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RE: Is it time to crack down on special interest groups? - 8/24/2011 4:01:20 PM   
tazzygirl


Posts: 37833
Joined: 10/12/2007
Status: offline 		Finally!  You are finally getting it!

These people have nothing to tax!


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RE: Is it time to crack down on special interest groups? - 8/24/2011 4:20:16 PM   
Lucylastic


Posts: 40310
Status: offline 		it has become the republican mantra now..tax the 50 % who dont earn enought to live.
50% of the population needs to tell em where to shove it.
Gotta save the poor corps and business and rich...
l

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RE: Is it time to crack down on special interest groups? - 8/24/2011 4:31:20 PM   
Mouth4Mistress


Posts: 91
Joined: 8/8/2011
Status: offline 		If people "don't earn enough to live", their tax rate is either very low (or at least lower than someone in the upper-middle/upper class) or non-existent.

The top 5% of earners in this country pay ~50% of the tax revenue. Top 50% (about $ 33K / year and up income) pay ~97%.

So... considering that the bottom 50% pay around 3% of the total tax volume, could you please explain how the hell does the "tax the poor" thing actually work?

P.S. If the corporate tax loopholes were closed, this wouldn't even be an issue anyway.
But, as an example, GE donated a couple of million to Obama's campaign, and paid almost no taxes last year. Cool deal - donate a million, save a few hundred million.

http://www.moneychimp.com/features/tax_brackets.htm

http://ntu.org/tax-basics/who-pays-income-taxes.html

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RE: Is it time to crack down on special interest groups? - 8/24/2011 4:35:50 PM   
rulemylife


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quote:

ORIGINAL: willbeurdaddy


quote:

ORIGINAL: tazzygirl

Yet the bottom 50% holds only 2.5% of the wealth.


So?


So.............it means that there is a huge wealth disparity in this country.

And if you want  to talk about the economic problems we are having then this is the place to look.

If people don't have money to spend then the effect on the economy is obvious.

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RE: Is it time to crack down on special interest groups? - 8/24/2011 4:48:11 PM   
Lucylastic


Posts: 40310
Status: offline 		Mouth,,,,,,you tell me how it works, thats what I want to understand, their rationale for pulling blood from stone, but that is what the right are looking at now. I know the details, Im just pointing out the ridiculousness of the expectation and the way their minds work.




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RE: Is it time to crack down on special interest groups? - 8/24/2011 5:24:37 PM   
tazzygirl


Posts: 37833
Joined: 10/12/2007
Status: offline 		~FR

My point in this was really simple.

The upper percentiles dont want to pay 700 Billion, when they can obviously afford it.  So, in their desperate attempt to throw stones, they point to the 50% who don't pay taxes... neglecting to want to understand that for the 50% that don't pay taxes to start paying taxes equal to the amount the upper ranks can afford, the lower 50% would have to kick in half their wealth.  Not pay double taxes.... but give up half of the wealth they possess.


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Telling me to take Midol wont help your butthurt.
RIP, my demon-child 5-16-11
Duchess of Dissent 1
Dont judge me because I sin differently than you.
If you want it sugar coated, dont ask me what i think! It would violate TOS.

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RE: Is it time to crack down on special interest groups? - 8/24/2011 5:58:49 PM   
tj444


Posts: 7574
Joined: 3/7/2010
Status: offline 		maybe someone can explain this to me.. this millionaire is 72, retired CEO, and he is saying he pays way more than Buffett- all various taxes totally he says he pays 80-90% of his income.. I would guess he has a good accountant since he was a CEO of American Express..

My question is why is he paying so much? And what is Buffett doing right that this guy is doing wrong?

"Of my current income this year, I expect to pay 80%-90% in federal income taxes, state income taxes, Social Security and Medicare taxes, and federal and state estate taxes."
http://online.wsj.com/article/SB10001424053111903639404576516724218259688.html?mod=WSJ_Opinion_LEADTop

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RE: Is it time to crack down on special interest groups? - 8/24/2011 6:10:34 PM   
Lucylastic


Posts: 40310
Status: offline 		If I could give a damn Id still be more worried about an unemployed family man who worked forty hours a week for ten or twenty years and now is on the brink of bankruptcy.
If he is paying that much at his age? I smell some constructive reworking of his finances.


