Tax Cut Charts and Reality

Discussion in 'Politics' started by Annie, Aug 29, 2004.

  1. Annie
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    Annie Diamond Member

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    About time! Charts and remainder of article at link:

    http://www.detnews.com/2004/editorial/0408/27/a09-255537.htm

     
  2. DKSuddeth
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    DKSuddeth Senior Member

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    I'd like to know what the income level for the top 20% range is. did anyone find it in the article?
     
  3. freeandfun1
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    freeandfun1 VIP Member

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    I heard on TV the other day that the top 20% is any person or couple filing jointly that makes, I believe it was, $184,000 or 187,000 a year. Something like that. I will see if I can find out.
     
  4. Annie
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    Annie Diamond Member

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    Thank you DK! Someday you must teach me how to do that! :bow3:
     
  5. freeandfun1
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    freeandfun1 VIP Member

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    Thomas Sowell - Work pays!

    This is the best I could find quickly.


     
  6. DKSuddeth
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    DKSuddeth Senior Member

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    by the article you posted free, it seems that I incurred a larger portion of the tax burden, even with a tax break. :bang3:
     
  7. freeandfun1
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    freeandfun1 VIP Member

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    The problem I see with the tax rates is that we still consider anybody or household making over $150,000 as being "rich". There should be tax brackets for those making $1,000,000 per year or more and then the next break should be at $500,000 and then $250,000. People making $150,000 are truly middle class these days. Guys like Clinton like to lump those of us making $200,000 a year in whith the same crowd as himself while he is making $12,000,000 a year. They need to look at reality instead of continually using class warfare.

    Sure, my $200,000 + a year makes me very rich when compared to some, but is also makes me very poor when compared to others.
     
  8. tim_duncan2000
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    tim_duncan2000 Active Member

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    I agree. I think it's a complete joke to lump people who make $200,000 a year with the millionaires. $200,000 a year is obviously good and it's more than a lot of people make, but I don't consider someone who makes that to be that rich and a lot of small business owners make that and they aren't too thrilled about Kerry raising their taxes.
     
  9. Jimmyeatworld
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    Jimmyeatworld Silver Member

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    The tax "burden" is really given more importance than it should have, or at least doesn't have the importance that some make it out to have. If I understand everything right, they take the total amount of taxes paid and determine what percentage each category (class, whatever you want to call it) pays of the total amount. When there is a tax cut, obviously the total amount goes down. The percentage, however, will stay about the same, or drop a little bit, or maybe even go up a hair. Whichever way it goes, everybody pays less in taxes. That's the point.

    Maybe I have that wrong, but it just seems some people twist it out of proportion.
     
  10. insein
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    insein Senior Member

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    Tax brackets add to the confusion and the loopholes. We need to simplify the tax system. We need to implement one singular flat tax and get rid of all other taxes. No sales tax. No property tax. NO Business taxes. No inheritance tax. No tax on dividends. One income flat tax that makes everyone pay the same rate as everyone else. No one can say they pay more or less, because they pay the same rate. No one can accuse the Rich of stealing because the system is simple. You pay this amount of what you earned. No offshore holding accounts hiding money. No running money through swiss banks. You earned it, you keep it. You pay your percentage to uncle Sam every check and then you don't have to worry about April 15th anymore.

    Government makes money, and everyone is happy. :usa:
     

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