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WH Won't Rule Out Tax Increase On Middle-Class

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[J. Fees]

i think the middle class are the only one's consistently paying the majority of their taxes. they pretty much have too.

[matias pecile]

man being the united states press secretary has to be the worst job in the world

[PETA]

Originally Posted by J. Fees

i think the middle class are the only one's consistently paying the majority of their taxes. they pretty much have too.

That's because you don't know what the fuck your talking about.

Yes, you believe it. No, it isn't true.

They'll get a tax increase because the top end has been squeezed enough to start a dislocation of captial.

Third, why do so many people pay nothing in federal income taxes? According to the Tax Foundation, fully 32 percent of all Americans pay no federal income taxes while 42 percent of single Americans pay no federal income taxes. With President Obama's aggressive efforts to give more money to more Americans through tax credit refundability, many experts expect that over half of the people will owe nothing or may get back some money from the federal government.

Ironically, this trend started under George W. Bush, the president who supposedly ignored the poor. But taking so many people off the income tax rolls has two unfortunate consequences. First, it brings less revenue in to pay for a government that is already teetering on bankruptcy.

Second, it makes wholesale tax reform more difficult. Hey, if I ain't paying any taxes under the current system, why should I want to change it? But at some point in time, squeezing the so-called rich will become counterproductive to economic growth, and the pie will start to shrink. It is not fair that so many Americans pay nothing in income taxes to their government.

http://www.cnn.com/2009/POLITICS/04/...ons/index.html

[Damnsammit]

I heard Obama is going to put a 90% tax on those making over $1M/yr and solve this whole deficit debacle.

[PETA]

lol - he'd certainly cause a huge shift in demographics with rich people moving and taking their money with them

see California and Maryland for examples of soak the rich tax policy and its effects on wealthy residents

[J. Fees]

Originally Posted by PETA

That's because you don't know what the fuck your talking about.

Yes, you believe it. No, it isn't true.

They'll get a tax increase because the top end has been squeezed enough to start a dislocation of captial.

my reasoning is that the majority of poor people don't pay taxes at all, rich people have tax accountants and ways of shielding money from paying full rates of taxes. often times the middle class have jobs that have taxes taken out of them at the check level.

that article doesnt prove or disprove my point.

[PETA]

Originally Posted by J. Fees

my reasoning is that the majority of poor people don't pay taxes at all, rich people have tax accountants and ways of shielding money from paying full rates of taxes. often times the middle class have jobs that have taxes taken out of them at the check level.

that article doesnt prove or disprove my point.

We're talking income tax here feez. Anyone who earns income from working has payroll taxes taken out... even the self-employed. So, yes, it does directly address and refute your claim.

The concept that rich people avoid taxes is true in small part but is mostly a myth people tell themselves in order to believe that the rich don't carry the burden of the not rich... its not a valid notion.

[J. Fees]

Anyone who earns income from working has payroll taxes taken out... even the self-employed.

right, as i pay quarterly taxes, but it is easier to manipulate things when you are self employed, rather than working for the city of dallas. not that i would ever manipulate anything.

ex. -- a rich guy that makes over million in his biz, but pays himself a 100k salary and shields everything else through his business. obviously his business pays taxes as well, but he himself doesnt pay the amount of taxes he actually earns.

[e-brake]

Originally Posted by PETA

We're talking income tax here feez. Anyone who earns income from working has payroll taxes taken out... even the self-employed. So, yes, it does directly address and refute your claim.

The concept that rich people avoid taxes is true in small part but is mostly a myth people tell themselves in order to believe that the rich don't carry the burden of the not rich... its not a valid notion.

ROFL, if thats what you want to believe. My multi millionaire boss who owns homes and property in several states has been able to hire accountants that make it look like he loses money every year. With all the loopholes he uses, he actually received a Stimulus check since on paper he is in poverty....he took the check to the bank in his brand new $120,000 BMW convertable. He hasnt had to pay any taxes on income in over 8 years and its all completely legal using loopholes that are part of the IRS system.

Even Warren Buffet the richest man in the US went on record saying that he should pay more taxes. He even pointed out that his secretary has a higher tax rate to pay than him.

[PETA]

Originally Posted by J. Fees

right, as i pay quarterly taxes, but it is easier to manipulate things when you are self employed, rather than working for the city of dallas. not that i would ever manipulate anything.

Sure, one can cheat. Most don't out of fear of the consequences. But some certainly will. I pay quarterlies as well as payroll taxes...

Originally Posted by J. Fees

ex. of a rich guy that makes over million in his biz, but pays himself a 100k salary and shields everything else through his business. obviously his business pays taxes as well, but he himself doesnt pay the amount of taxes he actually earns.

Depending on the form his business is set up his tax regime will be different. Some formations use pass through taxation and others do not. So, your example is too vague to really have value. Could be that he owns a corporation that pays him dividends... in which case the corporation pays income taxes on the money, then gives it to owner who pays further taxes on the same money. If he pays himself a salary he pays taxes on the income.

Originally Posted by e-brake

ROFL, if thats what you want to believe. My multi millionaire boss who owns homes and property in several states has been able to hire accountants that make it look like he loses money every year. With all the loopholes he uses, he actually received a Stimulus check since on paper he is in poverty....he took the check to the bank in his brand new $120,000 BMW convertable. He hasnt had to pay any taxes on income in over 8 years and its all completely legal using loopholes that are part of the IRS system.

Even Warren Buffet the richest man in the US went on record saying that he should pay more taxes. He even pointed out that his secretary has a higher tax rate to pay than him.

Sure Kevin. Wait until he gets auditted. Tax cheats are out there... hell look at Obama's cabinet. Don't think they, or your boss, are the norm.

Further, legal means of tax avoidance are just that... legal. So depending on which side of the line your boss is on he's eityher got great tax help or he's got a sword dangling over his head.

[J. Fees]

Originally Posted by e-brake

ROFL, if thats what you want to believe. My multi millionaire boss who owns homes and property in several states has been able to hire accountants that make it look like he loses money every year. With all the loopholes he uses, he actually received a Stimulus check since on paper he is in poverty....he took the check to the bank in his brand new $120,000 BMW convertable. He hasnt had to pay any taxes on income in over 8 years and its all completely legal using loopholes that are part of the IRS system.

Even Warren Buffet the richest man in the US went on record saying that he should pay more taxes. He even pointed out that his secretary has a higher tax rate to pay than him.

i guess im agreeing with ebrake, this is what im talking about.

[J. Fees]

Depending on the form his business is set up his tax regime will be different. Some formations use pass through taxation and others do not. So, your example is too vague to really have value. Could be that he owns a corporation that pays him dividends... in which case the corporation pays income taxes on the money, then gives it to owner who pays further taxes on the same money. If he pays himself a salary he pays taxes on the income.

but wouldnt you agree, if he makes 2 million in profit, but pays personal income tax of 100k that he is not paying his full taxes?

[Sinner]

here at the accounting firm I work at, i've seen graphs that show that the richer peeps pay more than poorer folks when it's all said in done.

significantly more. something like 10% of (rich) americans pays 60% of the taxes... (i pulled those numbers out of my ass, btw, but it's something like that)

[Sinner]

and warren buffer and ross perot don't care about their money. they are already given a HUGE chunk of it to charities as it is.