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30k to 50k with a family and. . if lucky a house means your maximizing child care credit, mortgage credit, and other deductions.
People under 30k pay even less
So you are pointing out that poor people pay a low percent in taxes, and rich people do too. . .and who cares that the ones between 50-250k are getting screwed?
The 2MM plus should be paying 50% or more. . .not 20%
30k to 50k with a family and. . if lucky a house means your maximizing child care credit, mortgage credit, and other deductions.
People under 30k pay even less
So you are pointing out that poor people pay a low percent in taxes, and rich people do too. . .and who cares that the ones between 50-250k are getting screwed?
The 2MM plus should be paying 50% or more. . .not 20%
LOL, you made your bed. Why should someone who went to school, runs a business makes good money get screwed because you made such bad decisions in your life?
Wow, they really mean it, they actually think without the effort they should get the same result.
Well, an income of $1 million a year is 25 times as high as an income of $40,000, so sounds like paying only 5 times as much tax is hardly unfair.
Your kidding right. You spout but don't have a clue to what you said. Do you understand that the tax code is progressive? do you know what that means? no wonder Obama won. He understood that there are people who are clueless and used that against them and they still don't realize it.
Last edited by CaseyB; 03-18-2013 at 03:47 AM..
Reason: rude
If you make a million a year... there is no way in Hell that you are only paying 20% income taxes... unless you are talking about dividends/capital gains..... but strange that Obama pretty much raised income taxes and barely touched dividends/capital gains... and it is no coincidence...
If you make a million a year... there is no way in Hell that you are only paying 20% income taxes... unless you are talking about dividends/capital gains..... but strange that Obama pretty much raised income taxes and barely touched dividends/capital gains... and it is no coincidence...
No I don't make near a million dollars but the money I pay in taxes would make your head spin. Yes, I've been to different CPA so don't bother.
There is a difference between the small (sole proprietor, S-corp and C-corp). Sole proprietor and S-corps are typically small business and the starting point for people who want to go into business. Obama went around preaching that they don't pay their fair share and he couldn't be more wrong. Sole and S-corp are taxed on a personal tax return, they don't get to keep all the money and must pay taxes on the entire amount (reducing the amount they keep) and they must keep part of that profit in the business to keep it running, paying expenses and to pay employees, grow the business (hiring more people as a result).
The tax code is very complicated and typically not something the W2 wage earner understands past a mortgage deduction. Obama know you do not know the tax code beyond a mortgage deduction and he fed you a bunch of balogne.
Good. The middle class actually needs that money, the millionaires dont. I dont understand people who seem to feel bad for rich people.
You don't understand why people want those who EARNED their money, no matter how or why (as long as it's legal), to not be forced to give more than half to the IRS? I'm all for paying one's fair share, but the 1% are paying well above & beyond what most consider a "fair share." And I'm the daughter of a 1%-er, so I know for a fact how much they contribute - and while he might still have plenty left over, it's not fair that he has to carry such a heavy burden. Shouldn't he get to keep at least HALF of what he's worked hard for his entire life? I don't oppose welfare or anything, but to say "the millionaires don't need their money, so give it to the middle class" is just stupid. Sorry to put it that way, but this is what separates me the most from the Democratic Party.
In the UK the short term and long term capital gains rate is 28%.
So one capital gains rate.
In the US the short term rate is can now be as high as 39.6% and the short term rate is between 15-20% depending on ur income level.
So if u go the UK method the "rich" would save on short term capital gains rates!! Imagine that.
Can't have your cake and eat it too liberal. Swiss and holland capital gains rate is zero percent. Japan is 20%. Germany I believe is 26%.
So the rich short term capital gains is significantly higher in the USA compared to other countries. And the long term capital gains rate is about average with many countries.
The top UK income tax rate is about 45%
Think about it. The rich in the USA now pay 39.6% (plus 1.45/2.9% Medicare tax) plus an additional 3.8% "surtax" Obama set as part of healthcare. Do the math. That means the rich are paying the same 45% tax income tax rate as the UK. One of the worlds most taxed countries.
Tell me again how the rich in the USA don't pay their "fair share"?
Yes. Many have an "effective/marginal" tax rate around 15-18%. Most of that is due to tax exempt bonds they invest in for public projects. Or else the middle class ends up paying the bill for the public projects or they simply do not get done.
Oh. I forgot. Those that live in state income tax states like California and New York get to pay an additional 11-12% state income taxes on top of the 45% taxes they are paying also.
Tax filers who earned $30,000 to $50,000 paid an average rate of 4.8 percent
The federal earned income tax rate starts at 10%. That's before payroll taxes (another 6% or so you pay, not counting your employer's portion), before state and local taxes, before other stuff like sales/property, etc.
For those of you who like data, the federal income tax rate table:
single: couple: head of household
$0+ $0+ $0+ 10%
$8,700+ $17,400+ $12,400+ 15%
$35,350+ $70,700+ $47,350+ 25%
$85,650+ $142,700+ $122,300+ 28%
$178,650+ $217,450+ $198,050+ 33%
$388,350+ $388,350+ $388,350+ 35%
source: Federal Income Tax Brackets 2013
Unless the authors were doing something intentionally dishonest like counting entitlements and welfare benefits as "income" I have no clue how they reached those results. Would have been very happy to be paying merely triple that 4.8% in the years I brought in 30-50.
Actually, what people are whining about is the 15% tax rate paid on capital gains, instead of the full tax rate. What people fail to realize is any capital gains received, has already been taxed as income by the company paying out the capital gains to investors, thus that money is actually taxed two times.
You clearly don't know what capital gain is. Capital gains isn't paid out "by the company." Capital gains is when buys an asset, like a stock, and sell it later at a profit. That profit was never taxed nor paid by the company. Basically, the difference between what you bought an asset for and what you sold it for is capital gains. Why should that be taxed differently than money earned by working?
Tell me, if I buy 100 shares of ABC company for $10 a share and sell it a year later for $20 a share, do you really think that $10 difference comes from ABC corp.
Last edited by MTAtech; 03-17-2013 at 06:08 PM..
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