Taxes and SS

[clear]

So how do you feel about taxes and SS?

I believe that the avg person has way to much taxes taken out on them to make ends meet. Individuals making over 300k a year do not have enough taxes taken out and the same with large corporations. Raise the taxes on the rich, and lower taxes on the avg person. With the talks of universal healthcare and the money we are blowing on alot of other things, proves that we are being taxed to much. Healthcare should be affordable but not provided by the gov.(thats a whole different subject there)

SS should have an opt out, But once out you should not have the chance to get back into it.

[BUDO]

There is already a thread about taxes dood! Join in on it!

[blurboEK]

I would be all for dropping income tax at a federal level DEPENDING on what our govt would do to replace it. And I'd opt out of SS in a heart beat.

[PPGMD]

Eh the rich aren't paying their fair share. The top 5% of wage earners pay over 50% of all the tax revenue, the top 10% pay over 60% of the tax revenue.

Now you are likely wondering how that falls income wise, people making over $300k a year fall in the top 1% of wage earners, who pay 33% of the taxes in the United States. That's a pretty hefty percentage of the tax bill.

[HullBreach]

I have serious problems with how heavily we tax corporations. I mean, Exxon Mobile pays a tax rate in excess of 41%. There total taxes payed to the US Federal government is more than the bottom 52% of taxpayers in the US COMBINED.

How the hell are American companies supposed to be competitive globally with that level of taxation?

Honestly the more I read about it, the more I like the ideas behind the Flat Tax.

[Scott]

Eh the rich aren't paying their fair share. The top 5% of wage earners pay over 50% of all the tax revenue, the top 10% pay over 60% of the tax revenue.

Now you are likely wondering how that falls income wise, people making over $300k a year fall in the top 1% of wage earners, who pay 33% of the taxes in the United States. That's a pretty hefty percentage of the tax bill.


And yet we are sending out this go help the economy check bullshit that got passed a few weeks ago to many people that pay little to nothing in. We all know who says the rich do not pay in enough.

Yet another reason for a flat tax. Many other countries have switched and are doing well with it.

[dink921]

I would be all for dropping income tax at a federal level DEPENDING on what our govt would do to replace it. And I'd opt out of SS in a heart beat.


i believe i read somewhere u can opt out of ss taxes at anytime, u are just no longer eligible. imma do some searching again.

EDIT: oh once again its a religious based opt out... fuck religion and all their tax benefits.

[Joe]

I believe that the avg person has way to much taxes taken out on them to make ends meet. Individuals making over 300k a year do not have enough taxes taken out and the same with large corporations. Raise the taxes on the rich, and lower taxes on the avg person. With the talks of universal healthcare and the money we are blowing on alot of other things, proves that we are being taxed to much. Healthcare should be affordable but not provided by the gov.(thats a whole different subject there)

SS should have an opt out, But once out you should not have the chance to get back into it.

How can anyone respond to this when you made it clear you do not know anything about "who" is paying taxes now...

BTW, I'm in that top 5% of wage earners... I think YOU should pay more taxes.

:)

[Joe]

BTW, just in case you don't know how to find out who already pays your taxes...

HOUSEHOLD INCOME GROUPS
http://upload.wikimedia.org/wikipedia/en/c/c8/Income_groups.jpg

The 5.84% on the graph pays 54.3% of the TOTAL TAX INCOME.

The 68.27% of the graph pays a whole 3.5% of the TOTAL TAX INCOME....

Sounds "fair" to me...


Discussion Here : Thread (http://www.tampaforums.com/forums/free-4-all/someone-rich-if-they-make-more-than-75-a-316523/index2.html)

[DSG]

I hate taxes and I dont want to pay into SSI...

[clear]

FL doesnt pay state tax does it?

http://articles.moneycentral.msn.com/Common/Taxes/2007TaxBrackets.aspx

[blurboEK]

Ok so what are the rates for each tax bracket? FL doesnt pay state tax does it?

no it doesn't. I'm in the upper portion but what NY takes out is nothing compared to what uncle Sam takes..

[Joe]

FL doesnt pay state tax does it?

http://articles.moneycentral.msn.com/Common/Taxes/2007TaxBrackets.aspx



So you post a link that makes my point?

I don't get it... :dunno:

[clear]

http://business.timesonline.co.uk/tol/business/money/tax/article1996735.ece
Buffet was taxed 17.7% how is that fair?

My state tax is 7%

[clear]

So joe do you have a chart to show how much tax money each bracket paid in? corps also?

[PPGMD]

http://business.timesonline.co.uk/tol/business/money/tax/article1996735.ece
Buffet was taxed 17.7% how is that fair?

My state tax is 7%

Because most of the $46 million he made was stock market value, that money is worthless until it's pulled out of the market. Should he be taxed for money he doesn't actually have? Next week the market could crash so completely that all that money is worth nothing.

[clear]

Because most of the $46 million he made was stock market value, that money is worthless until it's pulled out of the market. Should he be taxed for money he doesn't actually have? Next week the market could crash so completely that all that money is worth nothing.

"Mr Buffett said that he was taxed at 17.7 per cent on the $46 million he made last year"

You dont classify potential profit "made" until you take it out of the market.

[clear]

BTW, just in case you don't know how to find out who already pays your taxes...

HOUSEHOLD INCOME GROUPS

The 5.84% on the graph pays 54.3% of the TOTAL TAX INCOME.

The 68.27% of the graph pays a whole 3.5% of the TOTAL TAX INCOME....

Sounds "fair" to me...


