A breakdown of who is really paying taxes

[edthecynic]

You have not showed me were I lied, I supplied the link your using to claim to state I am dis honest
Those 50,000 troops? are you saying they vanish the second the war ends?

THINK
there still going to be on the payroll, we are still going to feed them
Many of us including me have contended the real cost of the 2 wars was way overblown because those volunteers would have been same where doing something with or without the wars

One last thing, no 2
CHILL OUT, its just information we dis agree on

God Bless every troop that did volunteer

Still trying to milk the dumb act by now pretending YOUR position that the troops still there after the fighting stopped in 2010 no longer cost the government money is suddenly my position. YOU are the one who dishonestly stopped all Iraq war costs at the year 2010 because you said that is when the fighting stopped. Stopping all Iraq war costs at 2010 was the only way YOU could claim that the successful stimulus cost more than Bush's failed Iraq War.

I made no such claim on the stimulus
the CBO did

LIAR, the CBO made no such claim. Please link directly to the CBO making that claim and not some extreme right-wing rag making that opinion for the CBO.

You won't because you can't, but I'm curious what rationalization you will give for your bullshit.

 

[Intense]

Center on Budget and Policy Priorities
820 First Street, NE, Suite 510
Washington, DC 20002

Executive Summary

Close to half of U.S. households currently do not owe federal income tax. The Urban Institute-Brookings Tax Policy Center estimates that 46 percent of households will owe no federal income tax for 2011. [1] A widely cited figure is a Joint Committee on Taxation estimate that 51 percent of households paid no federal income tax in 2009.[2] (The TPC figure for 2009 also is 51 percent.) [3]

These figures are sometimes cited as evidence that low- and moderate-income families do not pay sufficient taxes. Yet these figures, their significance, and their policy implications are widely misunderstood.

The 51 percent and 46 percent figures are anomalies that reflect the unique circumstances of the past few years, when the economic downturn greatly swelled the number of Americans with low incomes. The figures for 2009 are particularly anomalous; in that year, temporary tax cuts that the 2009 Recovery Act created — including the “Making Work Pay” tax credit and an exclusion from tax of the first $2,400 in unemployment benefits — were in effect and removed millions of Americans from the federal income tax rolls. Both of these temporary tax measures have since expired.

In 2007, before the economy turned down, 40 percent of households did not owe federal income tax. This figure more closely reflects the percentage that do not owe income tax in normal economic times.[4]
These figures cover only the federal income tax and ignore the substantial amounts of other federal taxes — especially the payroll tax — that many of these households pay. As a result, these figures greatly overstate the share of households that do not pay federal taxes. Tax Policy Center data show that only about 17 percent of households did not pay any federal income tax or payroll tax in 2009, despite the high unemployment and temporary tax cuts that marked that year.[5] In 2007, a more typical year, the figure was 14 percent. This percentage would be even lower if it reflected other federal taxes that households pay, including excise taxes on gasoline and other items.
Most of the people who pay neither federal income tax nor payroll taxes are low-income people who are elderly, unable to work due to a serious disability, or students, most of whom subsequently become taxpayers. (In years like the last few, this group also includes a significant number of people who have been unemployed the entire year and cannot find work.)
Moreover, low-income households as a group do, in fact, pay federal taxes. Congressional Budget Office data show that the poorest fifth of households paid an average of 4.0 percent of their incomes in federal taxes in 2007, the latest year for which these data are available — not an insignificant amount given how modest these households’ incomes are; the poorest fifth of households had average income of $18,400 in 2007.[6] The next-to-the bottom fifth — those with incomes between $20,500 and $34,300 in 2007 — paid an average of 10.6 percent of their incomes in federal taxes.
Moreover, even these figures greatly understatelow-income households’ totaltax burden because these households also pay substantial state and local taxes. Data from the Institute on Taxation and Economic Policy show that the poorest fifth of households paid a stunning 12.3 percent of their incomes in state and local taxes in 2011.[7]
When all federal, state, and local taxes are taken into account, the bottom fifth of households pays about 16 percent of their incomes in taxes, on average. The second-poorest fifth pays about 21 percent.[8]

It also is important to consider who the people are who do not owe federal income tax in a given year.

TPC estimates show that 61 percent of those that owed no federal income tax in a given year are working households.[9] These people do pay payroll taxes as well as federal excise taxes, and, as noted, state and local taxes. Most of these working households also pay federal income tax in other years, when their incomes are higher — which can be seen by looking at the low-income working households that receive the Earned Income Tax Credit (EITC).
The leading study of this issue found that the majority of households that receive the EITC get it for only one or two years at a time, such as when their income drops due to a temporary layoff, and pay federal income tax in most other years. The study examined the filers who claimed the EITC at least once during an 18-year periodand found that they paid a net of several hundred billion dollars in federal income tax over that period.[10] This finding shows that while some households will receive refundable tax credits in a given year whose value may exceed their payroll tax liability, they pay significant federal income taxes over time in addition to the payroll and state and local taxes they pay each year.
The remainder of those who pay no income tax are primarily elderly, disabled, or students.

Misconceptions and Realities About Who Pays Taxes — Center on Budget and Policy Priorities

 

[Cammmpbell]

According to statistics compiled from the Internal Revenue Service (IRS) by the Tax Foundation, those people making above $50,000 had an effective tax rate of 14.1 percent, and carried 93.3 percent of the total tax burden.

