Do you pay a higher percentage of your income in taxes than Warren Buffet does?

  • Thread starter Thread starter Guns Guns Guns
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Do you pay more than Warren Buffet?

  • No, the rich pay nearly all the taxes as it is

    Votes: 0 0.0%

  • Yes, I pay more than Buffet as a percentage of income

    Votes: 0 0.0%

  • Yes, but the rich pay less because as job creators, they deserve breaks

    Votes: 0 0.0%

  • No, I don't pay any taxes

    Votes: 0 0.0%
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Guns Guns Guns

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Buffett said he paid an effective tax rate of 17.4 percent, while people who worked in his office made much less but paid higher effective tax rates of between 33 percent and 41 percent, averaging 36 percent.


"If you make money with money, as some of my super-rich friends do, your percentage may be a bit lower than mine. But if you earn money from a job, your percentage will surely exceed mine — most likely by a lot," Buffett wrote.


"To understand why, you need to examine the sources of government revenue. Last year about 80 percent of these revenues came from personal income taxes and payroll taxes. The mega-rich pay income taxes at a rate of 15 percent on most of their earnings but pay practically nothing in payroll taxes. It’s a different story for the middle class: typically, they fall into the 15 percent and 25 percent income tax brackets, and then are hit with heavy payroll taxes to boot."

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http://www.politifact.com/truth-o-m...-buffett-says-super-rich-pay-lower-taxes-oth/​
 
My effective tax rate last year was 28.7%. And no that's not the marginal rate; that's after all the deductions and shit, right off the summary page that my account puts together for me. And no that doesn't include the State income tax, or the employers portion of payroll taxes, so the actual rate is even higher. After making payroll payments twice a month all year I still had to write a check to the IRS for almost $39,000.

Enjoy your EIC, Legion Troll. I payed for it. :fu:
 
DamnYankee said:
My effective tax rate last year was 28.7%. And no that's not the marginal rate; that's after all the deductions and shit, right off the summary page that my account puts together for me. After making payroll payments twice a month all year I still had to write a check to the IRS for almost $39,000. Enjoy your EIC, Legion Troll. I payed for it.
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Do you mean you "paid" for it?

Thank George W. Bush. He said tax cuts would create jobs and prosperity.

People who work for a living, especially those who make higher than average salaries, get taxed at higher rates. Statistics from the Internal Revenue Service show that the 400 wealthiest taxpayers pay tax rates of less than 20 percent.



http://www.politifact.com/truth-o-m...-buffett-says-super-rich-pay-lower-taxes-oth/
 
DamnYankee said:
You dumbass. The EIC was first enacted in 1975.
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Are you saying Bush and the GOP didn't expand it later?

And who was president in 1975?

Enacted in 1975, the initially modest EIC has been expanded by tax legislation on a number of occasions, including the widely-publicized Reagan Tax Reform Act of 1986, and was further expanded in 1990, 1993, and 2001...


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


Republican leaders, who think nothing of widening tax loopholes for corporations and multimillion-dollar estates, are offended by the idea that people making less than $40,000 might benefit from the progressive tax code.

They are infuriated by the earned income tax credit (the pride of Ronald Reagan), which has become the biggest and most effective antipoverty program by giving working families thousands of dollars a year in tax refunds.

They scoff at continuing President Obama’s payroll tax cut, which is tilted toward low- and middle-income workers and expires in December.
Until fairly recently, Republicans, at least, have been fairly consistent in their position that tax cuts should benefit everyone.

Though the Bush tax cuts were primarily for the rich, they did lower rates for almost all taxpayers, providing a veneer of egalitarianism.

Then the recession pushed down incomes severely, many below the minimum income tax level, and the stimulus act lowered that level further with new tax cuts.


http://www.nytimes.com/2011/08/31/opinion/the-new-resentment-of-the-poor.html?_r=1
 
Who cares who extended it? The point is that it is a liberal, socialist policy. It certainly isn't a conservative policy. I pay for your gravy.
 
DamnYankee said:
Who cares who extended it? The point is that it is a liberal, socialist policy. It certainly isn't a conservative policy. I pay for your gravy.
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I care who extended it. Ford, Reagan, Bush...Republicans all. Are they liberals and socialists?

Cite the source of your repeated claim that I get an earned income tax credit.
 
DamnYankee said:
No need to be specific. The EIC is available to a wide range of low income folks, including you.
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There's a need to be specific when you jack your jaws without any factual basis. So, cite the source of your specific knowledge of my identity and financial circumstances.
 
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