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Everyone knows we are only talking about the taxes on those earning over a quarter million a year. The President has consistantly said ever since the election campaign that he is against higher taxes on the working class.
Who is retarded?
How about answering the question?
I completely agree that the tax code should not be used to engineer social policy. The further away it wanders from its purpose of generating revenue, the more bad things happen. It is crappy governing, and we should lobby our representatives to stop it.
I don't agree that a person who works, has tax withheld and later is able to obtain a refund of the full amount "pays no federal taxes". For one thing, they have lost the time value of money during the year when the withheld amount was kept from them. Beyond that, look at a pay stub. WTF do you call all the other dozen or so deductions if not a "tax"? Social security, workers' comp, unemployment, etc. All these debits are, essentially, forms of taxation.
If you want to lobby Congress to end the adoption credit, green energy credit etc., I'll join you. Just be aware, your family's tax bill may rise as a result.
It's bigger than the Income Tax Code, Mad. When you're looking at this stuff, you really can't just look at bits of it, you need to look at the whole picture.... how one part impacts another... and the effect of other parts of economic issues on other economic issues. That's why I tend to go with the view of actual experts. Far too many people, who don't actually know all that much about economics, think only of one part. No offense, but, I know lots of Economists - I write about economics for a living.... I'm certainly not an expert... But I work with people who are.... global experts... and economics is a global issue. We tend to forget that.
You write about economics for a living? Really? Link us to a dozen published pieces you've done.
You may take her for a fool, but I don't. That would provide you with her real name. Idiot.
So, do people who earn (note the word 'earn') over $250k not 'working class'? Do they not work? WTF is this obsession with 'class' anyway. The word, in US society, should be meaningless. This is yet another lie perpetuated by the fucking left.
You can't honestly believe that there aren't any social and cultural differences between different income strata in the United States. Do they live in the same communities? Send their kids to the same schools? Wear the same clothing? Enjoy the same entertainment? Have the same political influence? Same standard of living?
Of course not. Like any society we have social stratification and social class is a part of that.
Uh huh. Seems like a burdensome change to me too, DiveCon.
I freely admit I'm not an economist, CG. However, I do know something about taxes. It is crappy tax policy to use the Income Tax Code to advance any policy; it is best suited to raising revenues, period. And we have experience with trickle down, remember? Know any economists who regard it as a past success? I don't.
It's bigger than the Income Tax Code, Mad. When you're looking at this stuff, you really can't just look at bits of it, you need to look at the whole picture.... how one part impacts another... and the effect of other parts of economic issues on other economic issues. That's why I tend to go with the view of actual experts. Far too many people, who don't actually know all that much about economics, think only of one part. No offense, but, I know lots of Economists - I write about economics for a living.... I'm certainly not an expert... But I work with people who are.... global experts... and economics is a global issue. We tend to forget that.
Okie dokie. So where's the expert economic analysis that trickle down will work this time, even though it failed before? And is it so persuasive to you we should ask the working poor and middle class to accept a $700 Billion price tag for this gamble?
The AMT is imposed on a taxpayer who has substantial tax exempt income but no taxable income such as wages for ordinary income tax purposes. The typical scenario is someone whose income is high and derived almost entirely from tax free municipal bonds, etc.
How many families do you know that fit such a profile?
"Indexing" refers to running up a minimum, etc. along a consumer price index, cost of living index, etc. Since we have almost no inflation now, this is hardly likely to result in massive new tax bills for anyone.
You should definitely run the numbers if your gross income is above $75,000 and you have write-offs for personal exemptions, taxes and home-equity loan interest
...
The AMT also ignores some itemized deductions, such as investment expenses and employee business expenses, and some medical and dental expenses
Are you or do you know anybody who is going to have to pay more taxes when Bush's class warfare tax cut for the wealthy expires as per the law he signed?
In other words are you bringing down over a quarter million dollars a year.
I'm sure the RepubliCONs are very worried about the Wall Streeters and the Movie Stars and the Pro atheletes (poor Manny Ramirez), and the like.
Oh dear!. What about Warren Buffet? Why this is terrible!
I got to go now, I have to figure out if I can get new tires on the front of my work truck AND buy my son new shoes for school.
Poor Warren Buffet!
the answer is yes.
but it's 3% and puts things back to where they were when clinton was president. Things were pretty good when Clinton was president and i doubt the 3% is going to make one iota of difference in the lifestyle of anyone who is going to have to pay it.
