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Author Topic: Republicans pro-tax...On Middle class  (Read 5534 times)

Owl

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Re: Republicans pro-tax...On Middle class
« Reply #15 on: September 26, 2011, 03:17:37 pm »
Quote from: Skyth;22314
Not to mention that there are no payroll taxes on investment income.

 
Exactly!
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mandrina

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Re: Republicans pro-tax...On Middle class
« Reply #16 on: September 26, 2011, 08:07:47 pm »
Quote from: Skyth;22314
Not to mention that there are no payroll taxes on investment income.


On the other hand, my grandmother lives on 'investment income' and social security.  BUt if you add it together and it was earned income, she wouldn't pay income taxes on any of it.  I would actually go for lumping all income together and paying graduated tax on it, so she wouldn't pay taxes and someone with over a million in investment income would pay the highest level taxes.
Katrina

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veggiewolf

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Re: Republicans pro-tax...On Middle class
« Reply #17 on: September 27, 2011, 01:02:07 pm »
Quote from: EJay;22102
f
...
This year, households making more than $1 million will pay an average of 29.1 percent of their income in federal taxes, including income taxes and payroll taxes, according to the Tax Policy Center, a Washington think tank.
...

 
And this is where I note I make considerably less than $1 million/year...and my household income is less than the 250k number that gets tossed around...but that 29.1 percent tax rate was my rate last year.
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sailor

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Re: Republicans pro-tax...On Middle class
« Reply #18 on: September 27, 2011, 04:18:03 pm »
Quote from: veggiewolf;22591
And this is where I note I make considerably less than $1 million/year...and my household income is less than the 250k number that gets tossed around...but that 29.1 percent tax rate was my rate last year.

 
That does not add up.  Using married filing joint, standard deduction, 2 personal exemptions (ie just you and spouse) a gross income of $350,000 gives 28% bracket and effective Federal income tax rate of 24.89%.  If any of that was qualified dividends or long term cap gains you'd earn more and pay less.

mandrina

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Re: Republicans pro-tax...On Middle class
« Reply #19 on: September 27, 2011, 04:21:36 pm »
Quote from: veggiewolf;22591
And this is where I note I make considerably less than $1 million/year...and my household income is less than the 250k number that gets tossed around...but that 29.1 percent tax rate was my rate last year.

 


are you including the payroll and ss taxes in that?  As in you take home 70.9 % of your income?
Katrina

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sailor

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Re: Republicans pro-tax...On Middle class
« Reply #20 on: September 27, 2011, 04:47:35 pm »
Quote from: mandrina;22621
are you including the payroll and ss taxes in that?  As in you take home 70.9 % of your income?

 
I didn't include unemployment tax or union dues either. None of the three are part of the Federal income tax.

mandrina

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Re: Republicans pro-tax...On Middle class
« Reply #21 on: September 27, 2011, 06:05:16 pm »
Quote from: sailor;22625
I didn't include unemployment tax or union dues either. None of the three are part of the Federal income tax.

 
I was asking Veggiewolf, cause after all is said and done (I have no bennies on my check), I take home a little higher percentage than that, but that includes everything removed from my check, FICA, SS, State, and Fed taxes.
Katrina

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sailor

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Re: Republicans pro-tax...On Middle class
« Reply #22 on: September 27, 2011, 06:33:37 pm »
Quote from: mandrina;22653
I was asking Veggiewolf, cause after all is said and done (I have no bennies on my check), I take home a little higher percentage than that, but that includes everything removed from my check, FICA, SS, State, and Fed taxes.

 
Well, if you want to compare apples to oranges, I've seen folks at work having over 60% withheld. And that's before state income tax since it's illegal to withhold state tax in my industry.

mandrina

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Re: Republicans pro-tax...On Middle class
« Reply #23 on: September 27, 2011, 10:46:26 pm »
Quote from: sailor;22662
Well, if you want to compare apples to oranges, I've seen folks at work having over 60% withheld. And that's before state income tax since it's illegal to withhold state tax in my industry.

 
I understand that.  That's what I was asking veggiewolf when they said that the 29.1 % was their tax rate.

Veggie?
Katrina

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veggiewolf

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Re: Republicans pro-tax...On Middle class
« Reply #24 on: September 28, 2011, 09:18:38 am »
Quote from: mandrina;22701
I understand that.  That's what I was asking veggiewolf when they said that the 29.1 % was their tax rate.

Veggie?


