Are rich taxed less than secretaries?
Photo
President Barack Obama gestures while speaking in the Rose Garden of the White House in Washington, Monday.
WASHINGTON — President Barack Obama makes it sound like there are millionaires all over America paying taxes at lower rates than their secretaries.
"Middle-class families shouldn't pay higher taxes than millionaires and billionaires," Obama said Monday. "That's pretty straightforward. It's hard to argue against that."
The data tells a different story. 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.
There may be individual millionaires who pay taxes at rates lower than middle-income workers. In 2009, 1,470 households filed tax returns with incomes above $1 million yet paid no federal income tax, according to the Internal Revenue Service. That, however, was less than 1 percent of the nearly 237,000 returns with incomes above $1 million.
In his White House address Monday, Obama called on Congress to increase taxes by $1.5 trillion as part of a 10-year deficit reduction package totaling more than $3 trillion. He proposed that Congress overhaul the tax code and impose what he called the "Buffett rule," named for billionaire investor Warren Buffett.
The rule says, "People making more than $1 million a year should not pay a smaller share of their income in taxes than middle-class families pay."
"Warren Buffett's secretary shouldn't pay a higher tax rate than Warren Buffett. There is no justification for it," Obama said. "It is wrong that in the United States of America, a teacher or a nurse or a construction worker who earns $50,000 should pay higher tax rates than somebody pulling in $50 million."
Buffett wrote in a recent piece for The New York Times that the tax rate he paid last year was lower than that paid by any of the other 20 people in his office.
This year, households making more than $1 million will pay an average of 29.1 percent of their income in federal taxes, including income taxes and payroll taxes, according to the Tax Policy Center, a Washington think tank.
Households making between $50,000 and $75,000 will pay 15 percent of their income in federal taxes.
Lower-income households will pay less. For example, households making between $40,000 and $50,000 will pay an average of 12.5 percent of their income in federal taxes. Households making between $20,000 and $30,000 will pay 5.7 percent.
The latest IRS data is a few years older — and it's limited to federal income taxes — but it shows much the same thing. In 2009, taxpayers who made $1 million or more paid on average 24.4 percent of their income in federal income taxes, according to the IRS.
Those making $100,000 to $125,000 paid on average 9.9 percent in federal income taxes. Those making $50,000 to $60,000 paid an average of 6.3 percent.
Obama's claim hinges on the fact that, for high-income families and individuals, investment income is often taxed at a lower rate than wages. The top tax rate for dividends and capital gains is 15 percent. The top marginal tax rate for wages is 35 percent, though that is reserved for taxable income above $379,150.
With tax rates that high, why do so many people pay at lower rates? Because the tax code is riddled with more than $1 trillion in deductions, exemptions and credits, and they benefit people at every income level, according to data from the nonpartisan Joint Committee on Taxation, Congress' official scorekeeper on revenue issues.
The Tax Policy Center estimates that 46 percent of households, mostly low- and medium-income households, will pay no federal income taxes this year. Most, however, will pay other taxes, including Social Security payroll taxes.
"People who are doing quite well and worry about low-income people not paying any taxes bemoan the fact that they get so many tax breaks that they are zeroed out," said Roberton Williams, a senior fellow at the Tax Policy Center. "People at the bottom of the distribution say, but all of those rich guys are getting bigger tax breaks than we're getting, which is also the case."
Treasury Secretary Timothy Geithner was pressed at a White House briefing on the number of millionaires who pay taxes at a lower rate than middle-income families. He demurred, saying that people who make most of their money in wages pay taxes at a higher rate, while those who get most of their income from investments pay at lower rates.
"So it really depends on what is your profession, where's the source of your income, what's the specific circumstances you face, and the averages won't really capture that," Geithner said.
Sep 29, 2011 at 2:17 p.m.
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http://www.usatoday.com/news/washington/...
Sep 26, 2011 at 4:33 p.m.
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@grandy: Triple 9s is interesting, but I still like the FairTax more. Check it out for yourself, tell me if you can shoot any holes in it.
Sep 26, 2011 at 8:16 a.m.
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That's right, Kiowamohican and SuperDave. People who are afraid "the rich" might get a free ride with FairTax must not know many rich folks and how they tend to spend their money. LOL But my personal favorite aspect of FairTax is how it would dramatically reduce the cost of production here in the USA, while simultaneously increasing the retail price of everything imported. Anything Made in USA would instantly become more price competitive, not only here at home but everywhere throughout the global economy. Implementing the FairTax would be the biggest "jobs bill" imaginable. (Except for millions of tax lawyers and IRS employees, of course.)
Sep 26, 2011 at 6:47 a.m.
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@kio: That's my favorite part of the FairTax - even drug dealers and bribe-taking politicians will have to pay taxes on that money when they spend it!
@poobah: You might be right in some cases, but the majority of those favoring fiscal sanity do so because current spending levels are unsustainable. Doesn't matter where you are in the income distribution, what cannot be paid will not be paid, and we better start fixing things now rather than kick the can.
Sep 26, 2011 at 3:48 a.m.
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superdave:
The fair tax (taxing on consumption) is the best way to go, imo to. Income tax is about thee most flawed way to possibly tax. You really don't have to be any sort of mental giant to figure out how to avoid paying any income tax.. A fair tax would get rid the MASSIVE underground industry, of organized crime, who pay ZERO in "income" taxes. Yet they buy a TON of stuff! While all the corporate exemptions you speak of, are also quite true for many individuals as well in the current system. Many now, not only pay no income taxes, but they get $$ from the governmnet from child credits. All sorts of fraud exists, simply taking advantage of the mass child credit/exemption boondoggle in the current tax code.
Sep 25, 2011 at 2:12 p.m.
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It's easy to go through all of these comments and see who is very near the bottom income levels. They are the ones arguing for a continuation of the Reagan tax structures in place now. Again, this all comes down to last place aversion (LPA) and the fear that if those people just below them pay less in taxes or get more tax credits, it will then place them at the bottom of the economic strata. This is nothing more than the fear of ending up at the bottom of the barrel. These people with LPA are the ones wanting to cut everyone else's income (teachers, public workers, etc.) in their great national race to the bottom. They are much more comfortable with the bottom very crowded than to be there alone.
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Oh, I know. Now we'll get the wave of comments with people staking out their place in the economic strata to prove they aren't any where near the bottom. This is quite similar to people who are insecure with their own sexuality -- they are always the most vocal of homophobes. Much the same about people who are insecure with their place on the economic scale.
