Does everyone understand the tax issue?

[JRK]

Anybody making 200k and paying 70K in income taxes needs serious, serious help...and a new calculator.

The income tax on 200,000 is about 45,000 but if you add in property tax, car tax, gas tax, sales tax, and state income tax, it probably would be about 50,000 which is SICK!

Let me add that if it was a gift tax
it would be 70,000
the thread had no intent to discuss tables
the intent was to discuss agendas and do people understand that people pay taxes, not corporations
raising a tax on a corporation only raises it on the consumer
mnay do not understand that

to create a job the consumer needs wealth
take that wealth away then he or she cannot create anything

The Libs are attack the messenger, me
Instead of the message

So if they do not think a 200,000 amount cannot force a 70,000 tax
well Toro an the rest, what now?
op Gift and Estate Tax Rates for Years 2003 Through 2012
Top Gift
and Estate
Year Tax Bracket

2003 49%
2004 48%
2005 47%
2006 46%
2007 45%
2008 45%
2009 45%
2010 35% (Gift Tax Only. Estate Tax Repealed)
2011 35%
2012 35%
Federal Gift and Estate Tax Rates | Planned Giving Design Center

 

[DontBeStupid]

Who has heard of the Laffer Curve?

You mean that doodle that was drawn up on a napkin? Yeah, I've heard of it. I also happen to know it is a CURVE and not a straight line.

For the record, 2001, 2002 and 2003 all saw tax cuts and all saw a decrease in tax revenue. If that isn't proof enough we are on the left side of the Laffer Curve, then I would love to hear your reasoning.

 

[DontBeStupid]

Raising taxes on corporations whether it be Exxon or Ma and Pas Bakery only means the consumer will pay more for the product

How does raising taxes on profits, which are after business costs, raise costs of business?

 

[8537]

Anybody making 200k and paying 70K in income taxes needs serious, serious help...and a new calculator.

The income tax on 200,000 is about 45,000 but if you add in property tax, car tax, gas tax, sales tax, and state income tax, it probably would be about 50,000 which is SICK!

Let me add that if it was a gift tax
it would be 70,000
the thread had no intent to discuss tables
the intent was to discuss agendas and do people understand that people pay taxes, not corporations
raising a tax on a corporation only raises it on the consumer
mnay do not understand that

to create a job the consumer needs wealth
take that wealth away then he or she cannot create anything

The Libs are attack the messenger, me
Instead of the message

So if they do not think a 200,000 amount cannot force a 70,000 tax
well Toro an the rest, what now?
op Gift and Estate Tax Rates for Years 2003 Through 2012
Top Gift
and Estate
Year Tax Bracket

2003 49%
2004 48%
2005 47%
2006 46%
2007 45%
2008 45%
2009 45%
2010 35% (Gift Tax Only. Estate Tax Repealed)
2011 35%
2012 35%
Federal Gift and Estate Tax Rates | Planned Giving Design Center

Yet again, JRK demonstrates he doesn't to understand how taxes work.

Who is responsible for paying the gift tax, JRK, the donor or the recipient? Hint: It's not the recipient.

 

[8537]

Who pays the gift tax?
The donor is generally responsible for paying the gift tax.

Frequently Asked Questions on Gift Taxes

Bejeebers. Addressing the question in the title: This thread makes it abundantly clear that no, everyone does NOT understand "the tax issue."

 

[JRK]

Who has heard of the Laffer Curve?

You mean that doodle that was drawn up on a napkin? Yeah, I've heard of it. I also happen to know it is a CURVE and not a straight line.

For the record, 2001, 2002 and 2003 all saw tax cuts and all saw a decrease in tax revenue. If that isn't proof enough we are on the left side of the Laffer Curve, then I would love to hear your reasoning.

2001-2003
your blaming loss of revenue on a tax cut?
9-11
loss of jobs, 1 million jobs
000...... 131,785 110,995 24,649 599 6,787 17,263
2001...... 131,826 110,708 23,873 606 6,826 16,441
2002...... 130,341 108,828 22,557 583 6,716 15,259
2003...... 129,999 108,416 21,816 572 6,735 14,510
you libs are amazing

 

[JRK]

Raising taxes on corporations whether it be Exxon or Ma and Pas Bakery only means the consumer will pay more for the product

How does raising taxes on profits, which are after business costs, raise costs of business?

Your avatar is about 2nd grade
please find a way to respect those people who really got the SOB

Raise the cost of business?

your joking right?
If I do a cost analysis and find for every 100.00 of revenue I bring in it cost me 10.00 in fuel and I do not add that
how long would I stay in business?

if I have a target of 8% profit
and the federal govt in going to tax that 25%
100+8=108*
8.00*.25=2.00
to cover that tax I will have to add 2.00 or my profit margin will be 6%

Now your rich people you want to tax @ 10% profit would have to do 2 million to get to 200k
then add 50000 to cover a 25% tax

 

[rdean]

Revenue?
Raising taxes on corporations whether it be Exxon or Ma and Pas Bakery only means the consumer will pay more for the product

We are at a point in this country in which we must curtail spending
The middle class is squeezed all it can stand, and if you make 200,000 a year and give up 70,000 a year in income tax

Your giving up enough

The 12 largest US corporations don't pay anything and get billions in free money from the government.

