Projected Tax Proposals

Bartholomew · Sep 12, 2008

We don't need to change taxes; we need to trim the fat out of our budget. Fire people who don't actually work; fire people who put a romantic dinner for two at the Ritz on their federal credit card; organize the paperwork better. We'll suddenly, as if by magic, have more money than we imagined possible.

astonwest · Sep 13, 2008

Bartholomew said:
We don't need to change taxes; we need to trim the fat out of our budget. Fire people who don't actually work; fire people who put a romantic dinner for two at the Ritz on their federal credit card; organize the paperwork better.

Give those in Congress the same retirement plans common citizens have...

MattW · Sep 13, 2008

astonwest said:
Give those in Congress the same retirement plans common citizens have...

Make that everyone in government and things will be really great. They set and enforce the laws we peons have to live by - walk a mile in our shoes.

VGrossack · Sep 13, 2008

Don said:
Ray, I believe that may be the case for you, personally. But when it comes to the Hollyweird celebrities, I call bullhockey. It's more like ask not what you can do for your accountant, but what your accountant can do for you. As long as there are loopholes, they could care less about the base tax rate inflicted on the peons.

News Flash: There's NOTHING to keep someone from writing a check to the Internal Revenue Service for any amount as a donation. Anybody care to do a check and see how many ultra-rich and celebrities ~~who are supporting Obama~~ have done this, since their taxes aren't high enough for them today?

There's a special place in hell for rich idiot celebrities who think because they are famous they have political opinions that matter, and their followers.

Really? Celebrities don't make a difference? They're all indifferent?

What about Jerry Lewis, who for so many years has raised money for kids with muscular dystrophy?

And none of them have political opinions that matter, and their followers are irrelevant? What about Ronald Reagan and Arnold Schwarzenegger?

The list goes on and on.

I agree that some celebrities are empty-headed and only care about their own pockets. But many do care about many things and many people, and have put a lot of effort into donations and raising money for what they believe in. And because they are well known, they've made a difference - they've even been elected to office - something that would have been much more difficult without the initial celebrity.

PS No one would give money to a government voluntarily without agreeing with what it was doing. That said, there are people who wrote checks to try to help retire the national debt.

PPS Some celebrities are empty-headed. But others are successful because they're hard-working and smart. Not "rich idiots"

Irysangel · Sep 13, 2008

VGrossack said:
PS No one would give money to a government voluntarily without agreeing with what it was doing. That said, there are people who wrote checks to try to help retire the national debt.

I'd also like to point out that if celebrities wrote checks to the IRS...they would just be applied to their taxes for that year. And like anything else, if your taxes are overpaid at the end of the year, you get a refund.

Joe270 · Sep 13, 2008

……………… MCCAIN …………. OBAMA
Income ……. Avg tax bill ……...........Avg. tax bill
Over $2.9M …. -$269,364 (-4.4%)….....+$701,885 (+11.5%)
$603K and up -$45,361 (-3.4%)….....+$115,974 (+8.7%)
$227K-$603K…… -$7,871 (-3.1%) …..........+$12 (+0.0%)
$161K-$227K…… -$4,380 (-3.0%)…........-$2,789 (-1.9%)
$112K-$161K…… -$2,614 (-2.5%)…........-$2,204 (-2.1%)
$66K-$112K …… -$1,009 (-1.4%)….........-$1,290 (-1.8%)
$38K-$66K …….. -$319 (-0.7%)….........-$1,042 (-2.4%)
$19K-$38K …….. -$113 (-0.5%).……........-$892 (-3.6%)
Under $19K ……… -$19 (-0.2%).……....... -$567 (-5.5%)

These numbers don't look correct to me, at least the last three categories.

http://www.ncpa.org/sub/dpd/index.php?Article_ID=14434

According to a recent study by the nonpartisan Congressional Budget Office (CBO), those who make more than $43,200 (the top 40 percent) pay 99.1 percent of all income taxes.

Assuming the above statement is correct, then how can the poorest three categories be getting back so much in taxes? They don't pay any taxes.

