Should 5% appear too small, be thankful I don't take it all...Tax everyone until we’re all poor and only the tax collectors are rich.
It’s the only way to be fair.
Should 5% appear too small, be thankful I don't take it all...Tax everyone until we’re all poor and only the tax collectors are rich.
It’s the only way to be fair.
I would like to see real life examples of people that earn anything and get by with paying less than 4% in tax. (not counting welfare) I believe it is impossible. If there is a way, I have been wasting 50-60% of my income for the last 45 years. The kid in my example really exists and was a minor until this spring. He paid more than 4%. Even people with earned income credit that pay no Federal income tax, still get taxed for social security, Medicare, Various state taxes, fees, property tax, federal, state and local gas tax, 911 tax on the phones, etc.You are mis-stating things again. That would be the first $9700 dollars of AGI. The standard deduction would exempt the first $12400 of your income even if you had no other deductions, so to max out the 10% bracket under those conditions, you would have made $22100
The average social security benefit is just under $1550 per month. Say you were getting that, so that would be $18600 per yearI would like to see real life examples of people that earn anything and get by with paying less than 4% in tax. (not counting welfare) I believe it is impossible. If there is a way, I have been wasting 50-60% of my income for the last 45 years. The kid in my example really exists and was a minor until this spring. He paid more than 4%. Even people with earned income credit that pay no Federal income tax, still get taxed for social security, Medicare, Various state taxes, fees, property tax, federal, state and local gas tax, 911 tax on the phones, etc.
They're in the standard deduction. State, local and property tax are deductible if you itemize but you don't get the standard deduction. You and/or your tax guy make the choice to itemize or not based on the magnitude of those other expenses. Sales taxes are only somewhat deductible in certain situationsInteresting figures, you win. I am still at above 60% of income going for taxes for my household, I guess I need to sue 45 years of CPA's for incompetence. Are you taking clients? btw, where are all the other taxes?.
Hold on. No one is cheering anything. Defending someone’s right to take an exemption isn’t the same thing as cheering it. We’re just saying he has every right to take the exemption. You don’t like it. Okay. Noted. I don’t think it’s controversial that he took the exemption, unless he lied and doesn’t actually have the kids he claimed.The cognitive dissonance is strong with this topic.
put simply, child tax credit was designed for middle and low income. The fact that many here are cheering someone’s extremely creative accounting to get out of paying taxes is disturbing.
what’s more disturbing is that many think this has no effect on you the middle income earners. Someone has to fund the federal government (it’s too big but that’s another topic). Regardless of how much printers go brrr the government has to collect taxes or the system collapses. If they are only collecting let’s say 10-15k from a rich person who made 1.68 million instead of the let’: just say 201,000. ( 12% effective tax rate, that’s what I think I paid last year all said and done) then that other 190k has to come from somewhere.
this effects you and I. They say there is no funding for the roads, schools, military, social security ,Medicare well of course there isn’t enough when the rich and powerful are paying. 1-2% effective tax rate.
You're.Your good.
What does that have to do with it now? We’re $23T in debt. Taxing billionaires income isn’t gonna pay that off.How did we get out of debt post WW2?
Which isn’t difficult when the world leaders are all rebuilding.What does that have to do with it now? We’re $23T in debt. Taxing billionaires income isn’t gonna pay that off.
And if you want to know, the US shrunk the WWII debt through increasing economic growth.
Babies wasn’t all that was booming post WWII.Which isn’t difficult when the world leaders are all rebuilding.
This is everything that’s wrong with the tax system.
tax the wealth. It’s now obvious that it’s the only way to get a real fair share out of them.
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I’m sure it had nothing to do with 90% tax rates on the rich. Which coincidentally happened at the same time as record growth and expansion.What does that have to do with it now? We’re $23T in debt. Taxing billionaires income isn’t gonna pay that off.
And if you want to know, the US shrunk the WWII debt through increasing economic growth.
No, it’s kind of like saying that if you disproportionately punish success you end up with widespread mediocrity.it’s almost like those with the most to lose are also the ones telling us that taxing the rich doesn’t work.
Call it what you want but you cannot deny the greatest period of economic expansion also occurred during a time when corporate and personal taxes where at their very highest levels ever.No, it’s kind of like saying that if you disproportionately punish success you end up with widespread mediocrity.
Socialism has no place in this country.
You can herald socialism all you want but it doesn't make it suitable for this country.Call it what you want but you cannot deny the greatest period of economic expansion also occurred during a time when corporate and personal taxes where at their very highest levels ever.
that’s incompatible with modern republican ideas of cutting taxes to stimulate growth though. Republicans and conservatives now would have you believe that if you put in a 90% tax rate on the top 5% with no carve outs that the entire system would collapse. History clearly shows that’s not what happens.
Corporate tax rates and economic growth since 1947
Cutting corporate taxes won't spur economic growth, and there is no evidence that high corporate taxes have a negative impact on the economy. In fact, there is no correlation at all between corporate tax rates and economic growth.www.epi.org
I hold no delusions of grandeur. I’m well aware that at best I’ve done a little better than my father and his father before him but I still put on work boots every day and a tool belt fairly regularly, I’ll never own a super yacht and I’m ok with that.That doesn't matter right now though, does it? **** those rich bastards, they don't deserve anything more than you have.
Who owns the means of production. Oh, you mean the people who put it all on the line, bust their asses, take all of the risk and build a business so the workers who did all of the "heavy lifting" of filling out a job application can come in after all of that is over and get their "fair" share.The only thing that matters is who owns the means of production and who is the worker.