Most US Companies avoid paying income tax

[Orange_Juice]

No my man, you obviously haven't read very much of my posts in "Economy".

I've never advocated for the less fortunate to pay more in taxes. I'm a Ron Paul supporter, I don't agree with MOST taxes. The name of my game is CUT SPENDING...To the point that NEITHER of us should need to pay much of what we pay now.

How far would you go towards cutting the government?

 

[Paulie]

How far would you go towards cutting the government?

I'd cut the Dept. of Education because I believe schooling should be a local matter. The Dept. of Homeland Security because we simply don't need it. I'd pull out of many of the over 150 countries we have a military presence in. I'd stop funnelling money from SS. Obviously much of the wasteful pork needs to stop. Just off the top of my head.

Shit, just look at spending levels of pre-2000. That ALONE would be a HUGE start, regardless of what I just mentioned I'd personally cut.

 

[RetiredGySgt]

As a percentage?

Not as a percentage nor as real dollars.

 

[editec]

No my man, you obviously haven't read very much of my posts in "Economy".

I've never advocated for the less fortunate to pay more in taxes. I'm a Ron Paul supporter, I don't agree with MOST taxes. The name of my game is CUT SPENDING...To the point that NEITHER of us should need to pay much of what we pay now.

Understood.

But the bills must be paid.. unless you are an advocate of even more national debt, I mean.

Since the lower working classes are having a hard time enough just paying their own bills, the onus for paying to have a viable nation must fall unjustly on those who obviously reap the most benefit of having this society fuctioning, true?

And while I am inclined to agree with you and all the Ron Paulitics who think our government is a bloated beast that is out of control, I have yet to see any solution to this fundamental fact of life that what I think most of us know is FAILING us right now!

I do NOT think your flat tax will work because the rich will STILL be able to write off most of what they bring in as the cost of doing business.

Meanwhile the working people won't get to write off jackshit for their cost of doing business, but they're find that they're now paying the same percentage of their incomes as taxes, as the CEO who must have a private jet to conduct his business, and fine art to festoon in his office, and that hot sexretary to ease the stress of his having so much money he's responsible for.

Right wingers like to remind us that it's not a fair world, right?

That IS right. I completely agree with them on that.

But them what has have to pay unfairly larger amounts to keep the system going if they want a fuctional society to continue allowing them to have so much than the rest of us, too.

Nobody makes doodle-squat when society ceases to function...not the poor, not the workers, and not the very wealthy, either.

The only people who benefit in that nonfuctioning society environment are warlords, as we can witness right happpens now in Somalia.

I'd love to find a truly just system. I'm sure that every conservative and every liberal would love to find that magic formula for really just society that gives opportunity for all, and doesn't drain us with taxes, too.

But PURE tax justice won't be possible unless we have a PURE income justice built into system too. (And that communist concept fails EVERY TIME)

And since that will NEVER happen (nor should it), the rich will pay for government, the government will be beholding to the rich, and the working people will continue to be sheeple... to be slaughtered or fleeced as needed as the affluent and influential think it necessary.

 

[sealybobo]

Are you truly this ignorant? Taxes collected are AFTER any returns you stupid ass. After any deductions, it is HOW MUCH the Government has in the coffers after they tax us and settle up.

No, they don't pay less than us. But they pay a less of a percentage. The perfect example is the hedge fund manager that's paying 20% and his secretary is paying 30%. He pays on capital gains, she pays on income.

It is unfair, UnAmerican, Unconstitutional and Unpatriotic to tax income. At least that's what our founding fathers thought.

So anyways, back to the point. You are using fuzzy math. Yes, it looks like a rich dude pays a shit load of taxes. But that's just the way it is. Are you suggesting that as a human, a millionaire is not benefitting anymore than I am by our government so then he/she should not be paying any more than I do in taxes? Or a person that lives in a million dollar home should not pay a higher home owner tax than I do? Etc? Because the treasury will be emptied so fast if the rich did not pay their fair share. In fact, they aren't paying their fair share and that's why we are going broke. That and overspending by our government.

Did you read about where the tax rates were during Reagan and how the rich have had their taxes lowered throughout the years ever since? At what point are you going to agree that they are either paying their fair share or not paying enough? I'm curious what your cut off point is? Give me a dollar amount on a guy who makes $1 million dollars a year. Should he pay 30% or $300K in taxes? Should he only pay 10% because after all, that's $100k. That's a lot in taxes, right?

