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enzfyr
I've been around a while
Joined: Sep 19, 2003
Posts: 346
Points : 138
Location: Red Stick
Status: Offline
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 Posted:
Fri Sep 10, 2004 10:12 am
Post subject: Tax Relief? |
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Of course, when you have as much money as the Kerry-Heinz-Kerry household, it must be hard not to get confused as to what constitutes "middle class." So let's clarify just exactly who does pay, as noted by the Joint Economic Committee: the wealthiest one percent of taxpayers pay 33.89% of all federal income taxes; the top ten percent pay 64.89% and the top 50% of income earners pay 96.03%. The rest -- those making $28,528 a year or less -- pay 3.97% of all federal income taxes.
discuss...
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enzfyr
I've been around a while
Joined: Sep 19, 2003
Posts: 346
Points : 138
Location: Red Stick
Status: Offline
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Posted:
Fri Sep 10, 2004 10:13 am
Post subject: |
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10 Sep 04 - 11:09 > enzfyr: well, how many non-wage-earners are part of population?
10 Sep 04 - 11:09 > LEstay: did you know that EIC came from a Louisiana senator?
10 Sep 04 - 11:09 > LEstay: if you say our population is beetween 290 and 300 million
10 Sep 04 - 11:09 > enzfyr: & how many of those actually get back more than was withheld due to EIC?
10 Sep 04 - 11:09 > LEstay: 20% of Americans roughly
10 Sep 04 - 11:08 > enzfyr: 58 million = what percentage?
10 Sep 04 - 11:08 > mrtrunks: I dont think income tax is the issue honestly, I just think its a good pole question.
10 Sep 04 - 11:07 > LEstay: Oh here's one: 58 million wage earners pay no federal income tax
10 Sep 04 - 11:07 > LEstay: Duff: you want true middle-class tax relief? Eliminate the 10% bracket and just add that $7000 bracket as an exemption
10 Sep 04 - 11:06 > mrtrunks: increase the income tax on the top 1% of people and eliminate the taxes for other people?
10 Sep 04 - 11:04 > mrtrunks: That is the most awesome thing I have heard today.
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Earl
Da' Man
Joined: Oct 17, 2003
Posts: 672
Points : 102
Location: LA
Status: Offline
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Posted:
Fri Sep 10, 2004 10:14 am
Post subject: Re: Tax Relief? |
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| enzfyr wrote: | | pay 3.97% of all federal income taxes... |
That's bull shit, poor people should pay more.
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phoAm
TigerU Supporter
Joined: Jan 24, 2003
Posts: 1080
Points : 1568
Status: Offline
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Posted:
Fri Sep 10, 2004 10:29 am
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That's what makes the U.S. a stable democracy. It prevents people from becoming too powerful and forms a strong middle class.
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LEstay
All Around Nice Guy
Joined: Jun 09, 2004
Posts: 1064
Points : 900
Location: Houston, Tx
Status: Offline
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Posted:
Fri Sep 10, 2004 10:50 am
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| phoAm wrote: | | That's what makes the U.S. a stable democracy. |
We're a Federal Republic, not a democracy.
Here's a bit of voodoo economics for you. Suppose someone who pays $1000 in taxes (10%). If the government was to get rid of this person's taxes, that's an extra $1000 that person can spend. If they spend it on a good with let's say... 50% profit margin. That $500 gets taxed at let's say 25%... or $125. The $500 that goes to the cost of the product goes to the supplier, who makes 50% profit on it, or $250. At 25% tax, that's $62.50. The companies can use that profit to buy more inventory or a new piece of equipment... which then makes another company more money and more taxes. Also, Louisiana gives a deduction for your federal tax liability, so they can get 2% more from that $1000, so $20.
The profit margins and taxes are a bit lower than usual, but my point is when a tax cut is given, more people will spend, and the whole tax cut is not always lost.
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phoAm
TigerU Supporter
Joined: Jan 24, 2003
Posts: 1080
Points : 1568
Status: Offline
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Posted:
Fri Sep 10, 2004 11:50 am
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Does the form of government change per president or something? I'm really not politically experienced so I go by definitions.
Democracy:
1) Government by the people, exercised either directly or through elected representatives.
2) A political or social unit that has such a government.
3) The common people, considered as the primary source of political power.
4) Majority rule.
5) The principles of social equality and respect for the individual within a community.
Republic:
1)
a) A political order whose head of state is not a monarch and in modern times is usually a president.
b) A nation that has such a political order.
2)
a) A political order in which the supreme power lies in a body of citizens who are entitled to vote for officers and representatives responsible to them.
b) A nation that has such a political order.
3) An autonomous or partially autonomous political and territorial unit belonging to a sovereign federation.
To me, both definitions fit the U.S.
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LEstay
All Around Nice Guy
Joined: Jun 09, 2004
Posts: 1064
Points : 900
Location: Houston, Tx
Status: Offline
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Posted:
Fri Sep 10, 2004 12:01 pm
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2 basic things make us a republic: the federal system and plurality, not majority. Louisiana is probably more a democracy than a republic since our elections are by majority.
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Adam
Veteran Poster
Joined: Apr 19, 2003
Posts: 667
Points : 196
Location: Baton Rouge via West Monroe
Status: Offline
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Posted:
Fri Sep 10, 2004 2:51 pm
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Phoam, recite the Pledge of Allegiance. Anything about a democracy in there? (And to the ________ for which {the flag to which I am pledging my allegiance} stands....).
