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Lower by only 1/4 of 1%. Adding the 5.65% SS and Medicare tax to the following tax rates I posted above:
Quote:
Originally Posted by InformedConsent
Absolutely correct. The top 10-25% pay an average effective federal income tax rate of only 8.70%. The top 25-50% pay an average effective federal income tax rate of only 6.01%. Romney paid a higher rate than that - nearly twice as much, in fact. Latest Federal Income Tax Data
...yields a total average effective federal income tax rate of 14.35% for the top 10-25%. According to the CNN article, Romney paid a total effective federal income tax rate of 14.1%.
The top 25-50% STILL paid a lower total effective federal income tax rate than Romney, at 11.66%.
EITC is actually welfare. Incentive welfare, but welfare. It has merit but I would eliminate it completely.
The goal should be to have every able-bodied American working and contributing to the best of his ability. To that end, politicians decided that offering programs like refundable tax credits and EITC would incentivize people to work. On the other hand, the same rocket scientists enact polices which contradict full-employment. And the programs have more loopholes than any rich guy could dream of.
If they tied the benefits to full-time employment and didn't penalize employers we would quickly see millions return to work.
We could quickly enact E-verify. The Illegals are placeholders. They would self-deport in many cases.
I paid in about $5000 in federal taxes. I have a co worker who has a daughter that is unemployed, has no ambition to work, on welfare, a single mother of 4 children, all have different fathers. She is getting a $4000 refund. How does she get a refund like that? A refund suggests she paid something in.
This is whats wrong with America.
I have seen this story from trolls before. I will never beLIEve this story.
Close, but not quite. ALL individual households (NOT just the top 1%) AND non-profit organizations own only 36% of the equities.
As far as financials...
The top 1% does NOT own what you claim they do.Stop your lies, please.
The charts you found contains no information about who owns what. It breaks down ownership in broad terms like households, or private pensions, etc. Those charts don't break it down specifically which is why you chose that representation, because it uses vague categories that can mislead.
The information i found is specific it says what percentage of the population owns what percentage of wealth. This is what we are talking about the top 1% controls a huge amount of the wealth in this nation and the top 10% controls nearly everything.
Therefore equity and business wealth is not broadly shared in this nation that is an objective fact.
Now stop lying and go educate yourself. Have some integrity.
So you paid $500k in taxes? Sorry, I really can't believe that unless you own a fairly large business or the CEO of a business. But what you say about making less income to pay the Feds less is happening more and more these days with CEO's bending the rules by giving themselves a $1 salary and giving themselves exclusive stock options worth millions. That's how they avoid paying taxes now.
Nope. I am a physician who makes a fairly large income, but have other sources of revenue as well. I usually pay about $500K and get $60-70K back after taxes.
Many of my friends are doing the same thing- making less money for 2013. We do not need high incomes, as we are "set", and therefore would rather have a lower W-2 to prevent the feds from heisting more money. No one wants to give those bums a higher percentage of income.
Now why in the world do you think Warren Buffet (who "wants to pay more taxes") keeps his W-2 income as low as possible in order to avoid paying taxes? Investment income is taxed at a lower rate and trusts have excellent tax benefits.
I would offer that the higher tax rate (as has been shown in the past and Obama acknowledged is true in the 2008 primaries) will REDUCE federal income and accomplish NOTHING- nothing except a less robust economy.
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