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mike10k
ok, so they're not really giving 39% of their annual income to the government. they get the best tax loopholes money can buy so that they end up giving less of their annual income to the government than say, their secretaries, who can't afford the best tax loopholes money can buy?

that whole secretary is paying more than warren buffett thing is a little bit complex. warren buffett's secretary actually makes a very high salary (being warren buffett's secretary and all), and this puts her at the top of the tax rate. warren buffett's money comes from investment income, i.e., capital gains, so his tax structure is different, as the tax rate for capital income is less than for wages, as the money on which the investment is earned has already had taxes deducted. that all being said, warren buffett paid far more taxes, dollar-for-dollar, than his secretary. he just had a lower tax rate on much more money.

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The first thing that distinguishes a writer is that he is most alive when alone. - Martin Amis

that is complex. he has a lower rate, but pays more taxes "dollar-for-dollar."

his lower rate is due to him not working?...it's his money making money?

his secretary works for her money.....(i'm going to assume she doesn't make 1 million per year).....and she has a higher rate.

my head hurts.

a rich person's money getting taxed doesn't bother me for some reason.

now, if the rich person were working at a job, like i have a job...i totally wouldn't want that guy getting taxed more than me.

reading this: [www.latimes.com]

why do these rich people want to pay more taxes?

am i confused?

a pile of cash making money gets a lower tax rate than a middle-class wage earning person making money.

money isn't people now too is it?

i thought corporations were people, and money was speech?



Edited 1 time(s). Last edit at 04/11/2012 04:05PM by mike10k.

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mike10k
reading this: [www.latimes.com]

why do these rich people want to pay more taxes?

they don't want to pay more taxes. they want to curry favor with the president so they can get their picture in the paper, feel superior to others, and ultimately raise themselves higher in their social circles.

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The first thing that distinguishes a writer is that he is most alive when alone. - Martin Amis

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mike10k
a rich person's money getting taxed doesn't bother me for some reason.

now, if the rich person were working at a job, like i have a job...i totally wouldn't want that guy getting taxed more than me.

high capital gains taxes doesn't just effect rich people. that's just a political falsehood. it effects mostly people who have worked for years, saved their money, and are now earning more money on that money, with the idea that now they can work less, as their money is working in their stead. mitt romney and warren buffet are the exceptions to the rule. most people who earn capital gains earned the initial capital, and their gains are modest. i.e., if you work for forty years, save a million bucks, and want to retire on that money, you put it in a bank, earn 75,000 a year on it (which assumes a pretty high 7.5% interest rate) and enjoy. if you're taxed on that money at 15%, you still earn around 64K, but if you tax it at, say 30%, you are now down to under 53K. Still manageable, but its a big difference. Plus, seeing that you probably won't earn 7.5 percent, you'l probably have to delve into your principal, which wouldn't be taxed, but each year you dig into your principal, the interest for the following year will be less.

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The first thing that distinguishes a writer is that he is most alive when alone. - Martin Amis

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Wild Creature

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mike10k
reading this: [www.latimes.com]

why do these rich people want to pay more taxes?

they don't want to pay more taxes. they want to curry favor with the president so they can get their picture in the paper, feel superior to others, and ultimately raise themselves higher in their social circles.

fucking rich fuckers!

well wait. i thought those were goals americans aspired to. get rich, so you can curry favor with the president, get your picture in the paper, feel superior to others, and ultimately raise yourself higher in your social circles!



Edited 1 time(s). Last edit at 04/11/2012 05:24PM by mike10k.

Saying 39% of the annual pay goes to the government isn't accurate since it's a marginal tax rate. Only the part of their income above a certain threshold is taxed at 39%. Their first 50K is taxed at the same rate as the 50K of a guy who only makes 50K. (Also, I'm pretty sure the number for the top bracket is lower than 39% right now and the Democrats want to raise it back to 39% or thereabouts.)

mmmm, canned curry.

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The first thing that distinguishes a writer is that he is most alive when alone. - Martin Amis

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Wild Creature

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mike10k
a rich person's money getting taxed doesn't bother me for some reason.

now, if the rich person were working at a job, like i have a job...i totally wouldn't want that guy getting taxed more than me.

high capital gains taxes doesn't just effect rich people. that's just a political falsehood. it effects mostly people who have worked for years, saved their money, and are now earning more money on that money, with the idea that now they can work less, as their money is working in their stead. mitt romney and warren buffet are the exceptions to the rule. most people who earn capital gains earned the initial capital, and their gains are modest. i.e., if you work for forty years, save a million bucks, and want to retire on that money, you put it in a bank, earn 75,000 a year on it (which assumes a pretty high 7.5% interest rate) and enjoy. if you're taxed on that money at 15%, you still earn around 64K, but if you tax it at, say 30%, you are now down to under 53K. Still manageable, but its a big difference. Plus, seeing that you probably won't earn 7.5 percent, you'l probably have to delve into your principal, which wouldn't be taxed, but each year you dig into your principal, the interest for the following year will be less.

damn wc. that's a tough one indeed.

maybe only the top 0.01% should be taxed more. ?