In contrast, Americans making less than $50,000 had an effective tax rate of 3.5 percent and their total share of the tax burden was just 6.7 percent.

Americans making more than $250,000 had an effective tax rate of 23.4 percent and their total share of the tax burden was 45.7 percent.

Out of the 143 million tax returns that were filed with the IRS in 2010, 58 million – or 41 percent – of those filers were non-payers.

In other words, only 85 million actually paid taxes.
Americans Making Over $50,000 a Year Paid 93.3 Percent of All Taxes in 2010 | CNSNews.com

You know what.....the rich have made out like bandits since their buddy Reagan was elected. An ordinary American worker not only pays payroll taxes he-she pays, sales tax, state tax, gasoline tax, excise tax, fees on cable and telephone bills, etc. The percentage of a work-a-day employee far exceeds any percentage paid by the wealthy. When someone who earns $2000 a month pays $0.40 per gallon of tax on gasoline it causes him to cut back on his travel. When somebody who makes $250,000 a year pays $0.40 gasoline tax they don't even notice it.

Something has gone very haywire since 1980:

 

[Neotrotsky]

According to statistics compiled from the Internal Revenue Service (IRS) by the Tax Foundation, those people making above $50,000 had an effective tax rate of 14.1 percent, and carried 93.3 percent of the total tax burden.

In contrast, Americans making less than $50,000 had an effective tax rate of 3.5 percent and their total share of the tax burden was just 6.7 percent.

Americans making more than $250,000 had an effective tax rate of 23.4 percent and their total share of the tax burden was 45.7 percent.

Out of the 143 million tax returns that were filed with the IRS in 2010, 58 million – or 41 percent – of those filers were non-payers.

In other words, only 85 million actually paid taxes.
Americans Making Over $50,000 a Year Paid 93.3 Percent of All Taxes in 2010 | CNSNews.com

Indeed

what will happen to our society when we have to many in the cart
being pulled by too few

 

[Intense]

According to statistics compiled from the Internal Revenue Service (IRS) by the Tax Foundation, those people making above $50,000 had an effective tax rate of 14.1 percent, and carried 93.3 percent of the total tax burden.

In contrast, Americans making less than $50,000 had an effective tax rate of 3.5 percent and their total share of the tax burden was just 6.7 percent.

Americans making more than $250,000 had an effective tax rate of 23.4 percent and their total share of the tax burden was 45.7 percent.

Out of the 143 million tax returns that were filed with the IRS in 2010, 58 million – or 41 percent – of those filers were non-payers.

In other words, only 85 million actually paid taxes.
Americans Making Over $50,000 a Year Paid 93.3 Percent of All Taxes in 2010 | CNSNews.com

You know what.....the rich have made out like bandits since their buddy Reagan was elected. An ordinary American worker not only pays payroll taxes he-she pays, sales tax, state tax, gasoline tax, excise tax, fees on cable and telephone bills, etc. The percentage of a work-a-day employee far exceeds any percentage paid by the wealthy. When someone who earns $2000 a month pays $0.40 per gallon of tax on gasoline it causes him to cut back on his travel. When somebody who makes $250,000 a year pays $0.40 gasoline tax they don't even notice it.

Something has gone very haywire since 1980:

Who doesn't pay payroll taxes he-she pays, sales tax, state tax, gasoline tax, excise tax, fees on cable and telephone bills, etc? These Taxes are based on Consumption, for the most part, not percentage of your worth. Sometimes you are a real Idiot. It's like you come close, but never hit the mark.

 

[Intense]

According to statistics compiled from the Internal Revenue Service (IRS) by the Tax Foundation, those people making above $50,000 had an effective tax rate of 14.1 percent, and carried 93.3 percent of the total tax burden.

In contrast, Americans making less than $50,000 had an effective tax rate of 3.5 percent and their total share of the tax burden was just 6.7 percent.

Americans making more than $250,000 had an effective tax rate of 23.4 percent and their total share of the tax burden was 45.7 percent.

Out of the 143 million tax returns that were filed with the IRS in 2010, 58 million – or 41 percent – of those filers were non-payers.

In other words, only 85 million actually paid taxes.
Americans Making Over $50,000 a Year Paid 93.3 Percent of All Taxes in 2010 | CNSNews.com

Indeed

what will happen to our society when we have to many in the cart
being pulled by too few

Atlas Will Shrug. Injustice will not always triumph over Justice. It will balance out. Providence is funny that way.

 

[JRK]

Center on Budget and Policy Priorities
820 First Street, NE, Suite 510
Washington, DC 20002

Executive Summary

Close to half of U.S. households currently do not owe federal income tax. The Urban Institute-Brookings Tax Policy Center estimates that 46 percent of households will owe no federal income tax for 2011. [1] A widely cited figure is a Joint Committee on Taxation estimate that 51 percent of households paid no federal income tax in 2009.[2] (The TPC figure for 2009 also is 51 percent.) [3]

These figures are sometimes cited as evidence that low- and moderate-income families do not pay sufficient taxes. Yet these figures, their significance, and their policy implications are widely misunderstood.