Sep 25, 2011 at 8:35 a.m.
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@kidsfirst: There is some talk about simplifying the tax code, but be aware that the tax code is the way that the national gubmint takes power. Campaign contributions become tax breaks - sometimes it's really that simple. As far as getting more people to pay taxes on off-shore or other "hidden" income, that's a problem. Have you looked into the FairTax? It's the best plan I've seen to make taxes fairer for everyone, regardless of income or circumstances. Unfortunately it doesn't seem to be getting serious consideration in DC, precisely because it returns power to the people.
Sep 25, 2011 at 7:28 a.m.
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don't care to read all the comments -- but I do have a question:
Do any GOP politicians/candidates discuss removing the complex codes that provide soooo many loopholes? Have any talked of eliminating ways to hide income such as off-shore or out of state "offices" (sometimes only equaling a mailbox address) so that those who are legally avoiding paying their fair share have to kick in to support all the benefits they enjoy in this country?
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And yes, it is about rates. 12.5% out of an income of $25,000 leaves even less for basic needs such as rent & groceries. I don't know how folks in that income bracket do it without help from others.
Sep 24, 2011 at 9 p.m.
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@miltonlib: I see you've been busy since my last visit. It does seem like you're rambling just a bit.
Regarding whether you were quoting me or not, my issue is that you mischaracterized what I said. If you want to comment on what I (or anyone else) says here, please get it right.
Sep 24, 2011 at 7:23 p.m.
Sep 24, 2011 at 6:51 p.m.
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We all have to deal with double taxation. It should stop at all levels.
Sep 24, 2011 at 5:30 p.m.
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milo.....Did you read the entire article? The author is specific when he is discussing federal income tax rates attributed to wages. Later on in the article he mentions capital gains taxes. They are two very different things. If you're going to come down on capital gains tax rates you better make sure you account for the double taxation that is already taking place with them. Already being taxed once at the corporate level and then hit with another tax on shareholders personal returns is more than enough taxation to deal with..........
Sep 24, 2011 at 5:02 p.m.
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C'mon now, RAF. You're providing us with information you call facts based on a website that looks like a 12 year old created it, and states in its title that over 31,000 American Scientists have signed a petition?
How about I go create one that says just the opposite. Will they negate each other?
Sep 24, 2011 at 10:27 a.m.
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Nice attempt at misdirection. Notice that the author completely forgot about the "Capital Gains" tax in his calculations. Lets see the numbers when capital gain income is included, that 29.1% will drop sharply.
Sep 24, 2011 at 9:18 a.m.
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You got that right dkush.
Sep 24, 2011 at 8:53 a.m.
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miltonlib: Here is something else that our so called (Republican and Democrat) Christians should think about.
PRO 22:16 He who oppresses the poor to increase his wealth and he who gives gifts to the rich--both come to poverty
Seems to be happening alot lately, don't you think?
Sep 24, 2011 at 7 a.m.
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RAF, you are very good at providing facts for the Libs. Its too bad, they are too blind to see the truth. Thankfully most of this country is starting to see the lies and the dependency they are creating just so they can have power.
Sep 24, 2011 at 6:41 a.m.
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Thank you RAF. You are always able to open my eyes. I now see things just as you do. You have convinced me. We have to stop these global climate change jokers from making this world a more healthy place to live in. What the heck could they be thinking? And us Christians really do need to stop helping the poor. What would Jesus do? He would find a poor, hungry kid about ready to eat a sandwich and kick that sandwich right out of the kid's hands like a ninja. He would reach out, grab that sandwich out of the air and deliver it, rightfully so, to the nearest rich person he could find. Yep, that Jesus guy would definitely be a Republican. Little known fact: Jesus loved guns when he was alive...both times!
Sep 23, 2011 at 8:27 p.m.
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That was just one more named to the other more than 30,000 scientists in the US that think al gore is wrong. So much for your dream of only 1%...
http://www.petitionproject.org/
Sep 23, 2011 at 8:17 p.m.
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http://online.wsj.com/article/SB10001424...
Sep 23, 2011 at 6:11 p.m.
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TCB, you're right that the right doesn't have any noted climatologists on their side of the climate change debate. Why would that be? Could it be because only about 1% of all climate scientists worldwide stand with the right on the issue? Your sarcasm aside, of course Al Gore is not a noted climatologist. He would tell you that! I can, however, guarantee that he's studied the issue more than you or anyone else here has. So, TCB, please tell me how adding more and more CO2 to the atmosphere helps the world. John Boehner, Eric Kantor and Mitch McConnell aren't noted economists, but they have SOMEHOW got you hanging on their every word. The strings on their limbs, mouths and genitals lead upward to the catwalk where Grover Norquist controls their every word and every political move. Shameless. They listen well to their chubby overlord, but nobody else. Unfortunately, most of you righties have been brainwashed into believing everything they "believe". Bush's tax cuts have been in place for 8-10 years and just look at all the JOBS all of those JOB CREATORS have CREATED. Yes, that's sarcasm. Again, everyone have a great weekend and Go Pack!
Sep 23, 2011 at 11:57 a.m.
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SuperDave, I wasn't quoting you. If I had quoted you, I would have used quotes. Have a great weekend everyone and Go Pack!
Sep 22, 2011 at 11:52 a.m.
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Don't forget folks $28 billion is borrowed from foreign countries every three days to keep us afloat, source: I.R.S. Auction Room.
Sep 22, 2011 at 10:33 a.m.
Sep 22, 2011 at 7:58 a.m.
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@miltonlib: I didn't say "evolution is just a theory", I said it's a theory. You added the word "just".
I also didn't say "Climate change a hoax". Re-read my comment regarding.
For Pete's sake, if you're going to comment please make some attempt to read what it is you're commenting on.
Sep 22, 2011 at 7:54 a.m.
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Miltonlin,
Anthropogenic climate change-yes, is a grand decit.
No one doubts climate change unfortunately the right does not have any noted climitologists like Al Gore to prop up human caused climate change
Sep 22, 2011 at 6:18 a.m.
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SuperDave, evolution is just a theory? Maybe inside your head and within the walls of your church. Climate change a hoax? Is Michelle Bachmann your Cyrano de Bergerac? Come out of your hole and join us in the real world SuperDave.
Sep 21, 2011 at 6:57 p.m.
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@kiowahmohican: Interesting stuff. I would like to see some links if you have any handy.
Sep 21, 2011 at 4:58 p.m.
