Those Darn Dems are ging to raise taxes

uscitizen said:
Congrats bob, I am glad your company is treating you better. I don't think that is too common though.
Click to expand...

well i guess we could assume the it is or isnt, i know i am not the only one who has this kind of treatment, ia few of my buddys have had similer things happen with them some better some worse.
 
Superfreak said:
"Under Bush-republican economics, if you derive most of your income from dividends, interest on bonds, capital gains, or estate inheritance ....you'll never pay more than a 15% effective tax rate. At most. "

1) Dividends... taxed as ordinary income unless they meet the criteria for Qualified dividend income... then it is 15%

2) Taxable bonds... income is taxed at ordinary income tax brackets up to 28%

3) Muni bonds... city/state/non-profits can be federal tax exempt (state as well if your state allows and you live in the state the bond was issued). For profit muni bonds are subject to the AMT.

4) Capital gains... short term are taxed as ordinary income up to 28%. Long term gains at 15%.

5) Inheritance taxes... same rules apply, but it is generally the wealthy that pay estate taxes (although the minimums were never truly adjusted for inflation, so now more small business owners/farmers/land owners are getting hit with it.) and if you think that is only 15%, then you are nuts. They get hammered.
Click to expand...


I think the number of persons that pay inheritance tax is about 1%....
 
bob said:
well i guess we could assume the it is or isnt, i know i am not the only one who has this kind of treatment, ia few of my buddys have had similer things happen with them some better some worse.
Click to expand...

the reason I posted as I did is because insurance coverage for employees has been dropping and as far as I know still is.
 
That said Cypress... the tax code is entirely too complex. When you cannot even get the same answer by asking to IRS agents, then there is a huge problem. We should have a flat tax. (whether "progressive" or fair... either way is better than the current system)

Proposal.... new tax brackets....

0-50000 0%
50-100k 15%
100k-500k 20%
500k-1mm 25%
over 1mm 30%

No deductions. No loopholes. Income from all sources taxed at the above rates.
 
"I think the number of persons that pay inheritance tax is about 1%...."

The point US... is that whether it is 1% or 5%... it is the wealthiest that pay it.... unless of course you have a family trust that was established prior to the estate tax being created... THEN you can avoid the estate tax.... ala the Rockefellers and Kennedy's and all the other blue blood north east old money.
 
Superfreak said:
That said Cypress... the tax code is entirely too complex. When you cannot even get the same answer by asking to IRS agents, then there is a huge problem. We should have a flat tax. (whether "progressive" or fair... either way is better than the current system)

Proposal.... new tax brackets....

0-50000 0%
50-100k 15%
100k-500k 20%
500k-1mm 25%
over 1mm 30%

No deductions. No loopholes. Income from all sources taxed at the above rates.
Click to expand...


i think it should be a flat percentage across the board....

the person making 55000 a year is actuly taking home less the the person making 49000 a year
 
Superfreak said:
That said Cypress... the tax code is entirely too complex. When you cannot even get the same answer by asking to IRS agents, then there is a huge problem. We should have a flat tax. (whether "progressive" or fair... either way is better than the current system)

Proposal.... new tax brackets....

0-50000 0%
50-100k 15%
100k-500k 20%
500k-1mm 25%
over 1mm 30%

No deductions. No loopholes. Income from all sources taxed at the above rates.
Click to expand...

fine with me. I would vote for it.
but I don't think it would brein in enough money to pay for necessary things.
 
although you may be wanting to tax the people who are basicly getting a free ride, the people who have put everything into what success they have had or have, well i think they would be like why the hell am i putting up this.
 
I still think the flat accross the board regardelss of income source with no exemptions is best.
now of course I have already paid taxes on my SS beniefits until I draw more than I paid in :) Then it should be taxed.
 
uscitizen said:
I still think the flat accross the board regardelss of income source with no exemptions is best.
now of course I have already paid taxes on my SS beniefits until I draw more than I paid in :) Then it should be taxed.
Click to expand...

i agree... leave no room unfairness.
 
"i think it should be a flat percentage across the board...."

