Redistribution of Wealth

[tony]

ok next question, what was your tax liability LAST YEAR

About $7,000.. not including state. And yours Mr. don't tax the wealthy?

[SPOOLIN]

I don't think anyone agrees to not tax the wealthy, but don't tax them more than others.

[ShooterMcGavin]

i lol'd at the first 2, reps!

[blurred visions]

While this honestly sounds great in theory, it simply isn't the case. It's an argument that in this case unfortunately doesn't make much sense. Like I said Small businesses are looking at anywhere from 25-50%. Again this is a cost that they are having to pay out.

Example:
Business makes $100 a day
Business pays $40 a day in taxes thus making $60 in profits

Under Obama that would increase to $62 a day in taxes thus leaving the company $32 a day in profits

Now to get back to making $60 a day in profits one of two things has to happen.

1. Sales Increase
2. Costs have to be cut.(I.E. services, jobs, etc.)Jobs being the BIGGIE there.

Problem is that the tax cut doesn't justify the sales increase needed to recoup those loses.

That clears it up for me, so I guess its a matter of weighing in factors such as how much percent the small businesses make up and how many jobs they provide. I still think Obama's tax plan should be looked at as more of a "surge" rather than anything lasting. It's something that will help right now and I'm sure once the economy begins to level out his tax plan will change to compliment the difference.

[Alan®]

That clears it up for me, so I guess its a matter of weighing in factors such as how much percent the small businesses make up and how many jobs they provide. I still think Obama's tax plan should be looked at as more of a "surge" rather than anything lasting. It's something that will help right now and I'm sure once the economy begins to level out his tax plan will change to compliment the difference.

The numbers vary. Some say it's 70-85%.

Small business makes up ~90% of businesses in the U.S. though. They are the overwhelming majority

[Vteckidd]

About $7,000.. not including state. And yours Mr. don't tax the wealthy?

less than $1000, i made less than $20,000

so lets see, the majority of us dont pay anything especially when its in relation to the salary we make.

hmmmmmmmmmmm

My dad ($300k+) paid $55,000 last year.

so who DESERVES A TAX BREAK?

[Vteckidd]

EDIT: This year ill owe around $15,000, CRAP.

[Alan®]

less than $1000, i made less than $20,000

so lets see, the majority of us dont pay anything especially when its in relation to the salary we make.

hmmmmmmmmmmm

My dad ($300k+) paid $55,000 last year.

so who DESERVES A TAX BREAK?

My dad paid something like $75K+ (I can't remember if that was for the year or per quarter). He just did his taxes for this year I don't even want to know.

[tony]

I just always love the "My parents" thing

Never once have I mentioned my dads tax burden, why? Cause I'm a grown ass man and need not be concerned with what my parents pay.. I got my own adult responsibilities. When I file my taxes I have my house, 2 dependents (my son and I take care of my mother) and a full list of responsibilities.

All I know is when I write that check to the IRS there are programs I don't like, and there are others that I know that are essential. I don't see how some of you are big military but anti taxes when defense spending is more than any social program out there.

[Vteckidd]

I just always love the "My parents" thing

Never once have I mentioned my dads tax burden, why? Cause I'm a grown ass man and need not be concerned with what my parents pay.. I got my own adult responsibilities. When I file my taxes I have my house, 2 dependents (my son and I take care of my mother) and a full list of responsibilities.

All I know is when I write that check to the IRS there are programs I don't like, and there are others that I know that are essential. I don't see how some of you are big military but anti taxes when defense spending is more than any social program out there.

again, you are skirting the issue, ive seen this before.

I dont know anyone on here that makes over $250,000 a year, do you?

Nor do i know their Tax Liability.

All im showing is that me, you, and redgts pay LITTLE TO KNOW TAXES.

Fine, pretend i didnt say my dad, pretend i said "my buddy" or fuck pretend i lied an said it was me. Who gives a rats ass.

The point is, Person "X" made over $250,000" and paid more than 7 times YOUR TAX LIABILITY.

PERSON "X" ISNT RICH.

you BARELY PAID ANYTHING

WHY SHOULD YOU GET A BREAK AND PERSON "X" PAY MORE under OBAMA

waiting

EDIT: I edited the percentage out because then itll become about how Obama isnt going to raise taxes much or the issue will become about numbers. Lets keep it general. Why should you pay LESS taxes and Person "X" pay MORE

[tony]

I don't make over $250k but I am a part of the tax bracket that offers the largest percentage of revenues.

I've posted this up before Mike and you just jump to another thread. Do I need to post the IRS statistics again as to who REALLY has the tax burden in this country? Because its not those that make this huge amount like you think. Furthermore Corporate taxes only account for 14% of tax revenues.

[Vteckidd]

thats what i thought.

so you disagree with the statement that the top 50% of earners pay 95% of income taxes.

[Alan®]

Furthermore Corporate taxes only account for 14% of tax revenues.

This is a whole seperate issue. There is so much more money there and we could get it but at 39.2% corporate tax rate I'd move my company overseas as well.

[tony]

Just to add, I've never once mentioned my mom who i do take care of. She worked for 30 years as an accountant only to be laid off with absolutely nothing to show. Just like you have parents that did well for theirselves.. some of us have parents whose main focus was the upbringing of their children and sacrificed the pursuit of wealth to be at home and be a parent. Some of us have parents that chose to provide their service to this country (and we know career military men do not afford theirselves a wealthy lifestyle) so for me to sit here and spit in their face by saying THEY are less productive because of their income level would be absolute bullshit.. you can never convince me of anything otherwise, no matter what my tax bracket is.

[tony]

And for the 3rd time:

http://www.irs.gov/pub/irs-soi/00in11si.xls

You will notice that the $50k to $500k income bracket account for 57.8% of all revenue before tax credits.

$50k is average Joe salary especially with two incomes, even $400k isn't far fetched so this whole.. "the wealthy needs tax cuts because they pay a proportionate number of taxes" is BS.

Want to know the income bracket with the biggest tax burden?

$100k to $200k -

The #2 tax bracket is $50k to $75k.

[Vteckidd]

and again

so you disagree with the statement that the top 50% of earners pay 95% of income taxes.

[tony]

Nope, but be sure to note that people making $50k a year are added into that "Top 50%"

[AirMax95]

Just to add, I've never once mentioned my mom who i do take care of. She worked for 30 years as an accountant only to be laid off with absolutely nothing to show. Just like you have parents that did well for theirselves.. some of us have parents whose main focus was the upbringing of their children and sacrificed the pursuit of wealth to be at home and be a parent. Some of us have parents that chose to provide their service to this country (and we know career military men do not afford theirselves a wealthy lifestyle) so for me to sit here and spit in their face by saying THEY are less productive because of their income level would be absolute bullshit.. you can never convince me of anything otherwise, no matter what my tax bracket is.