Oil companies, in the middle of the biggest profits for any companies in the history of the world get tens of billions in subsidies.

Do Republicans understand that BOTH their failed policies are exactly that? Failed!

The dems have had super majority from 09-11
to start with corporation pay no taxes, people pay taxes
if you charge the oil company 25% on there profit, the consumer will pay that 25% when it buys a gallon of gas

Let me add the dems had control of congress from 07
thats where your laws are written (unless of course you want to give the UAW 80 billion +)

In the senate, you need 60 for a super majority.

Democrats also have conservatives who are called "Blue Dogs" and vote nearly every time with Republicans. They reason they aren't in the Republican Party is "unknown".

Democrats are a "coalition" party that does not vote in "lockstep" they way Republicans do.

Republicans are 90% white and 10% "other".

Democrats are "everyone else".

If you would get your facts "straight", you would come to different conclusions. Not "conclusions" someone "gave" to you.

 

[nraforlife]

Revenue?
Raising taxes on corporations whether it be Exxon or Ma and Pas Bakery only means the consumer will pay more for the product

We are at a point in this country in which we must curtail spending
The middle class is squeezed all it can stand, and if you make 200,000 a year and give up 70,000 a year in income tax

Your giving up enough

Simply incorrect- raise a corps taxes and its PROFITS will decline, not PRICES increase in a market economy.

 

[nraforlife]

.................if I have a target of 8% profit
and the federal govt in going to tax that 25%
....................

Then you are going to mis your target unless you have a monopoly in your business line. truth be known in a competitive economy the natural long term level of profit is zero.

 

[JRK]

Revenue?
Raising taxes on corporations whether it be Exxon or Ma and Pas Bakery only means the consumer will pay more for the product

We are at a point in this country in which we must curtail spending
The middle class is squeezed all it can stand, and if you make 200,000 a year and give up 70,000 a year in income tax

Your giving up enough

Simply incorrect- raise a corps taxes and its PROFITS will decline, not PRICES increase in a market economy.

with respect
I have been involved in a manager position in a large construction company and when we bid work
all taxes are added at the end
I am sorry, but you are wrong
those exact tax equations I have discussed go to the bottom line

It is treated no different than any other cost

'

 

[JRK]

.................if I have a target of 8% profit
and the federal govt in going to tax that 25%
....................

Then you are going to mis your target unless you have a monopoly in your business line. truth be known in a competitive economy the natural long term level of profit is zero.

Positive cash flow in a 1/4 is profit
same in a year
Cash flow will not keep you afloat
you cannot grow without profit
You cannot survive without cashflow

we could go 1000 different directions with this topic, it is part of the problem
The system is broke
Think if these companies paid a tax the same way Florida and Texas has there system, as well as you and i

 

[auditor0007]

Revenue?
Raising taxes on corporations whether it be Exxon or Ma and Pas Bakery only means the consumer will pay more for the product

We are at a point in this country in which we must curtail spending
The middle class is squeezed all it can stand, and if you make 200,000 a year and give up 70,000 a year in income tax

Your giving up enough

If you are single and only take the standard deduction along with the maximum IRA deduction of $12,000, then you will pay $43,802 which is 21.9% of your income, not the 35% you are trying to mislead us with. While that is still a very large sum, most people with an income of $200,000 will also find many other deductions which will reduce that amount significantly. The simple truth is that nobody is paying 35%.

 

[JRK]

Revenue?
Raising taxes on corporations whether it be Exxon or Ma and Pas Bakery only means the consumer will pay more for the product

We are at a point in this country in which we must curtail spending
The middle class is squeezed all it can stand, and if you make 200,000 a year and give up 70,000 a year in income tax

Your giving up enough

If you are single and only take the standard deduction along with the maximum IRA deduction of $12,000, then you will pay $43,802 which is 21.9% of your income, not the 35% you are trying to mislead us with. While that is still a very large sum, most people with an income of $200,000 will also find many other deductions which will reduce that amount significantly. The simple truth is that nobody is paying 35%.

Is this all you have?
Ok
add medicare
add SS
there is no mention of an IRA, but from you
add gas tax, federal, local, state
add state income or sales tax
add local, to include property taxes
well lets see
In a state like NY your probably up to 50%
I do not understand taxes?
your friend Toro called me "slow"
you want to make it about what we really pay?
it just makes it worse for you

The thread is about the effect that raising any tax rate will do to us
what raising corporate rates will do

you want to tell me how you get by without paying all of these taxes?
and how you can claim a person in the state of NY that makes that kind of money only pays 43,000 a year in taxes?
ok

 

[NYcarbineer]

Revenue?
Raising taxes on corporations whether it be Exxon or Ma and Pas Bakery only means the consumer will pay more for the product

We are at a point in this country in which we must curtail spending
The middle class is squeezed all it can stand, and if you make 200,000 a year and give up 70,000 a year in income tax

Your giving up enough

If you are single and only take the standard deduction along with the maximum IRA deduction of $12,000, then you will pay $43,802 which is 21.9% of your income, not the 35% you are trying to mislead us with. While that is still a very large sum, most people with an income of $200,000 will also find many other deductions which will reduce that amount significantly. The simple truth is that nobody is paying 35%.

