DavidS
Anti-Tea Party Member
I certainly don't. Do you guys get money taken out of your paychecks every week?
Here's what the media (left wing included) isn't telling you guys.
You know when you go to a job and you fill out the W2 forms and you declare yourself head of household, or a dependent, etc.? That basically determines the amount of "witholding", i.e. payroll tax which is a form of income tax, that someone pays. So when you get your paycheck at the end of the week, and you see the amount deducted for taxes, that's what every single working American pays. At the end of the year, you take your W2 to the accountant and show him what you've earned and what you've paid in payroll taxes. After all of the deductions and tax credits you get, most of us get a tax refund check or don't have any income tax liability. That's what Sean Hannity means about not paying any taxes.
EVERYONE pays payroll tax.
Under Obama, the amount of money you pay in payroll taxes stays the same. You earn $769.23 a week, you get 14.5% of that taken out in payroll taxes. Then you have your FICA (social security and medicare) deducted. Your net pay is $598.39 per week. Then let's say you get health insurance that costs $100 per week. So your net pay is $498.39 per week.
At the end of the year, your gross income of $40,000 goes up against tax credits and deductions. If you're single, you automatically get a $5,450 deduction and let's say you have $2000 in extra credits and deductions from using your car to drive to and from work to having a child, your new gross salary is $32,550. Under Obama, your new income tax bracket is 11.4%. So your final tax bill due to the government is $3710.70. But you've already paid $5800 in taxes to the government, so you get a tax refund of $2,089.30.
Under McCain, your tax bracket is 14.5%. So your tax bill due to the government is $4719.75. But you've already paid $5800 in taxes, so you get a tax refund of $1080.25.
Currently, under Bush, your tax bracket is 15%. So your tax bill due to the government is $4882.50. You get a tax refund under Bush of $917.50.
Many people already get a check from the IRS from the government. So all Obama is doing is increasing that check that someone in the middle class gets. This is with an average income of $40,000 a year.
Now the trickle-up theory states that the extra $2089.90 that you have in your pocket is money that you're going to spend. Under Obama you have $1172.40 than you would have under Bush. So the trickle up theory says with that $1172.40, you go out and buy new clothes. You go out and take your wife out for dinner. You go out and buy things and you spend that money on the economy. Now multiply the $2089.90 by 100 million people who earn around $40,000 a year. You're talking about over $2 trillion that people are going to spend on the economy. That's more jobs that corporations have to create, that's more supplies from other corporations that businesses have to order... that's increased demand because people have more money.
Here's what the media (left wing included) isn't telling you guys.
You know when you go to a job and you fill out the W2 forms and you declare yourself head of household, or a dependent, etc.? That basically determines the amount of "witholding", i.e. payroll tax which is a form of income tax, that someone pays. So when you get your paycheck at the end of the week, and you see the amount deducted for taxes, that's what every single working American pays. At the end of the year, you take your W2 to the accountant and show him what you've earned and what you've paid in payroll taxes. After all of the deductions and tax credits you get, most of us get a tax refund check or don't have any income tax liability. That's what Sean Hannity means about not paying any taxes.
EVERYONE pays payroll tax.
Under Obama, the amount of money you pay in payroll taxes stays the same. You earn $769.23 a week, you get 14.5% of that taken out in payroll taxes. Then you have your FICA (social security and medicare) deducted. Your net pay is $598.39 per week. Then let's say you get health insurance that costs $100 per week. So your net pay is $498.39 per week.
At the end of the year, your gross income of $40,000 goes up against tax credits and deductions. If you're single, you automatically get a $5,450 deduction and let's say you have $2000 in extra credits and deductions from using your car to drive to and from work to having a child, your new gross salary is $32,550. Under Obama, your new income tax bracket is 11.4%. So your final tax bill due to the government is $3710.70. But you've already paid $5800 in taxes to the government, so you get a tax refund of $2,089.30.
Under McCain, your tax bracket is 14.5%. So your tax bill due to the government is $4719.75. But you've already paid $5800 in taxes, so you get a tax refund of $1080.25.
Currently, under Bush, your tax bracket is 15%. So your tax bill due to the government is $4882.50. You get a tax refund under Bush of $917.50.
Many people already get a check from the IRS from the government. So all Obama is doing is increasing that check that someone in the middle class gets. This is with an average income of $40,000 a year.
Now the trickle-up theory states that the extra $2089.90 that you have in your pocket is money that you're going to spend. Under Obama you have $1172.40 than you would have under Bush. So the trickle up theory says with that $1172.40, you go out and buy new clothes. You go out and take your wife out for dinner. You go out and buy things and you spend that money on the economy. Now multiply the $2089.90 by 100 million people who earn around $40,000 a year. You're talking about over $2 trillion that people are going to spend on the economy. That's more jobs that corporations have to create, that's more supplies from other corporations that businesses have to order... that's increased demand because people have more money.
