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The great majority of Americans make less than $106,800 a year. Millions of workers pay more in payroll taxes than in federal income taxes.
The 12-month tax reduction will cost the government about $120 billion this year, and a similar amount next year if it's renewed.
That worries Rep. David Camp, R-Mich., chairman of the tax-writing Ways and Means Committee, and a member of the House-Senate supercommittee tasked with finding new deficit cuts. Tax reductions, "no matter how well-intended," will push the deficit higher, making the panel's task that much harder, Camp's office said.
So do you guys support this tax cut?
No - and for the UMPTEENTH fucking time -
# In 2002 the latest year of available data, the top 5 percent of taxpayers paid more than one-half (53.8 percent) of all individual income taxes, but reported roughly one-third (30.6 percent) of income.
# The top 1 percent of taxpayers paid 33.7 percent of all individual income taxes in 2002. This group of taxpayers has paid more than 30 percent of individual income taxes since 1995. Moreover, since 1990 this groups tax share has grown faster than their income share.
# Taxpayers who rank in the top 50 percent of taxpayers by income pay virtually all individual income taxes. In all years since 1990, taxpayers in this group have paid over 94 percent of all individual income taxes. In 2000, 2001, and 2002, this group paid over 96 percent of the total.
Treasury Department analysts credit President Bush's tax cuts with shifting a larger share of the individual income taxes paid to higher income taxpayers. In 2005, says the Treasury, when most of the tax cut provisions are fully in effect (e.g., lower tax rates, the $1,000 child credit, marriage penalty relief), the projected tax share for lower-income taxpayers will fall, while the tax share for higher-income taxpayers will rise.
# The share of taxes paid by the bottom 50 percent of taxpayers will fall from 4.1 percent to 3.6 percent.
# The share of taxes paid by the top 1 percent of taxpayers will rise from 32.3 percent to 33.7 percent.
# The average tax rate for the bottom 50 percent of taxpayers falls by 27 percent as compared to a 13 percent decline for taxpayers in the top 1 percent.
It's social security tax.
At issue is a tax that the vast majority of workers pay, but many don't recognize because they don't read, or don't understand their pay stubs. Workers normally pay 6.2 percent of their wages toward a tax designated for Social Security. Their employer pays an equal amount, for a total of 12.4 percent per worker.
As part of a bipartisan spending deal last December, Congress approved Obama's request to reduce the workers' share to 4.2 percent for one year; employers' rate did not change. Obama wants Congress to extend the reduction for an additional year. If not, the rate will return to 6.2 percent on Jan. 1."
So do you guys support this tax cut?
No - and for the UMPTEENTH fucking time -
# In 2002 the latest year of available data, the top 5 percent of taxpayers paid more than one-half (53.8 percent) of all individual income taxes, but reported roughly one-third (30.6 percent) of income.
# The top 1 percent of taxpayers paid 33.7 percent of all individual income taxes in 2002. This group of taxpayers has paid more than 30 percent of individual income taxes since 1995. Moreover, since 1990 this groups tax share has grown faster than their income share.
# Taxpayers who rank in the top 50 percent of taxpayers by income pay virtually all individual income taxes. In all years since 1990, taxpayers in this group have paid over 94 percent of all individual income taxes. In 2000, 2001, and 2002, this group paid over 96 percent of the total.
Treasury Department analysts credit President Bush's tax cuts with shifting a larger share of the individual income taxes paid to higher income taxpayers. In 2005, says the Treasury, when most of the tax cut provisions are fully in effect (e.g., lower tax rates, the $1,000 child credit, marriage penalty relief), the projected tax share for lower-income taxpayers will fall, while the tax share for higher-income taxpayers will rise.
# The share of taxes paid by the bottom 50 percent of taxpayers will fall from 4.1 percent to 3.6 percent.
# The share of taxes paid by the top 1 percent of taxpayers will rise from 32.3 percent to 33.7 percent.
# The average tax rate for the bottom 50 percent of taxpayers falls by 27 percent as compared to a 13 percent decline for taxpayers in the top 1 percent.
So there are taxes you are willing to raise.
