tax breaks for the rich vs cuts for the people

Discussion in 'Politics' started by Truthmatters, Mar 8, 2011.

  1. Truthmatters
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    Truthmatters BANNED

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    Infographic: Tax Breaks vs. Budget Cuts






    http://thinkprogress.org/2011/03/07/tom-cruise-tax-dodging/


    Colorado, Gov. John Hickenlooper (D) is proposing a massive $375 million cut to education funding and proposing to close four state parks. Meanwhile, Tom Cruise, whose net worth exceeds $250 million, pays Colorado just $400 a year in property taxes for a 248 -acre property outside of Telluride that he purchased for $18 million.

    How does he do it? By manipulating a tax break designed to help struggling farmers. The Denver Post reports
     
    Last edited: Mar 8, 2011
  2. PoliticalChic
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    PoliticalChic Diamond Member

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    With reference to the title of the OP:

    The bottom 40 percent of income earners actually paid a negative share of federal income taxes in 2006. In other words, these taxpayers are actually paid money through the tax code. This happens through refundable credits like the Child Tax Credit and the Earned Income Tax Credit, which result in "refunds" when they are greater than the taxpayer's total income tax liability.

    For instance, if a family with one child has an income tax liability of $300, it can claim the Child Tax Credit, which wipes out their tax liability, and still receive $700 from the IRS for the remainder of the $1,000 credit. On April 15, not only do the bottom 40 percent of all taxpayers pay no taxes, but they actually receive additional income from the IRS.

    Refundable credits redistribute income from the top 20 percent of earners to the remaining tax filers, with the bottom 20 percent the prime beneficiaries. The bottom quintile's share of income, measured after taxes, actually increased a whopping 17 percent compared to its pre-tax levels because of the income they got from refundable credits. Comparing shares of income before taxes are paid to after, only the top quintile saw their share of income decline.The Rich Pay More Taxes: Top 20 Percent Pay Record Share of Income Taxes | The Heritage Foundation

    Who are the rich that are so envied, and reviled? Entrepreneurs, small businessmen, corporate executives, doctors, lawyers, just plain Americans…not royalty. The reason to deprive them of rewards with no tangible benefits to oneself: envy.From Bork's "Slouching Towards Gomorroh"
     
  3. editec
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    editec Mr. Forgot-it-All

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    Who pays the vast majority of taxes in this nation?

    The middle class, of course.

    Their taxes end up supporting the state and local governments far FAR in excess to that paid for the top 1% or even 10%.

    EVery time they fill up their gas tanks, or buy their kid a candy bar they're paying taxes that go to keeping their societies going.

    The myth that the rich pay most of the taxes in this nation is a lie by half TRUTH.

    Half TRUTH LIES are, let's face it, something the GOP is particualrly good at inventing.

    And the terminally stupid fall for that kind of propaganda because they are, after all, too dense to think beyond the headlines
     
  4. Oddball
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    What's this?!?!?!?

    Filthy rich liberoidals use every available tax break to avoid "paying their fair share"?!?!???

    Well, I'll be dipped!
     
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  5. Truthmatters
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    Truthmatters BANNED

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    In our history these people have paid their fair share.

    Its not envy to wnat those who benifit most from our country and its costs to pay for their use and benifit from living in our great country.


    Those people you hate because they are poor do pay taxes evrery time they buy things.

    They spend their erntire incomes buying things with nothin g left over.


    The wealthy would deserve a tax cut too if they would spend their entire incomes yearly stimulating our economy.
     
  6. Mini 14
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    Mini 14 Senior Member

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    Did you just bitchslap TM???????
     
  7. NYcarbineer
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    NYcarbineer Diamond Member

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    What have the wealthy been asked to sacrifice in this great present and future Era of Sacrifice that is upon us?

    Specifically.
     
  8. WillowTree
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    WillowTree Diamond Member

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    fREE aDVICE.. LIBTARDS..





    CLASS WARFARE WON'T WORK OUT FOR YA.. IT JUST WON'T
     
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  9. bucs90
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    bucs90 Gold Member

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    They always miss that part. The part that, on average state by state, 40-50% of people do not pay taxes.

    The other 50% supports them.

    Liberals just can't get it around their minds that tax money is OTHER PEOPLES MONEY. The gov't, or "the people" do not have a "right" to that money. It's taken by force, and tolerated by the masses in general because the masses see that in our society there is a reasonable need for some limited government.
     
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  10. NYcarbineer
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    Tom Cruise is a liberal? How's that?
     

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