The 51 percent and 46 percent figures are anomalies that reflect the unique circumstances of the past few years, when the economic downturn greatly swelled the number of Americans with low incomes. The figures for 2009 are particularly anomalous; in that year, temporary tax cuts that the 2009 Recovery Act created — including the “Making Work Pay” tax credit and an exclusion from tax of the first $2,400 in unemployment benefits — were in effect and removed millions of Americans from the federal income tax rolls. Both of these temporary tax measures have since expired.

In 2007, before the economy turned down, 40 percent of households did not owe federal income tax. This figure more closely reflects the percentage that do not owe income tax in normal economic times.[4]
These figures cover only the federal income tax and ignore the substantial amounts of other federal taxes — especially the payroll tax — that many of these households pay. As a result, these figures greatly overstate the share of households that do not pay federal taxes. Tax Policy Center data show that only about 17 percent of households did not pay any federal income tax or payroll tax in 2009, despite the high unemployment and temporary tax cuts that marked that year.[5] In 2007, a more typical year, the figure was 14 percent. This percentage would be even lower if it reflected other federal taxes that households pay, including excise taxes on gasoline and other items.
Most of the people who pay neither federal income tax nor payroll taxes are low-income people who are elderly, unable to work due to a serious disability, or students, most of whom subsequently become taxpayers. (In years like the last few, this group also includes a significant number of people who have been unemployed the entire year and cannot find work.)
Moreover, low-income households as a group do, in fact, pay federal taxes. Congressional Budget Office data show that the poorest fifth of households paid an average of 4.0 percent of their incomes in federal taxes in 2007, the latest year for which these data are available — not an insignificant amount given how modest these households’ incomes are; the poorest fifth of households had average income of $18,400 in 2007.[6] The next-to-the bottom fifth — those with incomes between $20,500 and $34,300 in 2007 — paid an average of 10.6 percent of their incomes in federal taxes.
Moreover, even these figures greatly understatelow-income households’ totaltax burden because these households also pay substantial state and local taxes. Data from the Institute on Taxation and Economic Policy show that the poorest fifth of households paid a stunning 12.3 percent of their incomes in state and local taxes in 2011.[7]
When all federal, state, and local taxes are taken into account, the bottom fifth of households pays about 16 percent of their incomes in taxes, on average. The second-poorest fifth pays about 21 percent.[8]

It also is important to consider who the people are who do not owe federal income tax in a given year.

TPC estimates show that 61 percent of those that owed no federal income tax in a given year are working households.[9] These people do pay payroll taxes as well as federal excise taxes, and, as noted, state and local taxes. Most of these working households also pay federal income tax in other years, when their incomes are higher — which can be seen by looking at the low-income working households that receive the Earned Income Tax Credit (EITC).
The leading study of this issue found that the majority of households that receive the EITC get it for only one or two years at a time, such as when their income drops due to a temporary layoff, and pay federal income tax in most other years. The study examined the filers who claimed the EITC at least once during an 18-year periodand found that they paid a net of several hundred billion dollars in federal income tax over that period.[10] This finding shows that while some households will receive refundable tax credits in a given year whose value may exceed their payroll tax liability, they pay significant federal income taxes over time in addition to the payroll and state and local taxes they pay each year.
The remainder of those who pay no income tax are primarily elderly, disabled, or students.

Misconceptions and Realities About Who Pays Taxes — Center on Budget and Policy Priorities

People assume that conservatives do not realize this. My issue is with the talk coming from Washington that makes the ones who do out as some kind of evil and that there not paying enough
Wellfare debate is not an item I will get into to, that goes to a place people do not like.

The buffet tax has so many thinking that the "rich" are not paying the same "income"tax as the middle class (we will not get into Buffet and his 7 years outstanding in which it is in court) when its got nothing to do with income

Let me add that most capital gains has been taxed once. The argument is "the profit" has not

I gross 1.25 million
I get taxed 250,000
I make 100,000 next year on capital gains

that is monies that have been taxed twice now
Thats another side to this story that needs to be told, That BHO fails to mention in his attack on the "rich"

You addition to this discussion is what this thread is all about, to discuss all sides of the issue. Your poitnis well taken
Again, well-fare is not a subject we need to add here

 

[JRK]

According to statistics compiled from the Internal Revenue Service (IRS) by the Tax Foundation, those people making above $50,000 had an effective tax rate of 14.1 percent, and carried 93.3 percent of the total tax burden.

In contrast, Americans making less than $50,000 had an effective tax rate of 3.5 percent and their total share of the tax burden was just 6.7 percent.

Americans making more than $250,000 had an effective tax rate of 23.4 percent and their total share of the tax burden was 45.7 percent.

Out of the 143 million tax returns that were filed with the IRS in 2010, 58 million – or 41 percent – of those filers were non-payers.

In other words, only 85 million actually paid taxes.
Americans Making Over $50,000 a Year Paid 93.3 Percent of All Taxes in 2010 | CNSNews.com

You know what.....the rich have made out like bandits since their buddy Reagan was elected. An ordinary American worker not only pays payroll taxes he-she pays, sales tax, state tax, gasoline tax, excise tax, fees on cable and telephone bills, etc. The percentage of a work-a-day employee far exceeds any percentage paid by the wealthy. When someone who earns $2000 a month pays $0.40 per gallon of tax on gasoline it causes him to cut back on his travel. When somebody who makes $250,000 a year pays $0.40 gasoline tax they don't even notice it.

Something has gone very haywire since 1980:

Explain to me how earning wealth and then giving part of that wealth to someone who has done nothing to help you earn that wealth is making out like a bandit?

