Trickle-down Obama

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Meade
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Re: Trickle-down Obama

Postby Meade » Wed Jul 11, 2012 3:43 pm

rabble wrote:That sounds logical to you?

If by "logical", you mean "fair"... then no, no it does not sound "logical".

rabble
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Re: Trickle-down Obama

Postby rabble » Wed Jul 11, 2012 3:48 pm

Meade wrote:
rabble wrote:That sounds logical to you?

If by "logical", you mean "fair"... then no, no it does not sound "logical".

How about "believable?"

Oh, wait. They wouldn't lie to anyone about how much money they have, would they? They're the job creators. Bow down before them.

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Re: Trickle-down Obama

Postby HawkHead » Wed Jul 11, 2012 3:52 pm

Meade wrote:I'm only bothered by facts and figures that are inaccurate. rabble needs to rework his math if he wants it to be accurate.

The people in the top 5% of Adjusted Gross Income, who pay nearly 60% of the total Federal Personal Income Tax revenue, do not earn 95% of the total income.

They earn something closer to 20% of the total income. The other 80% is earned by households like mine that have incomes less than $200,000/year.

Total income in the US in 2007 was almost $8 trillion. (Source: US Census Bureau. May 2008)


What a bunch of handpicked bunk.

I am CPA and I just threw numbers into my tax program for 2009.

A family of 4, earning $300,000 in wages and $6,000 in interest and dividends with itemized deductions of $45,000 ($500,000 house, 1% to charity, mortgage on house) is in the 28% tax bracket. Thanks to the AMT and phaseouts their mariganal federal rate on their last dollar earned is 35%. There actual tax paid is $66,284 on $306,000 in AGI or roughly 21.67%.

21.6% on my income seems like a hell of a good investment for everything I get from the feds.

Seems someone is pulling the wool over the uninformed eyes!

Meade
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Re: Trickle-down Obama

Postby Meade » Wed Jul 11, 2012 3:59 pm

HawkHead the CPA, can you tell me, specifically, which datum I got wrong and which is "bunk"? I'd like to correct it. Thanks.

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Re: Trickle-down Obama

Postby HawkHead » Wed Jul 11, 2012 4:01 pm

Meade wrote:HawkHead the CPA, can you tell me, specifically, which datum I got wrong and which is "bunk"? I'd like to correct it. Thanks.


Bunk as in factual correct but doesn't tell the story.

Meade
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Re: Trickle-down Obama

Postby Meade » Wed Jul 11, 2012 4:03 pm

HawkHead wrote:There actual tax paid is $66,284 on $306,000 in AGI or roughly 21.67%.

21.6% on my income seems like a hell of a good investment for everything I get from the feds.

Why does that seem like such a hell of a good "investment" to you?

Meade
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Re: Trickle-down Obama

Postby Meade » Wed Jul 11, 2012 4:06 pm

HawkHead wrote:Bunk as in factual correct but doesn't tell the story.


Mister Bluebird's on my shoulder
It's the truth, it's actual
Ev'rything is actual factual

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Re: Trickle-down Obama

Postby FJD » Wed Jul 11, 2012 4:23 pm

rabble wrote:
Francis Di Domizio wrote: It may have (and probably has) gone up some since than, but I doubt it is anywhere near 95%.

Oh, goodness. You mean those poor people only make 21 percent of the total money but pay fully HALF the total tax!

That sounds logical to you?

http://en.wikipedia.org/wiki/Income_ine ... ted_States


sorry I corrected your gross exageration, when you claimed
rabble wrote: They make 95 percent of the total money


If you want to debate whether they pay too much or too little, that's a completely different discussion, but if you want to call out someone else's BS, how about using real numbers rather than complete off the wall BS of your own?

Maybe point out the fact that people were able to get and stay filthy rich when the tax rate for the top income group was well over 50% or 60% and that a higher top end tax rate has not proved to be a detriment to the economy in the past?

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Re: Trickle-down Obama

Postby HawkHead » Wed Jul 11, 2012 4:34 pm

Meade wrote:
HawkHead wrote:There actual tax paid is $66,284 on $306,000 in AGI or roughly 21.67%.

21.6% on my income seems like a hell of a good investment for everything I get from the feds.

Why does that seem like such a hell of a good "investment" to you?


Since you aren't being sincere and your bluebird comment shows you really don't want to talk about the real issue. I'll give you one.

It is nice to be the first generation since before the Revolutionary War in my family not to have to fight in a war.

Meade
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Re: Trickle-down Obama

Postby Meade » Wed Jul 11, 2012 4:36 pm

Too late. The really filthy Filthy Rich are already taking their money and expatriating. http://video.msnbc.msn.com/nightly-news/48142231/#48142231

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Re: Trickle-down Obama

Postby HawkHead » Wed Jul 11, 2012 4:39 pm

Meade wrote:Too late. The really filthy Filthy Rich are already taking their money and expatriating. http://video.msnbc.msn.com/nightly-news/48142231/#48142231


Just wondering if the tax rate in the country she is moving to in Europe is higher or lower than our rate. Do they have socialized medicine?

Meade
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Re: Trickle-down Obama

Postby Meade » Wed Jul 11, 2012 4:57 pm

You're the CPA, HawkHead. You tell us.

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Re: Trickle-down Obama

Postby DCB » Wed Jul 11, 2012 5:20 pm

Meade wrote:Too late. The really filthy Filthy Rich are already taking their money and expatriating. http://video.msnbc.msn.com/nightly-news/48142231/#48142231

Love it or leave it. I'd rather share the country with real Patriots like HawkHead, who appreciate that America is the greatest country in the world.

rabble
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Re: Trickle-down Obama

Postby rabble » Wed Jul 11, 2012 5:47 pm

Francis Di Domizio wrote:If you want to debate whether they pay too much or too little, that's a completely different discussion, but if you want to call out someone else's BS, how about using real numbers rather than complete off the wall BS of your own?

I wanted to point out that while the Meades of the world love to yell about that "fifty eight percent!" statistic, they are not nearly as vocal about the total yearly income of the ultra rich, nor is it at all easy to find since they so love to bury their real incomes inside of legal constructs that have become so complicated it's impossible to trace the money movement.

You've helped make that point quite clear, thanks very much.

Francis Di Domizio wrote:Maybe point out the fact that people were able to get and stay filthy rich when the tax rate for the top income group was well over 50% or 60% and that a higher top end tax rate has not proved to be a detriment to the economy in the past?


Yeah. Thanks for that too. :-)

Okay, how's this:

The top one percent own 43 percent of the US wealth. The next 4 percent own 29 percent. That's 72 percent of the US wealth for the top 5 percent, and they pay 58 percent of the total yearly taxes.

On paper, their INCOME is a teensy piddling amount. How could we tax their poor, poor asses for a measly 21 percent. How fortunate that they own almost three quarters of the country. Maybe that'll help 'em get by.

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Re: Trickle-down Obama

Postby Meade » Wed Jul 11, 2012 9:17 pm

Rabble, this topic is about Obama's recent proposal on selectively extending the Bush income tax cuts. If you want to discuss other taxes and schemes for redistributing more wealth from the rich to the less rich, I suggest you start a new topic.


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