, read 16,502,901 times
Reputation: 8087
Quote:
Originally Posted by walidm View Post
B

You expect these folks to relate his tax rate to their situation...

.

No. But I expect that all healthy Americans should pay some income taxes.
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Old 01-30-2012, 08:57 PM
 
Location: Midwest
31,375 posts, read 19,644,506 times
Reputation: 7876
Quote:
Originally Posted by michiganmoon View Post
The spin machine has been out in full force distorting the truth about Romney's income tax return rate, which is slightly under an effective rate of 15%.

97% of Americans pay less than an effective income tax rate of 15%.

47% of American households pay an effective tax rate of 0% or even make a profit off of income taxes.

Maybe Romney should/could pay more...but the spin that he pays less than the common American is a lie.

Furthermore, ALL Americans pay 15% on Dividends...additionally Democrats like JFK and Bill Clinton have encouraged investing through means like lowering the dividend tax rate, as they believed that investing helps the economy.
What was your tax rate?
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Old 01-30-2012, 10:31 PM
 
Location: Palo Alto
12,172 posts, read 7,047,205 times
Reputation: 4175
Quote:
Originally Posted by Roadking2003 View Post
No. But I expect that all healthy Americans should pay some income taxes.
For the poorest I think payroll taxes are enough. I could handle zero. It's the negative tax rate that gets me.
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Old 01-31-2012, 08:40 AM
 
Location: 15 months till retirement and I can leave the hell hole of New Yakistan
25,351 posts, read 14,063,234 times
Reputation: 6519
Quote:
Originally Posted by TrapperJohn View Post
For the poorest I think payroll taxes are enough. I could handle zero. It's the negative tax rate that gets me.
which is what most of the poor/middle get

between housing interest credit, tax credit, child credit, tuition credit, health care cost credit, energy credit, EIC, make work credit,..most have a zero to negative tax rate
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