You sit down every Friday and someone you never met you give them 20% of your gross earnings every week, every year until you die
About the third week you would not see that bandit in the same eyes you do today

Paying taxes is an obligation that we, the tax payer knows we have to do. at no time does that feel like your the bandit

 

[Charles_Main]

According to statistics compiled from the Internal Revenue Service (IRS) by the Tax Foundation, those people making above $50,000 had an effective tax rate of 14.1 percent, and carried 93.3 percent of the total tax burden.

In contrast, Americans making less than $50,000 had an effective tax rate of 3.5 percent and their total share of the tax burden was just 6.7 percent.

Americans making more than $250,000 had an effective tax rate of 23.4 percent and their total share of the tax burden was 45.7 percent.

Out of the 143 million tax returns that were filed with the IRS in 2010, 58 million – or 41 percent – of those filers were non-payers.

In other words, only 85 million actually paid taxes.
Americans Making Over $50,000 a Year Paid 93.3 Percent of All Taxes in 2010 | CNSNews.com

In Other words the Middle Class, and Rich Carry all the Burden, and the rest of the Country whines they don't give enough.

No news there.

 

[JRK]

According to statistics compiled from the Internal Revenue Service (IRS) by the Tax Foundation, those people making above $50,000 had an effective tax rate of 14.1 percent, and carried 93.3 percent of the total tax burden.

In contrast, Americans making less than $50,000 had an effective tax rate of 3.5 percent and their total share of the tax burden was just 6.7 percent.

Americans making more than $250,000 had an effective tax rate of 23.4 percent and their total share of the tax burden was 45.7 percent.

Out of the 143 million tax returns that were filed with the IRS in 2010, 58 million – or 41 percent – of those filers were non-payers.

In other words, only 85 million actually paid taxes.
Americans Making Over $50,000 a Year Paid 93.3 Percent of All Taxes in 2010 | CNSNews.com

In Other words the Middle Class, and Rich Carry all the Burden, and the rest of the Country whines they don't give enough.

No news there.

Its that simple
I got real heart burn with the buffet tax being out there to lead people to believe it has something to do with income tax

I make 1.25 million
I pay 250,000 in taxes
I make 100,000 the next year on capital gains on that same million and paid 265,000 in taxes on it
That money has been taxed twice now

And somehow that is being compared to income tax

 

[edthecynic]

Center on Budget and Policy Priorities
820 First Street, NE, Suite 510
Washington, DC 20002

Executive Summary

Close to half of U.S. households currently do not owe federal income tax. The Urban Institute-Brookings Tax Policy Center estimates that 46 percent of households will owe no federal income tax for 2011. [1] A widely cited figure is a Joint Committee on Taxation estimate that 51 percent of households paid no federal income tax in 2009.[2] (The TPC figure for 2009 also is 51 percent.) [3]

These figures are sometimes cited as evidence that low- and moderate-income families do not pay sufficient taxes. Yet these figures, their significance, and their policy implications are widely misunderstood.

The 51 percent and 46 percent figures are anomalies that reflect the unique circumstances of the past few years, when the economic downturn greatly swelled the number of Americans with low incomes. The figures for 2009 are particularly anomalous; in that year, temporary tax cuts that the 2009 Recovery Act created — including the “Making Work Pay” tax credit and an exclusion from tax of the first $2,400 in unemployment benefits — were in effect and removed millions of Americans from the federal income tax rolls. Both of these temporary tax measures have since expired.

In 2007, before the economy turned down, 40 percent of households did not owe federal income tax. This figure more closely reflects the percentage that do not owe income tax in normal economic times.[4]
These figures cover only the federal income tax and ignore the substantial amounts of other federal taxes — especially the payroll tax — that many of these households pay. As a result, these figures greatly overstate the share of households that do not pay federal taxes. Tax Policy Center data show that only about 17 percent of households did not pay any federal income tax or payroll tax in 2009, despite the high unemployment and temporary tax cuts that marked that year.[5] In 2007, a more typical year, the figure was 14 percent. This percentage would be even lower if it reflected other federal taxes that households pay, including excise taxes on gasoline and other items.
Most of the people who pay neither federal income tax nor payroll taxes are low-income people who are elderly, unable to work due to a serious disability, or students, most of whom subsequently become taxpayers. (In years like the last few, this group also includes a significant number of people who have been unemployed the entire year and cannot find work.)
Moreover, low-income households as a group do, in fact, pay federal taxes. Congressional Budget Office data show that the poorest fifth of households paid an average of 4.0 percent of their incomes in federal taxes in 2007, the latest year for which these data are available — not an insignificant amount given how modest these households’ incomes are; the poorest fifth of households had average income of $18,400 in 2007.[6] The next-to-the bottom fifth — those with incomes between $20,500 and $34,300 in 2007 — paid an average of 10.6 percent of their incomes in federal taxes.
Moreover, even these figures greatly understatelow-income households’ totaltax burden because these households also pay substantial state and local taxes. Data from the Institute on Taxation and Economic Policy show that the poorest fifth of households paid a stunning 12.3 percent of their incomes in state and local taxes in 2011.[7]
When all federal, state, and local taxes are taken into account, the bottom fifth of households pays about 16 percent of their incomes in taxes, on average. The second-poorest fifth pays about 21 percent.[8]

It also is important to consider who the people are who do not owe federal income tax in a given year.

