So people who earn a million a year pay a lower tax rate than the middle class

[Too Tall]

Bam Bam is spouting off again about people who earn a million a year not paying the same percentage as the so called middle class.

Well guess what he's wrong again.

A single filer making 1 million a year would pay in $323,935 or 32.39% of his income.

A single filer earning 50K a year would pay in $8600 or 17.2% of his income.

So you see folks people who make more pay a higher percentage of their income so it's the rest of you who aren't paying their "fair share"

Mitt makes $56.000.00 a day and paid 13.9%

I don't accept your numbers, but if you were correct, Mitt would pay $54,488 a week in taxes. That means he works one day a week for nothing, and if his state, local, property and payroll taxes were added in you could easily make that two days for the government(s).

 

[editec]

Bam Bam is spouting off again about people who earn a million a year not paying the same percentage as the so called middle class.

Well guess what he's wrong again.

A single filer making 1 million a year would pay in $323,935 or 32.39% of his income.

A single filer earning 50K a year would pay in $8600 or 17.2% of his income.

So you see folks people who make more pay a higher percentage of their income so it's the rest of you who aren't paying their "fair share"

You're analysis is theoretically correct but does not exemplify a common tax filing.

In the first place most people with bery high incomes derive those incomes from capital gains, which are taxed at a much lower rate than 32.39%.

I'm informed that 20,000 american tax filers with incomes of more than $1,000,000 paid NO income taxes last year.

Must be nice, eh?

 

[Skull Pilot]

Bam Bam is spouting off again about people who earn a million a year not paying the same percentage as the so called middle class.

Well guess what he's wrong again.

A single filer making 1 million a year would pay in $323,935 or 32.39% of his income.

A single filer earning 50K a year would pay in $8600 or 17.2% of his income.

So you see folks people who make more pay a higher percentage of their income so it's the rest of you who aren't paying their "fair share"

A single filer with $1,000,000 in long term capital gains will pay $150,000, or 15% of their income - a smaller share than the 50k earner - and a far smaller share than the 1000k earner who actually had to get up and go to work every day.

If one does not use AGI as I do in the calculation, then most people pay less than 15% of their total earnings.

http://newsbusters.org/blogs/noel-sheppard/2012/01/19/media-myth-debunked-97-percent-americans-pay-less-romneys-15-percent

Bam Bam did not say those who make a million a year from investments should pay more taxes. He said those who make a million a year should pay more taxes.

If he wants to raise the capital gains tax then why doesn't he just say he wants to raise the capital gains tax?

I can see why you wouldn't be miffed at the 50k earner paying a higher rate - after all, the right wing things its fair if the tax rate is higher for lower incomes and lower for high incomes.

In case you missed it, I want everyone to pay a lower rate but I want everyone to pay it.

But how can you justify taxing earned income at twice the rate of market income? Why should sweat be taxed more than luck? By your logic lotto winners shouldn't have to pay any tax at all on their winnings.

Money invested actually creates more taxable income than earned income does because it is used by more people and each step along the way generates taxes.

If I invest a million dollars in company X then that money is used to buy materials. those materials are taxed the people who manufacture those materials earn more and are taxed. The materials are shipped which generates revenue via fuel and mileage taxes etc etc

Then Company X makes a profit which it distributes and that is taxed either as dividend income or capital gains

This is the whole reason capital gains are considered differently than earned income.

Now if you want to get rid of separate treatment for investment income are you willing to also remove the tax free status of government bonds? After all why should someone buying a government bond not have to pay taxes on the gains from them?

The only "fair" way to collect taxes is to lower the rate and eliminate all deductions.

 

[Skull Pilot]

.

By the end of the day tomorrow (Friday the 13th!), approximately 3,000 individual 1040's will have passed my desk this year. Er, the computer screen on my desk. I review them from a financial perspective.

There will some, maybe 50, in which the taxpayer's gross income is over $500,000 and their effective tax rate will be under 17%. Run with that little nugget as you will, but it's a fact.

.

Gross income and AGI are not the same and since you are taxed on AGI as far as the government is concerned AGI is your income.