Thank you for your honesty
It seems the right-wing posters want to blame democrats for republicans saying "tax cuts don't cost, but tax cuts do cost". Make up your minds.
No - and for the UMPTEENTH fucking time -
# In 2002 the latest year of available data, the top 5 percent of taxpayers paid more than one-half (53.8 percent) of all individual income taxes, but reported roughly one-third (30.6 percent) of income.
# The top 1 percent of taxpayers paid 33.7 percent of all individual income taxes in 2002. This group of taxpayers has paid more than 30 percent of individual income taxes since 1995. Moreover, since 1990 this groups tax share has grown faster than their income share.
# Taxpayers who rank in the top 50 percent of taxpayers by income pay virtually all individual income taxes. In all years since 1990, taxpayers in this group have paid over 94 percent of all individual income taxes. In 2000, 2001, and 2002, this group paid over 96 percent of the total.
Treasury Department analysts credit President Bush's tax cuts with shifting a larger share of the individual income taxes paid to higher income taxpayers. In 2005, says the Treasury, when most of the tax cut provisions are fully in effect (e.g., lower tax rates, the $1,000 child credit, marriage penalty relief), the projected tax share for lower-income taxpayers will fall, while the tax share for higher-income taxpayers will rise.
# The share of taxes paid by the bottom 50 percent of taxpayers will fall from 4.1 percent to 3.6 percent.
# The share of taxes paid by the top 1 percent of taxpayers will rise from 32.3 percent to 33.7 percent.
# The average tax rate for the bottom 50 percent of taxpayers falls by 27 percent as compared to a 13 percent decline for taxpayers in the top 1 percent.
So there are taxes you are willing to raise.
Thank you for your honesty
Are you able to see who pays the most taxes / who pays the least from the post I provided ? If not, I'll draw something in crayon, scan it and post for you and the K through 5 crowd to comprehend.
So there are taxes you are willing to raise.
Thank you for your honesty
Are you able to see who pays the most taxes / who pays the least from the post I provided ? If not, I'll draw something in crayon, scan it and post for you and the K through 5 crowd to comprehend.
Shouldn't the people who make the most pay the most taxes? Now do you want to look at percentage of income paid in taxes?
So when the right who signed Grover Norquists pledge vote to raise this tax should thye be punished by the tea party?
two words Media matter
Come on dude everybody knows using media matter might as well get their information from the white house.
WELL I TAKE THAT BACK IT APPEARS YOU DIDN'T KNOW THAT.
Are you able to see who pays the most taxes / who pays the least from the post I provided ? If not, I'll draw something in crayon, scan it and post for you and the K through 5 crowd to comprehend.
Shouldn't the people who make the most pay the most taxes? Now do you want to look at percentage of income paid in taxes?
No - we should ALL pay taxes. Currently the people who make the most, pay the most, and carry sorry assholes like you - who probably pay nothing at all.
I realize this is a difficult concept for a Liberal.
Do you live foodstamp to foodstamp on my dime, asswipe?
So when the right who signed Grover Norquists pledge vote to raise this tax should thye be punished by the tea party?
Yes. Voted out beaten and spit on. I say get rid of the social security tax altogether. Get rid of all taxes. Let the government earn it's own money to waste.
Shouldn't the people who make the most pay the most taxes? Now do you want to look at percentage of income paid in taxes?
No - we should ALL pay taxes. Currently the people who make the most, pay the most, and carry sorry assholes like you - who probably pay nothing at all.
I realize this is a difficult concept for a Liberal.
Do you live foodstamp to foodstamp on my dime, asswipe?
So you're for a flat tax?
I paid $20,000 in federal taxes, excluding fica and medicare. I don't qualify for foodstamps, but "your dime" did subsidize my military retirement, Tricare Prime and GI Bill education benefits.
GOP may OK tax hike that Obama hopes to block - politics - msnbc.com
News flash: Congressional Republicans want to raise your taxes.
Impossible, right? GOP lawmakers are so virulently anti-tax, surely they will fight to prevent a payroll tax increase on virtually every wage-earner starting Jan. 1, right?
Apparently not.
