Spreading the wealth - PowerStrokeNation : Ford Powerstroke Diesel Forum
 
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post #1 of 7 (permalink) Old 04-08-2010, 02:52 AM Thread Starter
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Spreading the wealth

And before you say it, this has been going on for years, it is not Obama's fault

Half of Americans pay no federal income tax - Tax Tactics - msnbc.com

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Half of U.S. pays no federal income tax
Quote:
In recent years, credits for low- and middle-income families have grown so much that a family of four making as much as $50,000 will owe no federal income tax for 2009, as long as there are two children younger than 17, according to a separate analysis by the consulting firm Deloitte Tax.
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The result is a tax system that exempts almost half the country from paying for programs that benefit everyone, including national defense, public safety, infrastructure and education. It is a system in which the top 10 percent of earners households making an average of $366,400 in 2006 paid about 73 percent of the income taxes collected by the federal government.
Quote:
The bottom 40 percent, on average, make a profit from the federal income tax, meaning they get more money in tax credits than they would otherwise owe in taxes. For those people, the government sends them a payment.
The guberment spending has to stop and a realistic tax system must be put into place.

We are far from the top earners our family of 6 has a household income less than $75k and once all taxes are figured in, income, property, sales, FCC, Fuel, S.S., MediX, etc 50% of our income is gone.

There has to be a better way.

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post #2 of 7 (permalink) Old 04-08-2010, 03:10 AM
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Re: Spreading the wealth

This chaps my hide sooooo bad..........!!!


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post #3 of 7 (permalink) Old 04-08-2010, 03:21 AM
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Re: Spreading the wealth

I couldn't help but notice that you left this part of the article out of your post...

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Tax cuts enacted in the past decade have been generous to wealthy taxpayers, too, making them a target for President Barack Obama and Democrats in Congress. Less noticed were tax cuts for low- and middle-income families, which were expanded when Obama signed the massive economic recovery package last year.
Some people are actually claiming that their taxes went up this year, due to Obama, by 10%.

As to the article itself, there's a few things that are incorrect.

Although the number of people who don't pay taxes is probably correct ( I found that out in this thread ... Click Here - Post #153).. they have the income for the top 10% of wage earners way off.

It's a lot lower (more like $125,000).

It may have been a typo and they meant 'top 1%.'

Never have so many politicians, screwed so many Americans...just to make one black person lose his job.
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post #4 of 7 (permalink) Old 04-08-2010, 03:41 AM
Yeah, it's like that
 
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Re: Spreading the wealth

With what I owed in taxes from last year, I'm really starting to think I want to lower the amount I work and make less money till we get a fair tax system. I really don't see busting my azz for "spreading the wealth"

Entrepreneurs and their small enterprises are responsible for almost all the economic growth in the United States.
Ronald Reagan
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post #5 of 7 (permalink) Old 04-08-2010, 04:03 AM
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Re: Spreading the wealth

What percentage do you guys pay usually in income tax...I know up here i pay 42% i believe
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post #6 of 7 (permalink) Old 04-08-2010, 11:09 AM Thread Starter
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Re: Spreading the wealth

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Originally Posted by AK Gandy View Post
I couldn't help but notice that you left this part of the article out of your post...


Some people are actually claiming that their taxes went up this year, due to Obama, by 10%.

As to the article itself, there's a few things that are incorrect.

Although the number of people who don't pay taxes is probably correct ( I found that out in this thread ... Click Here - Post #153).. they have the income for the top 10% of wage earners way off.

It's a lot lower (more like $125,000).

It may have been a typo and they meant 'top 1%.'
It really had nothing to do with the current tax "cuts" etc. But ok LOOK guys, Obama is furthering the idea of spreading the wealth. He stuck to this one promise.

It's not a tax CUT if they are already getting more than they paid in.

Like I stated in the thread you are referencing about an increase in tax liability. My tax withholding went UP by $21 a pay period, no change in income & no change in exemption claims. Not 10% by any means but it was still an increase.

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post #7 of 7 (permalink) Old 04-08-2010, 12:56 PM
Yeah, it's like that
 
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Re: Spreading the wealth

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Originally Posted by mclean View Post
What percentage do you guys pay usually in income tax...I know up here i pay 42% i believe
Is that 42% of gross or net income?

Entrepreneurs and their small enterprises are responsible for almost all the economic growth in the United States.
Ronald Reagan
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