I used AGI which I stated earlier

 

[Skull Pilot]

Glenn Beck explains how the Buffett rule will not cause Buffett to pay more in taxes:

“Most Blaze readers have, by now, likely heard President Obama’s renewed rallying cries for the implementation of the “Buffett Rule,' which he calls a 'common sense' measure that 'does not' incite 'class warfare.' The rule was spawned by billionaire investor Warren Buffett after he penned a New York Time op-ed calling on Congress to raise taxes on America’s top income earners.

“While progressives would quickly suggest the reason is because “the wealthy are benefiting from an unfair tax system that rewards only the top ‘1%’” — in actuality, Buffett, along with George Soros and likely even Bill Gates, are not actually earning income. Thus, there is nothing to pay income tax on. Rather, long-time entrepreneurs like Buffett and Soros are likely living off their investments. This is different than earned income — such as a salary — and is not subject to income tax.

“So, while Buffett and Soros both clamor for higher income tax for the wealthy, it is all an empty display as they would not be effected by an income tax increase on the top income-earners anyway. Both rainmen maintain that an income tax increase will neither effect them nor bother them at all. This, Beck said, is the ironic 'truth.'” Becks entire article can be found at the following link:

Glenn Beck Slams the Buffett Rule, Saying Warren Buffett ‘Does Not Pay Income Tax’ Anyway | Video | TheBlaze.com

Wow.

Glenn Beck really is a fucking moron.

One more thing, Buffett was complaining how his secretary who earned $60,000 was paying a Federal Income Tax rate of 30%. Although many people believed Buffett, what he said was untrue. Anyone earning $60,000 a year in 2011 would have been allowed a minimum standard deduction of $5,800 plus a personal exemption of $3,700 (more if she had dependents); therefore, she would have taxable income of $50,500 and would owe taxes of $8,744 which is 14.6% of her $60,000 salary.

He's not including FICA.

no one includes FICA in income taxes.

 

[Douger]

True stats but that isn't the movie. Sure, there are a bunch that earn 1 million plus but the diversions are incredible. The majority earning that kind of money are self employed.
I deducted 30 grand a year for my "office", a fifth bedroom in my house with a print-fax and computer.
Car payments-insurance too. Lawn service too. Tree trimming too.Resurfacing the driveway. New motor and repaint the entrance gate. Trips to Japan, IsNtReal, South Africa and a few places in the m-pyre too.Advertizing, client "meetings" etc etc. In other words things I would have done whether they were deductible or not. In summary. I didn't pay shit, really. At least not compared to some guy making 200K at a company.

 

[Skull Pilot]

Bam Bam is spouting off again about people who earn a million a year not paying the same percentage as the so called middle class.

Well guess what he's wrong again.

A single filer making 1 million a year would pay in $323,935 or 32.39% of his income.

A single filer earning 50K a year would pay in $8600 or 17.2% of his income.

So you see folks people who make more pay a higher percentage of their income so it's the rest of you who aren't paying their "fair share"

You're analysis is theoretically correct but does not exemplify a common tax filing.

In the first place most people with bery high incomes derive those incomes from capital gains, which are taxed at a much lower rate than 32.39%.

I'm informed that 20,000 american tax filers with incomes of more than $1,000,000 paid NO income taxes last year.

Must be nice, eh?

I used one million a year so please show me proof that most people who make 1 million a year do so via capital gains.

 

[naturegirl]

Bam Bam is spouting off again about people who earn a million a year not paying the same percentage as the so called middle class.

Well guess what he's wrong again.

A single filer making 1 million a year would pay in $323,935 or 32.39% of his income.

A single filer earning 50K a year would pay in $8600 or 17.2% of his income.

So you see folks people who make more pay a higher percentage of their income so it's the rest of you who aren't paying their "fair share"

Your figures in no way take into account the various forms of income.

Yea, well neither do Obama's. He truly thinks the American people are stupid. He never mentions capital gains taxes, does he?? Funny you give him a pass for not telling the whole truth yet you go after a poster that has done the same thing. Is skullpilot's information false?? Nope, it's just not complete. Neither is Obamavider's.

 

[Skull Pilot]

Bam Bam is spouting off again about people who earn a million a year not paying the same percentage as the so called middle class.

Well guess what he's wrong again.

A single filer making 1 million a year would pay in $323,935 or 32.39% of his income.

