How much wealth did GWB tax rates add to your bottom line?

[JRK]

Mine was 3-5% savings
I avg about 75k
10 years
4%
75k

Thats 30,000 I have put back into the economy that under Clinton's rate the federal govt has
and not me

And the left is for the working man?
think about it

 

[asterism]

None.

He never did squat to AMT.

 

[JRK]

None.

He never did squat to AMT.

If you paid any taxes
you where allowed to keep more wealth
any taxes
one dime

 

[8537]

If one takes only the standard deduction, is single and has no other income:

A person making 75K would pay:
$13,855 with the Bush tax cuts and
$12,500 without said cuts.

For those keeping score at home, that's a maximum difference of $1,355 (About 1.8%). In almost every case, the actual amount would be considerably less. In addition, the Obama payroll tax cut would generate savings of about $1,500, so if the Bush tax cuts expired and they extended the payroll tax cut you'd be ahead.

 

[JRK]

If one takes only the standard deduction, is single and has no other income:

A person making 75K would pay:
$13,855 with the Bush tax cuts and
$12,500 without said cuts.

For those keeping score at home, that's a maximum difference of $1,355. In almost every case, the actual amount would be considerably less. In addition, the Obama payroll tax cut would generate savings of about $1,500, so if the Bush tax cuts expired and they extended the payroll tax cut you'd be ahead.

really?
Tax Brackets (Federal Income Tax Rates) 2000 through 2011
I will have to call my accountant to see if what you say is true
but according to his link, what I recall owing every year (like last year) fits this link
and to be clear this is what i used to calculate the difference
So instead it is 15,000
according to you and this link is not correct

75,000 75,050 17,939 15,307 18,818 16,438
2000
75,000 75,050 14,938 11,119 15,129 13,604
2010
I do not know why this did not stay with this thread the first time
http://www.irs.gov/pub/irs-pdf/i1040tt.pdf
http://www.irs.gov/pub/irs-prior/i1040tt--2000.pdf

 

[8537]

If one takes only the standard deduction, is single and has no other income:

A person making 75K would pay:
$13,855 with the Bush tax cuts and
$12,500 without said cuts.

For those keeping score at home, that's a maximum difference of $1,355. In almost every case, the actual amount would be considerably less. In addition, the Obama payroll tax cut would generate savings of about $1,500, so if the Bush tax cuts expired and they extended the payroll tax cut you'd be ahead.

really?

Yes, really.

Tax Brackets (Federal Income Tax Rates) 2000 through 2011
I will have to call my accountant to see if what you say is true
but according to his link, what I recall owing every year (like last year) fits this link
and to be clear this is what i used to calculate the difference
So instead it is 15,000
according to you and this link is not correct

Marginal tax rates. Marginal tax rates. You can save the call to your accountant and plug the info into this tax calculator from the Tax Foundation (which offers a host of scenarios - and is absurdly useful)

Bush Tax Cuts Calculator

 

[JRK]

If one takes only the standard deduction, is single and has no other income:

A person making 75K would pay:
$13,855 with the Bush tax cuts and
$12,500 without said cuts.

For those keeping score at home, that's a maximum difference of $1,355. In almost every case, the actual amount would be considerably less. In addition, the Obama payroll tax cut would generate savings of about $1,500, so if the Bush tax cuts expired and they extended the payroll tax cut you'd be ahead.

really?

Yes, really.

Tax Brackets (Federal Income Tax Rates) 2000 through 2011
I will have to call my accountant to see if what you say is true
but according to his link, what I recall owing every year (like last year) fits this link
and to be clear this is what i used to calculate the difference
So instead it is 15,000
according to you and this link is not correct

Marginal tax rates. Marginal tax rates. You can save the call to your accountant and plug the info into this tax calculator from the Tax Foundation (which offers a host of scenarios - and is absurdly useful)

Bush Tax Cuts Calculator

http://www.irs.gov/pub/irs-prior/i1040tt--2000.pdf
http://www.irs.gov/pub/irs-pdf/i1040tt.pdf

I i pay taxes on a 1040 like most people in this country do
I cannot make this any simpler than this

 

[8537]

really?

Yes, really.