As I'm self-employed, I pay the Fed quarterly taxes based on income, plus any extra I owe when return time comes.  The total amount I paid the Fed, including SS, for 2010 was 29.3% of my income (per my tax returns).
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Skyth

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Re: Republicans pro-tax...On Middle class
« Reply #25 on: September 28, 2011, 09:45:04 am »
Quote from: Darkhawk;22166
Anyone who claims that poorer people don't pay taxes is a liar.


 
Looking at this again, I was thinking that they might not be a liar.  The Earned Income Tax Credit that the working poor can get is substantial, and the money that they get might offset any taxes that they actually pay meaning that even after considering payroll and sales tax, they might still come out ahead as far as total taxes are concerned.

Now, this is only a small subset of the poor that this would actually apply to compared to the claim that is bandied around, but it does actually exist.

Skyth

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Re: Republicans pro-tax...On Middle class
« Reply #26 on: September 28, 2011, 09:52:33 am »
Quote from: Skyth;22756
Now, this is only a small subset of the poor that this would actually apply to compared to the claim that is bandied around, but it does actually exist.

 
Some more thoughts (didn't want to edit post and maybe confuse people)...The people that conservative pundits include in people that 'don't pay taxes' are people like my wife and I.  We brought home over $50k, but because of knowing which tax credits to take and the composition of that income, we had a net gain from income taxes.  However, I can't say that we didn't pay taxes because we paid property, sales, and FICA taxes that I'm sure were more than the money that we gained from income taxes.

mandrina

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Re: Republicans pro-tax...On Middle class
« Reply #27 on: September 28, 2011, 09:55:56 am »
Quote from: veggiewolf;22753
As I'm self-employed, I pay the Fed quarterly taxes based on income, plus any extra I owe when return time comes.  The total amount I paid the Fed, including SS, for 2010 was 29.3% of my income (per my tax returns).

 
29.3 percent is not your federal income tax rate.
ss ad medicare taxes for you is 15.3% (13.3 for 2011), the remaining 14% is your state and local income taxes.

THis is important since we were differentiating between  SS and medicare taxes and Income tax in the conversation as per sailor's above comment.
Katrina

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veggiewolf

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Re: Republicans pro-tax...On Middle class
« Reply #28 on: September 28, 2011, 10:05:21 am »
Quote from: mandrina;22760
29.3 percent is not your federal income tax rate.
ss ad medicare taxes for you is 15.3% (13.3 for 2011), the remaining 14% is your state and local income taxes.

THis is important since we were differentiating between  SS and medicare taxes and Income tax in the conversation as per sailor's above comment.


Since I've taken out all of my tax paperwork to respond to this thread, I find it highly irritating that people are telling me what I paid the government.  Let me restate: the total amount of money I sent to Washington DC for 2010 equated to 29.3% of my income.  Yes, this included SS and Medicare, so I am willing to admit I may be wrong on the tax label.  I am not, however, wrong on the percentage.  

An additional amount beyond that 29.3% went to Harrisburg and to local authorities for state and local taxes.

I'll bow out of this debate at this time since I'm not really adding anything to the discussion.
Fluid Morality - my spiritual blog
Eating Monsters - my mental health blog

"Religion does not define a deity- it defines the human approach and interpretation of deity." - Juni
"I hate magical thinking in my magic." - Darkhawk
"...a baseball club; a soccer unkindness; a hockey murder; a football team..." - Cecil, Welcome to Night Vale

mandrina

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Re: Republicans pro-tax...On Middle class
« Reply #29 on: September 28, 2011, 10:30:06 am »
Quote from: veggiewolf;22763
Since I've taken out all of my tax paperwork to respond to this thread, I find it highly irritating that people are telling me what I paid the government.  Let me restate: the total amount of money I sent to Washington DC for 2010 equated to 29.3% of my income.  Yes, this included SS and Medicare, so I am willing to admit I may be wrong on the tax label.  I am not, however, wrong on the percentage.  

An additional amount beyond that 29.3% went to Harrisburg and to local authorities for state and local taxes.

I'll bow out of this debate at this time since I'm not really adding anything to the discussion.


Oh, I believe every penny of it went to the government, and then some, it was just the labels.  Plus you've got that extra 7.8 percent that those of us with employers don't realise we pay (but that the employer does count as part of our compensation when adding things up for figuring profits so they can pay their taxes.  At least I hope they don't have to pay taxes on their half of the payroll taxes.)
Katrina

"I have a bad feeling about this."  Every good guy in the Star Wars saga, and an occasional bad guy as well.

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