Middle Class Law Suit for being forced to subsidize the Rich with taxes.

[Toddsterpatriot]

They are getting all kinds of subsidies. The IMF, World Bank & Federal reserve says so. Only idiots like you believe banks paid us back for the bailout instead of using subsidies to hand back & claim they paid us back. We had massive inflation because of all their reckless lending. They need to stop taking & pay us back. They are betting depositors FDIC insured accounts. The 18 largest banks get a interest rate cut premium due to the implicitly "To Big To Fail" bailout subsidized by the taxpayer. This is one reason why small banks & business can't compete. Are you going to refute the facts that Federal Reserve President James B. Bullard told you?

the government is subsidizing big banks with artificial and guaranteed “spreads”, where the banks borrow cheaper than any consumer can, and then lend the money back to the government at much higher interest rates.

Explain this silly claim, if you can.

I can't fix stupid, so keep subsidizing & licking the shoes of the rich.

You can't fix stupid, and you shouldn't be so hard on yourself.
You repeated a silly claim and you can't back it up.
That's okay....I'm sure you're still a good person

 

[Skull Pilot]

The Middle Class should a class action law suit against Plutocrats & the Rich for being forced to subsidize the Rich with taxes. Strip them of the wealth they have acquired via the tax subsidy, racketeering & unfair business trade practice. Are there any lawyers here that will help file?

Facts from the IRS: From 2001 to 2007 the people with the highest income got the biggest percentage cuts in their actual tax payments. The middle class had to subsidize the rich even more than before. It is time to end the tax subsidy to the rich. The middle class is tired of carrying your fat ass along with the poor. Get off the back of the Middle Class & help us carry the poor.

If a rich person Mitt Romney only pays 13% & a middle class person KissMy pays 28%, the middle class is subsidizing the rich.

It is the same as when tax on ethanol was 25 cents a gallon & gasoline tax was 45 cents a gallon. You people screamed that we were subsidizing ethanol even when ethanol was being taxed.

There is no way in hell a middle class person paying 28% tax can produce widgets cheaper than a rich person only paying 13% tax. This tax rate causes the middle class to go out of business & the rich takes over the entire market. The middle class business owner & workers are forced into poverty & onto the government dole that the rich refuses to pay for.

You do not pay 28% of your gross income to the feds in income tax.

What you don't seem to understand is that your marginal tax rate and your effective tax rate are not the same.

For example I am in the 33% bracket but my effective tax rate was 22%

If you are in the 28% bracket I'm willing to bet your effective tax rate is somewhere down around 10%

 

[itfitzme]

I even failed to mention that the Middle Class pays a larger percent of SS, Medicare, FICA, Unemployment, State & Local Taxes than the top 1%. That is even a greater tax subsidy they receive beyond the Federal income tax code.

It is hard to compete against a monopoly that you are forced to subsidize. Why are their supporters so afraid to level the playing field & give the Middle Class a Tax Cut????

For SS, Medicare and Unemployment the middle class is the group that get the benefits. The rich usually do not use any of those, because they are rich. So they get no return on thier investments.

As for FICA, it covers mostly middle class savings, if someone with more than $100k is in a failed bank, they lose the excess.

State and local taxes are mostly paid by richer people, just like federal taxes.

FDIC is the federal deposit insurance that protects savings.

FICA is the tax that pays for SSI.

 

[EdwardBaiamonte]

the government is subsidizing big banks with artificial and guaranteed “spreads”, where the banks borrow cheaper than any consumer can, and then lend the money back to the government at much higher interest rates.[/B]

is this true? Should I buy bank stocks?

 

[Toddsterpatriot]

the government is subsidizing big banks with artificial and guaranteed “spreads”, where the banks borrow cheaper than any consumer can, and then lend the money back to the government at much higher interest rates.[/B]

is this true? Should I buy bank stocks?

You should ask the guy who made the claim.