Tax Brackets (Federal Income Tax Rates) 2000 through 2011
I will have to call my accountant to see if what you say is true
but according to his link, what I recall owing every year (like last year) fits this link
and to be clear this is what i used to calculate the difference
So instead it is 15,000
according to you and this link is not correct

Marginal tax rates. Marginal tax rates. You can save the call to your accountant and plug the info into this tax calculator from the Tax Foundation (which offers a host of scenarios - and is absurdly useful)

Bush Tax Cuts Calculator

http://www.irs.gov/pub/irs-prior/i1040tt--2000.pdf
http://www.irs.gov/pub/irs-pdf/i1040tt.pdf

I i pay taxes on a 1040 like most people in this country do
I cannot make this any simpler than this

So what was your taxable income? hint: It's not 75K. And the tables don't include payroll taxes, which have been cut.

That link I provided does all the math for you.

 

[JRK]

Yes, really.


Marginal tax rates. Marginal tax rates. You can save the call to your accountant and plug the info into this tax calculator from the Tax Foundation (which offers a host of scenarios - and is absurdly useful)

Bush Tax Cuts Calculator

http://www.irs.gov/pub/irs-prior/i1040tt--2000.pdf
http://www.irs.gov/pub/irs-pdf/i1040tt.pdf

I i pay taxes on a 1040 like most people in this country do
I cannot make this any simpler than this

So what was your taxable income? hint: It's not 75K. And the tables don't include payroll taxes, which have been cut.

That link I provided does all the math for you.

did you miss the part that said my taxable income?
well I guess I assumed every-one Knew what i meant by the 75K
and except for losses from 08 on stocks, the only deduction I have is me

And as far as payroll taxes, Those cuts did not come from GWB

 

[8537]

http://www.irs.gov/pub/irs-prior/i1040tt--2000.pdf
http://www.irs.gov/pub/irs-pdf/i1040tt.pdf

I i pay taxes on a 1040 like most people in this country do
I cannot make this any simpler than this

So what was your taxable income? hint: It's not 75K. And the tables don't include payroll taxes, which have been cut.

That link I provided does all the math for you.

did you miss the part that said my taxable income?
well I guess I assumed every-one Knew what i meant by the 75K

You said you average about 75K, and in another thread you said you make 75K. Excuse me for assuming you meant you make about 75K.

and except for losses from 08 on stocks, the only deduction I have is me

Then my above calculation from the tax foundation is accurate.

And as far as payroll taxes, Those cuts did not come from GWB

I know! You got a bigger tax cut from Obama than GWB.

 

[JRK]

So what was your taxable income? hint: It's not 75K. And the tables don't include payroll taxes, which have been cut.

That link I provided does all the math for you.

did you miss the part that said my taxable income?
well I guess I assumed every-one Knew what i meant by the 75K

You said you average about 75K, and in another thread you said you make 75K. Excuse me for assuming you meant you make about 75K.

and except for losses from 08 on stocks, the only deduction I have is me

Then my above calculation from the tax foundation is accurate.

And as far as payroll taxes, Those cuts did not come from GWB

I know! You got a bigger tax cut from Obama than GWB.

No your calcs are wrong
I find it humorous that you claim Obama as a that person who lowered tax rates for the working man with that 6 dollar a week cut
No offense meant
It will mean nothing soon, and I lost that in the amount my insurance went up

I make a deal with you
make 75,000 in taxable income
get your W-2
do you deductions that most of us get, just us
and use your calcs to pay your income taxes

The links I provided do the calcs as well as the table I provided

 

[8537]

did you miss the part that said my taxable income?
well I guess I assumed every-one Knew what i meant by the 75K

You said you average about 75K, and in another thread you said you make 75K. Excuse me for assuming you meant you make about 75K.


Then my above calculation from the tax foundation is accurate.

And as far as payroll taxes, Those cuts did not come from GWB

I know! You got a bigger tax cut from Obama than GWB.

No your calcs are wrong
I find it humorous that you claim Obama as a that person who lowered tax rates for the working man with that 6 dollar a week cut
No offense meant
It will mean nothing soon, and I lost that in the amount my insurance went up

The payroll tax cut was a reduction from 6.2% to 4.2% of income. If you make 75K per year, that's a reduction of $1,500.

I make a deal with you
make 75,000 in taxable income
get your W-2
do you deductions that most of us get, just us
and use your calcs to pay your income taxes

The links I provided do the calcs as well as the table I provided

I already provided you with the exact figures for a single person claiming the standard deduction.

 

[Toddsterpatriot]

If one takes only the standard deduction, is single and has no other income:

A person making 75K would pay:
$13,855 with the Bush tax cuts and
$12,500 without said cuts.

For those keeping score at home, that's a maximum difference of $1,355 (About 1.8%). In almost every case, the actual amount would be considerably less. In addition, the Obama payroll tax cut would generate savings of about $1,500, so if the Bush tax cuts expired and they extended the payroll tax cut you'd be ahead.

