AP fact checks liberal claims about their wealth envy

[Liberty]

Cuyo is the AP and CBO wrong in this article?

 

[8537]

Howdy, Jarhead -

yeah but the PRESIDENT and numerous idiots like yourself DO in fact make the claim that the poor or "middle class" pay more which is simply not true.

I think what's being said most often is that some of the wealthiest Americans are able to exploit loopholes, credits and the lower tax rate associated with unearned income to pay a lower overall rate than others.

that's just a simple fact. It's how Theresa Heinz Kerry payed 12% on tens of millions of dollars.

There are deductions available to everyone...and yes, some dont get to use them, some opt NOT to use them (some people prefer renting over owning so they dont get to write off mortgage interest)..

...which is a perfectly good reason to get rid of most deductions - including mortgage interest (which penalizes large downpayments)!

And the truth is...if, in fact, it were a valid argument that the "rich" get to use the loop holes...then please explain to me why Obama is using the Buffet argument which, as you know, is BS seeing as Buffet was referring to Cap gains tax and c`omparing it to income tax of his secretary.

I agree with Obama on that - Buffett's effective tax rate is lower because the government prefers capital gains over labor. That makes no economic sense to me. Tax it all at the same rate.

 

[Truthseeker420]

Yeah Warren Buffet is jealous of all the wealth of traler park republicans.

BUFFET AND OTHER RICH LEFTISTS want to increase taxes because THEY HAVE ALREADY REACHED THE TOP and want those who are working their asses off to get to the top to have a harder time! It's to stifle competition not because they are "nice" people. Truth seeker? Wake the fuck up.

Yeah right, Buffet made his money during the 70's when it was much higher and in the 80's when it was higher than today. And Warren Buffet doesn't get to collect the taxes soi don't see how that would help him as he would have to pay more taxes also.

 

[Cuyo]

Cuyo is the AP and CBO wrong in this article?

Probably not, but neither am I.

It's true that overall, higher earners pay a higher percentage.

It's true that some high earners pay a lower percentage (or none);

And it's true that 'X% of tax payers pay Y% of income taxes' is misleading for the reasons I specified.

 

[Truthmatters]

Stephen Ohlemacher: World News, Tweets, Pictures and Videos


He is a right wing nutter

 

[Meister]

Howdy, Jarhead -

I think what's being said most often is that some of the wealthiest Americans are able to exploit loopholes, credits and the lower tax rate associated with unearned income to pay a lower overall rate than others.

that's just a simple fact. It's how Theresa Heinz Kerry payed 12% on tens of millions of dollars.

There are deductions available to everyone...and yes, some dont get to use them, some opt NOT to use them (some people prefer renting over owning so they dont get to write off mortgage interest)..

...which is a perfectly good reason to get rid of most deductions - including mortgage interest (which penalizes large downpayments)!

And the truth is...if, in fact, it were a valid argument that the "rich" get to use the loop holes...then please explain to me why Obama is using the Buffet argument which, as you know, is BS seeing as Buffet was referring to Cap gains tax and c`omparing it to income tax of his secretary.

I agree with Obama on that - Buffett's effective tax rate is lower because the government prefers capital gains over labor. That makes no economic sense to me. Tax it all at the same rate.

A person takes a gamble when investing in the market, hence the reduction on capital gains tax.
If Warren Buffett is such an angel, why does he have his family and friends on the board of directors in the charities that he has given millions. Why doesn't he send a check to the feds if he thinks he doesn't pay enough? Why does he pay CPA's the big bucks to find the tax loopholes for his earnings and estate? He's a disengenuous fuck....at best.

 

[Jarhead]

Howdy, Jarhead -

I think what's being said most often is that some of the wealthiest Americans are able to exploit loopholes, credits and the lower tax rate associated with unearned income to pay a lower overall rate than others.

that's just a simple fact. It's how Theresa Heinz Kerry payed 12% on tens of millions of dollars.

There are deductions available to everyone...and yes, some dont get to use them, some opt NOT to use them (some people prefer renting over owning so they dont get to write off mortgage interest)..

...which is a perfectly good reason to get rid of most deductions - including mortgage interest (which penalizes large downpayments)!

