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March 19, 2024, 04:58:18 am
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Author Topic: 102 Things NOT To Do If You Hate Taxes  (Read 18951 times)
nathanm
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« Reply #60 on: August 04, 2011, 03:52:03 pm »

Nathan, posting graphs and cobbling that into misinterpreted data isn't reality.
Mmm..hmm...
backs away slowly

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You should come to the summit as well.  Beer is a great equalizer.
At least we agree that beer is good. Wink
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"Labor is prior to and independent of capital. Capital is only the fruit of labor, and could never have existed if labor had not first existed. Labor is the superior of capital, and deserves much the higher consideration" --Abraham Lincoln
Conan71
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« Reply #61 on: August 04, 2011, 03:58:14 pm »

One of the best explanations of "economic justice" so far:

"Economic justice is when you take money from people who won't vote for you and give it to people who will."

Classic! Grin
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"It has been said that politics is the second oldest profession. I have learned that it bears a striking resemblance to the first” -Ronald Reagan
nathanm
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« Reply #62 on: August 04, 2011, 04:22:19 pm »

One of the best explanations of "economic justice" so far:

"Economic justice is when you take money from people who won't vote for you and give it to people who will."

Classic! Grin
Back to the gold standard! Weak money is a tax on the rich!
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"Labor is prior to and independent of capital. Capital is only the fruit of labor, and could never have existed if labor had not first existed. Labor is the superior of capital, and deserves much the higher consideration" --Abraham Lincoln
Gaspar
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« Reply #63 on: August 05, 2011, 09:01:41 am »

Back to the gold standard! Weak money is a tax on the rich!

Weak money is a tax on everyone.  Shoring up support by redistribution is foolish, and temporary. . .two words that sum up all of President Obama's policies.
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When attacked by a mob of clowns, always go for the juggler.
nathanm
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« Reply #64 on: August 05, 2011, 10:08:23 pm »

Weak money is a tax on everyone.

Please explain how weak money is bad for manufacturers, other exporters, and debtors. Or even explain how strong money is good for those groups. Either way is fine, since they're essentially the same assertion.

It's kind of funny when you try to fight the battles of the 1960s. It's scary when you try to fight battles from a century ago.
« Last Edit: August 05, 2011, 10:11:53 pm by nathanm » Logged

"Labor is prior to and independent of capital. Capital is only the fruit of labor, and could never have existed if labor had not first existed. Labor is the superior of capital, and deserves much the higher consideration" --Abraham Lincoln
guido911
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« Reply #65 on: August 07, 2011, 02:30:22 pm »

Cavuto making my point on the 51% of Americans that pay no federal income tax.

http://www.mediaite.com/tv/foxs-neil-cavuto-takes-on-democratic-rep-what-about-the-51-who-pay-no-taxes/

That is what a donkey-kicking looks like.
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nathanm
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« Reply #66 on: August 07, 2011, 04:40:36 pm »

I'm glad you got correct what mediaite failed to get correct, guido. I'm not sure that the statistic is actually true, but at least you didn't claim 51% of American tax filers pay no tax at all.

I'm just wondering how, in the aggregate, the low income groups do actually have an effective income tax rate above zero if they're all paying zero.

IncomeEffective Rate
All returns11.35%
No adjusted gross income-0.04%
$1 under $5,0000.15%
$5,000 under $10,0000.41%
$10,000 under $15,0000.55%
$15,000 under $20,0001.26%
$20,000 under $25,0002.07%
$25,000 under $30,0002.87%
$30,000 under $40,0004.03%
$40,000 under $50,0005.26%
$50,000 under $75,0006.78%
$75,000 under $100,0008.13%
$100,000 under $200,00011.78%
$200,000 under $500,00019.48%
$500,000 under $1,000,00024.23%
$1,000,000 under $1,500,00025.17%
$1,500,000 under $2,000,00025.47%
$2,000,000 under $5,000,00025.65%
$5,000,000 under $10,000,00025.25%
$10,000,000 or more22.40%

Well, actually I'm not sure about the truth of the 51% claim. In FY2009, it was actually 41.73% of returns that were not taxable, not 51%. Newer IRS tables are not yet available on their website.
« Last Edit: August 07, 2011, 05:04:39 pm by nathanm » Logged

"Labor is prior to and independent of capital. Capital is only the fruit of labor, and could never have existed if labor had not first existed. Labor is the superior of capital, and deserves much the higher consideration" --Abraham Lincoln
Red Arrow
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« Reply #67 on: August 07, 2011, 10:05:56 pm »


IncomeEffective Rate
All returns11.35%
No adjusted gross income-0.04%
$1 under $5,0000.15%
$5,000 under $10,0000.41%
$10,000 under $15,0000.55%
$15,000 under $20,0001.26%
$20,000 under $25,0002.07%
$25,000 under $30,0002.87%
$30,000 under $40,0004.03%
$40,000 under $50,0005.26%
$50,000 under $75,0006.78%
$75,000 under $100,0008.13%
$100,000 under $200,00011.78%
$200,000 under $500,00019.48%
$500,000 under $1,000,00024.23%
$1,000,000 under $1,500,00025.17%
$1,500,000 under $2,000,00025.47%
$2,000,000 under $5,000,00025.65%
$5,000,000 under $10,000,00025.25%
$10,000,000 or more22.40%

Please define effective rate.  My 5 figure (left of the decimal point) salary rate is a lot higher than any rate shown in your table.  Maybe it's because I'm single with no dependents.

Edit:
I just checked my 2010 Federal Income Tax return.  Turbo Tax lists my "Effective Tax Rate" as 16.19%

« Last Edit: August 07, 2011, 10:21:52 pm by Red Arrow » Logged

 
nathanm
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« Reply #68 on: August 08, 2011, 08:02:00 am »

It's the average for that particular income cohort (divide the group's combined tax liability by the group's combined AGI). Those without children, a mortgage interest deduction, and/or have self-employment tax will, of course, be on the high side of that, while those with 12 kids and a million dollars worth of outstanding mortgage debt will be on the low side.
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"Labor is prior to and independent of capital. Capital is only the fruit of labor, and could never have existed if labor had not first existed. Labor is the superior of capital, and deserves much the higher consideration" --Abraham Lincoln
Red Arrow
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« Reply #69 on: August 08, 2011, 11:31:30 am »

It's the average for that particular income cohort (divide the group's combined tax liability by the group's combined AGI). Those without children, a mortgage interest deduction, and/or have self-employment tax will, of course, be on the high side of that, while those with 12 kids and a million dollars worth of outstanding mortgage debt will be on the low side.

That's what I thought it was.  Even with nearly maxing out my 401K contributions, I'm paying w-a-y too much compared to others with my income range.  Try to live responsibly and you get ....
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