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Old 06-01-2013, 07:11 AM
 
4,699 posts, read 4,044,087 times
Reputation: 2483

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Quote:
Originally Posted by Roadking2003 View Post
Lies, lies and deceit.

You are comparing apples and oranges.

No family with 90k income pays 28%.

Even a high school kid knows how to compute taxes.
In California they will.

 
Old 06-01-2013, 07:12 AM
 
Location: New Orleans, La. USA
6,354 posts, read 3,634,231 times
Reputation: 2522
Quote:
Originally Posted by Roadking2003 View Post
Lies, lies and deceit.

You are comparing apples and oranges.

No family with 90k income pays 28%.

Even a high school kid knows how to compute taxes.

Does a single person with a 90k income pay 28% ?
Do billionaires pay 17% ?
 
Old 06-01-2013, 07:17 AM
 
6,073 posts, read 4,706,282 times
Reputation: 2635
Quote:
Originally Posted by chad3 View Post
Does a single person with a 90k income pay 28% ?
Do billionaires pay 17% ?
no. someone who earns a billion dollar a year salary pays 35%.
 
Old 06-01-2013, 07:17 AM
 
Location: New Orleans, La. USA
6,354 posts, read 3,634,231 times
Reputation: 2522
Quote:
Originally Posted by Roadking2003 View Post
Lies, lies and deceit.

You are comparing apples and oranges.

No family with 90k income pays 28%.

Even a high school kid knows how to compute taxes.
I was wrong about billionaires paying 17%.

Heres Forbes saying Warren Buffett had a 11% tax rate.
Warren Buffett's Effective Federal Income Tax Rate Was Just 11% - Forbes


This source shows Dick Cheney has a 13% tax rate.
http://www.ctj.org/pdf/bushchen.pdf


This source shows how Mitt Romney has a 14% tax rate.
Mitt Romney Taxes: Campaign Releasing 2011 Returns


Whats the tax rate on someone making $90,000 a year ??
 
Old 06-01-2013, 07:17 AM
 
Location: Northern Wisconsin
10,379 posts, read 10,846,452 times
Reputation: 18712
The OP's premise is correct. What is happening in Europe is a direct result of socialism. And you can't say socialism is the predominant political philosophy in Europe. Many nations there have nationalized health care, government mandated vacation time, serious penalties on who you can fire and under what conditions. Airbus is a company started by several governments. Socialism is taking over in this country also. 1/6 of population on Medicaid, growing numbers on food stamps. 10,000,000 on SS disability, government managed health care. More government regulation on banks. The list goes on and on, but the results will be the same and are already showing up. Home ownership at an 18 year low. The lowest labor participation rate in many years. What you see in Europe will appear in the USA, unless the current course of action is reversed.
 
Old 06-01-2013, 07:18 AM
 
Location: New Orleans, La. USA
6,354 posts, read 3,634,231 times
Reputation: 2522
Quote:
Originally Posted by lionsgators View Post
no. someone who earns a billion dollar a year salary pays 35%.
Heres Forbes saying Warren Buffett had a 11% tax rate.
Warren Buffett's Effective Federal Income Tax Rate Was Just 11% - Forbes


This source shows Dick Cheney has a 13% tax rate.
http://www.ctj.org/pdf/bushchen.pdf


This source shows how Mitt Romney has a 14% tax rate.
Mitt Romney Taxes: Campaign Releasing 2011 Returns


What tax rate do American who make $90,000 a year pay ??
Answer: 28%.
 
Old 06-01-2013, 07:19 AM
 
6,073 posts, read 4,706,282 times
Reputation: 2635
Quote:
Originally Posted by chad3 View Post
Heres Forbes saying Warren Buffett had a 11% tax rate.
Warren Buffett's Effective Federal Income Tax Rate Was Just 11% - Forbes


This source shows Dick Cheney has a 13% tax rate.
http://www.ctj.org/pdf/bushchen.pdf


This source shows how Mitt Romney has a 14% tax rate.
Mitt Romney Taxes: Campaign Releasing 2011 Returns

no. anyone who earns a salary of a billion dollars a year will pay 35% in taxes on that income.
 
Old 06-01-2013, 07:23 AM
 
782 posts, read 1,100,868 times
Reputation: 1017
Quote:
Originally Posted by lionsgators View Post
no. anyone who earns a salary of a billion dollars a year will pay 35% in taxes on that income.
Wrong. That is before tax loopholes and deductions. No millionaire or billionaire pays that rate. Their real rate almost always comes out vastly lower than the normal middle class person
 
Old 06-01-2013, 07:25 AM
 
6,073 posts, read 4,706,282 times
Reputation: 2635
Quote:
Originally Posted by texantodd View Post
Wrong. That is before tax loopholes and deductions. No millionaire or billionaire pays that rate. Their real rate almost always comes out vastly lower than the normal middle class person
incorrect. they pay 35% on their income. everyone has write offs and deductions. I think I ended up paying like 5% after my deductions, and I am in the 25% bracket.
 
Old 06-01-2013, 07:25 AM
 
8,391 posts, read 6,269,600 times
Reputation: 2314
Quote:
Originally Posted by chad3 View Post
Does a single person with a 90k income pay 28% ?
Do billionaires pay 17% ?
No they don't.

It is difficult to say what anyone's individual tax situation would be, but I know when I was younger and single, I was making an income that's in the very low six figures, I didn't own a home and didn't have any children, and my highest effective income tax rate during those years was 19%.

I'd say nearly 100% of the population has no idea of their effective income tax rate. Most people estimate their income tax burden much too high.

I really don't know if billionaires pay 17% on their income taxes.
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