So people who earn a million a year pay a lower tax rate than the middle class

Discussion in 'Politics' started by Skull Pilot, Apr 11, 2012.

  1. Skull Pilot
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    Skull Pilot Platinum Member

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    Bam Bam is spouting off again about people who earn a million a year not paying the same percentage as the so called middle class.

    Well guess what he's wrong again.

    A single filer making 1 million a year would pay in $323,935 or 32.39% of his income.

    A single filer earning 50K a year would pay in $8600 or 17.2% of his income.

    So you see folks people who make more pay a higher percentage of their income so it's the rest of you who aren't paying their "fair share"
     
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  2. Meister
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    Meister VIP Member Supporting Member

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    I heard Obama yesterday wanting the fair share to be paid. But, 47% of America pays no income tax...how is this their fair share?
     
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  3. Uncensored2008
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    Uncensored2008 Libertarian Radical Supporting Member

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    Obama bin lying...
     
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  4. Zander
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    Zander Platinum Member

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    It's class warfare designed to create envy. We are dangerously close to the tipping point where over half the households in the USA are receiving some sort of government check or hand out. Obama's goal is to get us over 50%.
     
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  5. healthmyths
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    healthmyths Gold Member Supporting Member

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    YOU ARE ASKING dummy supporters to comprehend REALITY here!
    321,294 total tax returns over $ 1 million at average of $10,483,240
    Total tax payments actual receipts to IRS...
    $249,019,686,000 on gross income of $1,068,330,120,000 or 23%!
    taxes paid on gross income:
    In a recent Census report there are 110,000,000 households in the United States. What this data tells us is that 55,000,000 households are living on $46,000 or less a year.
    In 2009 people making $50,000 under $75,000 filed 19,196,461 tax returns
    their gross income $1,180,014,000,000
    they paid in taxes: $92,652,392,000 or a total of 7.8%

    NOW for the Obama dummies 23% taxes paid by 321,294 EVIL millionaires VERSUS
    7.8% of 19 million filers making $50 to $75,000..
    WHICH PAID MORE % of income?????
     
  6. g5000
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    g5000 Diamond Member

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    Actually, the 2011 tax bracket for a person making $1 million is 35%.

    But there are people who make $1 million who only pay 15%, and that is who Obama is talking about.

    The part he is leaving out is that he is conflating income tax with capital gains tax.

    If you invest in equities and hold them for less than a year, you are taxed at the income rate. If you hold them for more than a year and then sell them, you are taxed at the capital gains rate of 15%.

    Basically, Obama is saying the capital gains tax should be raised for people who make more than a million bucks from their investments.

    He never, ever phrases it that way, though. He's a populist and wants the rubes to believe he is talking about some CEO earning a million bucks in income and not paying his "fair share".
     
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  7. Skull Pilot
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    Skull Pilot Platinum Member

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    I was using adjusted gross income not total income out of habit from years of financial planning work but regardless of the calculation people who earn more pay a higher percentage.
     
  8. B. Kidd
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    B. Kidd Gold Member

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    Warren Buffets secretary makes 400K per year. She doesn't qualify for the write-offs and loopholes that her boss does. No wonder she pays more in taxes then him!
    No one ever mentions that. The devil is always in the details.
     
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  9. Wry Catcher
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    Wry Catcher Platinum Member

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    Is that the truth, the whole truth and you've not omitted anything?

    [I know it's not, so you have some time to correct this post]
     
  10. g5000
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    g5000 Diamond Member

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    Income.

    No one ever mentions Buffet makes capital gains, not income. Different part of the tax code. It is important to Obama that you do NOT understand that. He wants you to be ignorant.

    And I would bet a million dollars Buffet pays more in taxes than his secretary. Want to take me up on that?
     

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