bbundy

Household income was down in 2011. Total tax to the federal government was 23.1% of our income. Lowest tax rate I paid in a long time. The Obama 2% reduction in social security tax was substantially helpful as well.

Looked and found the fortune 500 corporation I work for paid -30.5% federal income tax on 365 million in profit between 2008 and 2010 and assume the CEO paid roughly 15% on ~13 million a year in total compensation, got further depressed about how screwed middle class has become as we become a corporate fascist nation.

2012 Income will be up I’m trying to figure out if we will be paying alternative minimum and loosing deduction for mortgage interest.

Bob

dc2696

iTrader: (2)

didn't pay much last year as I only worked 6months after graduating college so I only grossed $54k. Paid just over 25% federal/provincial combined. This year will be around 39% as I'll be over 132k... Gotta love Canadian tax rates lol

Scrappy Jack

iTrader: (2)

Is that a typo? How does anyone pay negative Federal Income tax? You are saying they paid in $0.00 in taxes but somehow received back Federal money equal to almost 31% of some corporate income level?

Color me skeptical.

mgeoffriau

iTrader: (7)

GE is claimed to have received $3.2b in net tax benefits on an annual profit of $14.2b in 2010.

http://money.msn.com/top-stocks/post...3-2949588e90f6

I lol'ed at this.

Faeflora

iTrader: (2)

Effective tax rate was 13%. Last year was 20%. Got a great tax rate this year due to a carryover. Income was down about 6%. Blah.

Stein

iTrader: (46)

Effective rate ended up at 14.6%.

bbundy

Every republican candidate wants to make it so Hedge Fund manager and Private Equity manager and CEO receiving compensation through qualified stock options etc pay 0% tax. Talk about class warfare! People are too stupid to realize what is happening. The Right wingers in congress and a hand full of Democrats are willing to threaten government default to preserve the wealthy and corporate tax loopholes amounting to welfare for the profitable corporations and the economic oligarchs who pay them for their services.

They keep on reciting claims like that like 50% pay no income tax and ignore the fact that nearly half of federal revenue comes from Payroll tax that amounts to a 15% tax on poor people supposedly paying no income tax and that anybody beyond middle class doesn’t pay as much or even zero.

It would be nice if my after tax income was 45% more than my pretax income. But that does not sound like a sustainable way to run a country.

Bob

mgeoffriau

iTrader: (7)

What?

bbundy

Got to pay my taxes for the welfare of the job creators.

Bob

mgeoffriau

iTrader: (7)

I know, I'm just waiting for Scrappy to show up.

rleete

iTrader: (21)

Better it goes to them than the scum that do nothing for the economy at all.

Welfare should be a lottery, where they randomly shoot 5% of them a year.

Scrappy Jack

iTrader: (2)

Can you link me to the source for that chart? I am curious about the calculation. I'm not trying to discredit it; I can believe that with tax subsidies and incentives it is possible to receive more in Federal income than you made in gross income, but I want to better understand their definitions.

For example, is a lot of that temporary because of massive loss carry forward + R&D and capital investment depreciation pulled forward or is it something else? As close as GE is to the government, I am willing to entertain "all of the above" as a reasonable answer.

Sorry; had to enjoy a nice lunch outside on a beautiful afternoon in the sunshine. Plus, I said I am trying not to be "that guy."

I voted based on our effective Federal income tax rate, per the thread title.

Braineack

iTrader: (62)

What are you talking about?! The government acts non-arbitrarily and in the public interest, and tax “loopholes” are as legitimate a part of the fiscal bargain between voters, taxpayers, interest groups, and politicians as are determinations of the tax base and tax rates themselves.

mgeoffriau

iTrader: (7)

Understandable. I'd respond to that stuff more often, but I'm still at the point where it sounds so counter-intuitive to me that I'm worried I'll make an argument that's patently untrue and not even catch it.

bbundy

The fiscal bargain seems to be heavily lopsided in favor of those that trickle the most money down on congress and supported by dupes that believe the whole job creator propaganda thing.

I worked for one of those companies at the top of the list During that time frame compensation was reduced jobs were moved to countries where tax on employees was much lower.

Capital is the fruit of labor not moving capital around from bucket to bucket as the wealthy elite 1% seems to think.

Bob

mgeoffriau

iTrader: (7)

On employees or employers?


Da, comrade! The proletariat must rise together against the chains of the capitalist elite!

bbundy

http://www.ctj.org/pdf/notax2012.pdf

Interesting somehow a corporation can pay stock options and somehow they get huge tax credits for doing so and the receiver of the stock options also gets them qualified at the long term capital gains rate. I don’t fully understand it.

Bob

bbundy

In deciding which country a corporation is going to hire workers in it is not income tax to the corporation that matters it is the total cost of the employees. It is the total cost of the employee including the employees tax that matters most in that calculation. A smart company is guided by profit motive not income tax avoidance.

Bob