 

[EdwardBaiamonte]

the government is subsidizing big banks with artificial and guaranteed “spreads”, where the banks borrow cheaper than any consumer can, and then lend the money back to the government at much higher interest rates.[/B]

is this true? Should I buy bank stocks?

You should ask the guy who made the claim.

Sorry, but maybe he will answer soon. I want a good stock tip from a conspiracy theorist

 

[OnePercenter]

The top 10% income earners pay for ~70% of the personal income tax revenues, and have been doing so for years.



Now, What the hell are you going on about?

Because 1% of one million is more than 1% of fifty thousand.

 

[EdwardBaiamonte]

The top 10% income earners pay for ~70% of the personal income tax revenues, and have been doing so for years.

this is true, the bottom 50% pay almost nothing. The top 10% should file a lawsuit on grounds that this is crippling the bottom 50%. Can more and more on welfare entitlements be good for our country? Is it moral to do that to a human being??

 

[OnePercenter]

The top 10% income earners pay for ~70% of the personal income tax revenues, and have been doing so for years.

this is true, the bottom 50% pay almost nothing. The top 10% should file a lawsuit on grounds that this is crippling the bottom 50%. Can more and more on welfare entitlements be good for our country? Is it moral to do that to a human being??

You should read this:

Soaking the Poor, State by State | Mother Jones

 

[OnePercenter]

If a rich person Mitt Romney only pays 13% & a middle class person KissMy pays 28%, the middle class is subsidizing the rich.

Average person pays 11.4% tax according to Krugman chart,(link below) Romney paid 20.9% average for last 20 years!! Not only do the rich pay double the percentage, they pay 100 times the amount. Don't forget the top 1% pay 40% of all federal taxes


Click here: Millionaires, The Middle Class, and Taxes -- Actual Numbers - NYTimes.com

Millionaires, The Middle Class, and Taxes -- Actual Numbers - NYTimes.com

So you've seen Romneys tax returns? Please post!!!!

 

[OnePercenter]

is this true? Should I buy bank stocks?

You should ask the guy who made the claim.

Sorry, but maybe he will answer soon. I want a good stock tip from a conspiracy theorist

I'm not a conspiracy theorist (sorry) but I'll give you a great stock tip......Anything wireless, especially toys.

 

[KissMy]

End all payroll taxes!
Middle Class Payroll & Income Taxes are pulling the freight un the USA. The Rich are being subsidized. They don't pay payroll tax & use loopholes to pay lower income tax rates than the Middle Class. End Payroll Taxes & Close Loopholes.

 

[KissMy]

The Middle Class should a class action law suit against Plutocrats & the Rich for being forced to subsidize the Rich with taxes. Strip them of the wealth they have acquired via the tax subsidy, racketeering & unfair business trade practice. Are there any lawyers here that will help file?

Facts from the IRS: From 2001 to 2007 the people with the highest income got the biggest percentage cuts in their actual tax payments. The middle class had to subsidize the rich even more than before. It is time to end the tax subsidy to the rich. The middle class is tired of carrying your fat ass along with the poor. Get off the back of the Middle Class & help us carry the poor.

If a rich person Mitt Romney only pays 13% & a middle class person KissMy pays 28%, the middle class is subsidizing the rich.

It is the same as when tax on ethanol was 25 cents a gallon & gasoline tax was 45 cents a gallon. You people screamed that we were subsidizing ethanol even when ethanol was being taxed.

There is no way in hell a middle class person paying 28% tax can produce widgets cheaper than a rich person only paying 13% tax. This tax rate causes the middle class to go out of business & the rich takes over the entire market. The middle class business owner & workers are forced into poverty & onto the government dole that the rich refuses to pay for.

You do not pay 28% of your gross income to the feds in income tax.

What you don't seem to understand is that your marginal tax rate and your effective tax rate are not the same.

