Debunking Liberal Myths About the Rich and the Capital Gains Tax

[Toddsterpatriot]

Since property tax is less than 1% in most states, and most home properties only worth about $250k or less, most people are only paying about $2,500 a year on property taxes, so do not exceed the $10,000 limit.

Now add state income tax to property taxes.

 

[Rigby5]

But ok, if you want to entirely change the system, then go to a simple flat tax.
All you have to do in order to get rid of the progressive confusion is to give everyone the same 30% flat tax rate on income.
The way to make a flat tax progressive is to just give everyone a realistic flat personal exemption of around $20k.
That way a family of 3 pays no tax at all until after they make $60k.
And they can easily afford to pay 30% on every cent they make over $60k.

 

[Rigby5]

If you have $100,000 in income you are not paying 24%.

I was simplifying.
I left out the detail that you also subtract $6,600 from the 24%.

 

[Rigby5]

Now add state income tax to property taxes.

State income tax is usually tiny compared to federal tax.
And since there are 15 states with no state income tax, if it was a significant amount, more people would move to those states.

 

[Toddsterpatriot]

I was simplifying.
I left out the detail that you also subtract $6,600 from the 24%.

If you have $106,600 in income you aren't paying 24%.

 

[Toddsterpatriot]

State income tax is usually tiny compared to federal tax.
And since there are 15 states with no state income tax, if it was a significant amount, more people would move to those states.

State income tax is usually tiny compared to federal tax.

OK.
When the naughty rich people add their tiny state income tax to their tiny property tax,
they can only deduct a maximum of $10,000 on their federal income tax return.

there are 15 states with no state income tax

9.

if it was a significant amount, more people would move to those states.

More people are moving to states with no income tax.

 

[Rigby5]

If you have $106,600 in income you aren't paying 24%.

No, the 6,600 is subtracted from the 24%.
The 24% of $100k would be $24k.
But then you subtract the $6,600 from the $24k to get $17,400 as your final tax.
I don't know why they don't just set the rate for that bracket at 17.4% instead of 24%?

 

[Toddsterpatriot]

No, the 6,600 is subtracted from the 24%.
The 24% of $100k would be $24k.
But then you subtract the $6,600 from the $24k to get $17,400 as your final tax.
I don't know why they don't just set the rate for that bracket at 17.4% instead of 24%?

If you subtract $6,600 you aren't paying 24%.

I don't know why they don't just set the rate for that bracket at 17.4% instead of 24%?

For the bracket $0-$100,000?

 

[Rigby5]

State income tax is usually tiny compared to federal tax.

OK.
When the naughty rich people add their tiny state income tax to their tiny property tax,
they can only deduct a maximum of $10,000 on their federal income tax return.

there are 15 states with no state income tax

9.

if it was a significant amount, more people would move to those states.

More people are moving to states with no income tax.

In most cases, property tax is only about $2000 a year, and state income tax is about 5% on average, so the $10,000 limit would cover state and property tax up to $198k incomes.
You would have to make more than $198k a year to exceed the $10,000 exemption limit.

 

[jknowgood]

Not for those making $519K in earnings

You need to compare apples to apples in tax rates
15 percent is less than anyone making over $100 k

How much you pay in property taxes?

 

[Rigby5]

If you subtract $6,600 you aren't paying 24%.

I don't know why they don't just set the rate for that bracket at 17.4% instead of 24%?

For the bracket $0-$100,000?

No, the bracket we are talking about is $100,000 to $182,100.

 

[jbander]

Wrong.
While it is true that wealthy paying capital gains pay more tax than most people, the facts are most people are poor and do not pay much tax. The wealthy SHOULD pay much more. And I have paid as much as 35%, before I discovered all the exemptions the wealthy unfairly use. In most of the world, the wealthy elite pay more like 40 to 50% taxes. Only the US allows them to cheat and only pay 20%.

And everyone, including the wealthy, gets a tax deduction for other taxes they pay, like property taxes.