And then who would pick up the burden when he stops paying 30%? You do doofis.

 

[sealybobo]

Truman was considered a bad president when he left office because of hios low public opinion poll numbers, but has since been recognized as a pretty good one. Reagan was the opposite. He has been deified by the right--and they have the money to promote his God like stature. Yet as time passes and as the Bush presidency basically follows along the same Reagan economic platform I think it will be clear that Bush 41 was right, Reagonomics are VooDoo economics.


I'd also point out that Jimmy Carter started the process of ending the 1970's malise by appointing Paul Volker to the fed. I was watching that asshole George Will on book notes and he said the "Reagan/Volker economic plan." I was like, of brother. Carter started that and Reagan took the credit for it.

I saw a write up that said young voters don't give a shit about Reagan. The GOP candidates were all praising Reagan as their God and the young voters didnt give a rats ass. LOL. They only know what the GOP from 2000-2008 have done, and that's not good. I think the GOP are running out of tricks.

 

[Care4all]

Yes, I well aware that the people making enormous amounts of money pay most of the FICA taxes...

Sadly those taxes only represent a small amount of the money our governmentS must spend to keep theis American society going.

You're going to be hard pressed to make me feel sorry for the absurdly rich, Sport.

I remember when that class was taxed at the rate of 90% of the incomes, I as a kid, I spent a lot of time in the manions because I wenet to school with their kids.

They were doing just fine then, too.

Not as well as they are now, but far better than you or I can ever hope to achieve.

Didn't you mean most of the INCOME TAXES not the FICA taxes??

 

[chopcrazy]

No, they don't pay less than us. But they pay a less of a percentage. The perfect example is the hedge fund manager that's paying 20% and his secretary is paying 30%. He pays on capital gains, she pays on income.

Must be a pretty high paying secratary to be in the 30% federal income tax bracket. Or are you lumping payroll tax into this number? Different sources of income on the tax return have different rates. Wages are different than investment which are different than royalties, etc.

Lets clear the mud and be more specific on associating the tax rates to the appropriate source of income.

 

[Care4all]

Must be a pretty high paying secratary to be in the 30% federal income tax bracket. Or are you lumping payroll tax into this number? Different sources of income on the tax return have different rates. Wages are different than investment which are different than royalties, etc.

Lets clear the mud and be more specific on associating the tax rates to the appropriate source of income.

Income taxes are ONLY 45% of what we take in Revenue Receipts for the Federal Budget.


34% of our federal budget revenues comes from Social Security taxes collected


About 14% of our federal Budget revenues comes from Corporate taxes.....at one time they were equal to income taxes collected but for the past 50 years we have been lowering their taxes....

7% of our federal budget revenues comes from excise taxes and other taxes, like the gas tax....


All of this brings us up to about $2.5 trillion, the other $500 billion that we are SHORT is being BORROWED....

-------------------------------------------------------
http://en.wikipedia.org/wiki/Image:U.S._Federal_Receipts_-_FY_2007.png
To ONLY include income taxes as a measure of who pays the most taxes as a percentage of their income is FLAWED....but this is WHAT those on the RIGHT continue to do, SADLY.

Care

 

[Ravi]

They don't pay less then us you fucking retard.

Are you sure? There are some many loopholes to take advantage of when you itemize or have a business. I could buy a new computer every year and write it off. Magnify this a little bit and it's clear that the middle and lower classes pay more in income taxes percentage wise.

 

[Care4all]

Are you sure? There are some many loopholes to take advantage of when you itemize or have a business. I could buy a new computer every year and write it off. Magnify this a little bit and it's clear that the middle and lower classes pay more in income taxes percentage wise.

just an fyi, income taxes collected are only 45% of the taxes taken in Federal receipts for the federal budget.....about 1.1 trillion collected in income taxes out of federal budget spending of $3 trillion, and out of 2.5 trillion taken in taxes in total for the budget.

the 500 billion we are short in receipts are borrowed to fund the federal government's shortfall...each year.

Income taxes collected really only funds about 33% of our federal budget expenditures....


sooooooooooo,

SO WHAT if the wealthy pay most income taxes when it only funds a third of our expenses?

 

[sealybobo]

Must be a pretty high paying secratary to be in the 30% federal income tax bracket. Or are you lumping payroll tax into this number? Different sources of income on the tax return have different rates. Wages are different than investment which are different than royalties, etc.

Lets clear the mud and be more specific on associating the tax rates to the appropriate source of income.

