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What's your delusion : Swingers Discussion 2203221061
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TOPIC: What's your delusion
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I should clarify that I am acknowledging Outdoor's use of the terms "loopholes and exemptions" for legal deductions.

My return is something on the order of 40 pages. It sucks- add this on line X, but then deduct it on line DD... Schedule WTF...

Brooklyn Park MN
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I certainly do.

I take it you have no investments and have never run a business with more than 40 employees?

Brooklyn Park MN
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"You guys do know there are exemptions and loopholes and so on, such that tax rates are zero on a large part of some people's income?"

Please name 1 or 2. I've been dying to hear someone name them for several years now. Nobody has an answer. Ever. Charitable donations don't count. Talking about one that lets people keep their money tax free.

"And that federal income tax is higher on those who earn more; but that the poorest people spend almost all their money and therefore pay the highest % of their incomes into state sales taxes?"

Did you include in that the negative tax rates which they effectively enjoy in the form of refundable credits, or food stamps which offset much of the taxes they pay? They also tend to spend more of their money on sales tax-free children's clothes, groceries, and rent.

No, somehow I didn't think so.

Chesapeake VA
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You guys do know there are exemptions and loopholes and so on, such that tax rates are zero on a large part of some people's income?

And that federal income tax is higher on those who earn more; but that the poorest people spend almost all their money and therefore pay the highest % of their incomes into state sales taxes?

Flat Rock NC
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"Who pays "near 50%" when Mitt Romney only has to pay 15% ? "

During the campaign I went through Romney's tax return in great detail in here and do not care to do so again. But in summary, he paid "only 15%" because:

1. That number excludes state and other taxes. 2. HUGE charitable donations (i.e. millions of $ out of his pocket) 3. Capital loss carryovers from previous years. Romney lost many millions of dollars in the 2008-2009 meltdown and as such has been carrying that loss for years, which has chipped away at his income.

Point #3 is the one most people are far too dense to understand. Romney lost at least $40 million in 2008-2009, which chewed at his income for years to come. Robert made more money than Romney in the 2008-2010 timeframe, which is why Romney paid next to nothing in taxes. Until 2011, he was poorer than he was in 2007.

Chesapeake VA
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ctj.o rg/ctjreports/2012/04/who_pays_taxes_in_america.php#.UWyHVkrkfnc

Flat Rock NC
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"Meanwhile, I don't have the figures at hand, but nationwide I believe poor people pay a larger percentage of their incomes in taxes, on average. "

Abject bullshit. Debunked a thousand times over.

But I'll do it again as long as next time you repeat it, and I say it's bullshit, you don't ask me to explain how. All numbers 2010 - from IRS data. This is federal income tax - states and other taxes excluded.

Top 1% of taxpayers make 18.9% of the income, but pay 37.4% of income taxes, with an average tax rate of 23.4%. Cutoff for 1% = $369,691

Top 10% of taxpayers make 45.2% of the income, but pay 70.6% of income taxes, with an average tax rate of 18.5%. Cutoff for 10% = $116,623

The average tax rate is 11.8%.

Period.

Chesapeake VA
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For the year 2013, there is a new top tax bracket of 39.6%. Also for 2013, there will be an Unearned Income Medicare Contribution Tax of 3.8% that applies to net investment income for taxpayers whose modified adjusted gross income exceeds $200,000 (for single filers) and $250,000 (for married filing jointly). Thus taxpayers in the highest tax bracket [could] face a combined 43.4% marginal tax rate on their investment income.

Single filers: •10% on taxable income from $0 to $8,925, plus •15% on taxable income over $8,925 to $36,250, plus •25% on taxable income over $36,250 to $87,850, plus •28% on taxable income over $87,850 to $183,250, plus •33% on taxable income over $183,250 to $398,350, plus •35% on taxable income over $398,350 to $400,000, plus •39.6% on taxable income over $400,000.

Married, Joint filers: •10% on taxable income from $0 to $17,850, plus •15% on taxable income over $17,850 to $72,500, plus •25% on taxable income over $72,500 to $146,400, plus •28% on taxable income over $146,400 to $223,050, plus •33% on taxable income over $223,050 to $398,350, plus •35% on taxable income over $398,350 to $450,000, plus •39.6% on taxable income over $450,000.

Brooklyn Park MN
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I meant a real place in the real world. Otherwise, your wish is as delusional as Robert's thinking that we can surely build a tower 22,500 miles high, and step into space.

Meanwhile, I don't have the figures at hand, but nationwide I believe poor people pay a larger percentage of their incomes in taxes, on average.

Who pays "near 50%" when Mitt Romney only has to pay 15% ?

Flat Rock NC
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You're seriously asking me where there is middle ground between nearly zero and near 50%?

Chesapeake VA
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TOPIC: What's your delusion