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Did you expect the bottom 50% to make 90% of the income?
Quote:
Originally Posted by nevergoingback
Your second sentence is just plain hogwash, unless you know alot of people that just flat out cheat on their taxes.
Its not hogwash, the bottom 50% of course takes advantage of things like mortgage interest deductions etc, which is a larger portion of their income than the richest individuals. Thats kinda how percentages work..
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...
So the capital gains taxes is a tax that is geared towards helping the top earners paying less in taxes? What is your point? So you are agreeing with the OP? I guess you are a bigot as well?
Did you expect the bottom 50% to make 90% of the income?
Its not hogwash, the bottom 50% of course takes advantage of things like mortgage interest deductions etc, which is a larger portion of their income than the richest individuals. Thats kinda how percentages work..
That is figured into their tax rate of course. More deductions lower effective tax rate.
Did you expect the bottom 50% to make 90% of the income?
Its not hogwash, the bottom 50% of course takes advantage of things like mortgage interest deductions etc, which is a larger portion of their income than the richest individuals. Thats kinda how percentages work..
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.
That is figured into their tax rate of course. More deductions lower effective tax rate.
Working didnt seperate net/gross income.. many clearly most dont pay taxes under $50K.. This is true due to deductions..
Quote:
Originally Posted by nevergoingback
Do you expect the bottom 50% to pay 90% of the taxes? The math won't work.
Which is what makes people who complain the bottom 50% only earn 10% so ridiculous.. Glad you agree..
Quote:
Originally Posted by nevergoingback
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.
What planet do you live on? Many of "the poor" do indeed own homes..
Results by Household Income Levels http://www.gallup.com/poll/22897/Own...heir-Home.aspx
Less than $20,000, 46% own, 48% rent
$20,000-$29,999, 59% own, 38% rent
$30,000-$49,999, 70% own, 28% rent
$50,000-$74,999, 83% own, 15% rent
$75,000 or more, 90% own, 8% rent..
the bottom 50% of all income earners pays less than 3% of all taxes....FACT
most people making under 50k pay ZERO in taxes, and even get back more than they paid in
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.
I too have posted how the wealthy often use tax loopholes.
Quote:
Originally Posted by kovert
The rich often use loopholes to pay lower rates on their taxable income than people that make much less than them. This combined with Junior's tax cuts which his own 1st Treasury Secretary was fired for merely questioning the wisdom of demolishes any claims toward fiscal responsibility.
"If the amount of tax revenue lost to private equity firm managers is equivalent to that lost with hedge funds, then the combined amount would be $12.6 billion."
--------------------------------------------------------------------------------------------------------------------------- Oh and to dispel the myth makers:
"Myth: Private equity fund managers are being targeted merely because they are successful and that
bothers many people who are not successful.
Fact: Private equity fund managers pay taxes on their earnings at a lower rate than middle-class
people, and this unintended loophole in the tax law is simply unfair to ordinary Americans.
If an unmarried receptionist working for a private equity firm earns $42,000 a year, the top
federal marginal tax rate that applies to his income is 25 percent. This is on top of the 15.3
percent he pays in payroll taxes on all of his income. The fund managers he works for,
however, pay only the 15 percent “capital gains†rate on the “carried interest†they receive as
compensation for managing other people’s money.
It is simply wrong, and an insult to middle-class people working to attain the American Dream,
that they have to send a higher percentage of their income to Washington than a billionaire
fund manager does. Warren Buffet recently made this point publicly. Extremely successful
Americans should follow his lead and admit that they should pay their fair share to support the
country that made their spectacular wealth possible.
Myth: Congress is picking out one class of people for higher taxes merely because they make a lot
of money and Congress wants to take it.
Fact: Congress just wants the fund managers to pay federal income taxes under the regular income
tax rates like everyone else.
Congress is focusing on these fund managers because they are exploiting a tax break that is
supposed to benefit investors, even though they’re not investing their own money. H.R. 2834
would not change the 15 percent tax rate for people who really have invested money and
received income in the form of capital gains. In cases in which private equity fund managers
really do contribute some of their own money to the funds they manage, this bill would allow
their actual capital gains to be taxed at the capital gains rate of 15 percent.
Myth: Subjecting the fund managers’ compensation to ordinary income tax rates will mean they
have less incentive to manage investments well.
Fact: Private equity fund managers can earn hundreds of millions, even a billion dollars in
compensation, so even if they were taxed at a 35% income tax rate and a 2.9% payroll tax rate,
there would be ample incentive for them to work hard."
--------------------------------------------------------------------------------------------------------------------------- And this basically sums it all up.
"Rep. David Camp (R-MI), the top Republican on the House Ways and Means Committee, had a peculiar rationale for the tax break. As reported at Bloomberg.com, he put it in the context of other corporate tax breaks: "I don't think we should have permanent tax increases on some groups to pay for temporary extensions of law that benefit somebody else." But it's fine to give a small group of taxpayers a permanent tax break at the expense of all other taxpayers?
While this issue is often drowned out by more enticing political theatrics and the term "carried interest" may sound like accounting jargon, it's simple tax fairness that's never been more salient. If the rest of the taxpayers don't call on Congress to end these unfair tax breaks, we'll all continue to subsidize some of the biggest players on Wall Street."
---------------------------------------------------------------------------
I too have posted how the wealthy often use tax loopholes.
And this is a report from the CBO.
And nothing has changed since you posted this the first time.
Buffets SALARY is $175K a year. When he criticized the tax system, his salary was $100K a year.. THIS IS HIS TAX LIABILITY.. He lowers his tax liabilities by DONATING BILLIONS of stock "i.e. assets" to charities, and since he doesnt cash in his shares, he is not liabile for taxes..
America taxes based upon INCOME.. not assets..
All of those tax cuts you criticized in your posting, did not affect Buffet.. HE DOESNT SELL HIS STOCK, thereby not subject to taxes on the tens of billions he is worth.
This doesnt even begin to discuss the fact that the 15% taxable rate is open to EVERYONE.. If you hold your investments for over 365 days.. This is not exclusive to the rich..
Which is what makes people who complain the bottom 50% only earn 10% so ridiculous.. Glad you agree..
What planet do you live on? Many of "the poor" do indeed own homes..
Results by Household Income Levels Own or Rent? Most Americans Say They Own Their Home
Less than $20,000, 46% own, 48% rent
$20,000-$29,999, 59% own, 38% rent
$30,000-$49,999, 70% own, 28% rent
$50,000-$74,999, 83% own, 15% rent
$75,000 or more, 90% own, 8% rent..
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.
Liars figure and figures lie.
How many of those "poor" homeowners are retired and on SS? They aren't paying their fair share right? Funny to hear a rightwinger despising the home mortgage interest deduction. LOL. These poor people aren't paying a mortgage, it's already been paid.
The mortgage deduction on a 100,000 home aint much at all.
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.
How about if they earn 10% of the income, they pay 10% of the taxes? Now, they're paying less than 3% of the taxes.
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The math won't work.