Not even close the average billionaire spends 8.2% in taxes , Tax code is written for them. triple or more that amount and make that the minimum amount a billionaire pays.

 

[jbander]

That is a lie.
The point is that if I make something like $100k, I could be paying 24%.
Which is more than the 20% billionaires pay using the capital gains as dodge.

{...
Income between $100,000 and $182,100, pays 24%
Income between $182,100 and $231,250, pays 32%
Income between $231,250 and $578,125, pays 35%
Income over $578,125, pays 37%
...}

tax rate means absolutely nothing it is in no mean a level that people pay whats important is tax law , not tax rate. Tax rate means nothing.

 

[jbander]

But ok, if you want to entirely change the system, then go to a simple flat tax.
All you have to do in order to get rid of the progressive confusion is to give everyone the same 30% flat tax rate on income.
The way to make a flat tax progressive is to just give everyone a realistic flat personal exemption of around $20k.
That way a family of 3 pays no tax at all until after they make $60k.
And they can easily afford to pay 30% on every cent they make over $60k.

Flat tax is made for the rich. they would jump for joy over that. again tax rate means nothing , tax laws is what decides what people pay. It literally has nothing to do with rate.

 

[Rigby5]

Wrong thread.

 

[Toddsterpatriot]

In most cases, property tax is only about $2000 a year, and state income tax is about 5% on average, so the $10,000 limit would cover state and property tax up to $198k incomes.
You would have to make more than $198k a year to exceed the $10,000 exemption limit.

In most cases, property tax is only about $2000 a year,

Most cases? LOL! Show me.

and state income tax is about 5% on average,

Top Marginal Personal Income Tax Rate - Economic Variable Profile

This variable includes local taxes, if any, and any impact of federal deductibility, if allowed. A state’s largest city is used as a proxy for local tax rates. Data were drawn from Tax Analysts, Federation of Tax Administrators and individual state tax return forms. Tax rates are as of January...

www.richstatespoorstates.org

You would have to make more than $198k a year to exceed the $10,000 exemption limit.

Or $100k in Delaware.

So, limiting people over $198k isn't limiting the "wealthy"?

 

[Toddsterpatriot]

No, the bracket we are talking about is $100,000 to $182,100.

No, the bracket we are talking about is $100,000 to $182,100.


They are in the 24% bracket.
You were talking about people making $100,000.

 

[Toddsterpatriot]

Not even close the average billionaire spends 8.2% in taxes , Tax code is written for them. triple or more that amount and make that the minimum amount a billionaire pays.

Not even close the average billionaire spends 8.2% in taxes

Liar. Moron.

 

[Toddsterpatriot]

I totally disagree with your link and see no basis for it at all.
Before puberty, children are not supposed to have any sexual impulses.
They have not yet developed them.
They are specifically and deliberately delayed and prevented by the body until after puberty.
So hormone blockers before puberty should be criminal.
No sexuality has been allowed to be present before puberty at all, so then no one can tell if there is gender dysphoria before puberty in any way.
So then hormone manipulation to change physical traits can rationally only be done after puberty has selected for mental sexual orientation that conflicts with the physical one.
There is no way to determine if any such conflict exists until AFTER puberty created the mental sexual orientation.

Wrong thread. I hope.

 

[jbander]

I totally disagree with your link and see no basis for it at all.
Before puberty, children are not supposed to have any sexual impulses.
They have not yet developed them.
They are specifically and deliberately delayed and prevented by the body until after puberty.
So hormone blockers before puberty should be criminal.
No sexuality has been allowed to be present before puberty at all, so then no one can tell if there is gender dysphoria before puberty in any way.
So then hormone manipulation to change physical traits can rationally only be done after puberty has selected for mental sexual orientation that conflicts with the physical one.
There is no way to determine if any such conflict exists until AFTER puberty created the mental sexual orientation.

Not even close to true. simply ask any adult transgender when they knew they were trans.