Isn't it about time to tax the rich at a higher rate? (suspected, party)

[Driller1]

Originally Posted by Lowexpectations

10mm in income is taxed, if you already have 10mm you aren't taxed in the money you keep

There is nothing tricky about making large deposit.


I think the term you are looking for is "structuring" not sacking


Nothing you posted is relevant to what I posted

During an audit the IRS lady told me it was called "stacking" .......perhaps she was mistaken.

We agree....the tax would have been paid on the 10mm.

[Lowexpectations]

Originally Posted by Driller1

During an audit the IRS lady told me it was called "stacking" .......perhaps she was mistaken.

We agree....the tax would have been paid on the 10mm.

But you said we are taxed on the money we keep. That's incorrect.


Sacking, stacking, structuring. Large deposits aren't difficult to get done either way


You don't think your audit could have been triggered by the large amount of writeoffs you have eh? Nah couldn't be a part of it

[greywar]

Originally Posted by workingclasshero

and why should ANY tax rate be higher than 15%

lower the TOP income rate to 15%... lower the bottom few so that no income less than 100k is taxed at all



but the freaking liberals don't want that...their answer is raise everyones taxes, and redefine the middleclass as rich

Because we have to pay our bills. I swear you scream about the deficit, scream about the taxes, but all too many conservatives scream about a very small portion of our actual spending. WTH is wrong with you people that you dont believe in paying our bills as a country?

OK so you drop the taxes such that the revenue of the government is crippled. What do you cut?

[Driller1]

Originally Posted by Lowexpectations

But you said we are taxed on the money we keep. That's incorrect.


Sacking, stacking, structuring. Large deposits aren't difficult to get done either way


You don't think your audit could have been triggered by the large amount of writeoffs you have eh? Nah couldn't be a part of it

No.....I filed a 1040 X due to a 1099 that came eight months late.

OK.....this is what I meant.

If I make $1000...and keep it....I pay tax on it.

If I make $1000 and invest $800 of it in my business....I pay tax on $200.

[greywar]

Originally Posted by Nitro Flamer

First of all, lets clear your lies from the table.

First of all, you don't pay anything near 30% or even 20%. To determine your rate, take your Gross Income and divide it into your Federal Income Tax. You'll find it at about 11%. This is due to several factors, including Exemptions, Standard Deduction and that most of your income is taxed at the lower rates.

Fact is that the top 1% pay twice as much tax per $ of income as tax payers at the lower end. Add to that the fact that 40% pay NOTHING in Federal Income Tax.

Try the truth next time.

Note, he didn't say he paid a 30 or 20% federal rate.

Theres a lot of ways of slicing up taxation, you can focus on the federal, or federal plus social security for example Which would actually have me paying a higher rate then Romney does buy a huge margin, Or you can add in ALL the taxes-gas taxes, etc etc.

But the most common way folks on the right love to look at is federal ONLY. Which is terribly misleading to represent tax burden.

[InformedConsent]

Originally Posted by Nitro Flamer

First of all, lets clear your lies from the table.

First of all, you don't pay anything near 30% or even 20%. To determine your rate, take your Gross Income and divide it into your Federal Income Tax. You'll find it at about 11%. This is due to several factors, including Exemptions, Standard Deduction and that most of your income is taxed at the lower rates.

Fact is that the top 1% pay twice as much tax per $ of income as tax payers at the lower end. Add to that the fact that 40% pay NOTHING in Federal Income Tax.

The difference is actually even more than that. The top 1% pays 3.36 times as much federal income tax per $ of income as does the top 25-50%.

Here's the math in terms of: (top 1%'s share of taxes / share of income) / (top 25-50%'s share of taxes / share of income)

(35.1/18.7)/(11.5/20.6) = 3.36

The same computation involving the difference between the top 1% and the bottom 50% is even more drastic:

(35.1/18.7)/(2.89/11.55) = 7.5

The top 1% pays 7.5 times as much tax per $ of income as does the bottom 50%.

Table 1, here:
Summary of Latest Federal Income Tax Data | Tax Foundation
Source: SOI Tax Stats - Individual Income Tax Rates and Tax Shares

Try the truth next time.

They don't know the truth. They just mindlessly parrot the deliberately deceitful propaganda the lefties spoon-feed them. They don't even think about or even try to learn the actual truth.

[Lowexpectations]

Originally Posted by greywar

Note, he didn't say he paid a 30 or 20% federal rate.

Theres a lot of ways of slicing up taxation, you can focus on the federal, or federal plus social security for example Which would actually have me paying a higher rate then Romney does buy a huge margin, Or you can add in ALL the taxes-gas taxes, etc etc.

But the most common way folks on the right love to look at is federal ONLY. Which is terribly misleading to represent tax burden.

Off the cuff when most people refer to the tax rate they pay most often they are talking about income tax. I would wager that most people don't know what percentage they pay in FICA/seca. Another issue is the amount of people who don't understand how our tax bracketed system works or marginal rates vs effective. If most people say they pay "x" it is usually their marginal rate at best that they can remember

[greywar]

Originally Posted by Lowexpectations

Off the cuff when most people refer to the tax rate they pay most often they are talking about income tax. I would wager that most people don't know what percentage they pay in FICA/seca. Another issue is the amount of people who don't understand how our tax bracketed system works or marginal rates vs effective. If most people say they pay "x" it is usually their marginal rate at best that they can remember

You want to hear the rich scream? Say social security should be paid on all types of income with no maximum cutoff.

LITERALLY you just almost doubled the tax rate on the .01%. Oh and social security is set forever.

[Lowexpectations]

Originally Posted by greywar

You want to hear the rich scream? Say social security should be paid on all types of income with no maximum cutoff.

LITERALLY you just almost doubled the tax rate on the .01%. Oh and social security is set forever.

I think FICA should be paid on all earned income and I benefit currently from the cutoff. It certainly doesn't take top 1% to benefit from the cutoff however it certainly doesn't cut my effective rate in half lol

[greywar]

Originally Posted by Lowexpectations

I think FICA should be paid on all earned income and I benefit currently from the cutoff. It certainly doesn't take top 1% to benefit from the cutoff however it certainly doesn't cut my effective rate in half lol

I said .01% not 1%

Mitt Romney paid the same amount into social security as you did. So did Bill gates. But note-I said no matter the source, that would include investment income, with no cap..... thats another 12.8% (1/2 from you, 1/2 from employer-you if its investment income) on the .01%. Romney paid what? 14%? so almost doubled.