A single filer earning 50K a year would pay in $8600 or 17.2% of his income.

So you see folks people who make more pay a higher percentage of their income so it's the rest of you who aren't paying their "fair share"

Your figures in no way take into account the various forms of income.

Yea, well neither do Obama's. He truly thinks the American people are stupid. He never mentions capital gains taxes, does he?? Funny you give him a pass for not telling the whole truth yet you go after a poster that has done the same thing. Is skullpilot's information false?? Nope, it's just not complete. Neither is Obamavider's.

Which is exactly my point.

Bam Bam is purposely being obtuse.

If he wants to raise the capital gains tax then why not just say it?

 

[Douger]

I have a friend that donates several million a year to a "charity". His bro in law is who runs it. My friend is on the board. It pays him several hundred grand in "consulting fees". If murkins only knew.
BTW. Sams has a 60 pack of beanie weenies on sale for $55. You get an extra %5 if'n you use that thar 21% kredit kard !

 

[zeke]

Anyone know of a message board where the participants are mostly people who earn a miollion dollars a year or more, and they sit around all day worrying about how the middle class is paying to much in taxes?

A old time bank robber was once asked why he kept robbing banks. He replied; that is where the money is.

Same with taxing the ultra rich more. Why do it? Cause that is where the money is.

And I could care less if the ultra rich get taxed much more. They sure as hell are not worried about me and mine. "job creators" my ass.

Like some CEO making 10 million a year is going to decide whether to hire more people or not based on the CEO's personal tax rate. You have to be willfully stupid to believe that.

 

[zeke]

Sams has a 60 pack of beanie weenies on sale for $55.

I saw that. Think it will bring down the price of gas? Sams has tires also.

 

[Skull Pilot]

True stats but that isn't the movie. Sure, there are a bunch that earn 1 million plus but the diversions are incredible. The majority earning that kind of money are self employed.
I deducted 30 grand a year for my "office", a fifth bedroom in my house with a print-fax and computer.
Car payments-insurance too. Lawn service too. Tree trimming too.Resurfacing the driveway. New motor and repaint the entrance gate. Trips to Japan, IsNtReal, South Africa and a few places in the m-pyre too.Advertizing, client "meetings" etc etc. In other words things I would have done whether they were deductible or not. In summary. I didn't pay shit, really. At least not compared to some guy making 200K at a company.

All those deductions are not as easy as you think anymore.

Try writing off your car payments if the car is not owned by your business. And if it is owned by your business not only do you have to pay the regular excise taxes and registration fees but you have to pay an annual property tax on t as well.

If your home is not owned by your business then you will not be able to deduct lawn mowing.

I own the building where my business is located. I live in an apartment on the second floor. The lease I have between me and my business states that the business will pay all property maintenance costs but those are the usual terms of a triple net lease so I can get away with it. If you had a spare bedroom as an "office" you wouldn't be able to.

 

[naturegirl]

Sams has a 60 pack of beanie weenies on sale for $55.

I saw that. Think it will bring down the price of gas? Sams has tires also.

Yea, and if we put air in them it will save energy. Just ask your supreme ruler, he knows, he told us so.

 

[Ravage]

The CONZ here only calculate using the INCOME tax. Is INCOME tax the ONLY tax you pay?

Holy crap. Why not factor in PAYROLL taxes into that little equation? Hmmm?
Or don't I have to fucking pay that, you shitheads?

What about state taxes and local taxes? They make quite a hit on small incomes...not so much on larger ones.

Why let's see if anyone has done any research into this, shall we?
Who has a TOTAL LOWER OR HIGHER TAX rate?

OK...you conservatives have a valid point on income taxes, but COMPLETELY MISS THE PICTURE when it comes to how life works IN THE REAL WORLD.

 

[naturegirl]

The CONZ here only calculate using the INCOME tax. Is INCOME tax the ONLY tax you pay?

Holy crap. Why not factor in PAYROLL taxes into that little equation? Hmmm?
Or don't I have to fucking pay that, you shitheads?

What about state taxes and local taxes? They make quite a hit on small incomes...not so much on larger ones.

Why let's see if anyone has done any research into this, shall we?
Who has a TOTAL LOWER OR HIGHER TAX rate?