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SuperDave:
I don't hate Buffet, or anyone who has made billions. Just don't let the establishment media (who LOVE this guy) fool you. This guy is literally PART of the Obama administration (just as many energy CEO's were part of the Bush administration). It's just a classic case of MEGA $$$'s buying you ACCESS to make more mega $$$ NOT by free market, but by GOVERNMENT welfare policy! Notice about a month ago that Bank of America stock price was falling so fast, that rumors were it may soon need to be TARPed-bailed out again. An obvious DISASTER for Obama if that came to fruition...So MIRACULOUSLY, and just a TOTAL COINCIDENCE no doubt, that Buffet steps in and buys $5 billion or so in BAC stock to back stop them. No doubt just a stunning coincidence again that he met with Obama the day before! Now, of course, Buffet did not buy common equity stock. He, of course, gets preffered-protected shares, and will make millions on the investment no matter what happens to BAC. It's great that he gives billions to good charities, and all, but don't let this guy fool you. He's making much of his $$$ now on the RIGGED oligarchy system that we currently live in.
Sep 21, 2011 at 4:16 p.m.
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And the world is flat, and the earth is the center of the universe right?
Sep 21, 2011 at 2:20 p.m.
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@garyprimer: Get it straight! Evolution is a theory. "Global climate change" (actually man-made global climate change) is, strictly speaking, a fraud. Some call it a hoax, but a hoax is done with humourous intent.
As to the article, in an unexpected and surprising twist, AP has already debunked Mr. Obama's assertions that millionaires and billionaires pay a lower rate than middle-income taxpayers (although obviously there are exceptions). And isn't it interesting that those evil rich people such as Gates and Buffet have given most of their money away to charitable foundations? But we still hate them anyway, don't we?
Sep 21, 2011 at 10:37 a.m.
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That is just a myth like evolution and global climate change.
Sep 21, 2011 at 9:27 a.m.
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dkush- It is is only common sense that that would be in place.....Amazing how "the people" have not required it a long time ago...Stuff like the "superbowl" seem to be much more important that peoples' own self-interest, though.
Sep 21, 2011 at 5:41 a.m.
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If taxation drove an economy,,...Carter would still be president.
Sep 21, 2011 at 2:48 a.m.
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Warren Buffet cracks me up. The media idolizes this guy, and no one will expose him for the utter fraud that he is. They make him out to be SOOO benevolent because he's willing to "pay his fair share". The reality is that a higher tax rate on capital gains will benefit insurance companies the most...What is Berkshire Hathaway primarily in?
.
This guy is about the biggest face of oligarchy-corporate welfare system that we have. The motives behind this guy are HARDLY benevolent. This is just a modern day Andrew Carnegie. Trying to build this magnanimous image....Carnegie did it via building libraries, and giving a ton of his "blood loot" to charity, and for the most part, it WORKED. Buffet is doing much the same. Just trying to build this God like image of himself, with phoney benevolence, before he croaks.
Sep 20, 2011 at 11:02 p.m.
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I borrowed this from a blogger on another site. Boy, I would love to see the crying of our representatives if this were ever to pass:
Proposed 28th Amendment to the United States Constitution: "1. The 27th Amendment is hereby repealed. 2. Congress shall make no law that applies to the citizens of the United States that does not apply equally to the Senators and/or Representatives; and, Congress shall make no law that applies to the Senators and/or Representatives that does not apply equally to the citizens of the United States.”
Sep 20, 2011 at 9:13 p.m.
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http://www.foxnews.com/opinion/2011/09/1...
Yes, this is from Foxnews. So I am sure the liberals will dismiss this as propoganda and not even read it but it does show the presidents class warfare policy exists by typical political word-play: by not quite telling the whole truth
Sep 20, 2011 at 8:58 p.m.
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Slightly off topic: a good video from a business owner testifying in front of congress on the very reason why there are no jobs and the economy stinks; HINT govt meddling.
http://www.youtube.com/watch?v=_BHLguFEN...
Sep 20, 2011 at 8:37 p.m.
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RAF: You are fulfilling your disciple role as well, right to the "T", I might add.
Sep 20, 2011 at 8:34 p.m.
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CONcerndLESS, I see you are fulfilling your disciple role, follower without thought, since you are claiming to echo others comments yet once again not providing rational thought of your own. Keep thinking you have the full picture as you play the ostrich roll, buried right up to your shoulders and pat the egg tosser from out of state on the back; two peas in a pod.
Sep 20, 2011 at 8:16 p.m.
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RAF: You do the exact same thing you accuse others of, "attempting to interpet other's lives." Well, RAF, I think you need to stop doing that, since you have no knowledge of it.
NVgrf: Yes RAF is on alot of the time. I'm surprised since awhile back on another blog, he claimed he needed to sleep during the day or afternoon, because he had to work at night.
Sep 20, 2011 at 8:15 p.m.
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Dkush,
What is a necessity for you may not be a necessity for me. My living wage might be much higher that yours-or yours might be higher than mine. I prefer the market to determine my relative worth-sometimes its very generous, sometimes not so much.
However,lets pretend we live in your utopia where everyone is given a liveable wage-what happens when someone freely chooses to live well beyond that persons liveable wage? Does society simply take from me because I have saved and did not live beyond my means? Or should that person be required to make changes? Rewarding poor behavior gets more poor behavior.
Sep 20, 2011 at 8:05 p.m.
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RAF,I am only going by what another person said on another blog. And I have a tendency to agree with that person. Just giving you a taste of your own medicine, RAF, which you so like to dish out.
Calling people names again, hah, RAF? Calling others names like "egg tosser" will get you nowhere fast.
Sep 20, 2011 at 8 p.m.
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dkush.......There you go! Use that link as an inspiration. Fleming probably started out with one location, worked hard at making it a success--then used what he had learned and branched out to another location, and so on and so on. You seem to be very unhappy with the way corporations treat their employees, Fleming's story should be a perfect motivator on how one can make a success away from the corporate world.....no??
Sep 20, 2011 at 7:39 p.m.
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If you're wondering what the article is about for the link I posted
"Rep. John Fleming fields criticism over 600K income"
Sep 20, 2011 at 7:36 p.m.
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Ah yes, the privileged and entitled few!
http://news.yahoo.com/blogs/ticket/rep-j...
Sep 20, 2011 at 7:35 p.m.
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http://www.cbpp.org/cms/index.cfm?fa=vie...
Good article on the topic.
"The 51 percent figure is an anomaly that reflects the unique circumstances of 2009....In a more typical year, 35 percent to 40 percent of households owe no federal income tax. In 2007, the figure was 37.9 percent. [2]"
Sep 20, 2011 at 7:12 p.m.
