Somebody FREAKIN shoot me!!!!

[IMPALA MAN]

Originally Posted by camcojb

can you show me the tax table that gets lower as income goes up?

It would be the tax table that Warren Buffet's secretary uses.
The tax rate going down for higher income is no different than the tax rate going up for lower income.
Example: If Warren decreases his income, he pays more (percentage) tax.

[Eleanor's Nemesis]

Originally Posted by IMPALA MAN

It would be the tax table that Warren Buffet's secretary uses.
The tax rate going down for higher income is no different than the tax rate going up for lower income.
Example: If Warren decreases his income, he pays more (percentage) tax.

Not true. Warren Buffet's secretary pays a higher tax rate because her income is earned, Buffet's income is derived from investments and is taxed at the current Capital Gains rate.

We all pay the same federal income tax rates. There are some small caveats-like deployed military personel in war for example, but for most everyone else the rates are the same.

[Garage Dog 65]

http://www.cato-at-liberty.org/warre...tory-is-bogus/

Mr. Buffett pays 35% on his income. His “effective average tax rate” is way lower because most of his income comes from capital gains that had already been taxed, (you can't double tax income) or from income that is not taxed or has reduced taxes because the government wants people to invest their money in those areas and uses lower tax rates on those things as an incentive.

His secretary pays 15% on her income of the reported 60,000 per year salary.

When stuff like that seems unreasonable - it usually is...

Jim

[GregWeld]

I'll chime in here with real life taxes


I pay 15% income tax on my dividends (qualified dividends)

I pay ZERO on my tax free muni bonds

Without saying what I earn --- it is SUBSTANTIAL.... but my actual tax rate is quite low in percentage terms == especially when you figure some at zero. MY total tax bill will be far higher than most of you in dollar terms. I still only get one vote and drive on the same roads.

Now ---- I have that income because the MONEY that makes that money was already taxed at ordinary income taxes -- so the money that's left is ALL MINE.... now I just pay taxes on what it earns. Same as that simpleton Warren Buffet (I hate people that want to speak for me -- but are far richer -- and that old fart ought to just shut the hell up and write a big fat check to the IRS if he wants to pay more).


BTW --- I'd LOVE to see a flat tax -- corporate and personal --- ZERO deductions for ANYONE for ANYTHING. Just gross as much as you can and pay your percentage and be done with it. They could index the rates -- less for low earners -- more for the next bracket and hammer the top guys - but make it simple and easy. You gross X - you pay X. You want a big azz car and house - that's your problem not mine.

[Shmoov69]

Originally Posted by RECOVERY ROOM

There is some damn good thoughts on this thread, And nobody got pissed at each other talking about it. Glad to be a member on this site. This is one of the only places I have seen that didnt turn a discussion in to a fight

OH YEAH?!?! YOU GOTTA PROBLEM WITH THAT?!?! LOL!

And Greg, spot on man!!

[Fluid Power]

Drug testing Welfare recipients doesn't work:

http://www.nytimes.com/2012/04/18/us...ests.html?_r=0

That's from the NY times baby! Not some internet only rag!

Darren

[GregWeld]

Originally Posted by Fluid Power

Drug testing Welfare recipients doesn't work:

http://www.nytimes.com/2012/04/18/us...ests.html?_r=0

That's from the NY times baby! Not some internet only rag!

Darren

AH...... but here's the part you missed. And to most Americans it's probably the underlying sentiment. Sentiment IS IMPORTANT.


But supporters of the law said four months of numbers did little to discredit an effort they said was based on common sense. Drug users, no matter their numbers, should not be allowed to use taxpayer money, they said.

“We had to stop allowing tax dollars for anybody to buy drugs with,” said State Representative Jimmie T. Smith, a Republican who sponsored the bill last year. Taxpayer savings also come in deterring those drug users who would otherwise apply for cash assistance but now think twice because of the law, some argued.

[Fluid Power]

Apparently having money and doing whatever you please now days is frowned upon.




I think this is amazing truth. I grew up upper middle class and my best friend grew up SUPER wealthy. I was so driven after spending all of my middle-high school days being able to be apart of that family. I went to school and studied finance (like my friends father!) The point being is I wanted to be successful. I admired him and his accomplishments. These days, being successful almost seems like a stigma. My daily driver is 09 VW passat wagon! I sold the Porsche after taking heaps of **** from people in parking lots who didn't know me. My wife drives a Suburban, dumping the Benz after taking heat from people she didn't know. I don't live in a 90K foot house, nor do I live in a "ritzy" neighborhood. I choose to live out on some land and spend money on toys at home. The amount of 'kidding' I get for being successful at school functions, sporting events is unreal.

Darren

[syborg tt]

Originally Posted by GregWeld

I'll chime in here with real life taxes

Okay, I'll also chime in last year my wife and I paid 36% of our salary to taxes. Plus we paid taxes on our bussiness earnings. It's brutal !!

But here is what most people forget we all pay Sales Tax & Property Tax.

I agree 4 years ago when Mr Obama got elected it history in the making. Prior to the election he made all kinds of promises. Then during is inaguration speech he said I may not be able to do everything in 4 years but if you elect me for a 2nd term I am certain I can get it done.

I laughed when he said it he was already setting himself up for failure. He might be a good person but them man has no experience getting people to work together and the last 4 years has proved it and I am certain the next four years will be just as bad.

I have countless customers that all have lowered there forecast and are letting people go prior to the first of the year. Some are just taking the easy road and telling people they can keep there jobs but now they will only have 28 scheduled hours.

It's simple Business owners are in business to make money. If the government takes money out of there gross profits. Where the hell do think the owners are going to take it. They are going to take it from there employee's. Some people will get let go to offset cost and if your one of the lucky one's that keeps your job I am sure you take on extra work without any additonal pay.

[GregWeld]

Originally Posted by Fluid Power

Apparently having money and doing whatever you please now days is frowned upon.




I think this is amazing truth. I grew up upper middle class and my best friend grew up SUPER wealthy. I was so driven after spending all of my middle-high school days being able to be apart of that family. I went to school and studied finance (like my friends father!) The point being is I wanted to be successful. I admired him and his accomplishments. These days, being successful almost seems like a stigma. My daily driver is 09 VW passat wagon! I sold the Porsche after taking heaps of **** from people in parking lots who didn't know me. My wife drives a Suburban, dumping the Benz after taking heat from people she didn't know. I don't live in a 90K foot house, nor do I live in a "ritzy" neighborhood. I choose to live out on some land and spend money on toys at home. The amount of 'kidding' I get for being successful at school functions, sporting events is unreal.

Darren

Darren....


I'm not saying right or wrong with your decision to dump the Porsche for a VW etc.

But it's the "dumbing down" of America that you're giving in to.

I drive a bunch of top end cars -- nobody gives me any grief about it. If they did - I'd look at them like they were zombies and I'd just consider "the source".

Personally -- I'm more than happy to be "wealthy". I pay plenty of taxes - I'm glad I have to... that means I'm doing okay. I don't live in a fancy house - I live in the house I love... with my shop right out the back door... in a quiet neighborhood. I've had 3 neighbors come over to ask about the new Freightliner in the driveway. They get excited when I say -- if you think that's big - wait 'til the new trailer gets here! They think it's great.

By the way --- me BUYING those things --- creates jobs --- I'm paying 9.9% state sales tax on them.... That tax alone is more than many people EARN. I'm okay with that. It's the price you pay for living in AMERICA.