FACTCHECK.ORG.."Obama leaves false impression..distorted the facts.."

[healthmyths]

In their zeal to pass the “Buffett Rule,” President Obama and Vice President Biden leave the false impression that many, if not most, millionaires (people who earn $1 million or more a year) are paying a lower tax rate than the middle class.
The fact is that even without the Buffett Rule “more than 99 percent of millionaires will pay” a higher tax rate than those in the very middle of the income range in fiscal year 2015, according to the nonpartisan Tax Policy Center.
But Obama and Biden have distorted the facts when explaining the proposal and its impact."
FACTCHECK.ORG
FactCheck.org : Obama and the ‘Buffett Rule’

Seriously THE FACTS from the IRS are:
1) 86 million tax returns in 2008 paid 14% of their TAXABLE income in TAXES PAID!
2) 4.3 million returns paid: 26.1% of their taxable income in taxes!
3) These 4.3 million returns PAID an average of $123,477
4) The 86 million returns paid an average of $5,736
5) THE 4.3 million PAID 2,152% MORE then the 86 million average return!
FactCheck.org : Obama and the ‘Buffett Rule’

BLAME FACTCHECK NOT me!!!

 

[SniperFire]

This is a major, major deception perped by our POTUS to trick the public.

His adoring national media will of course give him a free pass.

They hate like hell to see our first mulatto POTUS fail.


Too late.

 

[Claudette]

Shit. The Dem controlled Senate has already voted the Buffet bill down.

Guess most of them will be paying Capital Gains when they retire.

They surely wouldn't want to fuck themselves over now woudl they. LOL

 

[healthmyths]

It was given it would be voted down.. BUT Obama didn't care..
What he wanted was the majority of the public polling 72% agreed with him!
And that's what is so encouraging!
He has all his career depended on deceit, tricks tactics.. he told us so...!
And now his desperation is really showing!
I mean if you can't convince with the TRUTH.. LIE!!
This actually is a good sign!

As you said the MSM will try to protect him.. I mean when the editor of NewsWeek calls him a "God"...

 

[BlindBoo]

Shit. The Dem controlled Senate has already voted the Buffet bill down.

Guess most of them will be paying Capital Gains when they retire.

They surely wouldn't want to fuck themselves over now woudl they. LOL

The bill was not voted down. It was not allowed to proceed because it didn't get 60 votes. A majority of the Senate voted to allow it. 51-45.

 

[Jackson]

Thaat lower tax rate is the second time the taxpayer is paying taxes on their money. They paid the higher rate when it was payroll income and the lower rate when it was investment income. Just so you know.

 

[007]

When did a radical leftist ever worry about the truth getting in the way of a good lie?

Just keep one thing in mind when it comes to leftists... Saul Alinsky and Rules For Radicals.

 

[healthmyths]

Thaat lower tax rate is the second time the taxpayer is paying taxes on their money. They paid the higher rate when it was payroll income and the lower rate when it was investment income. Just so you know.

FACTCHECK.ORG.."Obama leaves false impression..distorted the facts.."

And you are WRONG about "payroll" income!
Payroll taxes i.e. Social Security and Medicare ARE NOT taxes in that they are returned in payments at retirement or disability!
How can you call them payroll taxes if the employees payments are returned.. unlike INCoME taxes which are NOT returned.

DO you understand the difference here???
Counting "payroll" as a TAX is wrong !
At retirement people get a lot more then what they pay in both in actual cash payments and health care!

 

[uscitizen]

Distorted?
Yep a 3rd Bush term, reminds me of the build up for invading Iraq.

 

[BlindBoo]

Thaat lower tax rate is the second time the taxpayer is paying taxes on their money. They paid the higher rate when it was payroll income and the lower rate when it was investment income. Just so you know.

Nope. Only the income from an investment is taxed. If the asset was held for more than a year before it was sold then they pay the lower 'Capital Gains' Tax of 15%, or 10% ,or 5% depending on their tax bracket.

 

[rdean]

From your article:

“Some pay a lot of [income] taxes and some don’t pay a lot of taxes,” Williams said. “That was made very obvious by the fact that Mitt Romney paid just 13.9 percent [in 2010].”

The Obama campaign has a “Pass the Buffett Rule” calculator on its website that allows visitors to compare their tax rates with Romney’s. But that’s misleading, too.

Romney, like Buffett, isn’t your average rich guy. He reported earning $21.7 million in 2010 — mostly in dividends and investment income. His 13.9 percent tax rate was far lower than the 24.1 percent average for those earning more than $1 million.

Did you bother to read your article? Most of the time you guys don't. You stop at the title. Kind of like your politicians and talking points. You stop at the talking point. You don't want to know anything beyond that. Strange.

 

[auditor0007]

Thaat lower tax rate is the second time the taxpayer is paying taxes on their money. They paid the higher rate when it was payroll income and the lower rate when it was investment income. Just so you know.

OH me oh my, how much can we lie? Investment income is not taxed a second time; it is new income. The money that was taxed is the money invested. You don't pay capital gains taxes on the investment principle, only on the return. For Christ sake, this is simple shit.

The real problem with capital gains is that many people who have these gains, do so over a long period of time. Some of the gain can be directly attributed to inflation which makes taxing them at the same rate as earned income a bit unfair. On the other hand, taxing them at too low of a rate creates many other problems. The long term capital gains rate should be somewhere in between where it is now and the top income tax rate.

