Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Obama is NOT paying less taxes than most americans, half the nation pays ZERO, or even less, i.e. they get a refund on what they didnt pay
Getting a refund doesn't mean you didn't pay taxes. When I was younger I often received refunds, but not for the full amount, usually got back 25% of what I paid.
That's because some individuals who make 25,000 a year have children, which substantially reduces their income via additional personal exemptions, the child tax credit, and the Earned Income Tax Credit (assuming they are at least 25 years of age). Also, seniors who make 25,000 also receive significant savings via a higher standard deduction and a partial exclusion for Social Security income.
The facts are different for a single, childless person working 12 hour for 40 hours a week. Such a person would make 24,960 a year, assuming a 52 hour work week. The personal exemption is currently 3,900 and the standard deduction for a single filer is 6,100. What this means is that such a person would have to pay taxes on 14,960 of income at a federal income tax rate of 10%. That is in addition to FICA taxes.
Yes, but I'd say when 1/2 the nation pays an average of $.01 a year in total income taxes, that isnt enough.. I know, I hate the poor.. everyone knows that..
But I also support removing deductions so people like me, who gross somewhere in the neighborhood of 8 figures, (thats gross, not net), has less incentive to make sure their businesses have a negative net profit a year, thus reducing my tax liability to $0 as well. I make lots of effort to make sure my businesses lose money every year so I dont have to pay taxes.
We need to broaden the tax base, not raise the rates, and that goes along all income segments.
Getting a refund doesn't mean you didn't pay taxes. When I was younger I often received refunds, but not for the full amount, usually got back 25% of what I paid.
I'm willing to bet the tax code has changed a lot since you were "younger".. How else do you explain that 1/2 the nation pays pretty much NOTHING in income taxes?
The point of the thread is to point out Obama is a hypocrite by suggesting people like him, should pay more, while he makes lots of efforts to pay 1/2 of what he thinks would be "fair".. On that note, pointing out the hypocracy is fair. But that doesnt mean Obama hasnt paid enough.
What % tax did Obama pay on the income he did not give to charity?
Getting a refund doesn't mean you didn't pay taxes. When I was younger I often received refunds, but not for the full amount, usually got back 25% of what I paid.
This is the 3rd time you put words in someone's mouth. He didn't say if they get a refund they didn't pay. Although there are people who don't pay taxes that do get refunds. It's called redistribution.
That's because some individuals who make 25,000 a year have children, which substantially reduces their income via additional personal exemptions, the child tax credit, and the Earned Income Tax Credit (assuming they are at least 25 years of age). Also, seniors who make 25,000 also receive significant savings via a higher standard deduction and a partial exclusion for Social Security income.
The facts are different for a single, childless person working 12 hour for 40 hours a week. Such a person would make 24,960 a year, assuming a 52 hour work week. The personal exemption is currently 3,900 and the standard deduction for a single filer is 6,100. What this means is that such a person would have to pay taxes on 14,960 of income at a federal income tax rate of 10%. That is in addition to FICA taxes.
When I was making that much I was paying 10% federal, not including FICA or state. If you throw in all the taxes I paid with my take home, my tax rate was around 30%.
I'm willing to bet the tax code has changed a lot since you were "younger".. How else do you explain that 1/2 the nation pays pretty much NOTHING in income taxes?
Wages that have not kept up with prices. Increasing income disparity in our country.
What % tax did Obama pay on the income he did not give to charity?
You said it was slightly over 20%, I have no reason to belive you're wrong, nor do I care.. why do you ask? Obama wants to raise the rates to about 39%, but if you raise the rates to 39%, and then still have all sorts of loopholes to get people down to 20%, then what is the net increase in tax revenues to the federal government?
Wages that have not kept up with prices. Increasing income disparity in our country.
Obviously those people made bad choices in life and want others to compensate them for their bad choices.
“Socialism is a philosophy of failure, the creed of ignorance, and the gospel of envy, its inherent virtue is the equal sharing of misery.”
― Winston Churchill
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
