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That's a hoot! I'm in that top 1% and I'll tell you that taxes have no effect on my lfiestyle at all. They are a non-factor. Hardly the case down there where you suppose the freeloaders to be hanging out.
You didn't adjust your spending at all? Are you spending more now that your liabilities have been going down or are you investing more?
Close to 40% of Americans do not pay any income tax so that should give you an idea of their income.
More than 40% of filers pay no NET income tax. This is because two of our largest low-income support programs -- the Earned Income Tax Credit and the Additional Child Care Credit -- are administered by the IRS. The credits show up as lines 64a and 66 on your Form 1040. They are in the same class as the income taxes withheld from your paycheck during the year. They reduce your tax liability, and if they reduce it to less than zero, you get a check back. If those two programs were administered by a different agency, the IRS data would include the GROSS taxes paid by those receiving the EITC and ACCC, and the number of people who "do not pay any income tax" would be slashed dramatically.
It's not just at McDonald's, it's everywhere, where have you been? Companies are cutting back at the lower levels, forcing people to either take a pay cut or not increasing there salaries to keep up with cost of living. Not to mention health care cost (yes, the one's you neocons rant and rave about Obama "socializing") are also eating into people's salaries, while CEOs and executives continue to have their pay increase exponentially, even when a company does poorly under their "leadership".
As for the McDonald's worker, why wouldn't you want him to make a decent salary. If got a decent salary flipping burgers, you neocons wouldn't have to pay for social programs like welfare and public housing, that you always complain about.
I'm considered to be average income earner and work for a mid sized company. My health-care cost have gone up $100/year or approximately $4 a pay period. It's not exactly eating away my disposable income and I understand that they need to go up to help the company adjust to the severe economic situation.
Tax reform is necessary and everyone who earns money needs to pay into the system. No exceptions.
How about students who work a few months in the summer, but don't make more than the standard deduction plus their personal exemption. They don't pay any taxes now. Do you think they should?
Persoanlly:I thnik that is what is wrong with our system;too many with no skin in the game that want something for nothing. Its got to give at some point.
Persoanlly:I thnik that is what is wrong with our system;too many with no skin in the game that want something for nothing. Its got to give at some point.
It's like that because they are the majority. They are bought and sold every 4 years.
More than 40% of filers pay no NET income tax. This is because two of our largest low-income support programs -- the Earned Income Tax Credit and the Additional Child Care Credit -- are administered by the IRS. The credits show up as lines 64a and 66 on your Form 1040. They are in the same class as the income taxes withheld from your paycheck during the year. They reduce your tax liability, and if they reduce it to less than zero, you get a check back. If those two programs were administered by a different agency, the IRS data would include the GROSS taxes paid by those receiving the EITC and ACCC, and the number of people who "do not pay any income tax" would be slashed dramatically.
But your scenario is not what is today. Today all they pay in they get back and then some (in some cases).
Personally: I think that is what is wrong with our system; too many with no skin in the game that want something for nothing. Its got to give at some point.
How about students who work a few months in the summer, but don't make more than the standard deduction plus their personal exemption. They don't pay any taxes now. Do you think they should?
They pay somethiing. They have a different table to use. My son has a part time job but because he's still my dependent he has to use a different table for his tax and check off a box that he is a dependent on another person's income tax. He pays more because he's a dependent.
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