Federal taxes lowest since 1950

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James48843 said:
Thanks to Congress and President Obama, taxes are the lowest this year since 1950.

That's a fact.

http://news.yahoo.com/s/ap/20110207/ap_on_bi_ge/us_lower_tax_bills
Click to expand...
Appaprently it's not Congress and President Obama that deserve the credit:

FROM YOUR ARTICLE:
And for the third straight year, American families and businesses will pay less in federal taxes than they did under former President George W. Bush, thanks to a weak economy and a growing number of BREAKS for the wealthy and poor alike.
Click to expand...

Come on Jim, Give credit where it's due! Those tax breaks you hate SOOOO MUCH, signed by President Obama lowered the taxes.:suspicious:
 
James48843 said:
Thanks to Congress and President Obama, taxes are the lowest this year since 1950.

That's a fact.

http://news.yahoo.com/s/ap/20110207/ap_on_bi_ge/us_lower_tax_bills
Click to expand...

Jim,

You always bring up this canard...

Back in the day, income tax payers (normal ones, not Bill Gates types) could write off credit card interest, interest on car payments, interest on multiple homes, and a myriad of other things not possible now. The effective tax rate was much lower than the stated rate.

Studies have shown that Americans pay about 18% of GDP to Federal tax.
 
The point is the right always spouts off (not reality) that taxes are higher now than under the previous president. When the fact is that taxes have gone DOWN, not up under the current president:

From the story:

At the request of The Associated Press, The Tax Institute at H&R Block compared 2008 and 2010 tax bills for families at various income levels, showing how their taxes have changed since Obama took office. Taxpayers are filing their 2010 tax returns this spring, while 2008 was the last full year that Bush was president. The scenarios assume that each family had the same income, filing status and number of dependent children in both years.
Income tax rates remain unchanged. But many taxpayers are seeing their bills drop under Obama because of more generous tax credits for college students, working families, homebuyers and the working poor. Many of the changes were enacted as part of the big economic stimulus package passed in 2009.
Congress also extended Bush-era tax cuts through 2012. Lawmakers let Obama's Making Work Pay tax credit expire at the end of 2010, but they replaced it with a one-year cut in Social Security payroll taxes that is already showing up in workers' paychecks.
Some scenarios:
• A married couple with two young children and a combined income of $25,000 will pay no federal income taxes for 2010. Instead, they'll get a payment of $7,085 -- up from $6,700 in 2008. The larger payment comes mainly from a more generous Earned Income Tax Credit, which provides subsidies to the working poor. They will also get a $1,000-per-child tax credit. The example illustrates how complicated tax returns can be, even for low-income families, said Kathy Pickering, executive director of The Tax Institute at H&R Block.
• A married couple with two children, including one in college, and a combined income of $50,000 would pay no federal income taxes, instead getting a payment of $734 from the government this year. However, they did better in 2008 when they netted a $1,234 payment from the government. That's because Obama's Making Work Pay credit was worth less to them than the Bush-era economic stimulus payment they received in 2008.
• A single person making $50,000 while paying interest on a student loan would have a 2010 tax bill of $5,325 -- a $63 decrease from 2008. The difference is due to an inflation-based increase in the standard deduction and personal exemption.
• A married couple with two children, including one in college, with some modest investments and a combined income of $200,000 will see their federal income tax bill drop by $780, to $28,496. Their tax bill is lower than in 2008 largely because itemized deductions are no longer limited for high-income families.
• A rich couple with two kids in college, larger investments and a combined income of $1 million will see their taxes drop by $6,740, to $277,699 in 2010. Their tax bill is lower than in 2008 because they were able to defer a larger portion of their income to retirement accounts, and because itemized deductions are no longer limited for high-income families.
Click to expand...


You can't say taxes are higher. I WISH taxes were higher for the richest- so that we could balance the budget. We need to balance the budget. But as you can see in that $1 million a year income example, taxes are lower today by a long way than they've ever been since before the great depression.
 
OBGibby said:
The main thrust of the article is that tax receipts are down this year. That has more to do with the state of the economy, and less and less taxpayers paying taxes.

Enjoy the next two years. It might be awhile until your crowd occupies the White House after 2012. And that's a fact.
Click to expand...


Wow!!! I've gotta admit this is one of the best I've seen in a good while.
This is very well put -- at least Part 1.


Now as for Part 2 --- I'm more than ready for a 'change' but to blame the state of our economy on the eggplant is not only absurd - but it essentially implies that the USA and all its dealings and interactions began the moment waddle man swore into office.

Who totally screwed the entire USA over and over -- slamming the handle over and over until the toilet finally flushed 'us' eveyone of 'us' down the drain.

Ummm let's make a war -- get RICH make the VP's company profitable.

Let's spend .....drum roll..... over $10 Trillion in bail outs and over s*** to sink the Country (and the whole world) to its lowest level.

Let's make sure the Financial Weapon of Mass Destruction reaches maximum destruction under my reign.

Let's set into LAW -- all whitehouse records will be barred from the public indefinately ..... oooh sorry Mr. President a Judge overruled.

I personally don't care about this guy -- and I doubt anyone on the board is more anxious about getting a replacement than me. But 'The FACT' of our economy would be like 98% the s***brain before him -- and what our present guy was forced to deal with.