OK...you conservatives have a valid point on income taxes, but COMPLETELY MISS THE PICTURE when it comes to how life works IN THE REAL WORLD.

Nope, I understand completely. Those people that don't "earn" that income invest it and make some money, it's called capital gains. The Divider-in-Chief never mentions that, he's not telling the whole truth is he?? He thinks we're too dumb to figure out he's flat out lying, but hey what's a little white lie if he gets reelected??

 

[DGS49]

Our Beloved President is the master of the "Straw Man." The increase in tax revenues that would result from a minimum percentage tax on people earning over a million a year (in salary and bonus) would not amount to a pimple on the butt of our national deficit. It is not even worthy of discussion. But as long as he can get people to focus on "selfish rich people who don't pay their 'fair' share," the voting population will forget about an administration that is spending us into perdition.

And as stated above, if Barry has a problem with the capital gains tax, then he should take it up with the House of Representatives, which makes those decisions.

And by the way, ask the people in NJ, NY, CA, IL, and the other states in New England if their State and Local taxes are trivial.

 

[Claudette]

The CONZ here only calculate using the INCOME tax. Is INCOME tax the ONLY tax you pay?

Holy crap. Why not factor in PAYROLL taxes into that little equation? Hmmm?
Or don't I have to fucking pay that, you shitheads?

What about state taxes and local taxes? They make quite a hit on small incomes...not so much on larger ones.

Why let's see if anyone has done any research into this, shall we?
Who has a TOTAL LOWER OR HIGHER TAX rate?


OK...you conservatives have a valid point on income taxes, but COMPLETELY MISS THE PICTURE when it comes to how life works IN THE REAL WORLD.

Nope, I understand completely. Those people that don't "earn" that income invest it and make some money, it's called capital gains. The Divider-in-Chief never mentions that, he's not telling the whole truth is he?? He thinks we're too dumb to figure out he's flat out lying, but hey what's a little white lie if he gets reelected??

Nope. Barry isn't telling the whole truth. Just as he wasn't when he was elected.

Does anyone expect him to??

 

[Skull Pilot]

The CONZ here only calculate using the INCOME tax. Is INCOME tax the ONLY tax you pay?

Holy crap. Why not factor in PAYROLL taxes into that little equation? Hmmm?
Or don't I have to fucking pay that, you shitheads?

What about state taxes and local taxes? They make quite a hit on small incomes...not so much on larger ones.

Why let's see if anyone has done any research into this, shall we?
Who has a TOTAL LOWER OR HIGHER TAX rate?

OK...you conservatives have a valid point on income taxes, but COMPLETELY MISS THE PICTURE when it comes to how life works IN THE REAL WORLD.

Because payroll taxes are not a factor when one is speaking about income tax.

Bam Bam isn't mentioning payroll taxes he isn't mentioning capital gains all he says was if you earn a million a year you should pay the same percentage as the middle class.

I have shown that if one earns a million a year he already pays a higher percentage than the middle class in income taxes.

 

[Ravage]

The CONZ here only calculate using the INCOME tax. Is INCOME tax the ONLY tax you pay?

Holy crap. Why not factor in PAYROLL taxes into that little equation? Hmmm?
Or don't I have to fucking pay that, you shitheads?

What about state taxes and local taxes? They make quite a hit on small incomes...not so much on larger ones.

Why let's see if anyone has done any research into this, shall we?
Who has a TOTAL LOWER OR HIGHER TAX rate?


OK...you conservatives have a valid point on income taxes, but COMPLETELY MISS THE PICTURE when it comes to how life works IN THE REAL WORLD.

Nope, I understand completely. Those people that don't "earn" that income invest it and make some money, it's called capital gains. The Divider-in-Chief never mentions that, he's not telling the whole truth is he?? He thinks we're too dumb to figure out he's flat out lying, but hey what's a little white lie if he gets reelected??

Yes....capital gains.

Where Paris Hilton pays 15% on the money her inherited wealth brings her for snorting coke and blowing eurotrash, while someone who goes to work for 40 years as a nurse, day in day out, year in year out, busting her ass gets taxes at TWICE that rate.
Yup...nothing says "the US rewards merit and hard work" to that nurse like being taxed at twice the rate as some spoiled cumbucket who has never had to lift a finger for anything.