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.
You actually need to earn money, and pay taxes to get a tax cut.. I had faith that you were smart enough to understand that..
I also note you didnt defend your previous statement. What part of McCains plan is "handouts"?
You're not making any sense. Middle class Americans earn money and pay taxes and still pay more than their share of taxes. More than half the corporations in this country paid not one cent of taxes last year. And many wealthy people pay less tax than I do. Allowing wealthy people to pay less than their fair share of taxes is a "handout." Those tax cuts were supposed to result in more investment in America and the creation of American jobs. They resulted, instead, in investment overseas and outsourcing of American jobs.
Not that I think you will bother to read it, but whatever:
The two candidates’ tax plans would have sharply different distributional effects. Senator McCain’s tax cuts would primarily benefit those with very high incomes, almost all of whom would receive large tax cuts that would, on average, raise their after-tax incomes by more than twice the average for all households. Many fewer households at the bottom of the income
distribution would get tax cuts and those tax cuts would be small as a share of after-tax income.
In marked contrast, Senator Obama offers much larger tax breaks to low- and middle-income taxpayers and would increase taxes on high-income taxpayers. The largest tax cuts, as a share of income, would go to those at the bottom of the income distribution, while taxpayers with the highest income would see their taxes rise significantly.
You're not making any sense. Middle class Americans earn money and pay taxes and still pay more than their share of taxes. More than half the corporations in this country paid not one cent of taxes last year. And many wealthy people pay less tax than I do. Allowing wealthy people to pay less than their fair share of taxes is a "handout." Those tax cuts were supposed to result in more investment in America and the creation of American jobs. They resulted, instead, in investment overseas and outsourcing of American jobs.
1. You should visit the IRS website and download the taxpayer stat file. See for yourself who pays the tax in this country.
2. S-corporations will never pay taxes. Their income is transferred to the tax return of the S-corp owner. The taxable income for an S-corp is zero. The myth that half of the corporations do not pay taxes is just that - a myth. Guess what percentage of corporations are S-corps?
3. Lots of corporations lose money. If they lose money, they pay no taxes. Please post a credible source that proves your allegation that a) half of corporations do not pay taxes, and b) of corporations earning money that did not pay taxes. Discard companies taking advantage of loss carryforward or carrybacks and S-corps. The largest companies are public. You can download their financial data for free from the SEC.gov website. I want the name of just one company that earned money and did not pay taxes.
4. From the IRS taxpayer website, download the taxpayer stat file and post which group of higher income earners pay less than you do.
5. Download the 10-K for Berkshire and then tell me that you think his secretary really pays more than he does. His salary is disclosed. He was referring to the marginal rates for ordinary income vs. the capital gains tax rates for investment income. His salary is a modest $100,000 per year. His real wealth is equity. For your reference, Berkshire paid $6.5 BILLION in taxes for FY2007.
In abscense of any response to this challenge, I will subsequently proclaim you an ignorant Demmie posting non-factual data without basis. Ignorant is not, and should not be construed as a personal attack! I am ignorant in many areas. English literature, for example. I should have studied the arts more. In this context, it simply means you are not qualified on the subject to post. Be a grown up and engage in a serious debate here. Prove me wrong and win one for "that one".
Last edited by GOPATTA2D; 10-18-2008 at 10:54 PM..
1. You should visit the IRS website and download the taxpayer stat file. See for yourself who pays the tax in this country.
2. S-corporations will never pay taxes. Their income is transferred to the tax return of the S-corp owner. The taxable income for an S-corp is zero. The myth that half of the corporations do not pay taxes is just that - a myth. Guess what percentage of corporations are S-corps?
3. Lots of corporations lose money. If they lose money, they pay no taxes. Please post a credible source that proves your allegation that a) half of corporations do not pay taxes, and b) of corporations earning money that did not pay taxes. Discard companies taking advantage of loss carryforward or carrybacks and S-corps. The largest companies are public. You can download their financial data for free from the SEC.gov website. I want the name of just one company that earned money and did not pay taxes.
4. From the IRS taxpayer website, download the taxpayer stat file and post which group of higher income earners pay less than you do.
5. Download the 10-K for Berkshire and then tell me that you think his secretary really pays more than he does. His salary is disclosed. He was referring to the marginal rates for ordinary income vs. the capital gains tax rates for investment income.
In abscense of any response to this challenge, I will subsequently proclaim you an ignorant Demmie posting non-factual data without basis. Ignorant is not, and should not be construed as a personal attack! I am ignorant in many areas. English literature, for example. I should have studied the arts more. In this context, it simply means you are not qualified on the subject to post. Be a grown up and engage in a serious debate here. Prove me wrong and win one for "that one".
Did you READ the links I posted? They contain "factual data." The "basis" of that data is the FACTUAL ANALYSIS of the tax plans of each candidate. If you choose to stick your head in the sand, that's certainly your choice. But to claim that the information I posted is "non-factual data" is nothing less than bizarre.
NON-PARTISAN???
right, please look at real non-partisan IRS, and please read the real Obama and McCain tax plan,
McCain is going to cut taxes to everyone 100%, Obama only to 95% of the people
lol, did you really just post Wikipedia as a source? You know in many colleges today using Wiki is grounds for an automatic "F". Anyway, you posted a link to an entry about the TPC, but not to their study stating that half the companies do not pay taxes.
EDIT: I am reviewing their website and reading data now.
You're not making any sense. Middle class Americans earn money and pay taxes and still pay more than their share of taxes. More than half the corporations in this country paid not one cent of taxes last year. And many wealthy people pay less tax than I do. Allowing wealthy people to pay less than their fair share of taxes is a "handout." Those tax cuts were supposed to result in more investment in America and the creation of American jobs. They resulted, instead, in investment overseas and outsourcing of American jobs.
Not that I think you will bother to read it, but whatever:
The two candidates’ tax plans would have sharply different distributional effects. Senator McCain’s tax cuts would primarily benefit those with very high incomes, almost all of whom would receive large tax cuts that would, on average, raise their after-tax incomes by more than twice the average for all households. Many fewer households at the bottom of the income
distribution would get tax cuts and those tax cuts would be small as a share of after-tax income.
In marked contrast, Senator Obama offers much larger tax breaks to low- and middle-income taxpayers and would increase taxes on high-income taxpayers. The largest tax cuts, as a share of income, would go to those at the bottom of the income distribution, while taxpayers with the highest income would see their taxes rise significantly.
This analysis leaves out 2 key points....a huge percentage of the population that doesn't pay a dime in taxes is going to get a tax cut (that's wealth redistribution, so even the middle class is going to be forced into giving charity to the lower income people, regardless if they want to work for a living or not!) and #2 it doesn't take into account that Obama will let the Bush tax cuts expire, and that his tax cut will be less than what the Bush ones are...which means in effect the middle class will be paying higher taxes once the Bush tax cuts expire. The Obama tax cut plan is all a big lie....letting the Bush tax cuts expire will result in higher net taxes for everyone except those who don't currently pay any taxes.
Is this really that hard for people to understand. It is not financially possible for him to keep all the promises he has made to the American public.
The lowest quintile (thats 1/5 for you latin-challenged folks) have an effective tax rate of NEGATIVE 6.5%. Thats right, NEGATIVE. They pay zero, and get some back! The Tax Policy Center is Moving Forwards source, so they can't be wrong.
Update: The lower two quintiles, or 40%, have an effective tax rate less than or near zero. This is from the Tax Policy Center. Anyone who doubts that 40% of Americans do not pay taxes simply need to visit Moving Forwards NON-PARTISAN source. I'll post more as I find it. Class dismissed for the day.
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.
