Some of us need to have things explained in a simple way for us to understand.

Let's liken the tax structure to a 10 story building.
The first thing is that there has to be a foundation, and then the rest of the 10 floors are built. The foundation carries ALL the load of all 10 floors and their contents.

Now let's add some heavy weight to floors 8 to 10. We won't add any weight to those floors below 8. They will remain the same. As you can see, the total load of the 10 floors will all be carried by the foundation.

Now let's build a tax structure. We start with a foundation. That is the consumer. The 10 floors above will all be supported by this foundation.

Now we will add some really heavy tax on those floors 8 and above. Guess what? The consumer will carry ALL the load. It doesn't matter which floor the load is put on.

Renters pay property tax. Drivers pay windfall profit taxes on Big Oil. It all gets passed to the bottom. The only people this doesn't apply to are those TOTALLY supported by other taxpayers.

Don't let the politicians bamboozle you.

Hello gal:

It's true. Obama wants to raise taxes on the highest of wage earners to 10% BELOW what they were paying under Ronnie Raygun... That should THRILL you guys...

Besides, I thought you guys were the adult party. Don't you believe in paying your bills?

excon

President Obama wants to raise the highest federal bracket to 39 percent. If that happens, Americans earning more than about $373,000 a year will give to government roughly 50 percent of all they earn. In states such as New York, Connecticut, New Jersey, and California, where such an income is not all that unusual for a dual-income couple, that already happens when all taxes are accounted for.
How did it become "fair" for an American family to give to government half of its income?
Meanwhile almost 50% of Americans pay no or nearly no income tax. If I paid no income tax, I would probably not be unhappy with the current system and would favor all the extra spending on my behalf ;paid for by the fruits of other's labors.

You favor all the extra spending . I'm in favor of cutting spending . (before you say it... I know both parties are complicit)

My solution is to end automatic withholdings and let everyone cut a quarterly estimate check. That would cure some of this fervor in this country to tax and spend.

As I explained to ex on another post, "fair" means something like "lock in this advantage."

Actually I understated the problem because I failed to mention the AMT factor .

Quote:

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Originally Posted by galveston

It all gets passed to the bottom. The only people this doesn't apply to are those TOTALLY supported by other taxpayers.

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Hello again, gal:

May I presume, then, that when you become one of those people, who ordinarily get supported by other taxpayers, that you'll send your Social Security check back and you won't take advantage of Medicare??

Nahhhh. I'm not going to presume that.

excon

Since you pay for your coverage for both before you use either; I don't see how that example applies.

As you know, today is the day for TEA parties, which the left has dubbed "astroturf" protests. Marc Cooper opines in the LA Times today that it's a sign of insanity (perhaps I should have posted this in the VRWC post)?

Quote:

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The Web is buzzing with information about how to throw an anti-Obama Taxpayer Tea Party, something organizers hope will be held today from Santa Monica to South Carolina. But no need to burn up your bandwidth reading complicated instructions. Here's a simpler recipe:

Go to a hobby store. Buy a scale model of a U.N. One-World-Government Black Helicopter and a tube of glue. Toss the model kit. Sniff the entire tube of glue. You're all set for the party.

I can recall only a few outbreaks of such collective insanity as these tea parties in recent years...

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I guess he missed the "Shake your Money Maker" event during the Democrat convention last year where attendees were encouraged to "Bring noise makers, energy, spells, magic,costumes, anything that gives you power" in order to levitate the Denver Mint and "shake the money out of it for the people."

I wonder how much glue was sniffed in preparation for that?

Quote:

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Originally Posted by tomder55

since you pay for your coverage for both before you use either; I don't see how that example applies.

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Hello again, tom:

But, of course, you don't pay for your coverage.

These programs socialistic ponzi schemes born out of the New Deal, that your grandchildren are going to be paying for, and you'd be arguing against in any other thread.

But, these programs don't seem so socialistic when the check is made out to YOU. I understand.

excon

I am compelled to participate in their plan . Do I think there is a better way ? Hell Ya !