TPC estimates show that 61 percent of those that owed no federal income tax in a given year are working households.[9] These people do pay payroll taxes as well as federal excise taxes, and, as noted, state and local taxes. Most of these working households also pay federal income tax in other years, when their incomes are higher — which can be seen by looking at the low-income working households that receive the Earned Income Tax Credit (EITC).
The leading study of this issue found that the majority of households that receive the EITC get it for only one or two years at a time, such as when their income drops due to a temporary layoff, and pay federal income tax in most other years. The study examined the filers who claimed the EITC at least once during an 18-year periodand found that they paid a net of several hundred billion dollars in federal income tax over that period.[10] This finding shows that while some households will receive refundable tax credits in a given year whose value may exceed their payroll tax liability, they pay significant federal income taxes over time in addition to the payroll and state and local taxes they pay each year.
The remainder of those who pay no income tax are primarily elderly, disabled, or students.

Misconceptions and Realities About Who Pays Taxes — Center on Budget and Policy Priorities

People assume that conservatives do not realize this. My issue is with the talk coming from Washington that makes the ones who do out as some kind of evil and that there not paying enough
Wellfare debate is not an item I will get into to, that goes to a place people do not like.

The buffet tax has so many thinking that the "rich" are not paying the same "income"tax as the middle class (we will not get into Buffet and his 7 years outstanding in which it is in court) when its got nothing to do with income

Let me add that most capital gains has been taxed once. The argument is "the profit" has not

I gross 1.25 million
I get taxed 250,000
I make 100,000 next year on capital gains

that is monies that have been taxed twice now
Thats another side to this story that needs to be told, That BHO fails to mention in his attack on the "rich"

You addition to this discussion is what this thread is all about, to discuss all sides of the issue. Your poitnis well taken
Again, well-fare is not a subject we need to add here

No matter how many times you repeat this lie it is still a lie. As you well know, only the 100k profit is taxed, the 1 million you invested to make the 100k is not. The 1 million was taxed once when you earned it and the 100k was taxed once when you sold the stock you invested the 1 million in. All of the money was taxed only once while you possessed it.

 

[francoHFW]

STUPID Pub spin for the dupes. Take fees and all taxes to the gov't and the poor pay MORE %wise than the rich. Pubs have jacking up fees for years- check car registrations, tickets you name it- it's a scandal. What Pubcrappe talking points as always...

 

[alan1]

According to statistics compiled from the Internal Revenue Service (IRS) by the Tax Foundation, those people making above $50,000 had an effective tax rate of 14.1 percent, and carried 93.3 percent of the total tax burden.

In contrast, Americans making less than $50,000 had an effective tax rate of 3.5 percent and their total share of the tax burden was just 6.7 percent.

Americans making more than $250,000 had an effective tax rate of 23.4 percent and their total share of the tax burden was 45.7 percent.

Out of the 143 million tax returns that were filed with the IRS in 2010, 58 million – or 41 percent – of those filers were non-payers.

In other words, only 85 million actually paid taxes.
Americans Making Over $50,000 a Year Paid 93.3 Percent of All Taxes in 2010 | CNSNews.com

In Other words the Middle Class, and Rich Carry all the Burden, and the rest of the Country whines they don't give enough.

No news there.

See my sig line


Voting for your brethren to pay more in taxes than you pay yourself is naught but legalized theft.

Using politicians as your means to enforce your theft may be legal, but that doesn’t make it right.

 

[Clementine]

According to statistics compiled from the Internal Revenue Service (IRS) by the Tax Foundation, those people making above $50,000 had an effective tax rate of 14.1 percent, and carried 93.3 percent of the total tax burden.

In contrast, Americans making less than $50,000 had an effective tax rate of 3.5 percent and their total share of the tax burden was just 6.7 percent.

Americans making more than $250,000 had an effective tax rate of 23.4 percent and their total share of the tax burden was 45.7 percent.

Out of the 143 million tax returns that were filed with the IRS in 2010, 58 million – or 41 percent – of those filers were non-payers.

In other words, only 85 million actually paid taxes.
Americans Making Over $50,000 a Year Paid 93.3 Percent of All Taxes in 2010 | CNSNews.com

And lest we forget, of those 58 million who PAID no taxes, better than half got a refund LARGER than the amount they lent to the government.

Some look forward to April 15 since it's payday.

 

[Cammmpbell]

According to statistics compiled from the Internal Revenue Service (IRS) by the Tax Foundation, those people making above $50,000 had an effective tax rate of 14.1 percent, and carried 93.3 percent of the total tax burden.

In contrast, Americans making less than $50,000 had an effective tax rate of 3.5 percent and their total share of the tax burden was just 6.7 percent.

Americans making more than $250,000 had an effective tax rate of 23.4 percent and their total share of the tax burden was 45.7 percent.

Out of the 143 million tax returns that were filed with the IRS in 2010, 58 million – or 41 percent – of those filers were non-payers.