Obama: High-income taxpayers would pay more in taxes, while everyone else's tax bill would be reduced. Those who benefit the most - in terms of reducing their taxes as a percentage of after-tax income - are in the lowest income groups.

So how can their taxes be reduced if they pay nothing now?

This is obviously a redistribution of wealth plan, nothing more.

astonwest · Sep 13, 2008

The trick about "raising" taxes on the rich is that the ultra-rich, who would pay out the most under such plans, find ways to circumvent paying taxes on their money...

MaryMumsy · Sep 13, 2008

Irysangel said:
I'd also like to point out that if celebrities wrote checks to the IRS...they would just be applied to their taxes for that year. And like anything else, if your taxes are overpaid at the end of the year, you get a refund.

That is not entirely correct. The following is from the IRS website:

How To Make a Contribution To Reduce Debt Held by the Public

To help reduce debt held by the public, make a check payable to “Bureau of the Public Debt.” Send it to Bureau of Public Debt, Department G, P.O. Box 2188, Parkersburg, WV 26106-2188. Contributions to reduce debt held by the public are deductible subject to the rules and limitations for charitable contributions.

I have never seen any one do it, but it is possible.

MM

Don Allen · Sep 13, 2008

Alan Greenspan has issue a statement denouncing McCains corporate tax cuts as bad policy.

VGrossack · Sep 13, 2008

Joe270 said:
These numbers don't look correct to me, at least the last three categories.

http://www.ncpa.org/sub/dpd/index.php?Article_ID=14434

Assuming the above statement is correct, then how can the poorest three categories be getting back so much in taxes? They don't pay any taxes.

So how can their taxes be reduced if they pay nothing now?

This is obviously a redistribution of wealth plan, nothing more.

The numbers are from CNN and I don't know exactly how they calculated them. However, it's not always true that those with lower incomes always pay nothing. There are plenty of things that go into the calculations.

I found the following link which is pretty straightforward for giving tax estimates:

http://www.moneychimp.com/features/tax_brackets.htm

It shows that someone with an income of $8000 (after deductions) would pay 10%, or $800, and someone with an income of $28,400 would pay $3,910. So, the numbers calculated for the lower three brackets are theoretically possible, because they are larger than the numbers in McCain/Obama.

A point that I did not include from the CNN article is the projected impact on the deficit. Both candidates' programs are bad, but McCain's is considerably worse than Obama's.

I used to be torn between the Republicans and the Democrats because, although I was always socially left, I was fiscally right. But the Republicans have gone out-of-bounds on what is tolerable socially and they have stopped showing any sense of fiscal responsibility.

Bartholomew · Sep 13, 2008

Joe270 said:
So how can their taxes be reduced if they pay nothing now?

This is obviously a redistribution of wealth plan, nothing more.

Where the hell do you get off saying I don't pay taxes?

Joe270 · Sep 14, 2008

Where the hell do you get off saying I don't pay taxes?

Well, first off, my old friend Bart, I never said or suggested that you don't pay taxes. I have no clue as to your financial matters.

If you fit into the category, I can only say 'If the foo shits, wear it'.

Joe270 · Sep 14, 2008

It shows that someone with an income of $8000 (after deductions) would pay 10%, or $800,

Absolutely no freakin' way. No chance, never. Faggetaboudet.

Don · Sep 14, 2008

Joe270 said:
Absolutely no freakin' way. No chance, never. Faggetaboudet.

Read the charts, but remember the (after deductions) part. Somebody earning $8,000 with some kids could easily be negative after deductions.

Projected Tax Proposals

Bartholomew

Comic guy

astonwest

2 WIP? A glutton for punishment

MattW

Company Man

VGrossack

bored fan with a tic

Irysangel

She of Many Names

Joe270

astonwest

2 WIP? A glutton for punishment

MaryMumsy

the original blond bombshell

Don Allen

Seeking a Sanctuary of Intelligence

VGrossack

bored fan with a tic

Bartholomew

Comic guy

Joe270

Joe270

Don

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