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Old 01-22-2013, 10:01 AM
 
Location: Barrington
45,781 posts, read 34,016,499 times
Reputation: 15288

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Quote:
Originally Posted by rorqual View Post

I dont know, I am pissed a wall street tool like Romney pays a lower tax rate than me and able to take advantage of numerous deductions so as not to pay taxes for 8 years.
The ultra wealthy pay millions in Federal income taxes, each year and collectively represent a substantial portion of the federal government's general revenues. And yet, their individual effective tax rate is usually lower than the middle class. Warren Buffet illustrated this by comparing his secretary's effective tax rate to his own.

The flip side is a Romney like person may argue that if they pay a higher federal tax rate, they have less money to invest and it's investment in innovation that makes the world go around.
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Old 01-22-2013, 10:01 AM
 
66,437 posts, read 30,294,925 times
Reputation: 8660
Quote:
Originally Posted by Torpedos View Post
lets just all apply for welfare. they dont really do a background. just open a bank account, put 50 bucks in there, tell they that is all you have. you will get welfare fast. dont feel bad about it either, it is just you getting your own money back. you can also apply for free lunch at your kid's school. dont feel bad about that either, for some reason you already paid for that with tax dollars, and now they want you to pay again if you make too much. apply for all the freebees you can. dont be proud, use that welfare card to buy those expensive steaks you cant really afford. go get yours, the world at your finger tips....
SSDI is also an option. They're so overwhelmed with applications that they don't adequately investigate claims. It's a rubber stamp assembly line... APPROVED.
Social Security Awarding Disability Benefits Without Adequately Reviewing Applications: Report

The faster this country collapses under the sheer weight of the government assistance-dependent, the faster we can rebuild with actual integrity.
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Old 01-22-2013, 10:06 AM
 
66,437 posts, read 30,294,925 times
Reputation: 8660
Quote:
Originally Posted by middle-aged mom View Post
The flip side is a Romney like person may argue that if they pay a higher federal tax rate, they have less money to invest and it's investment in innovation that makes the world go around.
Yep. Less investment money stifles the capital required to grow the U.S. economy. Apparently, the left wants to stagnate the economy while the welfare-dependent class continues to grow exponentially. Who thinks that's sustainable?

Liberals... they are their own worst enemies.
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Old 01-22-2013, 10:06 AM
 
Location: Barrington
45,781 posts, read 34,016,499 times
Reputation: 15288
Quote:
Originally Posted by InformedConsent;27876376
Invest your already taxed earned income and you too can pay the capital gains tax rate on your investment income.
Here we go again.... The prinicpal investment is not subject to taxation.

Tax is due on the realized net profit of the investment. If there is no realized profit, there are no taxes due. Net losses from prior years can and do offset net profits of future years and do so indefinitely.
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Old 01-22-2013, 10:08 AM
 
66,437 posts, read 30,294,925 times
Reputation: 8660
Quote:
Originally Posted by middle-aged mom View Post
Here we go again.... The prinicpal investment is not subject to taxation.
Did that money just appear out of nowhere? Explain why you believe so.
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Old 01-22-2013, 10:18 AM
 
Location: Maryland
18,624 posts, read 16,421,685 times
Reputation: 6348
Got my W2 today. Interesting they now include the amount your company pays for your health coverage as per Obamacare i guess.

Not sure if it goes on the 1040, I guess I'll find out next week.
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Old 01-22-2013, 10:19 AM
 
6,334 posts, read 4,426,452 times
Reputation: 1640
Quote:
Originally Posted by middle-aged mom View Post
Here we go again.... The prinicpal investment is not subject to taxation.

Tax is due on the realized net profit of the investment. If there is no realized profit, there are no taxes due. Net losses from prior years can and do offset net profits of future years and do so indefinitely.
That's too complicated for some to understand.

You have to break it down even further. I don't know how to, perhaps we have some preschool teachers in here who can help.
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Old 01-22-2013, 10:21 AM
 
Location: NJ
16,920 posts, read 11,807,802 times
Reputation: 10899
Along with W-2s they will include WD40 to make it go down easier.
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Old 01-22-2013, 10:25 AM
 
66,437 posts, read 30,294,925 times
Reputation: 8660
Quote:
Originally Posted by Don Draper View Post
That's too complicated for some to understand.
Not at all. We FULLY realize that we're penalized for investing in growing the U.S. economy.
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Old 01-22-2013, 10:27 AM
 
Location: The Brat Stop
8,353 posts, read 5,986,112 times
Reputation: 2279
Quote:
Originally Posted by orlandochuck View Post
I paid in about $5000 in federal taxes. I have a co worker who has a daughter that is unemployed, has no ambition to work, on welfare, a single mother of 4 children, all have different fathers. She is getting a $4000 refund. How does she get a refund like that? A refund suggests she paid something in.
This is whats wrong with America.
This has got to be one of those PWND threads, either that, or we're not getting the whole picture, some people under a certain income bracket get back everything they paid in for federal income tax when they file their 1040, some people w/children will get back more than what they paid in because of the EIC.

EITC, Earned Income Tax Credit, Questions and Answers
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