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

[Meister]

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"

How about the fact that this person might live in the NYC area.
How about that fact that that's where the job or business is that is the reason
why they make that kind of money...Now think about all the other taxes that person
will have to pay...Granted that person might have chose to live in a high tax state but how much do we need to pay to make the Libs happy....

I already know the answer to that unfortunately....
We will never pay enough in taxes to satisfy the left.

I always say that if they raised taxes by 2%, they will spend 4% more.

 

[The T]

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"

How about the fact that this person might live in the NYC area.
How about that fact that that's where the job or business is that is the reason
why they make that kind of money...Now think about all the other taxes that person
will have to pay...Granted that person might have chose to live in a high tax state but how much do we need to pay to make the Libs happy....

I already know the answer to that unfortunately....
We will never pay enough in taxes to satisfy the left.

I always say that if they raised taxes by 2%, they will spend 4% more.

Double ANY figure you hear in ANY estimate from any Government...

 

[NYcarbineer]

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"

Your figures in no way take into account the various forms of income.

 

[LeftofLeft]

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"

Your figures in no way take into account the various forms of income.

Do you mean like capital gains? Capital gains is a various form of incoem....Money that has already been taxed and reinvested and then taxed again......and, if Obama has his way, capital gains will not only be taxed again as they currently are at 15%, but, more than 50% more?

 

[LordBrownTrout]

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.

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".

Precisely, and he never mentions the difference between the two knowing that his listeners won't even bother to investigate his claims.

 

[LordBrownTrout]

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?

Not only are they not paying, the Earned Income Credit has become real popular. Do you think Obama should break the news about where that money comes from?

As I said no deductions and a flat tax % on ALL income.

lets say 12%.

You make $100 yiou pay 12% of it in taxes you make 10,000,000 you pay 12% of it.

I think I've read an article or two that presents this model. Projects that we'd be out of debt in a short time.

 

[asterism]

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?

No shit.

 

[LordBrownTrout]

How about the fact that this person might live in the NYC area.
How about that fact that that's where the job or business is that is the reason
why they make that kind of money...Now think about all the other taxes that person
will have to pay...Granted that person might have chose to live in a high tax state but how much do we need to pay to make the Libs happy....

I already know the answer to that unfortunately....
We will never pay enough in taxes to satisfy the left.

I always say that if they raised taxes by 2%, they will spend 4% more.

Double ANY figure you hear in ANY estimate from any Government...

You're being to generous. Triple or quadruple it.

 

[whitehall]

Lower rate but more money yada yada. The dirty little secret is that it's just a political class envy game that democrats have become skilled at. The projected increase in revenue for punishing the "rich" for ten years is about what the federal government spends in a week. It's purely symbolic and the impact on business might actually decrease revenue in the long run.

 

[Moderate]

There should be a flat tax in America, and that is all there is to it.

 

[rdean]

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"

Mitt makes $56.000.00 a day and paid 13.9%

 

[auditor0007]

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?

Not only are they not paying, the Earned Income Credit has become real popular. Do you think Obama should break the news about where that money comes from?

As I said no deductions and a flat tax % on ALL income.

lets say 12%.

You make $100 yiou pay 12% of it in taxes you make 10,000,000 you pay 12% of it.

I hate simple answers to complex scenarios because they never work out. First of all, the government could not possibly operate on 12% taxes, plain and simple, so I must assume that you are not including Fica taxes. Now we include Fica taxes, and the poor and middle class will be taxed at a rate closer to 27% while the very wealthy will only pay 12% to 13%. Top this off with the fact that lower income earners pay the highest percentage of taxes at the state level and the lowest income earners would then be taxed at a combined rate well above 40%, while the wealthiest would be taxed at a rate well below 20%. This is the end game of the nutjobs. They think that this is really a good idea to let the wealthy be taxed the least while the working poor are destroyed. Of course the problem with all of this is that it would completely destroy the economy, but hey, it's still fun to keep screaming how we need a flat tax with no deductions so everyone pays the same amount, even though we all know it's the biggest lie there is.