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INCOME GROUPS IN THE U.S.
Median — $25,076
Top 10% — $87,334
Top 5% — $120,212
Top 1% — $277,983
Top 0.5% — $397,949
Top 0.1% — $1,134,849
Top 0.01% — $5,349,795

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joedgery
Saying 39% of the annual pay goes to the government isn't accurate since it's a marginal tax rate. Only the part of their income above a certain threshold is taxed at 39%. Their first 50K is taxed at the same rate as the 50K of a guy who only makes 50K. (Also, I'm pretty sure the number for the top bracket is lower than 39% right now and the Democrats want to raise it back to 39% or thereabouts.)

yeah, Bush cut it to 35 percent, and the Dems wanted to return it, but wimped out, but, the thing is, everytime i do my taxes, for some reason i end up owing literally 39% of my salary and bonuses. that's what happened this year. maybe i should get somebody to do my taxes for me. or stop using that damn 1999 tax manual.

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The first thing that distinguishes a writer is that he is most alive when alone. - Martin Amis

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Wild Creature
mmmm, canned curry.

wild creature.

keepin' it real since 1971.


oh, now i get it! nevermind



Edited 1 time(s). Last edit at 04/11/2012 05:37PM by mike10k.

yeah, fuck the top .01 percent.

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The first thing that distinguishes a writer is that he is most alive when alone. - Martin Amis

HAHA

if the government did everyone's taxes, no loopholes, and everybody got taxed at the same rate (and capital gains taxes increased incrementally depending on how far away you get from the median wage earning bracket for the country) (is that fair?), then would america be happy?

i just want everybody to be happy.

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mike10k
if the government did everyone's taxes, no loopholes, and everybody got taxed at the same rate (and capital gains taxes increased incrementally depending on how far away you get from the median wage earning bracket for the country) (is that fair?), then would america be happy?

i just want everybody to be happy.

no, the lower income groups would be unhappy, as they currently pay no taxes, so any flat tax would raise their taxes.

the problem with government is that it tries to make everyone happy. not possible.

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The first thing that distinguishes a writer is that he is most alive when alone. - Martin Amis

these people don't have to pay taxes:

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Self-employed, any age: making under $400 a year
Children and Teens classified as a dependent: making under $5,700 a year
Single, under 65: making under $9,350 a year
Single, over 65: making under $10,750 a year
Married, filing jointly, both spouses under 65: making under $18,700 a year
Married, filing jointly, one spouse over 65: making under $19,850 a year
Married, filing jointly, both spouses over 65: making under $20,900 a year
Married, filing separately, any age: making under $3,650 a year

so just leave them be.

400 bux can buy a pretty nice cardboard box.

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Wild Creature

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mike10k
i just want everybody to be happy.

the problem with government is that it tries to make everyone happy. not possible.

haiku to make everybody happy
corporations are people
money is speech
now i am government

I think we should get rid of all corporate income taxes.


Just trying to keep the controversy flowing.

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Wild Creature
mostly i'm thinking of the marriage deduction and the homeowner's deduction which, if both were removed, would pretty much solve the deficit problem in a year.

i'm still interested in this solution.

married homeowners are fortunate.

can't they give up their marriage and homeowner's deduction for just one year, so that our deficit problem can be solved?!

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Kathaariancode
I think we should get rid of all corporate income taxes.

in all seriousness, corporate taxes are a good thing. they force a corporation to either distribute their profits, give it to charity or re-invest the money in the corporation. people get angry because they say corporations always figure out ways not to pay taxes, but mostly, there are only 3 ways for a corporation to avoid taxes. through a distribution, so it is taxed by the shareholder, giving it to charity, which is a private form of taxation, or re-investing the corporation, which spurs growth and, theoretically, creates jobs.

so up with corporate income taxes, and down with corporations actually paying the corporate income tax.

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The first thing that distinguishes a writer is that he is most alive when alone. - Martin Amis

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mike10k
i just want everybody to be happy.

"Hey whaddya think about that Mike guy's post up there?"

"Well as long as everybody is limited to only land owning males, I agree"



Edited 1 time(s). Last edit at 04/11/2012 10:29PM by Kathaariancode.

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Wild Creature

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joedgery
Saying 39% of the annual pay goes to the government isn't accurate since it's a marginal tax rate. Only the part of their income above a certain threshold is taxed at 39%. Their first 50K is taxed at the same rate as the 50K of a guy who only makes 50K. (Also, I'm pretty sure the number for the top bracket is lower than 39% right now and the Democrats want to raise it back to 39% or thereabouts.)

yeah, Bush cut it to 35 percent, and the Dems wanted to return it, but wimped out, but, the thing is, everytime i do my taxes, for some reason i end up owing literally 39% of my salary and bonuses. that's what happened this year. maybe i should get somebody to do my taxes for me. or stop using that damn 1999 tax manual.

I think bonus income is taxed at a higher rate.

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joedgery
I think bonus income is taxed at a higher rate.

well, mother fucker.

Edit: What i mean to say is, what the fuck!??!

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The first thing that distinguishes a writer is that he is most alive when alone. - Martin Amis



Edited 1 time(s). Last edit at 04/11/2012 07:05PM by Wild Creature.