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

Discussion in 'Politics' started by JRK, Jul 28, 2011.

  1. JRK
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    JRK Senior Member

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    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
     
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  2. asterism
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    asterism Congress != Progress

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    None.

    He never did squat to AMT.
     
  3. JRK
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    JRK Senior Member

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    If you paid any taxes
    you where allowed to keep more wealth
    any taxes
    one dime
     
  4. 8537
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    8537 Senior Member

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    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.
     
    Last edited: Jul 28, 2011
  5. JRK
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    JRK Senior Member

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    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
     
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  6. 8537
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    8537 Senior Member

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    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
     
  7. JRK
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    JRK Senior Member

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    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
     
  8. 8537
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    8537 Senior Member

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    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.
     
  9. JRK
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    JRK Senior Member

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    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
     
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  10. 8537
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    8537 Senior Member

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    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.:cuckoo:

    Then my above calculation from the tax foundation is accurate.

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

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