And the truth is...if, in fact, it were a valid argument that the "rich" get to use the loop holes...then please explain to me why Obama is using the Buffet argument which, as you know, is BS seeing as Buffet was referring to Cap gains tax and c`omparing it to income tax of his secretary.

I agree with Obama on that - Buffett's effective tax rate is lower because the government prefers capital gains over labor. That makes no economic sense to me. Tax it all at the same rate.

You must remember....the original money invested was taxed at 35% already.

But to increase cap gains tax to the earned income tax rate.....

there is a risk threshold.....

If I thought I would get a 15% return on an investment, with a 15% chance of losing money, I may make the investment.

However, I then calculate in my cap gains tax...15%.....so now my preferred return is actually only 85% of 15%...or 12.75%....still may be worth while

Now...if we were to increase cap gains to 35%.....my preferred return is only 9.75%...so now I am at a 15% risk with only a 9.75 return...

It will have a major impact on investment.

And investment is the backbone of capitalism

 

[Truthmatters]

The guy who wrote this article is a right wing hack

 

[Liberty]

The guy who wrote this article is a right wing hack

And?

 

[Truthmatters]

Hes full of shit.

 

[Truthmatters]

Percentage of Taxes Paid by Income Level | eHow.com


Tax Percentage Brackets



The federal tax bracket percentage is the rate each taxpayer will pay on the last dollar they earn in the fiscal year. Six tax percentage brackets exist, applied to different levels of income. The dollar amounts in each bracket get updated annually to reflect inflation. For taxpayers with a filing status of single for the year 2011, the lowest tax bracket is 10 percent, and it is applied to taxable income from $0 to $8,500. The 15 percent bracket applies to income between $8,500 and $34,500; the 25 percent bracket covers income between $34,500 and $83,600; the 28 percent tax bracket covers taxable income from $83,600 to $174,400; the 33 percent bracket applies to taxable income from $174,400 to $379,150 and finally, the 35 percent bracket applies to taxable income from $379,150 and above.



Read more: Percentage of Taxes Paid by Income Level | eHow.com http://www.ehow.com/info_8078284_percentage-taxes-paid-income-level.html#ixzz1YWqUrFeA

 

[Liberty]

TM, you have a non-argument and do not understand the difference between an income tax and a return on investment capital gains tax but hey, you wouldn't be "Truth Matters" if you didn't hate the truth. I see you read Alinsky's book. Well done.

 

[Truthmatters]

On average, the wealthiest people in America pay a lot more taxes than the middle class or the poor, according to private and government data. They pay at a higher rate, and as a group, they contribute a much larger share of the overall taxes collected by the federal government.
The 10 percent of households with the highest incomes pay more than half of all federal taxes. They pay more than 70 percent of federal income taxes, according to the Congressional Budget Office.

FACT CHECK: Are rich taxed less than secretaries? - Yahoo! News

Households making between $50,000 and $75,000 will pay an average of 15 percent of their income in federal taxes.

 

[Liberty]

On average, the wealthiest people in America pay a lot more taxes than the middle class or the poor, according to private and government data. They pay at a higher rate, and as a group, they contribute a much larger share of the overall taxes collected by the federal government.
The 10 percent of households with the highest incomes pay more than half of all federal taxes. They pay more than 70 percent of federal income taxes, according to the Congressional Budget Office.

FACT CHECK: Are rich taxed less than secretaries? - Yahoo! News

Households making between $50,000 and $75,000 will pay an average of 15 percent of their income in federal taxes.

And?

 

[Truthmatters]

That was just his first "fact".

 

[Truthmatters]

HE FUCKING LIED about the tax bracket.


That was his first "fact" written in the article.

they guy is a lying sack of partisan turds

 

[Liberty]

That was just his first "fact".

Tell us whats the difference between a personal income tax and a return on investment capital gains tax and then maybe I will put some thought into addressing your nonsense but you got to educate yourself a little bit before I put in that time to help you.

 

[Liberty]

HE FUCKING LIED about the tax bracket.


That was his first "fact" written in the article.

they guy is a lying sack of partisan turds

So the CBO put out false numbers? You calling the CBO liars?

 

[Truthmatters]

where did this fool site the CBO?

 

[Truthmatters]

The author of this article is a lying partisan hack.