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Glad we agree that bottom 50% shouldn't be responsible for much of the tax burden since they earn such a small percentage of the countries' wealth.
I dont think anyone proclaimed they should be burdened with a high percentage of taxes..
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Originally Posted by nevergoingback
How many of those "poor" homeowners are retired and on SS?
What difference does that make to the topic?
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Originally Posted by nevergoingback
They aren't paying their fair share right?
Are the little voices talking to you? I never proclaimed that..
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Originally Posted by nevergoingback
Funny to hear a rightwinger despising the home mortgage interest deduction.
Seek medication, I didnt say that either.. As an individual who doesnt pay federal taxes partially due to mortgage interest deductions, this would be rather hypocritical of me to criticize..
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Originally Posted by nevergoingback
LOL. These poor people aren't paying a mortgage, it's already been paid.
Are you making up your argument as you go along? First they dont own homes, now they dont pay mortgages.. Can you backup this claim either?
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Originally Posted by nevergoingback
The mortgage deduction on a 100,000 home aint much at all.
Its about $5600.. If you earn $30K this is a SUBSTANTIAL deduction and can indeed wipe out taxable liabilities, if you earn $300,000, its wont.. (and yes, this number is accurate, I'm doing my taxes as we speak and thats the deduction I have on one of my mortgages that we owe $100K on)
All you did was prove that those who earn less have a higher percentage of their income subject to deductions and more than likely not paying taxes due to those deductions.
Another sleazy inflammatory bigoted anti-rich article...
Most of the wealth of the 400 richest is in the form of capital gains,so with a top rate of 15% it's quite normal to have an effective tax rate of 16.67 %...
Much smear effort about nothing...
Please explain what was untrue in the article?
Or is your rant simply "Another sleazy inflammatory bigoted" pro-rich rant?
What factual argument can you put forth?
It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
- Adam Smith, The Wealth of Nations
Like everything else in the book on Capitalism, this quote makes sense. Having said that, it is scary to think that the USA's Gini Coefficient is trending more towards Mexico than towards the rest of the developed world. What does it mean? Greater concentration of wealth in the hands of a few, and a shrinking middle class. Good for economy in the long term? Only two kind would agree... those who are rich, and those who are stupid.
As it is, less than 1% of wealth is owned by the bottom 40% in America, while top 1% owns about 40% of it.
Your second sentence is just plain hogwash, unless you know alot of people that just flat out cheat on their taxes.
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Originally Posted by nevergoingback
Do you expect the bottom 50% to pay 90% of the taxes? The math won't work.
The bottom 50% is <32,000/year, way below the $50,000 mark that I was responding to. People that make less than 30,000 a year don't own homes. At least not at a high percentage.
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Originally Posted by NYChistorygal
BULL! I wish people would stop passing this around. I've made less than 50k all my life and I always have a tax bill. The only time I get anything back is when I've over paid in the first place.
last year I made 59,800.....paid a little over 3500....got back 6500......ZERO Federal INCOME tax..the fed even pays me to work.....facts
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The math won't work.