In other words, only 85 million actually paid taxes.
Americans Making Over $50,000 a Year Paid 93.3 Percent of All Taxes in 2010 | CNSNews.com

You know what.....the rich have made out like bandits since their buddy Reagan was elected. An ordinary American worker not only pays payroll taxes he-she pays, sales tax, state tax, gasoline tax, excise tax, fees on cable and telephone bills, etc. The percentage of a work-a-day employee far exceeds any percentage paid by the wealthy. When someone who earns $2000 a month pays $0.40 per gallon of tax on gasoline it causes him to cut back on his travel. When somebody who makes $250,000 a year pays $0.40 gasoline tax they don't even notice it.

Something has gone very haywire since 1980:

Explain to me how earning wealth and then giving part of that wealth to someone who has done nothing to help you earn that wealth is making out like a bandit?

You sit down every Friday and someone you never met you give them 20% of your gross earnings every week, every year until you die
About the third week you would not see that bandit in the same eyes you do today

Paying taxes is an obligation that we, the tax payer knows we have to do. at no time does that feel like your the bandit

The problem wasn't a problem until Reagan and the Bushes cut taxes for the wealthy and began to borrow from foreign banks to cover the shortfall. Borrowing money and increasing the debt so the future generations will have to pay it off was never done at any other time in the history of this great republic other than the 2nd world war. In order to pay that debt both sides agreed to do it wih higher taxes. All through the 1950's(uhder a Republican president) the tax rate for anyone maikng over $300,000 a year was 91% of anything above that.

Now.....after the Reagan-Bushes debt the annual interest on the debt is nearly half a trillion dollars which must be paid each year. Obama inheirited a Republican mess in more ways than the economy bleeding 750,000 jobs a month....he inheirited their debt:

Total U S Debt


09/30/2009 $11,909,829,003,511.75(80% Of All Debt Across 232 Years Borrowed By Reagan And Bushes)

09/30/2008 $10,024,724,896,912.49(Times Square Debt Clock Modified To Accomodate Tens of Trillions)

09/30/2007 $9,007,653,372,262.48
09/30/2006 $8,506,973,899,215.23
09/30/2005 $7,932,709,661,723.50
09/30/2004 $7,379,052,696,330.32

09/30/2003 $6,783,231,062,743.62(Second Bush Tax Cuts Enacted Using Reconciliation)


09/30/2002 $6,228,235,965,597.16

09/30/2001 $5,807,463,412,200.06(First Bush Tax Cuts Enacted Using Reconciliation)


09/30/2000 $5,674,178,209,886.86(Administration And Congress Arguing About How To Use Surplus)

09/30/1999 $5,656,270,901,615.43(First Surplus Generated...On Track To Pay Off Debt By 2012)

09/30/1998 $5,526,193,008,897.62
09/30/1997 $5,413,146,011,397.34
09/30/1996 $5,224,810,939,135.73
09/29/1995 $4,973,982,900,709.39
09/30/1994 $4,692,749,910,013.32

09/30/1993 $4,411,488,883,139.38(Debt Quadrupled By Reagan/Bush41)

09/30/1992 $4,064,620,655,521.66
09/30/1991 $3,665,303,351,697.03
09/28/1990 $3,233,313,451,777.25
09/29/1989 $2,857,430,960,187.32
09/30/1988 $2,602,337,712,041.16
09/30/1987 $2,350,276,890,953.00
09/30/1986 $2,125,302,616,658.42
09/30/1985 $1,823,103,000,000.00
09/30/1984 $1,572,266,000,000.00
09/30/1983 $1,377,210,000,000.00

09/30/1982 $1,142,034,000,000.00(Total Debt Passes $1 Trillion)

09/30/1981 $997,855,000,000.00

...........................................INTEREST ON THE NATIONAL DEBT.............................................

................................Bush's last budget(fy 2008) ended September 30, 2009.........................................

 

[BillyV]

No matter how many times you repeat this lie it is still a lie. As you well know, only the 100k profit is taxed, the 1 million you invested to make the 100k is not. The 1 million was taxed once when you earned it and the 100k was taxed once when you sold the stock you invested the 1 million in. All of the money was taxed only once while you possessed it.

Let's take a simple case that makes it easier to understand. An entrepreneur creates a corporation on January 1 of year 1 with a small investment and an idea. On December 31th of year 1 he has a profit of $1 million, and will owe tax on that million of say $350,000 (not accounting for lower marginal rates under $100,000 to keep it simple). So he pays the tax and has $650,000 in cash remaining, and sells his stock for $650,000 (he just wants to take his cash and go) on January 1 of year 2. Now he owes another 15% in capital gains taxes. His only profit was the $1 million, and yet he was taxed at both the corporate and individual level. Please explain to us how that single $1 million income isn't double taxed.

 

[edthecynic]

No matter how many times you repeat this lie it is still a lie. As you well know, only the 100k profit is taxed, the 1 million you invested to make the 100k is not. The 1 million was taxed once when you earned it and the 100k was taxed once when you sold the stock you invested the 1 million in. All of the money was taxed only once while you possessed it.

Let's take a simple case that makes it easier to understand. An entrepreneur creates a corporation on January 1 of year 1 with a small investment and an idea. On December 31th of year 1 he has a profit of $1 million, and will owe tax on that million of say $350,000 (not accounting for lower marginal rates under $100,000 to keep it simple). So he pays the tax and has $650,000 in cash remaining, and sells his stock for $650,000 (he just wants to take his cash and go) on January 1 of year 2. Now he owes another 15% in capital gains taxes. His only profit was the $1 million, and yet he was taxed at both the corporate and individual level. Please explain to us how that single $1 million income isn't double taxed.

