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Location: By the sea, by the sea, by the beautiful sea
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Quote:
Originally Posted by jcarlilesiu
I don't see how any of that has to do with INCOME tax, which is what is up for discussion. Secondly, those issues are addressed through regulation, not taxation.
That's a cop-out. You said: How about this idea, everybody pays the same for the benefits this country has to offer?
HOW do you propose a corporation pay INCOME tax for those benefits? Per employee? Per corporate income? HOW would you propose they be made to pay the SAME, as you suggested?
I am about as poor as you can get as I work full time but do not even clear $20,000 a year. They tax the hell out of me. I am sure I am at the bottom 40%, and I had to pay $3,000 in income taxes last year. I even live in Nevada where they have no state tax. The current system is flawed. I think they should abolish all income taxes for anyone who makes under $30,000 a year. Maybe then I could afford health insurance.
ok they tax you...how much do you get back at the end of the year
ok they tax you...how much do you get back at the end of the year
I make 60k and pay ZERO federal income tax
Really Last year I had $3,000 taken out of my checks for the year, and I OWED $91 that I had to pay on top of that on
April 15th. I have no idea how you made 60k and paid zero federal income tax. Please tell me how you did it?
That's a cop-out. You said: How about this idea, everybody pays the same for the benefits this country has to offer?
HOW do you propose a corporation pay INCOME tax for those benefits? Per employee? Per corporate income? HOW would you propose they be made to pay the SAME, as you suggested?
Corporations don't pay taxes. Taxation applied to non-individual entities is simply paid for by increased product costs and passed down to the consumer. Regardless, the point of this discussion was personal income tax, as those were the statistics and numbers provided. I never made a statement that corporations should pay the same taxes as individuals as I am refering to personal income tax which is the subject of this thread. Your attempts to derail this conversation with some non-sense about corporate tax is unfounded and illogical. Lets try to stay on base.
Really Last year I had $3,000 taken out of my checks for the year, and I OWED $91 that I had to pay on top of that on
April 15th. I have no idea how you made 60k and paid zero federal income tax. Please tell me how you did it?
tell me how you had 3k taken out of you taxes and still owed 93
you said less than 20k earnings....correct???
1040a
lines 7.....20k
line 15 total of line 7-14......20k
(I suppose you had no OTHER income since you said you make less than 20k)
line 21.....20k
line 22.....20k
line 24 standard deduction......5450
line 25 subtract 24 from 22......14550
line 26 total exemptions from 6d (this incudes yourself).....3500 (1x3500...if you have kids or a wife ?x3500)
line 27 subtract 26 from 25......11050
line 28 tax (see tax tables)........1260
now we have not taken any credits YET (education credit, 401k/retirement fund credits, etc...which will lower it even more
and you didnot say if you were a homeowner, paying taxes on mortgage (DEDUCTIBLE), or if you have business expenses (anything you have to BUY, for work and are not reembursed for is a business expense...ie your uniform of special shoes, books, manuals, etc)....which if you itemize would take you past that standard deduction which would lower you even more
if you have one kid (single parent or not) you would quaify for the EIC
so the MOST you would be paying total on federal incone tax is 1260.....certainly not the 3000 you say
so either you cant do simple math, and you have been getting suckered for how ever long......or you LIED in your post.......which is it........
What they should do is get rid of the FICA / Social Security ceiling for the top earners.
They should be required to pay taxes all year just as everyone does.
the problem with getting rid of the cap, is that then you get rid of the payout cap too.
right now a person making 102k pays his/hers 6.5%...meaning 6630
a person making 900k pays 6.5% of 102k...meaning 6630
but on the same hand a person who was making 102k, will get a ss check of about 2k/month
a person who make 900k, will get a ss check of 2k/ month
by raising the cap,, the rich person (even billionaires) would pay into on all income....but they would also COLLECT based on what they put in.....do you want to see someone like warren buffet getting a 100k ss check everymonth?????
raise the deduction cap, you raise the payout cap
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