 

[starcraftzzz]

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"

One Chart Shows Obama Is Right About "Buffett Rule" - BlueOregon
^The average millionaire with 2/3rd income from investments pays 30% less taxes then someone making 50,000 a year

Top 25 Hedge Fund Managers Make As Much As 440,000 Middle-Class Americans, But Still Get Tax Loophole | ThinkProgress
^Hedge fund managers make over 500 million dollars a year yet pay an effective tax rate that is 10% lower than the average working American due to tax loopholes, and republicans refuse to close that loophole.
Billionaires Use Tax Loophole To Lower Their Tax Rates To 1 Percent | ThinkProgress
^Some billionaires pay as low of tax rates as 1%

9 Things The Rich Don't Want You To Know About Taxes
^The bottom 50% of American have a 35% higher effective tax rate compared to wages then the richest 400 Americans.

Skull Pilot how is it that you could be so ignorant and stupid? Like is your IQ 50 or 60?

 

[LordBrownTrout]

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"

One Chart Shows Obama Is Right About "Buffett Rule" - BlueOregon
^The average millionaire with 2/3rd income from investments pays 30% less taxes then someone making 50,000 a year

Top 25 Hedge Fund Managers Make As Much As 440,000 Middle-Class Americans, But Still Get Tax Loophole | ThinkProgress
^Hedge fund managers make over 500 million dollars a year yet pay an effective tax rate that is 10% lower than the average working American due to tax loopholes, and republicans refuse to close that loophole.
Billionaires Use Tax Loophole To Lower Their Tax Rates To 1 Percent | ThinkProgress
^Some billionaires pay as low of tax rates as 1%

9 Things The Rich Don't Want You To Know About Taxes
^The bottom 50% of American have a 35% higher effective tax rate compared to wages then the richest 400 Americans.

Skull Pilot how is it that you could be so ignorant and stupid? Like is your IQ 50 or 60?

O also doesn't mention that Buffet is being sued for a billion dollars in back taxes. Some Buffet rule.

 

[Listening]

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"

One Chart Shows Obama Is Right About "Buffett Rule" - BlueOregon
^The average millionaire with 2/3rd income from investments pays 30% less taxes then someone making 50,000 a year

Top 25 Hedge Fund Managers Make As Much As 440,000 Middle-Class Americans, But Still Get Tax Loophole | ThinkProgress
^Hedge fund managers make over 500 million dollars a year yet pay an effective tax rate that is 10% lower than the average working American due to tax loopholes, and republicans refuse to close that loophole.
Billionaires Use Tax Loophole To Lower Their Tax Rates To 1 Percent | ThinkProgress
^Some billionaires pay as low of tax rates as 1%

9 Things The Rich Don't Want You To Know About Taxes
^The bottom 50% of American have a 35% higher effective tax rate compared to wages then the richest 400 Americans.

Skull Pilot how is it that you could be so ignorant and stupid? Like is your IQ 50 or 60?

Looked at the last one (9 things).

Point 1:

But they still pay plenty of other taxes, including federal payroll taxes. Between gas taxes, sales taxes, utility taxes and other taxes, no one lives tax-free in America.

And the rich would care about this why ?

Point 1:

In Alabama, for example, the burden on the poor is more than twice that of the top 1 percent. The one-fifth of Alabama families making less than $13,000 pay almost 11 percent of their income in state and local taxes, compared with less than 4 percent for those who make $229,000 or more.

11% of 13,000 is about $1,450.

4% of 229,000 is about $10,000

How is that twice the burden ?

Point 2:

This is one of those oft-used canards. Sen. Rand Paul, the tea party favorite from Kentucky, told David Letterman recently that “the wealthy do pay most of the taxes in this country.”

The Internet is awash with statements that the top 1 percent pays, depending on the year, 38 percent or more than 40 percent of taxes.

It’s true that the top 1 percent of wage earners paid 38 percent of the federal income taxes in 2008 (the most recent year for which data is available). But people forget that the income tax is less than half of federal taxes and only one-fifth of taxes at all levels of government.

