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.
Wow, so the "rich" includes the top 40% of incomes?
Not a huge feat, that, considering the median household income in this country is a paltry $50k or so.
And why should we care that the "rich" pay more anyway? Is it more unjust that the rich pay more taxes, or that they have been the only group to enjoy real income growth at ALL the past 30 years or so? That the rich have experienced EXPONENTIAL income growth vs. stagnant or declining wages for the middle and lower classes?
Is it more unjust that they pay a higher MARGINAL tax rate while they control vastly disproportionate amounts of all wealth, assets and property in this country?
Honestly, a rich man crying about his taxes garners ZERO f**** from me. You own the country and the politicians, you can suck it up and pay for it all too. Go whine about it down at the yacht club and spare us your tacky complaining.
It started under Bush as a emergency action during the financial crisis, and the recession ended in June 2009.
Like everything else Bush started, when Obama took it over he put it on steroids - with no results.
Obama should have freed up the market to allow it to grow, but instead he put his foot on it's throat, and with the ACA and new EPA regs he is in the process of slitting it's throat.
Since when did a president, any president, have control over FRB?
100k puts you in the 25% or 28% brackets (depending on whether single or married) which means you will pay LESS that that
not only that but taxes are based on your TAXABLE income...which means even though you might make 100k, after the standard/itemized deduction and the personal expemption(s) you would be taxed on 85k....which puts you in the 25% brackets...with an actual tax in the 15% range....then you have all the deductions and payments which can easily bring you down to the 10% or less rate
Everything you've said is true, but we're unfortunately saddled with a largely math-deficient population in the U.S. so many have a very hard time understanding the facts.
When was the last time federal income taxes increased on the middle class?
Most folk are paying a lesser effective tax rate than in any time in modern history.
Ever heard of “bracket creep�
It’s the scourge of middle-class families, and one of the favorite weapons of tax-and-spend liberals. I'll leave it to you do a little research on this concept, if you are interested.
When was the last time federal income taxes increased on the middle class?
Most folk are paying a lesser effective tax rate than in any time in modern history.
The Bush tax cuts did a lot to knock these people off the tax rolls. It was supposed to be a temporary measure. However, since it removed so many people from actually paying any federal income taxes, it was viewed by some as political suicide to end it.
I think the tax rates themselves were fine, but those standard deductions and EIC amounts were too high. It's one thing to allow the people to keep more of their money, but it's another thing to give them other people's money.
Bracket Creep Definition | Investopedia Bracket Creep Definition | Investopedia
A situation where inflation pushes income into higher tax brackets. The result is an increase in income taxes but no increase in real purchasing power.
What's laughable is the 22% people earning $1.3 million + are supposedly paying. Anyone earning that kind of money and paying that much in taxes should fire their accountant immediately.
(even though the Constitution says nothing about income taxes).
I'm with you in spirit on this, but you're wrong about that - the 16th Amendment specifically grants the federal government authority to collect income tax.
You don't have to like it - I know I don't - but that's the reality.
You could get income taxes on $100,000 down to near 0% if you are very charitable, have a two or more dependants, and a nearly unaffordable mortgage. It's doable, but you'd have to have an expensive life to make it possible.
What's laughable is the 22% people earning $1.3 million + are supposedly paying. Anyone earning that kind of money and paying that much in taxes should fire their accountant immediately.
It's not that simple. There's this little thing called the "Alternative Minimum Tax," not to mention the fact that tax deductions and credits are phased out a higher income levels.
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.