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Only one of those two options egg tosser? In your tiny little world there could never be anything else outside your small mindedness could there? Why not put your nose back across your state line and stop attempting to interpret other peoples lives, which you have no knowledge about. Better yet, why not ask harry to pass the national budget since he fails to answer emails from taxpayers not from his state.
Sep 20, 2011 at 7:06 p.m.
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tcb: "Countries do not pay wages. Employers pay employees"
That is what I meant. And again, I want no part of poor/rich and no middle class. And neither do the majority of citizens in the US.
Sep 20, 2011 at 7:02 p.m.
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RAF....Based upon the number of times you blog during the day, you must either be unemployed or are living off of the government teat. Which is it?
Sep 20, 2011 at 6:52 p.m.
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TCB: Let me ask you what you think a living wage is? I say a living wage is making enough money to pay all my insurances, vehicle and home, which are a requirement in this state, being able to pay all my utilities, being able to put food on the table for my family, being able to cloth my family, being able to pay all the taxes I have to pay, being able to pay my mortgage, and so on.. I am talking about making enough to just pay for the necessities. It is getting more and more expensive to live today. So what do you think is a fair living wage?
Sep 20, 2011 at 6:39 p.m.
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RAF, can you read? The magical idea of what is fair to employers is happening in communist countries. Employers in those counties are robbing workers blind and without global reform with a "fair" balance between capital and labor their will be likely be a revolution. In your eyes I'm sure it be a Bolshevik Revolution. My statement is clear and accurate to what American capitalists and businesses consider fair - to them Communist China is fair.
Sep 20, 2011 at 6:27 p.m.
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One thing that bothers me about the tax system that I didn't see anyone mention is that some people actually profit off the system with things such as the earned income tax credit. Zero tax liability is one thing but nobody should be able to make money off of the system. We have enough welfare in this country already.
Sep 20, 2011 at 6:24 p.m.
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Dkush
Countries do not pay wages. Employers pay employees.
Companies want more? More what? Market share? Who are companies? People.
Sep 20, 2011 at 6:14 p.m.
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youkillme can you read? The links I provided are to the socialist and communist parties of the united states, not a foreign country. Since there is no such thing as fairness only those dreaming of an unobtainable utopia would think otherwise. Simply put, the reason that ~50% of small business fail has nothing to do with a fair society. Pretending taking more money from others will balance the scale is insanity.
http://1.bp.blogspot.com/_ihdiv_J5zhU/TO...
Sep 20, 2011 at 6:12 p.m.
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Jonkon,
Buffet is not a hedge fund manager. He runs Berkshire-and Buffet is an absolute idiot when it comes to income tax policy.
Buffet is an investor and all hedge fund managers do not seek to short the market either.
Greg Peck had a blog post asking if there was too much financial illiteracy and not enough teaching of general finance in high school. I say yes.
Sep 20, 2011 at 5:56 p.m.
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Warren Buffet is a hedge fund manager, who makes his money when the economy collapses. So why is any SANE person following the economic advice of a person who has a vested interest in making you destitute?
Sep 20, 2011 at 5:51 p.m.
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The magical world of RAF. Where fair, fair taxes, fair wages, fair regulations and fair profits are only happening for capitalists in socialist and communist countries.
Sep 20, 2011 at 5:46 p.m.
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CONcerdless stated "YOU ARE THE ONE MAKING THE COMMENT SO PROVE IT."
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Well CONcerdLESS if you are going to claim I am fake prove it...
Sep 20, 2011 at 5:30 p.m.
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RAF: I didn't ask you. I asked witaxman. Stop copying from one of my posts THAT IS NOT MEANT FOR YOU.
Sep 20, 2011 at 5:14 p.m.
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dkush,
What is a fair living wage-in dollars- per year. How did you arrive at your figure?
Concernedperson,
Anything that increases economic efficiency -whether by outsourcing or a hundred other things -- is likely to cost somebody's job. The automobile cost the jobs of people who took care of horses or made saddles, carriages, and horseshoes.
Sep 20, 2011 at 4:57 p.m.
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Noleftist: And other countries do not pay their employees a living wage either. So we should lower our standard to theirs. Maybe we can have poor and rich and no middle class like other countries,too. No thank you!
Sep 20, 2011 at 4:44 p.m.
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YOU ARE THE ONE MAKING THE COMMENT SO PROVE IT. "Fake RAF"
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Waiting......
Sep 20, 2011 at 4:42 p.m.
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"Taxes have nothing to do with jobs leaving the country."
Whew! For a minute there, I was laboring under the misconception, having worked in the corporate world for 20 years, that the reasons jobs were outsourced was because the people overseas provided the same services at a lower price, with part of that price being employment taxes and costs such as FICA, Medicare, and now ObamaCare.
Now I find out on the Gazette web page that everything I've seen did not actually happen!
Dude, you need to get into HR consulting (like AON, Mercer, etc.) and make a mint proving to them that the savings they are bringing to their corporate customers by not having to pay domestic employment taxes are not real.
After that, you can convince all the tax departments of those evil corporations that if they bring all their profits made overseas back the the United States, they really won't end up paying the highest corporate tax rates in the developed world (35%) and then having those profits taxed again when paid out as dividends (which happens nowhere else).
Those tax departments have hired armies of tax experts, every one dumber than a guy on the Janesville Gazette website! What are the odds?
Your stupidity and ignorance is beyond words.
Sep 20, 2011 at 4:36 p.m.
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Change the trade laws. Stop the outsourcing of jobs to other countries.
Sep 20, 2011 at 4:35 p.m.
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I agree with minan. The trade policies need to change.
Sep 20, 2011 at 4:33 p.m.
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"Fake" RAF, LOL.
Sep 20, 2011 at 4:32 p.m.
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witaxman: If you can't give the link to prove your point, then your comments mean nothing. No, I do not have to do the research. YOU ARE THE ONE MAKING THE COMMENT SO PROVE IT.
Sep 20, 2011 at 4:30 p.m.
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CONcerndLESS if you knew the truth you would never ask the question...
Sep 20, 2011 at 4:28 p.m.
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concernedperson - Nice cover up.
Sep 20, 2011 at 4:26 p.m.
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Spark, RAF: I didn't ask either of you. I wanted witaxman's response, not yours. If he is a witaxman, he PROBABLY knows more than you do, but then maybe not.
Sep 20, 2011 at 4:22 p.m.
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"There are millions of workers that aren't being paid their fair share."
