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re: Taxes and Sanity
Posted on 4/10/17 at 8:47 pm to PygmalionEffect
Posted on 4/10/17 at 8:47 pm to PygmalionEffect
when you turn 62, 65 or 67 you will begin to get your social security and medicare back that's why we call them entitlements.
your income tax is your income tax and yours has never been lower and you can thank reagan for that.
your income tax is your income tax and yours has never been lower and you can thank reagan for that.
1
Posted on 4/10/17 at 9:08 pm to tedmarkuson
quote:
your income tax is your income tax and yours has never been lower and you can thank reagan for that.
And Bush Sr., Clinton, W., and Obama and their associated congresses for not changing it.
You can thank Bush Jr. for enjoying the lowest federal tax rates on income in history if you are rich.
Bush Jr. inherited a balanced budget from a democrat and his last budget in office is the all time record deficit at 1.413 trillion dollars.
Posted on 4/10/17 at 9:30 pm to PygmalionEffect
quote:
You can thank Bush Jr. for enjoying the lowest federal tax rates on income in history if you are rich.
When did this "history" start?
Posted on 4/10/17 at 9:43 pm to PygmalionEffect
reagan indexed the brackets and that's the single biggest tax cut since we created income taxes and for that i'm grateful.
Posted on 4/10/17 at 9:46 pm to PygmalionEffect
quote:
This is typical of a middle class republican voter and I can't for the life of me figure out where they get this but they obviously are getting it somewhere because they all sing it in chorus and it's absolutely not true as it relates to a middle class taxpayer which the vast majority of us on here are.
So you don't want to increase income taxes on anyone?
Posted on 4/10/17 at 9:46 pm to Cajun Cricket
quote:
will give you one example of why you shouldn't rip on wealthy people getting breaks for some of their income ..
Im not ripping the wealthy. Im ripping a fricked up tax code and those who use it for power.
Taxes should be very simple.
Posted on 4/10/17 at 9:50 pm to Taxing Authority
quote:
quote:
Wealthy people don't get income as wages. The progressive income tax shelters really wealthy people and punishes those who may try to get there.
Serious question... What is the minimum income required to get these magic taxes?
That's the key word. You have to get your money in ways that escape confiscatory taxation. If you make a lot of money and have a w2 or 1099 you're fricked.
Posted on 4/10/17 at 9:51 pm to stuntman
bush 2 changed the treatment of dividends from ordinary income to capital gains.
think about that, before you'd assume anyone with dividends was probably gonna be in the 28 and 33% bracket and would pay taxes on dividends at the same rate as interest or rent for that matter.
now thanks to W we payed 14% on that income as if it was a long term capital gain.
think about that, before you'd assume anyone with dividends was probably gonna be in the 28 and 33% bracket and would pay taxes on dividends at the same rate as interest or rent for that matter.
now thanks to W we payed 14% on that income as if it was a long term capital gain.
Posted on 4/10/17 at 9:52 pm to tedmarkuson
What? You thing income is now capital gains?
Posted on 4/10/17 at 9:53 pm to Evolved Simian
quote:
quote:
The progressive income tax shelters really wealthy people and punishes those who may try to get there.
Not the way you say it does. Poor people pay zero in income taxes.
They should. Everyone should have skin in the game.
Posted on 4/10/17 at 9:56 pm to TheXman
quote:
So you don't want to increase income taxes on anyone?
I'm considered in the upper middle class income range like a lot of guys on here. Probably do better than most since I'm right in the 90-95 percentile.
W-2 taxpayer like most of us.
My effective federal tax rate for 2016 was 28% which includes payroll taxes.
If I can afford to pay 28% in federal income taxes, then yes I think the rich should pay at least 28% in federal income taxes.
So yes, I think the rich should pay their fair share. They shouldn't have to pay a higher rate than me, but damn sure not a lower rate.
After Bush gave the rich a 15% tax bracket on the majority of their reportable income, Obama tagged them with a 3.8% ACA tax on unearned income over $250K or somewhere in there, not going to bother to look it up.
Again 3.8% only on their UNEARNED INCOME. This makes up for some of the tax break Bush gave them on unearned income, dividends, LT capital gains. etc.
First thing Trump and Ryan wanted to do was get rid of that ACA tax on the rich. Rest of their plan was shite, because all they could think of was getting that ACA tax off the rich.
Second thing Trump thinks of related to taxes is eliminating the estate tax.
Big middle class president.
This post was edited on 4/10/17 at 10:01 pm
Posted on 4/10/17 at 10:05 pm to PygmalionEffect
quote:
fair share.
This phrase is thrown around so often and it's so vague. How do you define it? What's fair to one person compared to another? Why do things have to be 'fair'?
I don't know I don't have the answers but I think taxes are too high on everyone. I also know that no politician will ever actually cut spending though so it's a moot point.