I personally agree, though you would not get as much support from the left on a proposal like that.

"the person making 55000 a year is actuly taking home less the the person making 49000 a year"

No, they would still make more. They would only be taxed the 15% on the portion that they made above the 50k. Their first 50k would not be taxed. That would hold true for everyone. The same as the tax brackets we have today.
 
"I still think the flat accross the board regardelss of income source with no exemptions is best."

I agree. With the exception of a standard deduction. You have to protect the low income that do not currently pay taxes. Otherwise they would in effect be getting a tax increase.
 
Superfreak said:
"i think it should be a flat percentage across the board...."

I personally agree, though you would not get as much support from the left on a proposal like that.

"the person making 55000 a year is actuly taking home less the the person making 49000 a year"

No, they would still make more. They would only be taxed the 15% on the portion that they made above the 50k. Their first 50k would not be taxed. That would hold true for everyone. The same as the tax brackets we have today.
Click to expand...

well that makes a lil more sence... i guess i didnt catch that before, or it wasnt stated... but then yes i would support that
 
Superfreak said:
"Under Bush-republican economics, if you derive most of your income from dividends, interest on bonds, capital gains, or estate inheritance ....you'll never pay more than a 15% effective tax rate. At most. "

1) Dividends... taxed as ordinary income unless they meet the criteria for Qualified dividend income... then it is 15%

2) Taxable bonds... income is taxed at ordinary income tax brackets up to 28%

3) Muni bonds... city/state/non-profits can be federal tax exempt (state as well if your state allows and you live in the state the bond was issued). For profit muni bonds are subject to the AMT.

4) Capital gains... short term are taxed as ordinary income up to 28%. Long term gains at 15%.

5) Inheritance taxes... same rules apply, but it is generally the wealthy that pay estate taxes (although the minimums were never truly adjusted for inflation, so now more small business owners/farmers/land owners are getting hit with it.) and if you think that is only 15%, then you are nuts. They get hammered.
Click to expand...

The average effective tax rate on Capital gains in the United States ranges from 14% to 20% over the last few years. According to the United States Treasury Department.

http://www.treas.gov/offices/tax-policy/library/capgain1-2006.pdf

Dividend taxes = 15%

Muni and State bonds pay ZERO federal taxes.

GOP wants to make the estate tax ZERO.





Middle income wage earners are paying a higher percentage in taxes, than the wealthy investors.
 
Superfreak said:
"I still think the flat accross the board regardelss of income source with no exemptions is best."

I agree. With the exception of a standard deduction. You have to protect the low income that do not currently pay taxes. Otherwise they would in effect be getting a tax increase.
Click to expand...

Yes some would, but many live on post tax money anyway.
Maybe make it start at 15K, that is about as high as I think the tax free money should go.

think of the billions we could save on the IRS, very simple to file yes this is how much I made, send it in, they already have the tax from payroll deductions and the only personal filing would be for cash income.

Of course the tax perp comapnies would spend their last dime to kill a flat tax.
But then it is a tax supported industry anyway, a psuedo govt agency.
cutting them out would reduce billions in tax costs.
 
"Yes some would, but many live on post tax money anyway.
Maybe make it start at 15K, that is about as high as I think the tax free money should go."

That is fine with me. I personally just pulled the 50k number out of the air... whatever the number is works for me.

"think of the billions we could save on the IRS, very simple to file yes this is how much I made, send it in, they already have the tax from payroll deductions and the only personal filing would be for cash income."

Agreed.

"Of course the tax perp comapnies would spend their last dime to kill a flat tax.
But then it is a tax supported industry anyway, a psuedo govt agency.
cutting them out would reduce billions in tax costs."

Yep.... that and politicians using scare tactics to avoid a flat tax.... because if you lose all deductions and loopholes, then the number of bribes (I mean lobbyist contributions) goes down.
 
"Darn sleeping medication costs me $80 a month. Ganja would be cheaper....hmmm"

They should just legalize it and tax it like alcohol or tobacco.
 
You must log in or register to reply here.
Back
Top