To: wilco200
Those making under 50K or so currently dont pay any Federal income tax. Bull.
The marginal tax rate for those making $34,500-83,600 is 25%.
And unless you know a different sort of math than I, $34,500 is less than $50,000.
78 posted on
10/18/2011 9:48:28 AM PDT by
gogogodzilla
(Live free or die!)
To: gogogodzilla; wilco200
Part of the problem with our tax structure is that it's full of complex social engineering; you can't tell anything just from looking at marginal tax rates. The average household of 4 will, indeed, not pay any income tax. Go to
H&R Block's tax estimator and enter the following information: Married Filed Jointly, $49,000, 2 dependents, 0 withholding. You will see that you indeed get $187 in a
refund even though you haven't paid any income taxes. Of course, the numbers change quite a bit depending on how you tweak the number of dependents and filing status. Perhaps what wilco200 meant was that the average household defined as a family of four making a median income does not pay any taxes.
To: gogogodzilla
After they file for all the deductions and the minimum earned tax credit almost 50% of the population pays no federal taxes under the current tax code but under Cain the TALKER 9-9-9 tax plan they would be paying 9% tax on their income and without any allowed deduction plus another 9% on almost everything they purchase including the basics such as food and taxes.
103 posted on
10/18/2011 10:43:37 AM PDT by
jgge
To: gogogodzilla
After they file for all the deductions and the minimum earned tax credit almost 50% of the population pays no federal taxes under the current tax code but under Cain the TALKER 9-9-9 tax plan they would be paying 9% tax on their income and without any allowed deduction plus another 9% on almost everything they purchase including the basics such as food and clothings.
105 posted on
10/18/2011 10:49:38 AM PDT by
jgge
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