 

[auditor0007]

Thaat lower tax rate is the second time the taxpayer is paying taxes on their money. They paid the higher rate when it was payroll income and the lower rate when it was investment income. Just so you know.

FACTCHECK.ORG.."Obama leaves false impression..distorted the facts.."

And you are WRONG about "payroll" income!
Payroll taxes i.e. Social Security and Medicare ARE NOT taxes in that they are returned in payments at retirement or disability!
How can you call them payroll taxes if the employees payments are returned.. unlike INCoME taxes which are NOT returned.

DO you understand the difference here???
Counting "payroll" as a TAX is wrong !
At retirement people get a lot more then what they pay in both in actual cash payments and health care!

He was obviously talking about income taxes, not payroll taxes. Either way he is wrong. Unfortunately, you are wrong also. Payroll taxes are taxes. Look at SS taxes. For years, excess SS revenues were redirected, they say loaned, to the general fund. So now the general fund must pay those back. In the end, it's all taxes. SS, and Medicare consume over 25% of the budget, and that budget is paid for by taxes. I don't care if they are payroll, income, excise, or corporate taxes, they are all taxes.

 

[uscitizen]

Those damn obstrouctionist demoncrats will block any attempt of Romneys to close any tax loopholes and such.
Be certain of it.

 

[healthmyths]

Thaat lower tax rate is the second time the taxpayer is paying taxes on their money. They paid the higher rate when it was payroll income and the lower rate when it was investment income. Just so you know.

OH me oh my, how much can we lie? Investment income is not taxed a second time; it is new income. The money that was taxed is the money invested. You don't pay capital gains taxes on the investment principle, only on the return. For Christ sake, this is simple shit.

The real problem with capital gains is that many people who have these gains, do so over a long period of time. Some of the gain can be directly attributed to inflation which makes taxing them at the same rate as earned income a bit unfair. On the other hand, taxing them at too low of a rate creates many other problems. The long term capital gains rate should be somewhere in between where it is now and the top income tax rate.

OK.. very informative BUT have you any answer as to WHY the MSM and most people are totally unaware that $8 trillion in net operating long term losses are being written off against taxable income at the rate of $266 billion a year.. ALL due to:
1) $5 trillion in dot.com bust losses
2) $2 trillion in 9/11 economic,market, job losses
3) Worst hurricanes in history 2003 -2008 and $1 Trillion in losses...
So tell me why no one seems to understand the implication on Federal receipts when $266 billion a year is being written off.

So explain to me if these losses are real why haven't we heard about ?
A) How many of you who continue those stupid cliches KNOW
1) Dot.com bust cost $5 trillion in market loss "The Stock Market Crash
of 2000-2002 caused the loss of $5 trillion in the market value of
companies from March 2000 to October 2002.[13]
Dot-com bubble - Wikipedia, the free encyclopedia
2) The 9/11 terrorist destruction of the World Trade Center's Twin Towers,
killing almost 700 employees of Cantor-Fitzgerald, accelerated the
stock market drop; the NYSE suspended trading for four sessions.
The stock market lost 16% of its value on 9/11. The stock markets
themselves estimate the real costs to the market in lost value and
profits at close to $2 trillion over time.
Economic terrorism: Bin Laden was major contributor to budget deficit - National economic policy | Examiner.com

 

[waltky]

Granny says rich folks got dem politicians votin' `em some more tax cuts, Obama gonna put the quash on it...

Tax cut bill passes House, goes to Senate
WASHINGTON, April 19 (UPI) -- The U.S. House, voting mostly along party lines Thursday, approved a small business tax cut the White House has already said it will veto.

The bill, which would provide a 20 percent tax cut to businesses with under 500 employees, was derided by White House advisers as a $46 billion "giveaway." It passed by a 235-173 vote, with 18 Democrats voting in favor and 10 Republicans in opposition, The Hill reported.

"The essence of supply side economics, the centrality issue on taxes is the reduction of marginal (tax) rates," said the bill's main sponsor, Majority Leader Eric Cantor, R-Va. "That's exactly what this does. Does it provide it for long enough? Does it provide permanency? No."

Republicans promised the bill would create at least 39,000 jobs. Rep. Sandy Levin, D-Mich., said that would break down to a cost of $1.1 million per job. "It fails all tests of sound tax policy," Levin said. With the threat of a veto hanging over it, the bill is likely to amount to little more than election year fodder, the newspaper said.

Read more: Tax cut bill passes House, goes to Senate - UPI.com

 

[The Rabbi]

Thaat lower tax rate is the second time the taxpayer is paying taxes on their money. They paid the higher rate when it was payroll income and the lower rate when it was investment income. Just so you know.

OH me oh my, how much can we lie? Investment income is not taxed a second time; it is new income. The money that was taxed is the money invested. You don't pay capital gains taxes on the investment principle, only on the return. For Christ sake, this is simple shit.

The real problem with capital gains is that many people who have these gains, do so over a long period of time. Some of the gain can be directly attributed to inflation which makes taxing them at the same rate as earned income a bit unfair. On the other hand, taxing them at too low of a rate creates many other problems. The long term capital gains rate should be somewhere in between where it is now and the top income tax rate.

What kind of problem is created by taxing cap gains at "too low" of a rate? What rate would that be? How is taxing capital formation a good thing?
When cap gains taxes are high the gov't takes in LESS money than when they are low. This is simply fact. Even Obama admitted as much. High cap gains taxes result in capital locked in to investments rather than seeking the best return.
The best tax rate for cap gains is zero.