Biden Presidency will be a Nightmare for America economically!
- Thread starter Wolverine
- Start date
I support your fucking grandchildren since their sorry parents have failed to do so. It's why they call me dad.
Keep believing that if it makes you feel better about being a sorry parent by raising your kids to be worthless parents.
Tell your grandchildren "dad" will be by to see them soon.
No, that was not your original claim. Your original claim was that the bottom 50% pays 3.11% of the taxes.
We can go around this circle forever. You keep changing your claims. The fact is everyone pays taxes, and aside from the mega wealthy, everyone pays a reasonable amount of taxes.
For instance, saying that the bottom 20% "only" pays 2% of the taxes sounds unreasonable, until you realize they only make 2.8% of the income.
Yes but that is by design. This way they can create more socialism and dependency on the govt.
Rightys simply cannot undestand what it means to say the wealthy pay most of the taxes. They have gotten tax break after tax break. During Ike the top tax rate was 92 percent. It has been slashed over and over. They have invented zillions of way to hide income and not pay. So when someone says that are paying most of the taxes, that is just telling you how much money that have. A smaller percentage is the bulk of taxes? Damn that is scary how much money they have confiscated.The income gap is beyond belief.
Since the topic was income taxes, no need to repeat the term income when referring to percentage unless you're stupid enough to need me to do so.
Everyone does not pay income taxes. A family of four doesn't pay a dime of income taxes until the gross income is $60,950 based solely on the standard deduction and two child tax credits. Are you claiming every family of four makes more than that in gross income?
I am always amazed how many Trump-loving, pick- yourself-up-by-your-bootstraps conservatives are on unemployment, disability, food stamps, Medicare, etc.
The topic is economy and taxes. No one cares about only one tax. Are you now claiming only one tax matters?
Lets run the numbers on your claim, and see where we land.
The Standard Filing Jointly Deduction is $24,800. Add into that two child deductions at $2k each, or $28,800. $60,950 puts you right above the EITC threshold of $55,952, so that does not matter. That leaves you with $32,150 in taxable income. You pay 10% on the amount under $19,750, and 12% of the amount over $19,750. That is an income tax of $3,463.
StoneByStone
It's OK to Be White
Trump's recession happened before the shutdown.
John Barron
Verified User
Or you could elect trump & get the same results, this is what you have already under trump=excuses.............
He is the president he is responsible for what happens...... Not Xi, who he trusted..........
My point which of course escapes you is! Let me simplify this for you, I do not think punishing successful people, gives anyone reason to try and better themselves. I also think if I pay 15% on a Million, and you pay 15% on 75,000, I would still be paying more in taxes period. If I earn it, who are you to say I have to give to someone else, to make it fair.
If
One thing I have learned in life is that the more money you make, the far more deductions you have. If you are paying 15% on a million income, you are almost certainly making three million, and only paying taxes on a million, so about 5%. If I am paying 15% income tax on $75k, I am probably paying an additional 15% payroll tax, and 10% state and local taxes, or 40%.
Get a job, Walter, pay taxes and then tell me you want to pay more taxes.
If you are bothered by the new lower tax rates, you can pay the old higher tax rates.
The Treasury will gladly accept your check.
I have had jobs at many levels, and paid taxes at many levels.
I don't like paying taxes, or any other bills. But I am an adult, so I pay my bills. Maybe you should grow up and pay your bills.
I didn't mention other taxes only income. Since most other taxes are paid based on choices people make to do something (i.e. - sales tax, property tax), paying those is a result of making a choice to buy something or own something. If people don't want to pay those, don't buy or own anything.
Your first mistake in your example is that you call something a deduction when it's a credit. Do you know the difference? Let's correct your example and make it accurate since it's what I did to use the numbers I used.
Deduction - Lowers the amount of your taxable income.
Credit - An amount that reduces the amount of tax you pay as if you actually paid it.
$60,950 - 2 parent/2 child family gross income
$24,800 - standard deduction
$36,150 - taxable income after taking the standard deduction assuming no other deductions apply
$3,953 - Income tax liability on $36,150 using the married filing jointly column on the tax tables.
$4,000 - two child tax CREDITS ($2000/each)
$0 - income tax paid after applying all deductions and credits.
Your fuck up is that you applied a credit as a deduction. A credit does just like the word means and applies it as if you already made the payment.
I did make a mistake. I used $60,950 when the actual number is $61,350. At $61,350, that family of four would pay $1 in federal income tax after applying nothing more than the standard deduction and two child tax credit. EITC wasn't even considered in this scenario.
If you want to know more about how the income tax process works, let me know. I'll be glad to educate you.