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The magical world of fair, fair taxes, fair wages, and fair share; all happen in the socialist and communist parties in our country.
http://socialistparty-usa.org/platform/
http://www.cpusa.org/socialism-usa-gus-h...
Sep 20, 2011 at 4:13 p.m.
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youkillme - There are millions of workers that aren't paying their fair share of taxes based on their income! Many are paying nothing. The point is, if people are going to argue about paying their fair share (mostly the complaint about the rich) than everyone should pay their share. It all adds up.
Sep 20, 2011 at 4:05 p.m.
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This isn't spin. There are millions of workers that aren't being paid their fair share. Instead, the profits they generate go to non-employee, non-production parasites. This is about cutting taxes on wage earners which comprise more than 80% of the population. Putting more money in their pockets will create demand better, faster and larger for job creation than by putting more money in the top 5% who either stockpile the capital or capitalize on the labor of others.
Sep 20, 2011 at 3:52 p.m.
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It's a catch 22....the more you tax the rich corporations the more they take the jobs overseas and the less tax you bring in . Lower taxes , bring jobs home and the fed make's more money .
Sep 20, 2011 at 3:29 p.m.
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youkillme - You can try and spin it however you want. That many households not paying any tax is just as wrong as those complaining about the rich and thinking they don't pay their share. Nearly 22% of those making between $50,000 and $75,000 end up with no federal income tax liability .
Sep 20, 2011 at 3:23 p.m.
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RetiredAirForce: I did read the statement before yours. And I am sure truth1 was referring to the so-called trickle-down effect.
Sep 20, 2011 at 3:16 p.m.
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How many millions of jobs have been cut and outsourced by CEO's and their greedy directors in the last 10 years? Why should there be a difference in tax rates on income whether earned by the sweat of your labor or through other means? Personally, I've always felt income earned through wages should be taxed at a lower rate than any other income. And who exactly are "the lower 50% who pay zero?"
????
46% pay no income tax. Why? 10% have higher incomes, in some cases much higher incomes, but manage through deductions to decrease their tax liability to 0. 22% are seniors who pay no tax on Social Security benefits
14% are families of four have incomes under $26,000. 10% of those who pay ZERO are the wealthy...so if that is your
complaint...that "50%" who pay zero, you actually AGREE with Pres. Obama.. LOL
I personally disagree with taxing seniors and families already living in poverty (which is the rest of that "50%")...
http://andrewsullivan.thedailybeast.com/...
Sep 20, 2011 at 3:12 p.m.
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dkush21 I see the sarcasm went over your head. Try reading the comment before mine then step back in the sand box to play again.
Sep 20, 2011 at 3:12 p.m.
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Most people do not want to be unemployed.
Sep 20, 2011 at 3:10 p.m.
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RetiredAirForce:
"How many millions of jobs have been "created" by unemployed people in the last 10 years?"
Really? What a dumb statement. People wouldn't be unemployed if not for companies wanting more and more.
Sep 20, 2011 at 2:39 p.m.
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Does it really matter how much they raise taxes ? I say no , it does not . Wanna know why ? Because our irresponsible leaders will find a way to spend more money . Cut , cut ,cut...gut this program and then gut that program . Impose a flat tax , reform the tax code and reform entitlements . Eliminate the post office , stop giving our money to private companies like Solyndra etc. and this is the best one make GE PAY TAXES !
Sep 20, 2011 at 2:28 p.m.
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Concerned person,
The source is the Internal Revenue service.
Bottom 50% pay 2.7% of the total share. the Top 1% pay 38%-the top 10 10% pay 70%. Still convinced the rich-those earning 113K and above-do not pay their fair share?
If these rates are not more than fair-what is fair? 80% of the taxes? 90%?
http://www.taxfoundation.org/taxdata/sho...
Sep 20, 2011 at 2:25 p.m.
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concerned> another point which I doubt you'll believe, but if you think your taxes won't go up then you must be enjoying whatever you're smoking. even if all you did to raise taxes is repeal the tax cuts that were supported by the big O just a couple of years ago EVERYONE's taxes will increase.
Sep 20, 2011 at 2:21 p.m.
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spark> thanks for your verification & confirmation! I doubt if the lefties will believe it, they tend to only believe what is convenient for them
Sep 20, 2011 at 2:19 p.m.
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concerned> statistics from Internal Revenue Service, do the research yourself since you won't believe anyone else
Sep 20, 2011 at 2:13 p.m.
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witaxman don't waste your time answering the disciples. The information you stated (really in the high 40's%) has been linked many times and the disciples fail to learn.
Sep 20, 2011 at 2:10 p.m.
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concernedperson - here is your proof to the known fact and this is one of many.
http://money.cnn.com/2009/09/30/pf/taxes...
Sep 20, 2011 at 2:07 p.m.
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Just think how much could have been saved over this fiasco...
http://www.washingtontimes.com/news/2011...
Sep 20, 2011 at 2:05 p.m.
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Typical "fake" RAF spewing again.
Sep 20, 2011 at 2:04 p.m.
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witaxman: What is your proof for your statement that 50% of the middle class in the county pay no tax? What is your source?
Sep 20, 2011 at 2:01 p.m.
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Typical disciple speak. others need to pay more while they never follow their own principles.
Sep 20, 2011 at 1:51 p.m.
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98% of the people will not pay an increase. It is the upper 2% who need to pay more. The last ten years prove that this must happen.
Sep 20, 2011 at 1:29 p.m.
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The left always talks about the "rich" paying their "fair share." But what about the 50% of the population that pays ZERO income tax. Do the research, approximately 50% of the people in the county pay no income tax, and the vast majority of those folks are "middle class." So why don't they pay their "fair share?" If everyone paid something, instead of expecting half the population to pay for everyone else we'd be a whole lot better off than we are now.
Sep 20, 2011 at 12:45 p.m.
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CONcerndless here is a link for you to donate to the cause, that is if you really support your position of wanting to pay more; lead by example.
http://www.treasurydirect.gov/govt/resou...
Sep 20, 2011 at 12:44 p.m.
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I do think something needs to be done, however, to stop those who are not willing to work from collecting money they should not have. I do not begrudge those who truly need it, however.
Sep 20, 2011 at 12:40 p.m.
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We have a potus who believes that he is Robin Hood. Time to clean up the WH.
Issa to launch probe of Obama actions on Solyndra, LightSquared
http://thehill.com/blogs/blog-briefing-r...
Sep 20, 2011 at 12:37 p.m.