The Greatest Fallacy - is the Belief that one is different from the other. That anyone can be stupid enough to 'believe' that any person from any Party - can make an ongoing war disappear; can make an economy that has tanked totally reverse; can make hugely strained international relationships vanish; can make the Parasites draining this country stop their way of living --- by swearing into office.
 
Please remember that this is an investment board...

Taxes affect our investment potential...James has pointed it out. Levels are under dispute.

But if you are going to get political... www.beltwaytalk.com

Please move over there to flame politicians and/or their parties.

:cool:
 
James48843 said:
The point is the right always spouts off (not reality) that taxes are higher now than under the previous president. When the fact is that taxes have gone DOWN, not up under the current president:
Click to expand...
Hey, I'm for lower taxes, but if your point was politically motivated, as you state, then perhaps it should have been posted on www.beltwaytalk.com.
 
OBGibby said:
The main thrust of the article is that tax receipts are down this year. That has more to do with the state of the economy, and less and less taxpayers paying taxes.

Enjoy the next two years. It might be awhile until your crowd occupies the White House after 2012. And that's a fact.
Click to expand...

Bingo!

Receipts are down because citizens are out of work, the laser focus on jobs has been worse than an out-focus flashlight with weak batteries.

This is the way to make a country more prosperous - fund "green" energy, fight drilling for oil, increase numbers of people on the dole, extend unemployment, give Unions more $ and exempt them by waviers from the Obamacare laws, send more industry to China, etc etc. what a formula for success!

What? Its not working...but on SeeB.S. the talking heads say "all is well"

:notrust::suspicious::blink::nuts:
 
Oops did I break the law? Shucks, guys Its JUST the truth. I, I cant hep myself when I see liberal media-spawned half-truths - right, Bogie?

Waiting for rebuke now.
 
Effective tax rate for the Median Taxpayer in the USA,
compared to the effective tax rate for the richest 400 Americans in the USA, since 1955:


Picture-1.png


The campaign to INCREASE MILLIONAIRE TAX RATES:
http://wealthforcommongood.org/campaign/increase-millionaire-tax-rates/
 
Yet another plot to stiffle success and re-distrubute money to those that don't EARN it.

So, how about this:

IRS Code:
Your Earnings(over $30k) X 0.20 (AKA 20%) = Your Taxes
No Deductions, no exceptions, for no one...

Thoughts?

P.S. oh yeah, don't we have the highest Corporate Taxes in the world? Any we wonder why businesses go somewhere else...
 
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RealMoneyIssues said:
Yet another plot to stiffle success and re-distrubute money to those that don't EARN it.

So, how about this:

IRS Code:
Your Earnings(over $30k) X 0.20 (AKA 20%) = Your Taxes
No Deductions, no exceptions, for no one...

Thoughts?

P.S. oh yeah, don't we have the highest Corporate Taxes in the world? Any we wonder why businesses go somewhere else...
Click to expand...

My friend, seems you are just on the wrong side of the dollar, that's all...
(I highlighted our pal Leslie using one of her favorite colors... (jaded) green)

2007- http://www.tvguide.com/news/tv-star-salary-40637.aspx

2010- eh... +/- a few mill.... yawn
http://www.tvguide.com/News/Top-TV-Earners-1021717.aspx

NEWS ANCHORS (salary per year)
Katie Couric, CBS Evening News $15 million
Matt Lauer, NBC Today coanchor $12 million
Diane Sawyer $12 million
Meredith Vieira, NBC Today coanchor $10 million
Brian Williams $8 million
Anderson Cooper $5 million
Keith Olbermann, MSNBC anchor $4 million
Harry Smith, CBS The Early Show coanchor $3 million
Ernie Anastos, New York City local news anchor $2 million
Lesley Stahl, CBS 60 Minutes correspondent $1.8 million
Sr producer for network newsmagazine $250,000-$400,000
Average local TV news anchor $75,500
Broadcast news associate entry level $30,000

http://www.youtube.com/watch?v=0wi4W2ATGAs
 
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crws said:
My friend, seems you are just on the wrong side of the dollar, that's all...
(I highlighted our pal Leslie using one of her favorite colors... (jaded) green)

2007- http://www.tvguide.com/news/tv-star-salary-40637.aspx

2010- eh... +/- a few mill.... yawn
http://www.tvguide.com/News/Top-TV-Earners-1021717.aspx

NEWS ANCHORS (salary per year)
Katie Couric, CBS Evening News $15 million
Matt Lauer, NBC Today coanchor $12 million
Diane Sawyer $12 million
Meredith Vieira, NBC Today coanchor $10 million
Brian Williams $8 million
Anderson Cooper $5 million
Keith Olbermann, MSNBC anchor $4 million
Harry Smith, CBS The Early Show coanchor $3 million
Ernie Anastos, New York City local news anchor $2 million
Lesley Stahl, CBS 60 Minutes correspondent $1.8 million
Sr producer for network newsmagazine $250,000-$400,000
Average local TV news anchor $75,500
Broadcast news associate entry level $30,000
Click to expand...

Not sure what all of that had to do with the original thought, but I am not the brightest bulb in the fixture... :D

Still think if we all paid our "fair" share then all taxes would be "fair"... Not sure on the corporate side, except we're the highest and that can't be good for business (at least if we want to keep them here). :nuts:

Although a sales tax (and no income tax) is a thought too...
 
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