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Warren Buffett and Mitt Romney have managed to create one of the enduring myths of our tax debate: that the rich pay a lower rate than the rest of America. According to new data from the IRS, people who make $1 million or more had an average tax rate of 20.4 percent in 2010. Tax filers who earned $30,000 to $50,000 paid an average rate of 4.8 percent,
Ironically Democrats and Liberals made it harder for people on their way up much harder. If you want the American dream you just screwed yourselves. The short of it is that Obama knew the middle class was tapped out so he went after upper income.
Warren Buffett and Mitt Romney have managed to create one of the enduring myths of our tax debate: that the rich pay a lower rate than the rest of America. According to new data from the IRS, people who make $1 million or more had an average tax rate of 20.4 percent in 2010. Tax filers who earned $30,000 to $50,000 paid an average rate of 4.8 percent,
Ironically Democrats and Liberals made it harder for people on their way up much harder. If you want the American dream you just screwed yourselves. The short of it is that Obama knew the middle class was tapped out so he went after upper income.
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.
Warren Buffett and Mitt Romney have managed to create one of the enduring myths of our tax debate: that the rich pay a lower rate than the rest of America. According to new data from the IRS, people who make $1 million or more had an average tax rate of 20.4 percent in 2010. Tax filers who earned $30,000 to $50,000 paid an average rate of 4.8 percent,
Ironically Democrats and Liberals made it harder for people on their way up much harder. If you want the American dream you just screwed yourselves. The short of it is that Obama knew the middle class was tapped out so he went after upper income.
Warren Buffett and Mitt Romney have managed to create one of the enduring myths of our tax debate: that the rich pay a lower rate than the rest of America. According to new data from the IRS, people who make $1 million or more had an average tax rate of 20.4 percent in 2010. Tax filers who earned $30,000 to $50,000 paid an average rate of 4.8 percent,
Ironically Democrats and Liberals made it harder for people on their way up much harder. If you want the American dream you just screwed yourselves. The short of it is that Obama knew the middle class was tapped out so he went after upper income.
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%
To be a millionaire you got to think like a millionaire. "On the way up" is a perfect time to worry about what is going to be waiting once you get there. Makes perfect sence.
Even if they pay 20%, at the bottom of that earnings curve, they still make 16 times the amount after taxes then those in the highest of the "middle class" sample make before taxes. If people are living fine on $50,000 then I don't see why people are complaining about making 16 times that. That just seems greedy.
Warren Buffett and Mitt Romney have managed to create one of the enduring myths of our tax debate: that the rich pay a lower rate than the rest of America. According to new data from the IRS, people who make $1 million or more had an average tax rate of 20.4 percent in 2010. Tax filers who earned $30,000 to $50,000 paid an average rate of 4.8 percent,
Ironically Democrats and Liberals made it harder for people on their way up much harder. If you want the American dream you just screwed yourselves. The short of it is that Obama knew the middle class was tapped out so he went after upper income.
We were screwed the minute that the progressive tax system was born, and both sides of the aisle are responsible for perpetuating the abuse. The PTS just gives them another bone to fight over in public while ignoring the real problems that we face as a country.
It's not how much these millionaires are paying that upset people; it's how much they get to keep and people think they are keeping too much to themselves. "It's just not fair"
That's what happens when you have an imbalance, high debt and are desperate for new revenue.
You turn on your own.
So, if your income is over 50 000, then you are a millionaire?
A perfect example of the Peter Principle!
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