His "profit" and his "stock" are two different things!!! When his profit was taxed his stock wasn't.

If you are claiming his profit was solely his stock, the ONLY way he could have realized his initial 1 million profit was by selling his stock and he can't legally sell the same stock he already sold for another $650k. If you are saying his stock was worth 1.65 million when he sold the first million, then the 650k was not taxed when the first million was sold. When the 650k was finally sold it was taxed for the first time.

 

[Toddsterpatriot]

You know what.....the rich have made out like bandits since their buddy Reagan was elected. An ordinary American worker not only pays payroll taxes he-she pays, sales tax, state tax, gasoline tax, excise tax, fees on cable and telephone bills, etc. The percentage of a work-a-day employee far exceeds any percentage paid by the wealthy. When someone who earns $2000 a month pays $0.40 per gallon of tax on gasoline it causes him to cut back on his travel. When somebody who makes $250,000 a year pays $0.40 gasoline tax they don't even notice it.

Something has gone very haywire since 1980:

Explain to me how earning wealth and then giving part of that wealth to someone who has done nothing to help you earn that wealth is making out like a bandit?

You sit down every Friday and someone you never met you give them 20% of your gross earnings every week, every year until you die
About the third week you would not see that bandit in the same eyes you do today

Paying taxes is an obligation that we, the tax payer knows we have to do. at no time does that feel like your the bandit

The problem wasn't a problem until Reagan and the Bushes cut taxes for the wealthy and began to borrow from foreign banks to cover the shortfall. Borrowing money and increasing the debt so the future generations will have to pay it off was never done at any other time in the history of this great republic other than the 2nd world war. In order to pay that debt both sides agreed to do it wih higher taxes. All through the 1950's(uhder a Republican president) the tax rate for anyone maikng over $300,000 a year was 91% of anything above that.

Now.....after the Reagan-Bushes debt the annual interest on the debt is nearly half a trillion dollars which must be paid each year. Obama inheirited a Republican mess in more ways than the economy bleeding 750,000 jobs a month....he inheirited their debt:

Total U S Debt


09/30/2009 $11,909,829,003,511.75(80% Of All Debt Across 232 Years Borrowed By Reagan And Bushes)

09/30/2008 $10,024,724,896,912.49(Times Square Debt Clock Modified To Accomodate Tens of Trillions)

09/30/2007 $9,007,653,372,262.48
09/30/2006 $8,506,973,899,215.23
09/30/2005 $7,932,709,661,723.50
09/30/2004 $7,379,052,696,330.32

09/30/2003 $6,783,231,062,743.62(Second Bush Tax Cuts Enacted Using Reconciliation)


09/30/2002 $6,228,235,965,597.16

09/30/2001 $5,807,463,412,200.06(First Bush Tax Cuts Enacted Using Reconciliation)


09/30/2000 $5,674,178,209,886.86(Administration And Congress Arguing About How To Use Surplus)

09/30/1999 $5,656,270,901,615.43(First Surplus Generated...On Track To Pay Off Debt By 2012)

09/30/1998 $5,526,193,008,897.62
09/30/1997 $5,413,146,011,397.34
09/30/1996 $5,224,810,939,135.73
09/29/1995 $4,973,982,900,709.39
09/30/1994 $4,692,749,910,013.32

09/30/1993 $4,411,488,883,139.38(Debt Quadrupled By Reagan/Bush41)

09/30/1992 $4,064,620,655,521.66
09/30/1991 $3,665,303,351,697.03
09/28/1990 $3,233,313,451,777.25
09/29/1989 $2,857,430,960,187.32
09/30/1988 $2,602,337,712,041.16
09/30/1987 $2,350,276,890,953.00
09/30/1986 $2,125,302,616,658.42
09/30/1985 $1,823,103,000,000.00
09/30/1984 $1,572,266,000,000.00
09/30/1983 $1,377,210,000,000.00

09/30/1982 $1,142,034,000,000.00(Total Debt Passes $1 Trillion)

09/30/1981 $997,855,000,000.00

...........................................INTEREST ON THE NATIONAL DEBT.............................................

................................Bush's last budget(fy 2008) ended September 30, 2009.........................................

Obama inheirited a Republican mess in more ways than the economy bleeding 750,000 jobs a month....he inheirited their debt:

Poor baby. After November he won't have to whine about it anymore.

 

[BillyV]

No matter how many times you repeat this lie it is still a lie. As you well know, only the 100k profit is taxed, the 1 million you invested to make the 100k is not. The 1 million was taxed once when you earned it and the 100k was taxed once when you sold the stock you invested the 1 million in. All of the money was taxed only once while you possessed it.

Let's take a simple case that makes it easier to understand. An entrepreneur creates a corporation on January 1 of year 1 with a small investment and an idea. On December 31th of year 1 he has a profit of $1 million, and will owe tax on that million of say $350,000 (not accounting for lower marginal rates under $100,000 to keep it simple). So he pays the tax and has $650,000 in cash remaining, and sells his stock for $650,000 (he just wants to take his cash and go) on January 1 of year 2. Now he owes another 15% in capital gains taxes. His only profit was the $1 million, and yet he was taxed at both the corporate and individual level. Please explain to us how that single $1 million income isn't double taxed.

His "profit" and his "stock" are two different things!!! When his profit was taxed his stock wasn't.

