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.
Did anyone mention that a good portion of that 47% are senior citizens who don't have enough taxable income to have to pay income taxes?
Yes, but like I already said, it is not sustainable to ask the 53% to shoulder all the increased burden of taxation. In fact, Obama thinks he can get 1% of the population, who already pay over 34% of all income tax, to shoulder that burden. If we are honest, we know that the burden is going to trickle down to the "top 10%" and you only have to make around $95k to fall into that bracket.
Did anyone mention that a good portion of that 47% are senior citizens who don't have enough taxable income to have to pay income taxes?
All taxable income is, by definition, taxable. Otherwise it would not be "taxable income". I think you meant that their AGI was lower than the sum of the standard deduction and their personal exepmtion(s). Or perhaps you meant to point out that certain portions of SS income are not taxable. Either way, taxable income is always taxable.
All taxable income is, by definition, taxable. Otherwise it would not be "taxable income". I think you meant that their AGI was lower than the sum of the standard deduction and their personal exepmtion(s). Or perhaps you meant to point out that certain portions of SS income are not taxable. Either way, taxable income is always taxable.
Oh, and please define "a good portion".
I meant exactly what I said. Check your 1040, page 2, line 43 -- taxable income. That's what you pay taxes on.
Social security isn't at all taxed if your AGI, your non-taxable interest and 1/2 your Social Secuity equals less than $25,000 ($32,000 MFJ). At the most, 85% of Social Security could be taxable.
For what? I don't need a link. Many people on social security don't pay taxes. Many do. Everyone knows that, don't they? "Good portion" is a very non-specific term like "many" or "some".
Quote:
I read somewhere else that it consisted of single and head of households.
Ummm....people on social security can be single or head of households. How do you think they file?
For what? I don't need a link. Many people on social security don't pay taxes. Many do. Everyone know that, don't they? "Good portion" is a very non-specific term like "many" or "some".
Ummm....people on social security can be single or head of households. How do you think they file?
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.