Are you claiming that after the Bush tax cuts (in 2001 and 2003) a person making $75K paid more in taxes than they would if the Bush cuts never happened?

 

[NYcarbineer]

Mine was 3-5% savings
I avg about 75k
10 years
4%
75k

Thats 30,000 I have put back into the economy that under Clinton's rate the federal govt has
and not me

And the left is for the working man?
think about it

Bush borrowed that money and gave it to you. It should have gone to pay the bills.

 

[8537]

If one takes only the standard deduction, is single and has no other income:

A person making 75K would pay:
$13,855 with the Bush tax cuts and
$12,500 without said cuts.

For those keeping score at home, that's a maximum difference of $1,355 (About 1.8%). In almost every case, the actual amount would be considerably less. In addition, the Obama payroll tax cut would generate savings of about $1,500, so if the Bush tax cuts expired and they extended the payroll tax cut you'd be ahead.

Are you claiming that after the Bush tax cuts (in 2001 and 2003) a person making $75K paid more in taxes than they would if the Bush cuts never happened?

No, I'm demonstrating (via calculations of The Tax Foundation) that a single person claiming the standard deduction got a larger tax cut from the 2010 payroll tax cut than they did from the Bush reduction in rates.

 

[Toddsterpatriot]

If one takes only the standard deduction, is single and has no other income:

A person making 75K would pay:
$13,855 with the Bush tax cuts and
$12,500 without said cuts.

For those keeping score at home, that's a maximum difference of $1,355 (About 1.8%). In almost every case, the actual amount would be considerably less. In addition, the Obama payroll tax cut would generate savings of about $1,500, so if the Bush tax cuts expired and they extended the payroll tax cut you'd be ahead.

Are you claiming that after the Bush tax cuts (in 2001 and 2003) a person making $75K paid more in taxes than they would if the Bush cuts never happened?

No, I'm demonstrating (via calculations of The Tax Foundation) that a single person claiming the standard deduction got a larger tax cut from the 2010 payroll tax cut than they did from the Bush reduction in rates.

You weren't very clear in your claim.

"A person making 75K would pay:
$13,855 with the Bush tax cuts and
$12,500 without said cuts"

See that looks like higher tax burden after the Bush cuts than before.

 

[blastoff]

Not sure how much my bottom line increased because it's pretty hard to calculate.

It's not just any money retained rather than paid in taxes. Recall after the Bush cuts we had quarter after quarter after quarter for years of nice GDP growth (not to mention low unemployment & inflation) as the economy hummed along nicely, which helped grow things like money invested in various stocks and whatnot.

Ah, the good old days.

 

[JRK]

Are you claiming that after the Bush tax cuts (in 2001 and 2003) a person making $75K paid more in taxes than they would if the Bush cuts never happened?

No, I'm demonstrating (via calculations of The Tax Foundation) that a single person claiming the standard deduction got a larger tax cut from the 2010 payroll tax cut than they did from the Bush reduction in rates.

You weren't very clear in your claim.

"A person making 75K would pay:
$13,855 with the Bush tax cuts and
$12,500 without said cuts"

See that looks like higher tax burden after the Bush cuts than before.

from the year 2000?
Look do you read anything I write?
GWB tax cuts began the year 2001
from the year 2001 I have save 30,000
are you trying to be hard to get along with?

 

[8537]

Are you claiming that after the Bush tax cuts (in 2001 and 2003) a person making $75K paid more in taxes than they would if the Bush cuts never happened?

No, I'm demonstrating (via calculations of The Tax Foundation) that a single person claiming the standard deduction got a larger tax cut from the 2010 payroll tax cut than they did from the Bush reduction in rates.

You weren't very clear in your claim.

"A person making 75K would pay:
$13,855 with the Bush tax cuts and
$12,500 without said cuts"

See that looks like higher tax burden after the Bush cuts than before.

Oh bejeebers! I got that exactly backwards My apologies, Toddster.

The Bush tax cuts created a savings for said individual of about $1,355. Confusion, all mine.

 

[JRK]

I really thought this thread was siimple
In 2001 GWB took office and cut the rate of income tax all people paid
I used the figure 75,000
A figure I know something about, that by no means would make on rich

It is said that the GOP worships at the alter of the rich
Yet the GOP has made it to where I have been allowed to keep wealth that without that relief
I would not have

Obama cut our rate for with his failed stimulus
pennies while giving the UAW 80 billion