Social Security, Medicare and unemployment insurance taxes (known as payroll taxes) are paid mostly by the bottom 90 percent of wage earners. That’s because, once you reach $106,800 of income, you pay no more for Social Security, though the much smaller Medicare tax applies to all wages. Warren Buffett pays the exact same amount of Social Security taxes as someone who earns $106,800.

The whole claim here has to be on a percentage basis and that is totally bogus. If you don't max out on Social Security, you don't pay as much as someone who does. Period. It may be a smaller percentage of their taxes...but they still paid more than you.

And the rich don't want you to know this ?

I have yet to see any evidence presented in the article that the rich are conspiring to supress this information.

Bogus claim.

Point 4:

John Paulson, the most successful hedge-fund manager of all, bet against the mortgage market one year and then bet with Glenn Beck in the gold market the next. Paulson made himself $9 billion in fees in just two years. His current tax bill on that $9 billion? Zero.

Congress lets hedge-fund managers earn all they can now and pay their taxes years from now.

While I don't think this is a great shock (and the rich care why ....not shown), I don't think it is right. The guy still has a tax burden. It is just delayed. I'd like to see that stopped...but it's not my number one priority

Point 4:

In 2007, Congress debated whether hedge-fund managers should pay the top tax rate that applies to wages, bonuses and other compensation for their labors, which is 35 percent. That tax rate starts at about $300,000 of taxable income—not even pocket change to Paulson, but almost 12 years of gross pay to the median-wage worker.

Who was in congress in 2007 in the majority ?

Thanks for pointing this out.

and wait.....

The Republicans and a key Democrat, Sen. Charles Schumer of New York, fought to keep the tax rate on hedge-fund managers at 15 percent, arguing that the profits from hedge funds should be considered capital gains, not ordinary income, which got a lot of attention in the news.

Now that was good. Republicans I can understand. Chuck Schumer ?

Not spending time on the rest. It's all the same old tripe. The rich are getting richer. Reagan raised taxes 11 times...blah blah blah blah.

Well, starcrap....nice try.

But: Fail

 

[zeke]

Rich people have not had things as good as they are now for many many years.
Robber barons would be jealous.

But I doubt if there was ever a time when ultra rich people had regular, middle class people fighting so hard to keep the ultra rich's taxes low. Or even lower them further.

It is one of the weirdest things I have ever seen.

Must be wannabe envy.

 

[Wacky Quacky]

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.

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".

And while raising it sounds good to a liberal crowd (who think most rich people just sponge off of inheritances), it's a very bad idea.

While there are some people who sponge off of an inheritance that gets taxed at the capital gains rate, guess what the capital gains rate would hurt the most if it was raised to near or above 32%? That's right, retirement savings. Retirement savings plans, such as traditional IRA accounts, would be almost destroyed by raising the capital gains rate to such an amount.

Here's the real question though. Obama must know this, he is not that ignorant. So then why would he do it? Is pandering to his ignorant constituents worth destroying people's retirement? Or are the conservatives right when they say Obama doesn't like people being independent of government assistance?

 

[Luddly Neddite]

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?

If one has no income, one should not have to pay income tax.

DUH.

 

[starcraftzzz]

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.

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".

And while raising it sounds good to a liberal crowd (who think most rich people just sponge off of inheritances), it's a very bad idea.

I see so according to you rich people paying the same tax rates as poor people is a bad idea....

While there are some people who sponge off of an inheritance that gets taxed at the capital gains rate, guess what the capital gains rate would hurt the most if it was raised to near or above 32%? That's right, retirement savings. Retirement savings plans, such as traditional IRA accounts, would be almost destroyed by raising the capital gains rate to such an amount.

No because the tax only falls on the very rich. Nice attempt to lie though.

Here's the real question though. Obama must know this, he is not that ignorant. So then why would he do it? Is pandering to his ignorant constituents worth destroying people's retirement? Or are the conservatives right when they say Obama doesn't like people being independent of government assistance?

No hes just not pandering to ignorant idiots like you who think poor people should pay more taxes then millionaires.

 

[Listening]

No hes just not pandering to ignorant idiots like you who think poor people should pay more taxes then millionaires.

It is................ he's...........not hes

and

than.......not then.

But someone else is ignorant.