Hedge Fund manager pays less on his income because his income is capital gains. His secretary is paying....what rate do we pay as middle class $50K a year? Is it 30%? The point is, the hedge fund dude pays 20% on 10 million and the secretary pays 30% on her $50K. Not fair.

 

[Paulie]

Hedge Fund manager pays less on his income because his income is capital gains. His secretary is paying....what rate do we pay as middle class $50K a year? Is it 30%? The point is, the hedge fund dude pays 20% on 10 million and the secretary pays 30% on her $50K. Not fair.

Perhaps you should start investing then, and get out of the duldrums of 30% working man taxes.

And it's 15% on capital gains, just to add a little more fuel to your fire.

 

[TopGunna]

Hedge Fund manager pays less on his income because his income is capital gains. His secretary is paying....what rate do we pay as middle class $50K a year? Is it 30%? The point is, the hedge fund dude pays 20% on 10 million and the secretary pays 30% on her $50K. Not fair.

If you assume a standard deduction (and everyone AT LEAST gets a standard deduction of $5,150), her taxable income is $44,850. We'll assume she's single with no dependents - which would imply an even greater standard deduction.

Her total federal tax burden would come to $7,556, or 15.1% effective.

 

[sealybobo]

If you assume a standard deduction (and everyone AT LEAST gets a standard deduction of $5,150), her taxable income is $44,850. We'll assume she's single with no dependents - which would imply an even greater standard deduction.

Her total federal tax burden would come to $7,556, or 15.1% effective.

So I only pay 15% income tax? That's not what I understand. That's not what I see on my paychecks and COMMISSION checks.

 

[TopGunna]

So I only pay 15% income tax? That's not what I understand. That's not what I see on my paychecks and COMMISSION checks.

Well, it's a function of how much you make, so I'd have to know your year-end salary to tell you for sure.

Also, what's taken out of your paycheck is an estimate based on how you chose to fill out your W-4 form. Which is why we either write checks to the IRS or get a check around April 15th every year.

 

[sealybobo]

Well, it's a function of how much you make, so I'd have to know your year-end salary to tell you for sure.

Also, what's taken out of your paycheck is an estimate based on how you chose to fill out your W-4 form. Which is why we either write checks to the IRS or get a check around April 15th every year.

They take a shit load out every 2 weeks and I get about $2K back at the end of the year. But I can't say for sure how much because I also have 401 and Roth IRA taken out too.

But I don't think my tax rate is 15%. Is it? I thought we all pay around 30%?

I make more than $60K and less than $90K. Depending on sales, the economy, etc.

 

[Glori.B]

On McCain's Web site, visitors are invited to "Spread the Word" about the presumptive Republican nominee by sending campaign-supplied comments to blogs and Web sites under the visitor's screen name. The site offers sample comments ("John McCain has a comprehensive economic plan . . .") and a list of dozens of suggested destinations, conveniently broken down into "conservative," "liberal," "moderate" and "other" categories. Just cut and paste.


washingtonpost.com


How many points was that post worth?

i am not a mccain bot!

i just went to his website and c&p his proposals, for the record.

 

[TopGunna]

They take a shit load out every 2 weeks and I get about $2K back at the end of the year. But I can't say for sure how much because I also have 401 and Roth IRA taken out too.

But I don't think my tax rate is 15%. Is it? I thought we all pay around 30%?

I make more than $60K and less than $90K. Depending on sales, the economy, etc.

Well, more money is taken out of your paycheck than federal income tax. You also have state&local tax, social security, etc. Those probably do sum to 30% or more.

As far as Federal Income tax though, the rate schedule below will be used in 2008:

$0 - $8,025: 10%
$8,025 - $32,550: 15%
$32,550 - $78,850: 25%
$78,850 - $164,550: 28%
$164,550 - $357,700: 33%
$357,700+: 35%

Those are the brackets for taxable income, so you'd have to subtract any and all deductions to arrive at the right amounts.

 

[sealybobo]

Well, more money is taken out of your paycheck than federal income tax. You also have state&local tax, social security, etc. Those probably do sum to 30% or more.

As far as Federal Income tax though, the rate schedule below will be used in 2008:

$0 - $8,025: 10%
$8,025 - $32,550: 15%
$32,550 - $78,850: 25%
$78,850 - $164,550: 28%
$164,550 - $357,700: 33%
$357,700+: 35%

Those are the brackets for taxable income, so you'd have to subtract any and all deductions to arrive at the right amounts.

Thanks for the education.