cueball1

iTrader: (13)

Article on Yahoo finance today.

http://finance.yahoo.com/news/Nearly....html?x=0&.v=1

Basically states that 47% of the US population pays no federal income taxes this year! Holy crap that's a lot of freeloaders. All that hope and change is leaving me hoping for change. (actually I'm not that anti obama - he's been far more moderate than I expected)

gospeed81

iTrader: (51)

I just don't even understand how that's possible...

We don't make a lot. Even though we both work, I go to school and we have a kid. We STILL payed in nearly 11% of our income (they removed 24% from our paychecks, we got more than half of that back. Not that I'm complaining, but there's no way I'm that far above the halfway mark.


EDIT:

I just noticed we had a politics section...cool.

paNX2K&SE-R

iTrader: (8)

Yet another reason we should adopt the Fair Tax.

southernmx5

iTrader: (1)

That must be why I got a $400 tax credit for working my *** off last year.

JasonC SBB

The BIGGER issue is TOTAL gov't spending.

They control around 45% of GDP.

mgeoffriau

iTrader: (7)

Sounds like a ton of people are living off unreported income.

Sparetire

Bullshit. Maybe 47% are not paying any extra in April, but everyone over about 12K yearly is paying something.

I made about 25K last year and paid plenty in taxes.

clay

iTrader: (6)

Completely true and commonly accepted that nearly 50% pay no fed tax. There are tons of figures to support this. Also, if you look at the number of people who file their taxes vs the US population you will see a big difference (even if you assume everyone filing is married with 5 kids). Also, it's not just the poorest that pay no taxes. I mentioned in another thread that my sister's family pays none. Lots of deductions (home mortgage, charitable donations, etc) combined with 5 kids means completely legit no tax burden on a 75k salary.
Another crazy statistic is that something like the top 1% of earners pay roughly 40% of the federal tax revenue.
Some good tables for comparison here.

You can see the obvious temptation for 50% of the population to vote for any and every tax increase on the evil rich! And that is why I don't think the Fair Tax (which I am ALL for) will ever become law. Politicians would lose their power to buy votes.

Braineack

iTrader: (62)

Because of our Govt's wasteful spending, I'm liable for $350,000:

http://www.usdebtclock.org/index.html

Sparetire

So let me see if I understand this. I can make 25K and pay about 5 of that in taxes not including sales tax, fuel taxes, phone taxes, etc. But if I make 50, knock a girl up, and get into massve debt on a house, I owe none?

I guess I have one more reason to hate the Republicans and the Democrats who both claim to be champions of low and middle income people.

Braineack

iTrader: (62)

They know best...they are millionaires.

Efini~FC3S

iTrader: (4)

We're talking about only federal income tax, not all of the other stuff (Social Security, etc.) that I assume is part of the 5K of your 25k income. I'm guessing your actual federal income tax paid after your tax return is fairly small, not 5k dollars.

Sparetire

Ahhh. I ASSumed that we were basically talking about everything deducted from a paycheck.

Braineack

iTrader: (62)

Now look up what percentage of Americans pay for over 80% of all Fed. taxes...


And here "citizens" of D.C. bitch about taxation without representation? What percentage of D.C. cizitens actually pay Fed. income taxes...I bet it's like 5%.

turotufas

iTrader: (7)

I made 7 grand this year. The man took $200 out of my paychecks. My mom just told me I owe $150. I don't know **** about taxes. Damn!!

neogenesis2004

iTrader: (12)

A rare Braineack triple post in the wild!

hustler

iTrader: (6)

bros, if you make lots of money then you should have to pay for everyone else.

Braineack

iTrader: (62)

Wait until you buy your first house in March of '07, just as the market crashes making you feel like ***.

And then they pass a stupid bill that says, "well give you $8,000 in tax credits if you buy your first house in March '08."

And then when you want to sell your house you cant because you're underwater now.

And then you find out your place can't get FHA approved because there's a large loan against the property. so a buyer needs 20% down instead of 3.5%

And then you find they just changed the laws that says you now cannot use rental income as declared income for a new house mortgage.

And then you find that you can't even get a tax writeup for the loss you would take each month if your rented the current place out for a loss because you make over $150,000 a year before taxes. Because when that happens you are "rich" and need to be looted from...


just wait, and see how much you love your government.

thymer

iTrader: (5)

I don't feel very rich. What's the point in busting your *** and making something of yourself if you just end up paying for the lazy *****?

Braineack

iTrader: (62)

I'm now punished because I'm not one of those ******** who went out, bought a new cheap larger house and then foreclosed on the old one...