Tax Cut for the Wealthiest Will Cost America $700B - Page 5

Truthseeker · #41 09-13-2010, 03:03 PM

Quote:

Originally Posted by Jermyn Davidson

I think I read that spending on "corrections" and for the incarcerated is also high.

The whole system needs to be changed!

Yeah, they could cut back that too.

BeenThinkin · #42 09-13-2010, 03:08 PM

JD I answered your inquiry earlier and you did not respond.

Let me ask you a question. What was wrong with God's system? 10% ...... The rich and poor and middle class all paid the same. God did not say, "If you make over $250,000 you have to pay double tithes, (20%), or 30% or 40%. Everyone was "taxed" the same. Yet you want to penalize those who have the "get up and go" to go out and make more money.

The laziest complain the most. (Now I'm not talking about you JD, "unless I am!")

What source said that 40 something percent paid no taxes? How many sources do you want?

2. What income group pays the most federal income taxes today?

The latest data show that a big portion of the federal income tax burden is shouldered by a small group of the very richest Americans. The wealthiest 1 percent of the population earn 19 per cent of the income but pay 37 percent of the income tax. The top 10 percent pay 68 percent of the tab. Meanwhile, the bottom 50 percent—those below the median income level—now earn 13 percent of the income but pay just 3 percent of the taxes. These are proportions of the income tax alone and don’t include payroll taxes for Social Security and Medicare.

Fox News

A series of tax reforms, generous exemptions and tax credits, including last year’s economic stimulus bill, have dropped millions of Americans from the federal tax rolls. Huge numbers of Americans are simply no longer affected by the federal income tax. The Tax Policy Center projects that 47 percent of all U.S. households will pay no federal income tax for 2009. And, the bottom 40 percent of income earners actually receive a cash payment from the government at tax time. This cash payment is styled as a “refund” but it is actually a net cash transfer from the government--not a refund of taxes actually withheld on income. And for many Americans, this cash transfer from Uncle Sam actually exceeds all federal, state and local taxes that they pay in any form during the year including sales taxes and social security taxes.

47% will pay no federal income tax
An increasing number of households end up owing nothing in major federal taxes, but the situation may not be sustainable over the long run.
By Jeanne Sahadi, CNNMoney.com senior writer
Last Updated: October 3, 2009: 2:58 PM ET

NEW YORK (CNNMoney.com) -- Most people think they pay too much to Uncle Sam, but for some people it simply is not true.

In 2009, roughly 47% of households, or 71 million, will not owe any federal income tax, according to estimates by the nonpartisan Tax Policy Center.

Some in that group will even get additional money from the government because they qualify for refundable tax breaks.

Jermyn Davidson · #43 09-13-2010, 03:16 PM

Quote:

Originally Posted by BeenThinkin

JD I answered your inquiry earlier and you did not respond.

Let me ask you a question. What was wrong with God's system? 10% ...... The rich and poor and middle class all paid the same. God did not say, "If you make over $250,000 you have to pay double tithes, (20%), or 30% or 40%. Everyone was "taxed" the same. (1) Yet you want to penalize those who have the "get up and go" to go out and make more money.
The laziest complain the most. (Now I'm not talking about you JD, "unless I am!")

What source said that 40 something percent paid no taxes? How many sources do you want?

2. What income group pays the most federal income taxes today?

(2) The latest data show that a big portion of the federal income tax burden is shouldered by a small group of the very richest Americans. The wealthiest 1 percent of the population earn 19 per cent of the income but pay 37 percent of the income tax. The top 10 percent pay 68 percent of the tab. Meanwhile, the bottom 50 percent—those below the median income level—now earn 13 percent of the income but pay just 3 percent of the taxes. These are proportions of the income tax alone and don’t include payroll taxes for Social Security and Medicare....

(1) No I don't. You are mischaracterizing my opinion on this subject. My opinion is that it is laughable to think that wealthy people need a tax break.

BTW, there is nothing wrong with "God's Way"... ever.

(2) Thank you for providing stats to back up your point. I honestly missed your question to me, but I will reread to see if I can answer it.

