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I really don't trust these numbers. Bush held the lid on taxes and where did it get this country? So sick of Republicans obsessing over taxes and failing across the board to resolve the problems which plague this nation. Focusing on taxes to divert attention away from GOP ineptness in every other category is not the type of strategy that will unseat this great President Obama.
A better question is: when are Republicans going to quit complaining about taxes and actually do something, anything, to help all but the rich and most privileged in this country?
Personal income tax, what this thread was started about, is not business tax.
If you paid yourself 50k as a shop owner, you owe the same income tax rates as if you worked solo to earn 50k.
If you want to cut your income to drop to a lower bracket... well, that's your own decision. The great thing about our system... You're completely replaceable!
Lord, more than half the business enterprises in this country report income to be taxed on personal tax returns: sole proprietors, LLC's, and S corporations. So when you screw around with personal income taxes, you are unavoidably screwing around with many people's businesses directly. This is one of the reasons why comprehensive tax reform needs to be done on corporate and personal tax at the same time.
Do tell....when you have w2 staring your CPA in the face, goodwill can't help you much.....most deductions for a working stiff disappear.....only 1099's or self employed can play the game you are intoning.
Even if the top tax rate was 80%, that means you would still bring home $2 million if you made $10 million a year.
Who cares about percentages, let's be pragmatic here.
Your thoughts? And please, keep it on subject. Don't bring up the president or Romney, keep it to the subject. Is this fair???
The problem is that the government is greedy, and no matter how much is taxed, the government will never have enough.
The other problem is that some people believe that successful people became rich by exploiting others, and therefore they ought to have it taxed away so that the government can redistribute it to those who didn't earn it.
I've watched this melee for quite some time and I just wanted to weigh in. It seems that there are some who believe that some citizens believe personal taxation rates could, and should exceed 50%.....think about that, 50%.....amazing. And that is NOT including state, social security, ad valorems, sales taxes, fuel taxes, FICA etc......
Not for nothing but, imagine a man or woman earn 1 million in a given year. While that is no longer amazing, it's a pretty good amount wouldn't you agree? And according to some these folks should pay;
$500,000 in federal
$60,000 in state, give or take depending on the state and yes, some have zero income tax
$8,0000 in property taxes
$35,000 in other taxes mentioned above
Now, this is a swag but, that's roughly 67% of their gross. God help them if they have a divorce in there: )
Roughly 2 out of 3 dollars earned. Now say they are able to cut that by 25% of the 67% somehow through deductions and gray areas, they would still be hovering around 50 to 52% of their income. And before you cast judgement, think about it. For every dollar you earn, consider YOU giving up one half....50 cents......brutal
To be sure, I don't believe these folks have or receive their own police, fire, roads just for them? No, they use the same level of services as you and I typically receive. The MAIN rationale by most for this taxation? "because they can afford it". That's the reason and justification all too often used......
Now, I ask you, by websters very definition....is that "fair"
Your thoughts? And please, keep it on subject. Don't bring up the president or Romney, keep it to the subject. Is this fair???
No, it isn't fair. We need to shift the tax burden away from earned income and wages, and towards things like economic rents, financial assets or financial transactions. Income has been stagnant for a generation, while the growth of financial assets has increased the cost of living for the typical american.
It's not about rates, it's about who and what we are taxing.
It's not about rates, it's about who and what we are taxing.
Anyone but you would be cool huh?
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