I don't see these tea parties as anti-Obama . I see them as a protest against the expanding Federal Government ;excess taxation ;excess growth in government . But if the shoe fits then Obama should wear it I guess.

Quote:

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Originally Posted by tomder55

President Obama wants to raise the highest federal bracket to 39 percent. If that happens, Americans earning more than about $373,000 a year will give to government roughly 50 percent of all they earn.

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I'd like to buy real estate off you Tom...

https://www.askmehelpdesk.com/curren...ml#post1335364


New York Income Tax Rates - New York & other state tax rates information. NY tax calculator.

Quote:

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If your income range is between $100,001 and $500,000, your tax rate on every dollar of income earned is 7.375%

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Married Tax Rates - 2008 Married Filing Jointly Income Tax Rates

greater than $357,000 for 2008 = 35%
Obama wants to raise that to 39%


FICA & SECA Tax Rates


7.65%



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So for married filing jointly in NY
35% federal
7.35% state income tax
7.25% social security and medicare tax

that is close to 50% right there

This does not include NYC tax, sales tax, gas tax, property tax etc...



easily > 50%



----------------------------------------


I hope Tom has some pricey swampland for you to buy :)








G&P

Quote:

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Originally Posted by inthebox

https://www.askmehelpdesk.com/curren...ml#post1335364

New York Income Tax Rates - New York & other state tax rates information. NY tax calculator.


Married Tax Rates - 2008 Married Filing Jointly Income Tax Rates

greater than $357,000 for 2008 = 35%
Obama wants to raise that to 39%

FICA & SECA Tax Rates


7.65%

------------------------------------------


So for married filing jointly in NY
35% federal
7.35% state income tax
7.25% social security and medicare tax

that is close to 50% right there

This does not include NYC tax, sales tax, gas tax, property tax etc....


easily > 50%

----------------------------------------

I hope Tom has some pricey swampland for you to buy :)


G&P

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I stand corrected. I didn't realise you got taxed by the state as well.

Also keep in mind that level of income is subject to the AMT

And that doesn't include the various local property ,municipal and sales taxes we pay .

In thanks for posting that .

Hello teapartiers:

Taxes... Yeah... Evabody hates 'em... But, I don't understand your protest, cause unless you make more than a quarter of a MILLION dollars, your taxes went DOWN, starting this month... Really, they did!

I don't know. A majority surveyed by Gallop last week said their federal taxes are "too low" or "about right". So, splain again about taxes??

excon

Soaking the rich is always an enticing reason and an opening to abusive taxation .

The 16th amendment originally had a cap on the total for fear that Congress would abuse the power. Of course they used class warfare to get everyone on board .The top tax rate was originally set at 7 % It applied only to people earning more than $300,000… the equivalent of $7.5 million of today's dollars.

Quote:

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Originally Posted by excon

Hello teapartiers:

Taxes.... Yeah.... Evabody hates 'em... But, I don't understand your protest, cause unless you make more than a quarter of a MILLION dollars, your taxes went DOWN, starting this month.... Really, they did!

I dunno. A majority surveyed by Gallop last week said their federal taxes are "too low" or "about right". So, splain again about taxes?????

excon

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Keep in mind that these are INCOME taxes, and TAXES for Social security and Medicare.

If you don't work for a living, you don't pay these taxes.
It is truly the rich that don't have to work for a living - they live off a trust or their investment income which is taxed at a lower rate than a married couple, both working, and jointly making over $100,000.




G&P

Hello again, tom:

Taxes are bad and soaking the rich isn't cool. Besides, taxes are (somehow) unfair... I got it. That's the Republican position...

But, it's kind of a LIBERAL position, after all. Because if we don't pay our bills, we're going to have to borrow the money.

You DO like spending it, though. Oh, I know, I know, you'll tell me that you don't, and that you objected when the dufus spent like a drunken sailor, and grew the government bigger and faster than the Democrat who preceded him...

But, you guys didn't hold any tea parties then... So, I got to tell you, it just looks like you don't like Obama. Spending has nothing to do with it...

excon

Spending has everything to do with it when he expotentially increases it.