We're a republic. A democracy is three wolves and a sheep voting on what's for lunch.
Taxes--people praise the Clinton administration for a huge surplus. Know what that means? We were over-taxed! WJC took our money away from us, and GWB gave it back. Simple as that.
Yeah, the "economy" was excellent under WJC, but now the people are better off.
Last edited by Adam on Fri Sep 10, 2004 3:01 pm; edited 1 time in total |
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enzfyr
I've been around a while
Joined: Sep 19, 2003
Posts: 346
Points : 138
Location: Red Stick
Status: Offline
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Posted:
Fri Sep 10, 2004 3:01 pm
Post subject: |
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| Adam wrote: | | A democracy is three wolves and a sheep voting on what's for lunch. |
ROFLMFAO!!! I gotta stay off this site at work!
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LEstay
All Around Nice Guy
Joined: Jun 09, 2004
Posts: 1064
Points : 900
Location: Houston, Tx
Status: Offline
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Posted:
Fri Sep 10, 2004 8:21 pm
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| Adam wrote: |
Yeah, the "economy" was excellent under WJC, but now the people are better off. |
The economy is currently better at the reelection mark of Dubya than it was at Slick Willy. Clinton was helped by a bubble... unsustainable and unrealistic growth caused by investors forgetting about the basic principles and focused on getting rich quick.
Quick tip to everyone: Don't expect to get rich off the stock market... expect to get rich slowly.
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MrTrunks
Veteran Poster
Joined: Aug 22, 2004
Posts: 643
Points : 120
Status: Offline
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Posted:
Mon Sep 13, 2004 6:10 am
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The stock modern market is based on perception and belief. If people believe that a new leader will help the economy it will. If people perceive an uncertain future that too will come to pass. The war on terror, on whatever, makes for an unstable economy.
I really think that if the leader of the United States would say good economic times are here (and they are only getting better for the foreseeable future) on TV two times a day the economy would perk up. On the contrast if the media talks about deficit, war, and an uncertain future then this is a problem.
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MrTrunks
Veteran Poster
Joined: Aug 22, 2004
Posts: 643
Points : 120
Status: Offline
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Posted:
Mon Sep 13, 2004 6:14 am
Post subject: |
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| Adam wrote: |
Taxes--people praise the Clinton administration for a huge surplus. Know what that means? We were over-taxed! WJC took our money away from us, and GWB gave it back. Simple as that. |
I don’t think it that simple, who is the ‘we’ you are talking about? The citizens, or the particular social-economic class / tax bracket you are addressing.
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TiGeR_PriNcEsS
I've been around a while
Joined: Nov 15, 2003
Posts: 233
Points : 2
Location: New Orleans/Baton Rouge
Status: Offline
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Posted:
Mon Sep 13, 2004 8:39 am
Post subject: Re: Tax Relief? |
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| Earl wrote: | | enzfyr wrote: | | pay 3.97% of all federal income taxes... |
That's bull shit, poor people should pay more. |
May I ask why you feel this way?
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I am me and that's all I can be. :p |
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Ichiban
Game Running Pimp
Joined: Dec 09, 2002
Posts: 1021
Points : 16
Location: Baton Rouge (LSU)
Status: Offline
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Posted:
Mon Sep 13, 2004 9:05 am
Post subject: |
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| MrTrunks wrote: | | Adam wrote: |
Taxes--people praise the Clinton administration for a huge surplus. Know what that means? We were over-taxed! WJC took our money away from us, and GWB gave it back. Simple as that. |
I don’t think it that simple, who is the ‘we’ you are talking about? The citizens, or the particular social-economic class / tax bracket you are addressing. |
actually, considering the fact that Clinton levelled the largest tax increase in US history, it's not suprising why he was praised for a "surplus".
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"Everyone is in favor of free speech. Hardly a day passes without its being extolled, but some people's idea of it is that they are free to say what they like, but if anyone says anything back, that is an outrage." --Winston Churchill |
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enzfyr
I've been around a while
Joined: Sep 19, 2003
Posts: 346
Points : 138
Location: Red Stick
Status: Offline
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Posted:
Mon Oct 25, 2004 9:37 am
Post subject: |
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ok, updated info for 2002 tax year:
The top 1% of filers paid 33.7% of all federal income taxes, down from 33.9% in 2001. They made just 16% of all adjusted gross income. An AGI of at least $285,400 was needed to be classified in the top 1%.
But the tax load on other upper-incomers increased from 2001.
The top 5% paid 54% of total income taxes & made 31% of all AGI. Their share rose half a percentage point. They each had AGIs of $126,500 or more. The upper 10% of taxpayers, those with AGIs of at least $92,600, bore 66% of the federal income tax burden and made 42% of all income. Their tax share is almost a percentage point higher than the year before.
The bottom 50% of filers paid just 3.5% of income taxes in 2002, a drop of half a percentage point. They made only 14.2% of all income. Their piece of the tax burden is low because payroll taxes aren't included and many of them claim the earned income credit. Including payroll taxes in the figures raises their overall share of federal taxes to about 7%.
from The Kiplinger Tax Letter
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