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Republicans say cut the tax rate for the wealthy and they will invest in jobs. You see, that's just the problem, they don't invest in more jobs. They keep the money for themselves.
Sep 20, 2011 at 12:32 p.m.
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Truth1: The last 10 years of Bush tax cuts have not created very many jobs. As Pres. Clinton said over the weekend, we need a balanced approach to settle the deficit. He promotes returning to the Clinton years. There were 22 million jobs created during his administration.
If Republicans have created so many jobs in the last 10 years, I would like to know where they are. We are not better off in this country under the Bush tax cuts and the Republicans know it. But still they continue to spew their garbage.
Spending cuts must occur, but we must also have revenue. Most of the people have figured that out, yet Republicans continue to say that the rich cannot pay more. Yet they ask common ordinary everyday Americans to pay more, the folks who can least afford it. According to the Republicans, the poor and the middle class should accept this burden. Seniors on medicare cannot afford to pay more. If medicare is cut too much, you will see senior citizens dying at an earlier age because the care they need will not be there for them. That is just plain despicable.
I would like to see our politicians in Washington sacrificing like the rest of us have to do. Every policitian in Washington should take a pay cut like other Americans have had to do. But you certainly are not going to see any of them volunteering to cut their own paychecks. Oh no, just place the burden on the poor and the midle class, and God forbid, don't raise the taxes on the wealthy in this country!
Sep 20, 2011 at 12:31 p.m.
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More faith instead of science: "I'm sure someone making a million a year and still keeping in the neighborhood of 400-500,000 isn't going to be dissuaded in their 'ambition.'"
So marginal rates that are over 50% do not affect investment decisions. Truth believes it, so it must be true!
How stupid! Any number of research papers prove this belief to be false, which is why even Democrats are talking about lowering the corporate tax rate from 35% (and also why no actual bill has been submitted by the Democrats showing how this would work let alone affect the economy and why even a majority of Democrats would not vote for something so stupid.)
But Democrats believe what they want to believe regardless of any and all evidence to the contrary.
Sep 20, 2011 at 12:27 p.m.
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Thruth1 I agre get rid of the income tax. Replace it with afederal sales tax. Exampl if you buy a 50000 car you pay more in taxes than you would with a 500 dollar beater
Sep 20, 2011 at 12:25 p.m.
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Funny....the biggest reason we have the Ole' USA is because our fore fathers were taxed to death . Remember taxation without representation ? It's getting close to that again . Cut all these silly programs instead of raising anyone's taxes.
Sep 20, 2011 at 12:02 p.m.
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Hey, I just got an idea, lets cut all taxes on everyone to ZERO. Why didn't I think of that before.
INSTANT prosperity!!
Keep it up republicans and watch more dems win elections.
Sep 20, 2011 at 11:50 a.m.
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futurerichguy: you said "Someone making $1M per year pays $250K in federal income tax. That's $750K left for them to do as they please. Someone making $50K pays $3K in federal income tax. That leaves $47K to do as they please. No matter how hard I try, I can't feel any sympathy for the millionares."
Are you saying that the only ""fair"" thing to do would be to tax the rich guy $953k so he is left with the same $47k? Ridiculous.
Perhaps the rich guy had a better education. Perhaps he has a better job. Perhaps he has better investments. Perhaps he is simply lucky. Perhaps he came from a rich family and got a better start in life. It doesn't really matter. That money is his and does NOT belong to the government (or to you).
In your little scenario the average Joe only pays $3k in taxes. The rich guy pays $250k. The rich guy doesnt get more government services than the average Joe. In fact the rich guy completely pays for his services and FAR MORE. Stop this "poor me I'm not rich" envy. If you want more money try earning it and don't expect the rich to provide easy handouts.
Sep 20, 2011 at 11:48 a.m.
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How many millions of jobs have been "created" by unemployed people in the last 10 years?
Sep 20, 2011 at 11:44 a.m.
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I have to ask again.....How many millions of jobs have been "created" by wealthy people in the last 10 years.
Sep 20, 2011 at 11:43 a.m.
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Lets inject this little tidbit....If I was making say 10 million a year and somebody wanted to tax me say 70% or 7 million , I would move to another country and pay zero , because with 10 million I could live anywhere comfortably .
Sep 20, 2011 at 11:41 a.m.
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Its what the dems are not saying and that the dem sheep are not seeing that will allow them to be sheared. The dems want to raise the taxes on everyone. The increase in cap gains will affect the rest of us more than anyone else. If you sell a house today and have a gain, and reinvest in another property -- you can transfer that gain..... I can see exactly where this will go.... they will tax you on that gain. The eliminaion on cap gains has benefited the general public more than anyone.... this whole discussion of fair share will be nothing more than an excuse to collect and spend more. The country will be just as bankrupt as the state of Illinois. Obama wants to to drag down the entire country the same path as NY, Cal. and Illinois.
Sep 20, 2011 at 11:40 a.m.
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All I got to say to republicans is just keep it up and drive more middle-class people to the dem side.
They could force the dems into reducing "giveaways" to couch-sitters by giving some on the other end, but, no.
Get ready to welcome more dem politicians.
Those still in the middle-class aren't going to stand for this nonsense.
Sep 20, 2011 at 11:28 a.m.
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concernedperson, If the Bush tax cuts went away we are still in a deficit situation. Go to the Peter G. Peterson foundation producers for the I.O.U.S.A. DVD and you can see updates showing that if the Bush tax cuts were eliminated it would about as effective as you removing an eyedropper of water out of a gallon container. Located at the foundation and on the DVD is David Walker, former comptroller for the government. When he was comptroller general he tried to warn people constantly about the financial situation of the country, no one wanted to pay attention.
Sep 20, 2011 at 11:17 a.m.
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What an appropriate speech for International Talk Like A Pirate Day.
Sounded like a pirate without one AARGH!
Sep 20, 2011 at 11:17 a.m.
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truth: You need to read Atlas Shrugged. We are already there my friend, people already forego additional income or retire early because the tax rates at the top are so steep. So instead of getting something, the gubmint gets nothing from those folks.
Here's another way to look at it, for those that think in terms of "us" vs. "them". There is no "them". There is only "us". The tax code (to my knowledge - it's too big for one person to read!) does not mention anyone by name. All the rules apply to everyone. If you make x dollars and take y deductions and credits, you pay z dollars in federal income tax. Period. Applies to me, you, Warren Buffet and the homeless person on the corner.
Sep 20, 2011 at 11:17 a.m.