(3) I am actually AGAINST the idea of an income tax. I am all for eliminating the current tax system and establishing a system where the citizens are taxed solely on what they spend.

BeenThinkin · #44 09-13-2010, 03:21 PM

Quote:

Originally Posted by Jermyn Davidson

(1) No I don't. You are mischaracterizing my opinion on this subject. My opinion is that it is laughable to think that wealthy people need a tax break.

BTW, there is nothing wrong with "God's Way"... ever.

(2) Thank you for providing stats to back up your point. I honestly missed your question to me, but I will reread to see if I can answer it.

(3) I am actually AGAINST the idea of an income tax. I am all for eliminating the current tax system and establishing a system where the citizens are taxed solely on what they spend.

I am in total agreement with you on the no income tax. Let the crooks, drug addicts, illegal aliens, and other visitors to our Great Nation all pay the same. When they make a purchase let them pay. That way no one is able to defraud the American people. And all pay the same!

Jermyn Davidson · #45 09-13-2010, 03:23 PM

Quote:

Originally Posted by BeenThinkin

One more question... Is there any previous examples of where taxes were cut for everyone and the economy turned around?

BT

Is this the question you are referring to?

If so, I imagine that the answer is yes there are are examples where taxes were cut for everyone and the economy turned around.

I also imagine that if taxes were cut for everyone except those whose contributions would add an additional $700 Billion in revenue for our government then the economy would turn around also.

Bottom line: the wealthy will be wealthy-- with or without tax cuts. In this time of pain economic recovery on a national level, why should they be given a tax break?

The wealthy business owners will see a boom with the increased spending from the not-wealthy. WIth or without tax cuts, the wealthy will prosper.

So this doesn't make any sense to you guys?

BeenThinkin · #46 09-13-2010, 03:26 PM

JD would you agree with me in the following assumption. When rich, wealthy, creative, smart, intelligent, aggressive individuals, and or companies make money it helps America?

How do they make money? Either they have a business that they have created or else they're drug pushers.

SO, is it possible that by extending the tax credit to even the wealthy, that they could continue to "MAKE MONEY" that would help our tax base.

coadie · #47 09-13-2010, 03:29 PM

Quote:

Originally Posted by Jermyn Davidson

Is this the question you are referring to?

If so, I imagine that the answer is yes there are are examples where taxes were cut for everyone and the economy turned around.

I also imagine that if taxes were cut for everyone except those whose contributions would add an additional $700 Billion in revenue for our government then the economy would turn around also.

Quote:

Bottom line: the wealthy will be wealthy-- with or without tax cuts. In this time of pain economic recovery on a national level, why should they be given a tax break?

Quote:

The wealthy business owners will see a boom with the increased spending from the not-wealthy. WIth or without tax cuts, the wealthy will prosper.

So this doesn't make any sense to you guys

?

That is greedy class warfare. You are a socialist. You say the wealthy do not matter.

Why should you get a tax break?

Truthseeker · #48 09-13-2010, 03:30 PM

Quote:

Originally Posted by BeenThinkin

The laziest complain the most. (Now I'm not talking about you JD, "unless I am!")

.

Isn't that the truth. These welfare hand out programs have hurt alot of people. If you don't work or have to pay for something then it's not valued.

I think there should be work assigned for welfare such as roadside cleanup, cleaning gov buildings, mow grass etc....

Jermyn Davidson · #49 09-13-2010, 03:43 PM

Quote:

Originally Posted by coadie

That is greedy class warfare. You are a socialist. You say the wealthy do not matter.

Why should you get a tax break?

No it is not.

I am only a socialist if you are an idiot.

I didn't not say the wealthy do not matter. I said that their plight will be unchanged-- with or without tax cuts.

Following your logic, why should anyone get a tax break?

Jermyn Davidson · #50 09-13-2010, 03:45 PM

Quote:

Originally Posted by Truthseeker

I think there should be work assigned for welfare such as roadside cleanup, cleaning gov buildings, mow grass etc....

I agree.

In fact, it would be another way to ensure that the government gets the most bang for her bucks.

However, I see a problem-- would that mean that the working welfare receipients would then become employees by their state governments?

I am thinking benefits, pension, workers compensation and all that other stuff.