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TAXES -- LET'S GET REAL

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Re: TAXES -- LET'S GET REAL

Post by Paul2CV on Mon May 30, 2011 8:27 pm

Hi LawAbidingCitizen,

Thanks again for your post. The 48% issue of paying taxes refers only to Federal income taxes -- not Social Security, State, County, Property taxes, sales taxes etc. The following chart from Wikipedia gives a good sense of the structure of things. Again, this reflects only the Federal portion for the case cited. Other State and local taxes would be added.

Example of a tax computation
Income tax for year 2009:
Single taxpayer, no children, under 65 and not blind, taking standard deduction;
$40,000 gross income - $5,700 standard deduction - $3,650 personal exemption = $30,650 taxable income
$8,350 × 10% = $835.00
$30,650 - $8,350 = $22,300.00
$22,300.00 x 15% = $3,345.00
Total income tax is $835.00 + $3,345.00 = $4180.00 (10.45% effective tax)
Note that in addition to income tax, a wage earner would also have to pay FICA (payroll) tax (and an equal amount of FICA tax must be paid by the employer):
$40,000 (adjusted gross income)
$40,000 × 6.2% = $2,480 (Social Security portion)
$40,000 × 1.45% = $580 (Medicare portion)
Total FICA tax = $3,060 (7.65% of income)
Total Federal tax of individual = $7,240.00 (18.1% of income)

Paul2CV

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Re: TAXES -- LET'S GET REAL

Post by LawAbidingCitizen on Mon May 30, 2011 6:19 pm

I tend to stay out of these discussions because there isn't a whole lot we agree on. That said, I'm all for a flat tax for everyone. Including the rich and the 48% of Americans who don't pay any taxes at all now due to their low income level. Everyone who gets the benefits of living in this country (while they last) should have to pay something for it's upkeep.

I'm also highly in favor of term limits.

I'm also in favor of highly probing background checks on anyone who runs for state or national office. I think they should be published for all citizen voters to read. Americans have a disturbing habit of falling for anyone with a slick line.

LawAbidingCitizen

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Re: TAXES -- LET'S GET REAL

Post by trout on Tue May 17, 2011 11:25 am

I would think it could be kept very simple. A flat tax rate and no deductibles for anyone including companies.

trout

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Re: TAXES -- LET'S GET REAL

Post by Paul2CV on Mon May 16, 2011 4:52 pm

Trout,

I'm beginning to think it will have to be some kind of flat tax thing. Lot's of it is special loopholes. Something sure stinks when I pay more taxes than GE.

Paul2CV

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Re: TAXES -- LET'S GET REAL

Post by trout on Mon May 16, 2011 4:12 pm

Paul this has gone on for years. You kinda wonder why the Congress has not taken action on it. Maybe the money moves around to much and Congress does not want to change things. I would like to see forced term limits on all elected offices. One or two things will happen, one less greed or the corporate wealth will get to more elected officals.

trout

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Re: TAXES -- LET'S GET REAL

Post by Paul2CV on Mon May 16, 2011 2:30 pm

No trout that's not what I mean at all. I don't have a thing against people getting legitamately rich and paying their legitimate taxes. But they don't. And when they get into trouble and need a bail out, they're the first ones looking for government handouts. And by the way, insisting they are also entitled to taxpayer bail out of their bonuses. The system is rigged trout. And we just saw it play out. It's called corporate welfare.

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Re: TAXES -- LET'S GET REAL

Post by trout on Mon May 16, 2011 2:08 pm

Paul did the corporations and wealthy Amercians earn those cookies? If so what's the big deal. That is what America is. Work hard and earn big, or wait for the government to buy you cookies with the rich man's money huh?

trout

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Re: TAXES -- LET'S GET REAL

Post by Paul2CV on Mon May 16, 2011 11:15 am

Hi Forum,

It's like this. There's 12 cookies on a plate. The corporations and wealthiest Americans take 11 of them. Then they turn to the middle class and say, "Better watch that Government tax man, he's gonna steal your cookie!" pig

Paul2CV

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TAXES -- LET'S GET REAL

Post by Paul2CV on Sat May 14, 2011 9:52 am

Hi Forum,

I would be happy to have a serious exchange on this topic of so-called runaway taxes.

http://www.usatoday.com/money/perfi/taxes/2010-05-10-taxes_N.htm


Also, did you know that for every dollar Arkansas sends to the Feds it gets $1.50 back to Arkansas in Federal revenues? The irony is that many of the most conservative states are underwritten by the more liberal ones! We need to keep our eye on the real ball. Corporate loopholes and exemptions for the wealthiest Americans. And not simply as a matter of fairness -- but because it is now a proven fact that "trickle down" doesn't work. Heck, we're living it out right now.

Paul2CV

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