For example I am in the 33% bracket but my effective tax rate was 22%

If you are in the 28% bracket I'm willing to bet your effective tax rate is somewhere down around 10%

I was also in the 33% tax bracket & my effective income tax rate was 22% plus I had to pay 7.65% payroll tax plus my employer paid 7.65% payroll to employ me vs a foreigner. My earnings from my employer were taxed at 37.3%. High tax on US workers driving up employment cost is why Americans get fired. Earnings from my business were taxed at a much lower rate.

Mitt Romney paid 13% & workers like me pay 37.3% on earned income. We must end payroll taxes & loopholes.

 

[EdwardBaiamonte]

Mitt Romney paid 13% & workers like me pay 37.3% on earned income. We must end payroll taxes & loopholes.

you'd pay 13% too if you lived mostly off savings like he does. do you want your income from savings taxed again at 37%??

The real way to lower taxes for all is through lower or less liberal government!

 

[bripat9643]

The top 10% income earners pay for ~70% of the personal income tax revenues, and have been doing so for years.

this is true, the bottom 50% pay almost nothing. The top 10% should file a lawsuit on grounds that this is crippling the bottom 50%. Can more and more on welfare entitlements be good for our country? Is it moral to do that to a human being??

You should read this:

Soaking the Poor, State by State | Mother Jones

Why would a rational person read anything on Mother Jones?

 

[Toddsterpatriot]

End all payroll taxes!
Middle Class Payroll & Income Taxes are pulling the freight un the USA. The Rich are being subsidized. They don't pay payroll tax & use loopholes to pay lower income tax rates than the Middle Class. End Payroll Taxes & Close Loopholes.

The Rich are being subsidized. They don't pay payroll tax & use loopholes to pay lower income tax rates than the Middle Class.

That's funny! Are you one of those claiming Buffett pays a lower income tax rate than his secretary?

I love the idiocy of his claim.

 

[Toddsterpatriot]

The Middle Class should a class action law suit against Plutocrats & the Rich for being forced to subsidize the Rich with taxes. Strip them of the wealth they have acquired via the tax subsidy, racketeering & unfair business trade practice. Are there any lawyers here that will help file?

Facts from the IRS: From 2001 to 2007 the people with the highest income got the biggest percentage cuts in their actual tax payments. The middle class had to subsidize the rich even more than before. It is time to end the tax subsidy to the rich. The middle class is tired of carrying your fat ass along with the poor. Get off the back of the Middle Class & help us carry the poor.

If a rich person Mitt Romney only pays 13% & a middle class person KissMy pays 28%, the middle class is subsidizing the rich.

It is the same as when tax on ethanol was 25 cents a gallon & gasoline tax was 45 cents a gallon. You people screamed that we were subsidizing ethanol even when ethanol was being taxed.

There is no way in hell a middle class person paying 28% tax can produce widgets cheaper than a rich person only paying 13% tax. This tax rate causes the middle class to go out of business & the rich takes over the entire market. The middle class business owner & workers are forced into poverty & onto the government dole that the rich refuses to pay for.

You do not pay 28% of your gross income to the feds in income tax.

What you don't seem to understand is that your marginal tax rate and your effective tax rate are not the same.

For example I am in the 33% bracket but my effective tax rate was 22%

If you are in the 28% bracket I'm willing to bet your effective tax rate is somewhere down around 10%

I was also in the 33% tax bracket & my effective income tax rate was 22% plus I had to pay 7.65% payroll tax plus my employer paid 7.65% payroll to employ me vs a foreigner. My earnings from my employer were taxed at 37.3%. High tax on US workers driving up employment cost is why Americans get fired. Earnings from my business were taxed at a much lower rate.

Mitt Romney paid 13% & workers like me pay 37.3% on earned income. We must end payroll taxes & loopholes.

If you're in the 33% bracket, as a single, you're making $178,650- $388,350.
Why would you claim to pay 7.65% payroll on all your earned income?

 

[Skull Pilot]

The Middle Class should a class action law suit against Plutocrats & the Rich for being forced to subsidize the Rich with taxes. Strip them of the wealth they have acquired via the tax subsidy, racketeering & unfair business trade practice. Are there any lawyers here that will help file?