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Make up your mind, first you say you want the tax structure of the 60's now you want something else. Sounds like you want only one part of society to pay more...that equals class warfare not tax reform.
Sep 20, 2011 at 11:16 a.m.
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Sadly, this hangup is going to keep a dem prez and will probably hand more power to other dems...Hard-working people who just can't make it with no jobs aren't going to vote for republicans with this insanity in their heads.
Republican reps could write their own ticket on getting rid of a lot of wasteful garbage but they can't get off this stupidity in order to make it happen..Really really sad.
Sep 20, 2011 at 11 a.m.
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RAF- Again, there is inflation adjustment and deductions to be figured in too....There is no reason the top should not still be 70% today, but it should be for over 1 million income at the least. Still, no one making a million is going to pay $700,000 in taxes anyway because of deductions.
I'm sure someone making a million a year and still keeping in the neighborhood of 400-500,000 isn't going to be dissuaded in their "ambition".
Sep 20, 2011 at 10:27 a.m.
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We need to get people to invest more, which is why we need to tax investment returns more! We need more tax revenue, which is why we need to raise capital gains taxes which are proven to reduce revenue the higher they are raised!
For a bunch that says they rely on "science," Democrats are the most faithful bunch of people you'll ever meet: they believe in things that have been proven wrong again and again.
The funny thing is that for all of Obama's whining and calls for passing the bill now, THERE IS NO BILL. Why? Because nobody knows how such a proposed system would work. Buffet himself only pays himself $100k per year in order to lessen his taxes (the rest he keeps in his business or in trusts to keep the government's hands off his money.) What's the government going to do next: appropriate all rich peoples' money? I suppose if the government can force you to buy health insurance, there's no reason it couldn't force rich people to do other things with their money, like buy certain bonds or invest in government-approved companies owned by Democratic donors like Solyndra.
Welcome to Socialist paradise!
Sep 20, 2011 at 10:23 a.m.
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Here is your new tax rates truth, make sure you pay accordingly. From 1964:
Rate Over But Not Over
14.0% $0 $1,000
15.0% $1,000 $2,000
16.0% $2,000 $3,000
17.0% $3,000 $4,000
19.0% $4,000 $8,000
22.0% $8,000 $12,000
25.0% $12,000 $16,000
28.0% $16,000 $20,000
32.0% $20,000 $24,000
36.0% $24,000 $28,000
39.0% $28,000 $32,000
42.0% $32,000 $36,000
45.0% $36,000 $40,000
48.0% $40,000 $44,000
50.0% $44,000 $52,000
53.0% $52,000 $64,000
55.0% $64,000 $76,000
58.0% $76,000 $88,000
60.0% $88,000 $100,000
62.0% $100,000 $120,000
64.0% $120,000 $140,000
66.0% $140,000 $160,000
68.0% $160,000 $180,000
69.0% $180,000 $200,000
70.0% $200,000 -
Sep 20, 2011 at 10:17 a.m.
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as long as we're talking about tax rates being "fair" what about the 50% of the population that pay no tax whatsoever? shouldn't they be required to pay something, or should they just continue to live off the those who actually pay taxes?
Sep 20, 2011 at 10:17 a.m.
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Yet, you are the one that wanted the 60's tax structure...oops.
Sep 20, 2011 at 10:15 a.m.
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truth> what advantage is that? that they have been fortunate through hard work to make more $$ than you have? sounds like jealously to me
Sep 20, 2011 at 10:15 a.m.
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RAF- It wouldn't be $1000 today, it would be adjusted for inflation and deductions would come into play also.
Sep 20, 2011 at 10:12 a.m.
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truth, the point you are making is you want the poor to pay a 16% rate on every dollar earned over $1000.00; since those are the rates of the mid 60's. The result of your wanting to punish the "rich", you are really taking more from those that need it the most.
Sep 20, 2011 at 10:11 a.m.
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No one is "jealous", only outraged at the stupidity.
Sep 20, 2011 at 10:11 a.m.
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Wow, people just keep falling for the class warfare (il)logic. I hope you are all supporting the FairTax, it would eliminate the ridiculous tax code we have today, with its myriad of credits, deductions, exclusions, etc.
And for the record, most of the "rich" are getting screwed on their taxes far worse than those of us on the other end could ever imagine. But don't let that stop you from hating them, whoever "they" are. And always remember that there are people that make less than you, and hate YOU for it! Ain't class warfare great!
Sep 20, 2011 at 10:08 a.m.
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witaxman- So, what point are you trying to make??
You're only showing that the rich have the advantage yet some more.
Sep 20, 2011 at 10:01 a.m.
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uncle- He had to keep all his welfare and free-birth-contol buddies happy, thats why he didn't veto it like he should have.
Sep 20, 2011 at 10 a.m.
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futurerichguy> get your facts straight...from http://www.irs.gov/pub/irs-pdf/i1040tt.p...
$1 Million taxable income, married filing jointly, federal tax is $320,308 or 32.03%; $50K taxable income, married filing jointly, federal tax is $6,666 or 13.33%. The point being that those with higher incomes do pay more in tax than an average citizen. Seems to me a lot of you are just jealous because you don't make that much.
Sep 20, 2011 at 9:56 a.m.
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The "wealthy" have created SOOO many jobs in the last 10 years, haven't they??
Sep 20, 2011 at 9:53 a.m.
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I guess I have to agree with the "liberal" side here.
All these "tax cuts" for upper-income people have done NOTHING for middle-class jobs and will do NOTHING EVER for middle-class jobs or the well-being of our general economy.
TWO things need to be done....CUT OUT all the welfare to the sit-on-their-butt leeches AND tax the rich APPROPRIATELY.
I'm generally against the "liberals", but this tax scenario is assinine and continues to kill the country.
Go back to 1960's tax structure..What was so "bad" about it??..The middle-class was doing well back then.
I cannot believe this stupidity.
Sep 20, 2011 at 9:52 a.m.
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for all of you who continue to complain about the "Bush Tax Cuts" have you forgotten that Obama agreed to extend them 2 years ago? Have you also forgotten that in 2009 Obama made the statement that it would be unwise to raise taxes during a recession because doing so would kill job creation. Why don't you ask your beloved Obama why he's changed his mind?
Keep in mind that those most of you seen to hate, the "wealthy" are those who create jobs in this country. Did you ever get a job from a poor person? The "wealthy" already pay more in in taxes that the rest of the population. The top .2% (that's 2 tenths of 1 percent) of the population pay 21% of the total taxes paid in this country. What do those of you who are complaining about the Republicans pay?