Discussion Here : Thread (http://www.tampaforums.com/forums/free-4-all/someone-rich-if-they-make-more-than-75-a-316523/index2.html)


where did you find out each percent of how much each group pays?

[PPGMD]

"Mr Buffett said that he was taxed at 17.7 per cent on the $46 million he made last year"

You dont classify potential profit "made" until you take it out of the market.

You do when you have an agenda. Buffet is a limousine liberal, he's all for everyone else paying taxes, but he gladly transfers money to his kids tax free and takes advantage of various tax shelters.

Not only is he inflating his pay rate by including his paper value, but he is likely also subtracting his various deductions from his taxes before he totals his taxes paid. At the same time he is rolling in SSI (which you only pay on actual income), and other taxes into his employees taxes, and just using their bracket as an example, never minding that they likely have many deductions also.

[Joe]

FYI, Clear... there is not a single law that states you cannot structure your income to avoid income tax within the laws.

If he was able to structure his $46mil in a manner to only pay 17.7%, more power to him. I hope to be able to do the same in the future.

What of it...

How much of your income went to taxes last year? :dunno:

[clear]

roughly 24% and had to pay a little in on state and fed.

Yes i am a little ignorant to taxes.

But reading the other thread has changed my mind alot on taxes.

[Joe]

roughly 24% and had to pay a little in on state and fed.

Yes i am a little ignorant to taxes.

But reading the other thread has changed my mind alot on taxes.

Did you bother to claim the state taxes paid in your federal filing?

I have a feeling you're adding the two...

Being "ignorant" is fine so long as you're willing to research and learn. :)

We're all ignorant before we learn it for ourselves.

[Zealot]

I have serious problems with how heavily we tax corporations. I mean, Exxon Mobile pays a tax rate in excess of 41%. There total taxes payed to the US Federal government is more than the bottom 52% of taxpayers in the US COMBINED.

How the hell are American companies supposed to be competitive globally with that level of taxation?

Honestly the more I read about it, the more I like the ideas behind the Flat Tax.

Exxon doesn't seem to be hurting given the multi billion dollar profits they are reporting

[clear]

Overall, Income / (state + fed) = 24% + paying in some.

Do you think the tax money is used properly by the gov?

[PPGMD]

Exxon doesn't seem to be hurting given the multi billion dollar profits they are reporting

And they will likely have a billion dollar tax bill to go with it.

[clear]

Exxon doesn't seem to be hurting given the multi billion dollar profits they are reporting

Multi Billion each quarter

[Zealot]

And they will likely have a billion dollar tax bill to go with it.

as it should be

[25psi]

I have serious problems with how heavily we tax corporations. I mean, Exxon Mobile pays a tax rate in excess of 41%. There total taxes payed to the US Federal government is more than the bottom 52% of taxpayers in the US COMBINED.

How the hell are American companies supposed to be competitive globally with that level of taxation?

Honestly the more I read about it, the more I like the ideas behind the Flat Tax.
This is how Western Europe stays afloat despite its high personal income tax, its business taxes are actually relatively low compared to ours and allows them to stay competitive.

[Joe]

Overall, Income / (state + fed) = 24% + paying in some.

Do you think the tax money is used properly by the gov?

That is a whole new thread clear... :lol:

[clear]

lol true, sorry

[kapone]

dose anybody in here realize that Exxon or any other corporation for that mater dose not pay taxes ????? the end consumer pays taxes .... if we raise taxes on corporation "x" by 10% next year what do you think they do

a) bitch that taxes are 10% higher this year and take it out of profit to pay it.

or

B) raise the price of said product they produce or offer 10% to compensate for the 10% increase in tax so that their profit stays the same.

The only reason to operate a business is to make a profit...

[buck19]

"Mr Buffett said that he was taxed at 17.7 per cent on the $46 million he made last year"

You dont classify potential profit "made" until you take it out of the market.

Buffet gives back to the community through organizations and charities. He's a pretty good man. He does not, however, donate to gov't organizations from what I've read.

[buck19]

PS. Exxon, Chevron, and others alike get their taxes full circle through Imperialism. So taxes don't matter. They are practically taxing themselves

[BAMF]

Just wait, Joe. Soon us official "Middle class" guys will be doing worse than you. They've fucking got it out for us with this AMT business. I actually don't want a 3,000 dollar raise, cuz then I'll probably take home less than I do right now. How fucked up is that?

[buck19]

Just wait, Joe. Soon us official "Middle class" guys will be doing worse than you. They've fucking got it out for us with this AMT business. I actually don't want a 3,000 dollar raise, cuz then I'll probably take home less than I do right now. How fucked up is that?

You know what. I was talking to a friend at work about that and he's getting screwed out of about $100 a paycheck cause he's in a new tax bracket. That further shows why taxes are B.S.

[moldyhands]

I have serious problems with how heavily we tax corporations. I mean, Exxon Mobile pays a tax rate in excess of 41%. There total taxes payed to the US Federal government is more than the bottom 52% of taxpayers in the US COMBINED.

How the hell are American companies supposed to be competitive globally with that level of taxation?

Honestly the more I read about it, the more I like the ideas behind the Flat Tax.
well until you understand tax structure and multinational corporations, you won't understand what makes up Exxonmobil's tax rate. for instance, the top tax bracket for businesses in america is 35% - so if they're paying a rate of 41%, they're being taxed at a higher rate in foreign countries and by individual state taxes.

besides - they hold the record for the highest ever quarterly and annual profit by a company in america. and that is AFTER taxes. the oil industry isn't hurting. they're not struggling to be competitive. they are more powerful than any other group in this country (in some ways more powerful than the gov't).