Is this all you have?
Ok
add medicare
add SS
there is no mention of an IRA, but from you
add gas tax, federal, local, state
add state income or sales tax
add local, to include property taxes
well lets see
In a state like NY your probably up to 50%
I do not understand taxes?
your friend Toro called me "slow"
you want to make it about what we really pay?
it just makes it worse for you

The thread is about the effect that raising any tax rate will do to us
what raising corporate rates will do

you want to tell me how you get by without paying all of these taxes?
and how you can claim a person in the state of NY that makes that kind of money only pays 43,000 a year in taxes?
ok

Wow, I almost lost a limb when those moving goalposts flew by.

 

[8537]

If you are single and only take the standard deduction along with the maximum IRA deduction of $12,000, then you will pay $43,802 which is 21.9% of your income, not the 35% you are trying to mislead us with. While that is still a very large sum, most people with an income of $200,000 will also find many other deductions which will reduce that amount significantly. The simple truth is that nobody is paying 35%.

Is this all you have?
Ok
add medicare
add SS
there is no mention of an IRA, but from you
add gas tax, federal, local, state
add state income or sales tax
add local, to include property taxes
well lets see
In a state like NY your probably up to 50%
I do not understand taxes?
your friend Toro called me "slow"
you want to make it about what we really pay?
it just makes it worse for you

The thread is about the effect that raising any tax rate will do to us
what raising corporate rates will do

you want to tell me how you get by without paying all of these taxes?
and how you can claim a person in the state of NY that makes that kind of money only pays 43,000 a year in taxes?
ok

Wow, I almost lost a limb when those moving goalposts flew by.

He's just making up shit as he goes. Par for the course - the guy doesn't even understand the concept of marginal tax rates, he doesn't understand the gift tax or the estate tax, yet he's here in a thread he entitled "does everyone understand the tax issue?". Clearly, not everyone "understands the tax issue".

 

[JRK]

If you are single and only take the standard deduction along with the maximum IRA deduction of $12,000, then you will pay $43,802 which is 21.9% of your income, not the 35% you are trying to mislead us with. While that is still a very large sum, most people with an income of $200,000 will also find many other deductions which will reduce that amount significantly. The simple truth is that nobody is paying 35%.

Is this all you have?
Ok
add medicare
add SS
there is no mention of an IRA, but from you
add gas tax, federal, local, state
add state income or sales tax
add local, to include property taxes
well lets see
In a state like NY your probably up to 50%
I do not understand taxes?
your friend Toro called me "slow"
you want to make it about what we really pay?
it just makes it worse for you

The thread is about the effect that raising any tax rate will do to us
what raising corporate rates will do

you want to tell me how you get by without paying all of these taxes?
and how you can claim a person in the state of NY that makes that kind of money only pays 43,000 a year in taxes?
ok

Wow, I almost lost a limb when those moving goalposts flew by.

Yea
you also have nothing to add to the debate
the issues with a tax hike is simple
you take more money from the consumer, he or she is going to spend less
you take more money from a corporation, they will charge more money for ther service and or product
Te term squeeze on the middle class mean anything to you?

 

[candycorn]

Revenue?
Raising taxes on corporations whether it be Exxon or Ma and Pas Bakery only means the consumer will pay more for the product

We are at a point in this country in which we must curtail spending
The middle class is squeezed all it can stand, and if you make 200,000 a year and give up 70,000 a year in income tax

Your giving up enough

And if the price gets too high, Exxon and Ma and Pa's Bakery doesn't sell as much because Shell or Ma and Son's Bakery will undercut them. It forces corporations and bakeries to be more efficient if they want to keep their sales respectable and maintain their profit margins.

 

[JRK]

Revenue?
Raising taxes on corporations whether it be Exxon or Ma and Pas Bakery only means the consumer will pay more for the product

We are at a point in this country in which we must curtail spending
The middle class is squeezed all it can stand, and if you make 200,000 a year and give up 70,000 a year in income tax

Your giving up enough

And if the price gets too high, Exxon and Ma and Pa's Bakery doesn't sell as much because Shell or Ma and Son's Bakery will undercut them. It forces corporations and bakeries to be more efficient if they want to keep their sales respectable and maintain their profit margins.

Exactly
Any one who thinks that a successful business does not know where every penny goes and what there profit margin really is, is crazy
"Tax Loop holes" or the ability to "grow" a business and then write it off creates many of our jobs

 

[nraforlife]

...........people pay taxes, not corporations
...........................

Legally corporations ARE persons, but apparently they are very special tax-exempt folks, eh. And yes a corporation DOES pay now and SHOULD pay a lot more taxes.