Moreover, I have heard of so many folks in this town who brag about their "side jobs" that they never report and therefore never pay tax on. How about all of those folks doing the legal thing and declaring all their income, and paying tax on it?
When those of you who complain about the "Bush" tax cuts see your rate increase from 15% to 28% what will you say then?
Sep 20, 2011 at 9:47 a.m.
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Bush made me sign the tax bill I took credit for last December!
Have you ever seen a sorrier excuse for a leader, let alone a President, than Obama?
Sep 20, 2011 at 9:47 a.m.
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Someone making $1M per year pays $250K in federal income tax. That's $750K left for them to do as they please. Someone making $50K pays $3K in federal income tax. That leaves $47K to do as they please. No matter how hard I try, I can't feel any sympathy for the millionares.
Sep 20, 2011 at 9:44 a.m.
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Apparently the GOP hid Obama's veto pen. I voted for Obama and I am so disappointed in him. He could have made a stand on those tax cuts but didn't. And instead of getting out his veto pen, he blames everybody else. I am tired of him playing the blame game and pointing fingers. As for the 2012 elections, geez.... who wants to vote for anyone from that cesspool of candidates. We need some good independents to come along.
Sep 20, 2011 at 9:42 a.m.
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With all the writeoffs it is possible.
Sep 20, 2011 at 9:39 a.m.
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cenocerned here is a link for you to donate to the cause, that is if you really support your position of wanting to pay more; lead by example.
http://www.treasurydirect.gov/govt/resou...
Sep 20, 2011 at 9:31 a.m.
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You can tell the Republicans who don't want the Bush tax cuts to end. Those people have more than enough financially and simply want more. Greed will be the downfall of our country. Greed begets more greed.
Sep 20, 2011 at 9:28 a.m.
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Bush is the one who implemented the Bush tax cuts. They will forever remain the Bush tax cuts.
Sep 20, 2011 at 9:26 a.m.
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I will not refer to them as Obama's tax cuts. He did not want to go along with them. If you remember in December, the Republicans forced him to extend them then. So they are still the Bush tax cuts. Pres. Obama knew then that they should end. He compromised which is something the Republicans know nothing about or even care to do. It is the Republicans' way or the highway.
Sep 20, 2011 at 9:23 a.m.
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There has to be more revenue and it can't come from the poor and the middle class. Soon there will be no more for them to give. If that happens, will the Republicans then see what they need to do?
Sep 20, 2011 at 9:23 a.m.
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concernedperson.......I realize that you have your head buried in the sand 99% of the time, but Obama can't even get members of his own party to back his "jobs bill". Technically the Bush tax cuts can no longer be attributed to Bush either........Obama extended them--please refer to them as the "Obama tax cuts" from here on out.......Thx!
Sep 20, 2011 at 9:15 a.m.
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Ten years of Bush tax cuts is digging the hole deeper. There has to be more revenue.
Sep 20, 2011 at 9:13 a.m.
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The Republicans are not doing anything to help President Obama fix our economy. They want him to fail. Then they can say Obama didn't create any jobs when it comes to re-election. Republicans don't give a rip what happens to our country. They are only interested in politics. If they cared about our country, they would be trying to help the President in job creation. They are not lifting a finger to help him.
Again, the Bush tax cuts were suppose to be temporary. For some reason, the Repubs. think they should be permanent. It is time they come to end. Ten years now of Bush tax cuts is not getting us anywhere.
Sep 20, 2011 at 9:13 a.m.
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And how is the involvement in Libya being funded? The actions which have yet to be approved by Congress, as required by law.
Sep 20, 2011 at 9:08 a.m.
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The wars were unfunded. That is a big part of the problem we now have. Those wars were not paid for. Before GWB, we paid for wars that we got into. Presidents before GWB realized that if we created a war, we had to pay for it. The surplus Bush inherited, he quickly spent.
Trickle down economics never worked. Reagan tried to make the people believe that it would. But thirty years later, we see that it never worked. History shows that.
As Pres. Clinton said over the weekend, spending cuts are needed, but our country will not recover without additional revenue. The wealthy can afford to pay more taxes, and they should.
Also, Pres. Clinton said the most immediate concern is the creation of new jobs. I do not see the Republicans trying to help in any way to create more jobs. Pres. Clinton urged Congress to pass Obama's jobs bill now.
The public is watching the Republicans as they continue to bash the President and refuse to do anything to create jobs.
Sep 20, 2011 at 9:06 a.m.
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Buffet is constantly brought into the limelight by the left with his little secretary story. There's a big difference between capital gains tax and actual income tax. Buffet is an anomaly regardless. Not many people declare an "income" the same way he does. If you were to completely account for taxes paid in attributed to capital gains you would also have to include those paid at the corporate level.
Aside from that it would be nice for the left's poster boy on tax rate reform had his company keep current on the taxes owed to the same government he claims doesn't tax him enough.......don't you think??
http://www.huffingtonpost.com/2011/08/29...
Sep 20, 2011 at 9:01 a.m.
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FACT CHECK: Are rich taxed less than secretaries?
http://mynorthwest.com/178/549000/FACT-C...
Sep 20, 2011 at 8:59 a.m.
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RAF: Do you think tax reform is needed?
Sep 20, 2011 at 8:56 a.m.
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The class warfare group? How about the class warfare where the rich pretend that they cannot afford to pay the same tax rate that they paid fifteen years ago! These tax cuts were intended to be temporary! And were passed before we decided to go on spending sprees of numerous wars! We have bills to pay and it is time to return the tax rate that was paid fifteen years ago. We need to share the pain, everyone do their parts!
Sep 20, 2011 at 8:47 a.m.
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Seeing our government can't do the simplistic task of passing a national budget reforming the tax code will never happen.
Surprisingly this tale of a secretary paying a higher income tax rate than buffet is still going around by the media uncorrected and unchallenged. Buffet is not paid an income in the traditional sense, so he is not taxed that way. But the class warfare group never misses an opportunity to strike.
Sep 20, 2011 at 8:05 a.m.
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"Less" is a relative thing. The bottom line begs the question, "Shouldn't the wealthy pay the same percentage of their income in taxes as the non-wealthy?" The impact on both is theoretically the same. (Although we all know that the poor are impacted far more by a percentage that the wealthy wouldn't blink at.) And pleeeeease don't try to feed us that same old tired crap about "trickle down" economics. It has never worked, and will never work. The money saved by corporations in giant tax breaks does not create new jobs....it goes in the pockets of those at the top.
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