If you are claiming his profit was solely his stock, the ONLY way he could have realized his initial 1 million profit was by selling his stock and he can't legally sell the same stock he already sold for another $650k. If you are saying his stock was worth 1.65 million when he sold the first million, then the 650k was not taxed when the first million was sold. When the 650k was finally sold it was taxed for the first time.

I didn't really expect anyone to debate such a clear-cut case of double taxation. Only $1 million in total was earned, yet it was taxed first at the corporate level at 35% ($350,000) and second at the individual level at 15% ($97,500); it's the same $1 million, but instead of a 35% total tax rate, it is taxed at 44.75% (a total of $447,500 in taxes).

Let's look at a 2nd scenario: Instead of creating a corporation, the entrepreneur just starts this business as an individual. On December 31 he has earned $1 million, and therefore owes $350,000 in taxes on the earnings (again forgetting the lower marginal rates for simplicity), and is left with $650,000 with no further federal income tax to pay. In case 1 he is left with $552,500, and it is your argument that the first case doesn't represent double taxation? Is the second case less than single taxation then?
By the way, I'm not arguing that he should "realize his initial 1 million profit"; he is required to pay 35% of that to the federal government. I'm simply saying that he has also paid a second tax on that profit that you are denying. I'm not even arguing that it is unfair, but it is a fact that should be considered.

 

[JRK]

Explain to me how earning wealth and then giving part of that wealth to someone who has done nothing to help you earn that wealth is making out like a bandit?

You sit down every Friday and someone you never met you give them 20% of your gross earnings every week, every year until you die
About the third week you would not see that bandit in the same eyes you do today

Paying taxes is an obligation that we, the tax payer knows we have to do. at no time does that feel like your the bandit

The problem wasn't a problem until Reagan and the Bushes cut taxes for the wealthy and began to borrow from foreign banks to cover the shortfall. Borrowing money and increasing the debt so the future generations will have to pay it off was never done at any other time in the history of this great republic other than the 2nd world war. In order to pay that debt both sides agreed to do it wih higher taxes. All through the 1950's(uhder a Republican president) the tax rate for anyone maikng over $300,000 a year was 91% of anything above that.

Now.....after the Reagan-Bushes debt the annual interest on the debt is nearly half a trillion dollars which must be paid each year. Obama inheirited a Republican mess in more ways than the economy bleeding 750,000 jobs a month....he inheirited their debt:

Total U S Debt


09/30/2009 $11,909,829,003,511.75(80% Of All Debt Across 232 Years Borrowed By Reagan And Bushes)

09/30/2008 $10,024,724,896,912.49(Times Square Debt Clock Modified To Accomodate Tens of Trillions)

09/30/2007 $9,007,653,372,262.48
09/30/2006 $8,506,973,899,215.23
09/30/2005 $7,932,709,661,723.50
09/30/2004 $7,379,052,696,330.32

09/30/2003 $6,783,231,062,743.62(Second Bush Tax Cuts Enacted Using Reconciliation)


09/30/2002 $6,228,235,965,597.16

09/30/2001 $5,807,463,412,200.06(First Bush Tax Cuts Enacted Using Reconciliation)


09/30/2000 $5,674,178,209,886.86(Administration And Congress Arguing About How To Use Surplus)

09/30/1999 $5,656,270,901,615.43(First Surplus Generated...On Track To Pay Off Debt By 2012)

09/30/1998 $5,526,193,008,897.62
09/30/1997 $5,413,146,011,397.34
09/30/1996 $5,224,810,939,135.73
09/29/1995 $4,973,982,900,709.39
09/30/1994 $4,692,749,910,013.32

09/30/1993 $4,411,488,883,139.38(Debt Quadrupled By Reagan/Bush41)

09/30/1992 $4,064,620,655,521.66
09/30/1991 $3,665,303,351,697.03
09/28/1990 $3,233,313,451,777.25
09/29/1989 $2,857,430,960,187.32
09/30/1988 $2,602,337,712,041.16
09/30/1987 $2,350,276,890,953.00
09/30/1986 $2,125,302,616,658.42
09/30/1985 $1,823,103,000,000.00
09/30/1984 $1,572,266,000,000.00
09/30/1983 $1,377,210,000,000.00

09/30/1982 $1,142,034,000,000.00(Total Debt Passes $1 Trillion)

09/30/1981 $997,855,000,000.00

...........................................INTEREST ON THE NATIONAL DEBT.............................................

................................Bush's last budget(fy 2008) ended September 30, 2009.........................................

Obama inheirited a Republican mess in more ways than the economy bleeding 750,000 jobs a month....he inheirited their debt:

Poor baby. After November he won't have to whine about it anymore.

2007 we were spending 2.7 trillion a year
2009 it was 3.5

how is that any-ones fault but BHO?

he added 400 billion on 09
kept those same levels thru 2011

spending is up 700 billion from 2007, the last GOP budget

Jobs bleed kept going through the end of 2009 and it had nor recovered as we are close to 6 million jobs form 08 levels

The debt issue has many to blame that is a fact
But blaming the GOP on what the DEM controlled congresses voted into law is boring and does nothing to take away the facts

The GOP from 96 through 07 stopped the bleeding (senate was DEMs in 01-03) it re started in the 08 budget

Blaming the GOP on an addition of 700 billion sense the Dems took control is childish