Posted on 4/10/17 at 10:26 pm to BBONDS25
quote:
What? You thing income is now capital gains?
no i don't but the tax code does. the bush tax cuts of 2004 changed the treatment of dividends to the same treatment as capital gains.
don't worry obama changed that so if you have over 1mm in cap gains you pay 23.9 on that amount over 1mm and you pay a 3.8% surcharge on investment income over 250k.
the net effect of all this is basically where we were at roughly 20% on long term capital gains which is the same rate we payed back in 1983 when i first entered the market and the ordinary tax rate on income was 50% on every dollar over 85,600 married filing joint.
and by the way that was a huge tax cut.
This post was edited on 4/10/17 at 10:37 pm
Posted on 4/10/17 at 10:29 pm to PygmalionEffect
quote:
My effective federal tax rate for 2016 was 28% which includes payroll taxes
well you pay more arkansas state income taxes than you do federal income tax
Posted on 4/11/17 at 7:03 am to Evolved Simian
quote:
bmy, your graph is bullshite.
This thread is about income taxes
It is an undeniable fact that the tax burden on the middle class is higher than the upper class. That fricking is most pronounced when you look at actual small business owners.
Posted on 4/11/17 at 7:07 am to Crimson Wraith
quote:
Much of it is redistribution of wealth to dim voters
The states with the highest percentage of government assistance typically vote red, not blue.
Posted on 4/11/17 at 7:26 am to skrayper
What a lazy argument. Do you know how many times that "argument" has been dissected and dismantled? It doesn't help the liberals if you look into it any further than the trite talking point you just spewed.
Posted on 4/11/17 at 7:44 am to TheXman
quote:
How does any sane person, look at the money that is taken out of their pay check, and say "yep that's what we need, more taxes"? I take a look at every paycheck and just shake my head.
Yet I always see democrats saying we need to be taxed more and more. I don't see how any reasonable person could defend that position. What has giving more money to the government gotten us?
I really would like to hear a staunch fiscal progressives take on this.
Inb4: democrats don't have jobs
My wife and I are both life long democrats and are in the top 6% or so of family incomes in the United States. We pay an incredible amount of taxes when you add them all up....federal income, payroll, local, state....the list is exhaustive. I would like to pay nothing at all....but I realize that the return that we get on our tax bill is immeasurable. We are living in what is, by far, the best situation mankind has ever found itself in. We have lived abroad....and have traveled extensively....we know how well off even the poorest American is. All of that is paid for by taxes....
Conversely we have seen how people with our income level live in places like Costa Rica and Mexico and even Eastern Europe....they spend more money on security than we do on taxes.....because the state is not able to protect their shite like it is in the US.
A reasonable person would see that none of is taxed enough, when compared to the levels of spending that we insist on, because we have a HUGE debt....although compared to most individuals the US Debt is about like a person earning $100K a year with nothing more than a car payment on a 6 year old Hyundai...we simply spend too much and do not collect enough tax revenue....
So, what is this progressives idea? I think what we need is sensible spending cuts....on every front including entitlements....I think it should be might near impossible for an able bodied person with no dependents to receive ANY sort of public assistance....and I think if they try they should be charged with a crime. I think we need to stop supporting the world's security and allow the world to step up and do some of it themselves. We would all be better off. I think there should be an elimination of the social security wage cap and I think there should be some means testing for benefits...my wife and I pay out of social security by November every year..and we could probably retire right now with a substantial cut in our lifestyle without a penny from social security...and most people in our situation are in similar positions. If we work into our late 60's as we plan to we will never "need" any social security income....but of course we will take it 'cause we are greedy LOL....
There are all sorts of shite we need to do as a nation that we could all get behind....the problem is we let things like a man in a skirt shitting in the ladies room distract us....but I think a large majority of Americans agree that we have a shitty tax system, we have too much regulation in some areas and not enough in others, we spend too much on protecting the interests of other nations and we are waaaaaaaaayyyyyyyyy to accepting of able bodied people with no dependents living on the dole...I don't care if you make $14K a year or $14Million a year those things should be concerning to you....
Posted on 4/11/17 at 7:47 am to LSU_Saints_Hornets
quote:
I just want to pay 10% for every thing. State and federal combine. If America can't make it off my 10% frick it. I mean I am not getting my money's worth at the amount I am paying in taxes. Roads are shitty, DMV shitty, constantly gotta renew my fishing license every year speeding tickets I mean it just doesn't stop. The amount I am paying the state I should be able to fish for free and keep as much fish as I feel like cleaning.
I feel you my friend BUT your fishing license is money well spent...take a look at places like Germany where a fishing license is very expensive AND to fish anywhere that is worth a shite at all all you HAVE to belong to an Angling Club because ALL fishing is put and take.....there is almost NO natural reproduction because the population decimated the population years ago...and industry has diverted and used waterways in ways that prevent any natural reproduction on any scale.
Posted on 4/11/17 at 9:07 am to tedmarkuson
quote:
to have a 33% effective tax rate you'd have to make over half a million dollars last year, be single and not own a house.
Not quite - married, own house, 32.5 effective rate.
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