Facts from the IRS: From 2001 to 2007 the people with the highest income got the biggest percentage cuts in their actual tax payments. The middle class had to subsidize the rich even more than before. It is time to end the tax subsidy to the rich. The middle class is tired of carrying your fat ass along with the poor. Get off the back of the Middle Class & help us carry the poor.

If a rich person Mitt Romney only pays 13% & a middle class person KissMy pays 28%, the middle class is subsidizing the rich.

It is the same as when tax on ethanol was 25 cents a gallon & gasoline tax was 45 cents a gallon. You people screamed that we were subsidizing ethanol even when ethanol was being taxed.

There is no way in hell a middle class person paying 28% tax can produce widgets cheaper than a rich person only paying 13% tax. This tax rate causes the middle class to go out of business & the rich takes over the entire market. The middle class business owner & workers are forced into poverty & onto the government dole that the rich refuses to pay for.

You do not pay 28% of your gross income to the feds in income tax.

What you don't seem to understand is that your marginal tax rate and your effective tax rate are not the same.

For example I am in the 33% bracket but my effective tax rate was 22%

If you are in the 28% bracket I'm willing to bet your effective tax rate is somewhere down around 10%

I was also in the 33% tax bracket & my effective income tax rate was 22% plus I had to pay 7.65% payroll tax plus my employer paid 7.65% payroll to employ me vs a foreigner. My earnings from my employer were taxed at 37.3%. High tax on US workers driving up employment cost is why Americans get fired. Earnings from my business were taxed at a much lower rate.

Mitt Romney paid 13% & workers like me pay 37.3% on earned income. We must end payroll taxes & loopholes.

The capital gains rate is not a loop hole.

But I do agree that all income regardless of the source should be taxed at the same rate.

And what kind of business do you have?

If you are an S corp as most small businesses are, there is no distinction between business income and personal income.

 

[Skull Pilot]

You do not pay 28% of your gross income to the feds in income tax.

What you don't seem to understand is that your marginal tax rate and your effective tax rate are not the same.

For example I am in the 33% bracket but my effective tax rate was 22%

If you are in the 28% bracket I'm willing to bet your effective tax rate is somewhere down around 10%

I was also in the 33% tax bracket & my effective income tax rate was 22% plus I had to pay 7.65% payroll tax plus my employer paid 7.65% payroll to employ me vs a foreigner. My earnings from my employer were taxed at 37.3%. High tax on US workers driving up employment cost is why Americans get fired. Earnings from my business were taxed at a much lower rate.

Mitt Romney paid 13% & workers like me pay 37.3% on earned income. We must end payroll taxes & loopholes.

If you're in the 33% bracket, as a single, you're making $178,650- $388,350.
Why would you claim to pay 7.65% payroll on all your earned income?

A business owner can put himself on payroll and pay SS taxes on that amount. What he takes as profit distribution can be taxed as dividends or as ordinary income neither of which are subject to payroll taxes.

 

[Toddsterpatriot]

I was also in the 33% tax bracket & my effective income tax rate was 22% plus I had to pay 7.65% payroll tax plus my employer paid 7.65% payroll to employ me vs a foreigner. My earnings from my employer were taxed at 37.3%. High tax on US workers driving up employment cost is why Americans get fired. Earnings from my business were taxed at a much lower rate.

Mitt Romney paid 13% & workers like me pay 37.3% on earned income. We must end payroll taxes & loopholes.

If you're in the 33% bracket, as a single, you're making $178,650- $388,350.
Why would you claim to pay 7.65% payroll on all your earned income?

A business owner can put himself on payroll and pay SS taxes on that amount. What he takes as profit distribution can be taxed as dividends or as ordinary income neither of which are subject to payroll taxes.

Yes, a business owner could pay SS taxes up to the $110,100 wage amount, not wages above that.