tax breaks for the rich vs cuts for the people

[Truthmatters]

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

 

[PoliticalChic]

Infographic: Tax Breaks vs. Budget Cuts






ThinkProgress » Show Me The Money: As Colorado Slashes Funds For Education, Tom Cruise Pays $400 In Property Taxes


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

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"

 

[editec]

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

 

[Oddball]

What's this?!?!?!?

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

Well, I'll be dipped!

 

[Truthmatters]

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.

 

[Mini 14]

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

Did you just bitchslap TM???????

 

[NYcarbineer]

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

Specifically.

 

[WillowTree]

fREE aDVICE.. LIBTARDS..





CLASS WARFARE WON'T WORK OUT FOR YA.. IT JUST WON'T

 

[bucs90]

Infographic: Tax Breaks vs. Budget Cuts






ThinkProgress » Show Me The Money: As Colorado Slashes Funds For Education, Tom Cruise Pays $400 In Property Taxes


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

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"

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.

 

[NYcarbineer]

What's this?!?!?!?

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

Well, I'll be dipped!

Tom Cruise is a liberal? How's that?

 

[Truthmatters]

Then force the right to stop using it willoiw

 

[boedicca]

The tax code may have finally reached its reductio ad absurdum. The gimmicks and breaks that the Big Government Types have used to reward their cronies over the years are also available to the people they want to punish. This fact should provide some common ground for Tax Simplification For Everyone, but they likely are unable to be intellectually honest enough to grok it.

 

[Truthmatters]

There would be no deficit in this country if the wealthy stopped being coddled at the expense of the vast majority of Americans

 

[bucs90]

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

Specifically.

The top 10% pay more in taxes than the other 90% combined. They've sacrificed. They've invested. They've risked their money on business ventures, hiring, etc, etc.

With great risk comes great reward. Without great reward, why would anyone take a great risk, such as founding a company like WalMart or Microsoft? Not everyone can be a union gov't employee with a cushy and almost guaranteed lifelong income. Some people roll the dice and start business.

But unless the Great Risk = Great Reward equation, no one would risk inventions, innovations, etc, etc.

You libs just need to get over your extreme envy of the wealthy and realize that.

Innovation and jobs come from rich people and profits. Without that reward, why would anyone do anything more than a stable, gov't union job?

 

[Mini 14]

There would be no deficit in this country if the wealthy stopped being coddled at the expense of the vast majority of Americans

editec disagrees with you.

 

[bucs90]

There would be no deficit in this country if the wealthy stopped being coddled at the expense of the vast majority of Americans

"Coddled"? By who? We already take more from the rich than any other group. And much of that deficit came from spending money on the "vast majority of Americans".

You just don't get that concept.

If I say "I'm gonna rob you of 20% of your money" would it be fair to say I'm "coddling" you for not taking 50%???????

 

[Truthmatters]

If they hold 90 % of the wealth then they should pay the most in taxes.

 

[NYcarbineer]

Infographic: Tax Breaks vs. Budget Cuts






ThinkProgress » Show Me The Money: As Colorado Slashes Funds For Education, Tom Cruise Pays $400 In Property Taxes


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

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"

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.

Republican tax cuts are the main reason 50% pay no income taxes. The Republicans could not get away with passing massive tax cuts for the wealthy alone, so they have always had to cut lower income Americans' tax cuts in the process.

Yes, it is ironic.

The problem is, any more tax cuts for the Rich the Republicans would ever be able to pass will also have to cut lower income taxes,

so the result will be that instead of 50% paying no income tax, you'll have 60%, or 70%, or who knows what.

 

[Truthmatters]

Who Rules America: Wealth, Income, and Power




Figure 1: Net worth and financial wealth distribution in the U.S. in 2007




In terms of types of financial wealth, the top one percent of households have 38.3% of all privately held stock, 60.6% of financial securities, and 62.4% of business equity. The top 10% have 80% to 90% of stocks, bonds, trust funds, and business equity, and over 75% of non-home real estate. Since financial wealth is what counts as far as the control of income-producing assets, we can say that just 10% of the people own the United States of America.

 

[bucs90]

If they hold 90 % of the wealth then they should pay the most in taxes.

And they do. So whats the problem?

You and the left are purely driven by envy. You hate seeing someone driving down the road in a high priced car, going to a high priced home. You hate that person's success because it's an affirmation of your own past failures or past decisions.

Hell, I've been guilty of it. I see rich people and sometimes think I've worked harder than they have, or maybe I deserved that money more than them. BUT....I get over it and realize thats just life.

Liberals don't get over it and enjoy their own life. They want power and men with guns to equalize that gap, by force if necessary.