Many of the same Republicans who fought hammer-and-tong to keep the George W. Bush-era income tax cuts from expiring on schedule are now saying a different "temporary" tax cut should end as planned. By their own definition, that amounts to a tax increase.
The tax break extension they oppose is sought by President Barack Obama. Unlike proposed changes in the income tax, this policy helps the 46 percent of all Americans who owe no federal income taxes but who pay a "payroll tax" on practically every dime they earn.
Fucking pricks. Per "Breezy Wheeze" at Fark:
Stewart had a brilliant and brilliantly scathing bit about this last Thursday. How the pundit class thought $700b wasn't enough of a dent in the National Debt to be worth taxing the rich over.
Those same talking heads then went on to decry how poor people don't pay US Federal Income Tax, and that we should "broaden the tax base" and "everyone should pay their fair share." Stewart noted that the bottom 40% of the the "tax base" owned less than 2.5% of the nation's wealth. To get $700b from this bottom FORTY percent, you'd literally have to confiscate half of their entire net worth, not just tax their income.
GOP may OK tax hike that Obama hopes to block - politics - msnbc.com
News flash: Congressional Republicans want to raise your taxes.
Impossible, right? GOP lawmakers are so virulently anti-tax, surely they will fight to prevent a payroll tax increase on virtually every wage-earner starting Jan. 1, right?
Apparently not.
Many of the same Republicans who fought hammer-and-tong to keep the George W. Bush-era income tax cuts from expiring on schedule are now saying a different "temporary" tax cut should end as planned. By their own definition, that amounts to a tax increase.
The tax break extension they oppose is sought by President Barack Obama. Unlike proposed changes in the income tax, this policy helps the 46 percent of all Americans who owe no federal income taxes but who pay a "payroll tax" on practically every dime they earn.
Fucking pricks. Per "Breezy Wheeze" at Fark:
Stewart had a brilliant and brilliantly scathing bit about this last Thursday. How the pundit class thought $700b wasn't enough of a dent in the National Debt to be worth taxing the rich over.
Those same talking heads then went on to decry how poor people don't pay US Federal Income Tax, and that we should "broaden the tax base" and "everyone should pay their fair share." Stewart noted that the bottom 40% of the the "tax base" owned less than 2.5% of the nation's wealth. To get $700b from this bottom FORTY percent, you'd literally have to confiscate half of their entire net worth, not just tax their income.
Shouldn't raising taxes be good news to the left? Why did Barry extend the Bush tax cuts if it wasn't a good idea? As a matter of fact where the hell is the president? Playing golf with the Kennedys?
Bingo.
If they are letting a tax cut expire because they can cut a tax in another "better area," then in the end you don't really have a tax increase... Does this answer you're partisan bullshit question, again? Yes Citizen, you're well on your way back to "Fuck Republicans" seemingly every chance you get.
I'm not a Republican, I like fucking Ron Paul for wtf sake... And yes I can understand this very very simple issue. Transfusing a tax cut to another area is not a tax increase, it's keeping taxes the same. Making sure SS gets its funds is not hypocrisy if anything it’s smart as shit unless Obama/Dems/Republicans steals more money for SS.
LOL Just because I detest most republican political mantras does not mean I love demoncrats.
I am not limited to a binary absolutist mindset.
The old if you do not like cons you must be a liberal does not cut it with me.
the Bushian logic of you are either with us or with the enemy is bullcrap.
What If I am against both sides on many things?
Bingo.
If they are letting a tax cut expire because they can cut a tax in another "better area," then in the end you don't really have a tax increase... Does this answer you're partisan bullshit question, again? Yes Citizen, you're well on your way back to "Fuck Republicans" seemingly every chance you get.
I'm not a Republican, I like fucking Ron Paul for wtf sake... And yes I can understand this very very simple issue. Transfusing a tax cut to another area is not a tax increase, it's keeping taxes the same. Making sure SS gets its funds is not hypocrisy if anything its smart as shit unless Obama/Dems/Republicans steals more money for SS.
This post is nothing but full of shit. By his definition if we raised taxes on the rich to 90% and cut taxes on the middle class then no tax hike has occurred.
I'd bet the rich would strongly disagree.
.