You and I share a nation, CG. We must share the burden of funding government. And while I appreciate that you dislike jealousy, I fail to see how that justifies transferring a portion of the tax burden of the rich onto the middle class and working poor.
Sometimes, what you and others who share your POV on taxation say makes me think you guys secretly believe that we should tax the middle and lower class more heavily as some sort of "lost opportunity cost". As if only good old fashioned get up and go keeps anyone from earning $1 Million plus a year.
You and I share a nation, CG. We must share the burden of funding government. And while I appreciate that you dislike jealousy, I fail to see how that justifies transferring a portion of the tax burden of the rich onto the middle class and working poor.
Sometimes, what you and others who share your POV on taxation say makes me think you guys secretly believe that we should tax the middle and lower class more heavily as some sort of "lost opportunity cost". As if only good old fashioned get up and go keeps anyone from earning $1 Million plus a year.
There is no fucking 'class' in our society. And, stop thinking that you know how I think better than I do. It ain't your business how much I earn or what I do with my money.
I completely agree that the tax code should not be used to engineer social policy. The further away it wanders from its purpose of generating revenue, the more bad things happen. It is crappy governing, and we should lobby our representatives to stop it.
I don't agree that a person who works, has tax withheld and later is able to obtain a refund of the full amount "pays no federal taxes". For one thing, they have lost the time value of money during the year when the withheld amount was kept from them.
Beyond that, look at a pay stub. WTF do you call all the other dozen or so deductions if not a "tax"? Social security, workers' comp, unemployment, etc. All these debits are, essentially, forms of taxation.
....
Denying a charitable deduction from a tax sheltering device will not increase anyone's taxes.
A tax shelter, such as an IRA, pays no tax on current income. Ergo, you cannot enlarge its tax burden by denial of a charitable deduction. If the tax attributes of the shelter are reported by the owner, then such a deduction might could be taken against OTHER income and would have value. (Though there is a terrible tax policy at work if nontaxable income streams can generate deductions to be used against other, taxable income IMO.)
Sorry, did not mean to be less than clear.
Jesus H. Christ, everyone get bitchy time huh?
Why more Americans pay no income tax - CNN
I completely agree that the tax code should not be used to engineer social policy. The further away it wanders from its purpose of generating revenue, the more bad things happen. It is crappy governing, and we should lobby our representatives to stop it.
I don't agree that a person who works, has tax withheld and later is able to obtain a refund of the full amount "pays no federal taxes". For one thing, they have lost the time value of money during the year when the withheld amount was kept from them. Beyond that, look at a pay stub. WTF do you call all the other dozen or so deductions if not a "tax"? Social security, workers' comp, unemployment, etc. All these debits are, essentially, forms of taxation.
If you want to lobby Congress to end the adoption credit, green energy credit etc., I'll join you. Just be aware, your family's tax bill may rise as a result.
That's just bullshit and you know it. We gave fucking "rebate" checks to people who had paid zero in Federal taxes. zero. And so what if they pay into ss? they are going to get that back too.
DUmmie,
Yes, people without any income tax liability were eligible for "tax credit" checks. It is absolutely horrendous social policy and a complete perversion of the tax code IMO.
Happy now? I can keep repeating this if you like....the tax code should never be used for anything other than generating income IMO. And BTW, this is exactly why I'm not a fan of the capital gains tax. If it's income, tax it...period. There should not be "favored" types of income.
1. The current top tax rate of 35% applies to your TAXABLE income over $373,650
2. The 35% rate ONLY applies to the money you make over that 373 thousand number. The rest of the money you make is taxed at the lower rates.
3. If your taxable income was 400,000, you would only pay the 35% rate on the 26,000 over the above number.
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That's just bullshit and you know it. We gave fucking "rebate" checks to people who had paid zero in Federal taxes. zero. And so what if they pay into ss? they are going to get that back too.
DUmmie,
So, would you recommend that Republicans run on raising taxes for lower income Americans?
I recommend that Republicans run on a FAIR TAX that's would I recommend. Get the fuck rid off this "progressive tax" it's more regressive than progressive.
Regardless of weather I know someone or not, taking billions out of the economy during a recession ;in the private sector; isn't rocket science; it's plain short sighted and dumb and why even Democrats are beginning to rethink letting them expire.
We don't have a revenue problem as much as we have had a spending problem and I blame BOTH Parties, not just one.
Revenue has been down for several years.