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RE: Is it time to crack down on special interest groups? - 8/24/2011 6:17:56 PM   
tj444


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quote:

ORIGINAL: Lucylastic

If I could give a damn Id still be more worried about an unemployed family man who worked forty hours a week for ten or twenty years and now is on the brink of bankruptcy.
If he is paying that much at his age? I smell some constructive reworking of his finances.


well, its not just income tax he is referring to.. I dont get why he would bother, if thats really how much i was paying I would pack it in and move to a sunny island further south..

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RE: Is it time to crack down on special interest groups? - 8/24/2011 6:43:25 PM   
Lucylastic


Posts: 40310
Status: offline 		why is he paying that if he is retired??
what IS his income, where does it come from?
fishy doesnt begin to describe it, of course, I have never been head of Amex.

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RE: Is it time to crack down on special interest groups? - 8/24/2011 7:02:35 PM   
tazzygirl


Posts: 37833
Joined: 10/12/2007
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quote:

ORIGINAL: tj444

maybe someone can explain this to me.. this millionaire is 72, retired CEO, and he is saying he pays way more than Buffett- all various taxes totally he says he pays 80-90% of his income.. I would guess he has a good accountant since he was a CEO of American Express..

My question is why is he paying so much? And what is Buffett doing right that this guy is doing wrong?

"Of my current income this year, I expect to pay 80%-90% in federal income taxes, state income taxes, Social Security and Medicare taxes, and federal and state estate taxes."
http://online.wsj.com/article/SB10001424053111903639404576516724218259688.html?mod=WSJ_Opinion_LEADTop


FICA... SS and Medicare combined... is capped at $106,800.  Federal and state imcone taxes could, at the most, be 35%.  So, what this person is saying is that 41% of his income is going to legitimate taxes... and he is full of shit there because there is no way a man with that much money doesnt have a tax accountant and a damn good tax lawyer... and that Federal and state estate taxes are 39 - 49%

And, if he isnt smart enough to hire a lawyer to figure out how to protect himself against those taxes, then its his own stupidity.

Its our stupidity to believe he is actually paying that much in taxes.


_____________________________

Telling me to take Midol wont help your butthurt.
RIP, my demon-child 5-16-11
Duchess of Dissent 1
Dont judge me because I sin differently than you.
If you want it sugar coated, dont ask me what i think! It would violate TOS.

(in reply to tj444)
Profile   Post #: 31
RE: Is it time to crack down on special interest groups? - 8/24/2011 7:17:03 PM   
tj444


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quote:

ORIGINAL: tazzygirl
FICA... SS and Medicare combined... is capped at $106,800.  Federal and state imcone taxes could, at the most, be 35%.  So, what this person is saying is that 41% of his income is going to legitimate taxes... and he is full of shit there because there is no way a man with that much money doesnt have a tax accountant and a damn good tax lawyer... and that Federal and state estate taxes are 39 - 49%

And, if he isnt smart enough to hire a lawyer to figure out how to protect himself against those taxes, then its his own stupidity.

Its our stupidity to believe he is actually paying that much in taxes.


He is likely including all the other taxes in the final total, like sales tax, gas tax, property tax, etc etc etc. I dont know, I went to one accounting site and it said its possible to pay 46% in fed & state income tax and that a lot of rich people do pay that. If that is true, how come Buffett only pays 15% (which is only 1/3 of that)?
But I would really like to see a copy of this guy's return and see how he calculated it all out.. Without that its hard to believe..

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RE: Is it time to crack down on special interest groups? - 8/24/2011 10:40:56 PM   
outhere69


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quote:

ORIGINAL: willbeurdaddy

FR
The largest special interest group is the 50% who pay no income taxes

They pay payroll taxes, do they not?

