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Old 04-17-2011, 06:49 AM
 
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Super rich see federal taxes drop dramatically - Yahoo! News (http://news.yahoo.com/s/ap/20110417/ap_on_re_us/us_no_taxes - broken link)
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Old 04-17-2011, 06:58 AM
 
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ooooh not another tax discussion......

just enjoy the lowest tax rates all of us have seen in decades . tax rates are lower but alot of the old deductions are gone too ,like interest we pay as an example.

get the 45% who pay no taxes at all to throw something in the pot instead of them complaining that everyone else should kick in more and we will do fine even at these tax rates.

Last edited by mathjak107; 04-17-2011 at 07:18 AM..
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Old 04-17-2011, 07:27 AM
 
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Quote:
Originally Posted by mathjak107 View Post

. . . . get the 45% who pay no taxes at all . . . .
So who(m?) is it that pays no taxes?

Between sales, fuel, excise, property, social security/FICA . . . . on and on . . .

Dunno if that mythical being exists?

Even the unemployed tend to pay taxes of some sort.

Maybe a baby?

I guess I am getting a bit dated, but that reminds me of a joke.

Man is buying some diapers, and the sales clerk says that will be $5.00 plus 48 cents for tax.

Man says -- Tacks? In our house we use safety pins.

[rimshot] Tax -- Tacks -- get it?

Oh I know, everyone has used Huggies and Pampers for the past decade(s). Well, we used the cloth ones for some years. But we are latter-day Hippies. But the three year old (our youngest) just switched to the potty last week. End of an era for us.

Now you kids get back to arguing about how you love to screwed over by rich folks and corporations because it makes you feel like you are part of the Big American Dream.
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Old 04-17-2011, 07:41 AM
 
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thats what the irs says is the statistics for america based on the filings..
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Old 04-17-2011, 07:59 AM
 
5,410 posts, read 10,353,149 times
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Quote:
Originally Posted by mathjak107 View Post
thats what the irs says is the statistics for america based on the filings..
Duhhh.

The IRS deals mainly in Federal Income Tax.

Key word in there . . . Income.

Folks that have little or no Income . . . . would not likely have an Income Tax.

huh, woulda figgered?

The Federal Income Tax (again, that key word) was a Tax to be placed on high Incomes. Why in the world would anyone expect folks with little or no income to be taxed with an Income Tax?

But the rest of the US still have and pay plenty of Taxes.

In case you really do not follow, the objection is to the pretense that the top some how carries the burden of all. That is the whole point of the false and clearly exaggerated claim that 45% pay no taxes, wasn't it?

In less polite terms -- just calling bullsh1t on you.
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Old 04-17-2011, 08:38 AM
 
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did you read the article???????? they are talking about federal income tax. im not sure what your even talking about. 45% of households will pay no federal income tax. which part of that dont you understand.


income is income whether its earned income or un-earned income.
i think there should be an amt tax for those folks even if its 10 or 20 bucks. they live in this country , enjoy the benefits and pay nothing . most blow more than that in lottary tickets.

on the other hand i live in new york. one of the highest tax states in the country. our real estate taxes are ridiculious and because of the combination of the 2 we get hit with the amt tax.

we trip the amt tax because we already pay a huge portion of our income to taxes and that adds a penalty that adds more just because you had the priveledge of paying so much already..
whether its through tax code manipulation, tax planning strategys, low income or working the system in retirement so ss goes un-taxed no federal income tax payed is no tax payed..

no one should pay zero and according to the irs's own disclosure almost 1/2 of america does just that.



http://money.cnn.com/2009/09/30/pf/t...axes/index.htm

Last edited by mathjak107; 04-17-2011 at 08:51 AM..
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Old 04-17-2011, 08:45 AM
 
Location: Austin
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The super rich do not pay their fair share of income taxes. Hedge fund managers pay the capital gains rate of 15% instead of ordinary income tax rate of 35%. In 2010, twenty five people made a total of $22.07 billion in annual income, according to this year’s annual ranking by AR Magazine, which tracks the hedge fund industry. That is $4.4 Billion dollars in income taxes not collected from just 25 people.

The tax laws for the super rich ARE completely unreasonable, unfair and costing the country billions in annual tax revenues.

Last edited by texan2yankee; 04-17-2011 at 09:58 AM..
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Old 04-17-2011, 08:54 AM
 
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both extremes need work and adjusting . there are things you shouldnt be allowed to take advantage of over a certain income level and there are mins you should have to pay when you slide below paying anything.
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Old 04-17-2011, 09:11 AM
 
2,592 posts, read 4,872,919 times
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Quote:
Originally Posted by texan2yankee View Post
The super rich do not pay their fair share of income taxes. Hedge fund managers pay the capital gains rate of 15% instead of ordinary income tax rate of 35%. In 2010, twenty five people made a total of $22.07 billion in annual income, according to this year’s annual ranking by AR Magazine, which tracks the hedge fund industry.

The tax laws for the super rich ARE completely unreasonable, unfair and costing the country billions in annual tax revenues.
Are their loopholes...sure. And the rich are able to hire people to give them the best advice to get around paying taxes. I see the bigger problem with the tax code and all the deductions. You can deduct something if its white but not if its black...it is such a game.

I believe everyone should pay an equal fair share. I don't think its fair either to make this a class warfare issue and say the rich just pay a higher %.
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Old 04-17-2011, 09:40 AM
 
Location: Austin
14,279 posts, read 8,285,153 times
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Quote:
Originally Posted by LeavingMA View Post
I believe everyone should pay an equal fair share. I don't think its fair either to make this a class warfare issue and say the rich just pay a higher %.
Obama has labeled people making an annual income over $200,000 or $250,000 as rich, depending on the day. This ludicrous and spurious definition of rich leads to rhetoric about class warfare, unfortunately. This level of income is not rich, much less super rich.

The topic was the super rich, such as hedgies who each can earn hundreds of millions a year, who pay significantly lower taxes than mere mortals due to capital gains. This loop hole could be an easy fix if it weren't for politics as usual.

Last edited by texan2yankee; 04-17-2011 at 09:59 AM..
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