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RE: Is it time to crack down on special interest groups? - 8/24/2011 11:07:40 PM   
tazzygirl


Posts: 37833
Joined: 10/12/2007
Status: offline 		excise tax, sales tax, income tax, FICA... they pay all sorts of taxes.

For deaths occurring in 2011, up to $5,000,000 can be passed from an individual (for married couples, the applicable amount is $10,000,000) upon his or her death without incurring estate tax.

Thats federal.  Some states abolished their inheritance taxes. 

Pennsylvania  Inheritance tax is a flat tax on the value of the decedent's taxable estate as of the date of death, less allowable funeral and administrative expenses and debts of the decedent. Pennsylvania does not allow the six month after date of death alternate valuation method that is available at the federal level. Transfers to spouses exempt. Transfers to grandparents, parents, or lineal descendants are taxed at 4.5%. Transfers to siblings are taxed at 12%. Transfers to any other persons are are taxed at 15%. Some assets are exempted, including life insurance proceeds. The inheritance tax is imposed on both residents and nonresidents who owned real estate and tangible personal property in Pennsylvania at the time of their death. The Pennsylvania Inheritance Tax Return (Form Rev-1500) must be filed within nine (9) months of the date of death.

http://en.wikipedia.org/wiki/Estate_taxes

So the max here for state would be 15%.

And there are so many loopholes and exemptions for estate taxes... too many to list.

http://en.wikipedia.org/wiki/Estate_tax_in_the_United_States

Thats just a simplified version... but it gives you an idea that this man is a blooming idiot who is trying to whine because someone is taking a nickle from the street in front of his house.


_____________________________

Telling me to take Midol wont help your butthurt.
RIP, my demon-child 5-16-11
Duchess of Dissent 1
Dont judge me because I sin differently than you.
If you want it sugar coated, dont ask me what i think! It would violate TOS.

(in reply to outhere69)
Profile   Post #: 34
RE: Is it time to crack down on special interest groups? - 8/25/2011 7:57:23 AM   
popeye1250


Posts: 18104
Joined: 1/27/2006
From: New Hampshire
Status: offline 		One thing is for sure, we need to outlaw any and all "lobbyists."
They shouldn't have "special access", they can sit down at their kitchen table and write a letter to their Reps and Senators just like I do!
When's the last time YOU played golf with your Congressman or Senator?
"Lobbyists" exist *solely* to extract every single penny of the Taxpayer's money that they can.


< Message edited by popeye1250 -- 8/25/2011 7:58:44 AM >

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RE: Is it time to crack down on special interest groups? - 8/25/2011 8:00:05 AM   
Real0ne


Posts: 21189
Joined: 10/25/2004
Status: offline
quote:

ORIGINAL: tazzygirl

quote:

ORIGINAL: tj444

maybe someone can explain this to me.. this millionaire is 72, retired CEO, and he is saying he pays way more than Buffett- all various taxes totally he says he pays 80-90% of his income.. I would guess he has a good accountant since he was a CEO of American Express..

My question is why is he paying so much? And what is Buffett doing right that this guy is doing wrong?

"Of my current income this year, I expect to pay 80%-90% in federal income taxes, state income taxes, Social Security and Medicare taxes, and federal and state estate taxes."
http://online.wsj.com/article/SB10001424053111903639404576516724218259688.html?mod=WSJ_Opinion_LEADTop


FICA... SS and Medicare combined... is capped at $106,800.  Federal and state imcone taxes could, at the most, be 35%.  So, what this person is saying is that 41% of his income is going to legitimate taxes... and he is full of shit there because there is no way a man with that much money doesnt have a tax accountant and a damn good tax lawyer... and that Federal and state estate taxes are 39 - 49%

And, if he isnt smart enough to hire a lawyer to figure out how to protect himself against those taxes, then its his own stupidity.

Its our stupidity to believe he is actually paying that much in taxes.



there is no protection from paying the mob there is only lessening the extortion.


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