Posted on 02/22/2012 5:46:16 PM PST by ConservativeStatement
Next time you are by Walmart, look at the little booths with people getting their taxes done, when you’re out driving look for the people at the side of the road hawking tax preparation business, look at H&R Block, look at all the other businesses.
The majority of their customers are EITC recipients - their business is to fleece these lowlifes using Refund Anticipation Loans for some of the money they are stealing from the rest of us.
payroll taxes have not been set aside from the general budget since the time of LBJ, so we cannot pretend that everyone earning any income at all in America is not paying into the bank account that pays our bills.
Nor is it a remotely decent savings plan unless somehow we think that getting back one fourth of the future growth value of what we put in is a good deal. It’s not a deal at all. It’s a swindel of the variety that put Bernie Madorff in prison. I invest and get 25 instead of the 100 it should be. What insane person would do that?
The government forces me to do it no matter who I am.
If you take 14% of some $10 and hour worker’s paycheck, then you take 2800 from him on a 2000 hour work year (40 hours a week for 50 weeks).
Without kids, he doesn’t get that back in the form of earned income credit or any other credit I know of.
Additionally, you will find out if you read about the program, there are EITC payments for low income earners with NO kids - the income limits are lower, but they are there nonetheless..
The reality is that all the money goes into one big pot in the sky, and the bloodsuckers dole it out to their cronies.
They name some of their sources by one name and others by another name, but it all goes to their bankbook, and they spend it howsoever they damn well feel like.
If I’m not paying ABCDE, but I do pay BCDE, then the case can’t be made that I’m not paying.
My experience in my poverty-stricken country is that my poverty-stricken compatriots pay an enormous tobacco tax while the politically correct upper crust tend not to.
We should make them start smoking again. :>)
I agree with you about where all the money goes, etc., but it is not the lower income half that pays anywhere near what it takes to sustain this debacle. Middle and Upper Income taxpaying Americans are footing the bill...those without the wherewithall to have the ability to live off massive investments and pay only capital gains taxes.
As for taxes on things like tobacco, as far as I know, they don’t ask your income level when you buy them. The taxes are the same for everyone, rich or not. Even if there are a disproportionate number of compatriots that smoke and pay taxes, that amount is a drop in the overall tax drain on this country - by far; they just dont make that much money to matter. BTW, I am upper income and I do smoke - fat lot of good it does me.
The Old Gaffer should be smoking the Shire’s own Old Toby
I’m in favor of Tinder Box Wilshire and Crown Royal myself.
I don’t know...now that I’m out of the work force, I been thinking Maui Wowie or something like that.
individual income taxes 1146 46% 0.45748503
corporate income taxes 275 11% 0.109780439
social security taxes 906 36% 0.361676647
excise taxes 81 03% 0.032335329
estate and gift taxes 25 01% 0.00998004
customs duties 25 01% 0.00998004
miscellaneous receipts 47 02% 0.018762475
TOTAL - 2,506 billion
Format for this is not convincing. What I see doesn’t say everyone pays ‘something’.....the very fact this calls social security payments ‘taxes’ is misleading. Additionally, it does not separate out those in the category ‘individual income taxes’ by income levels...how is one supposed to interpret this?
Just google ‘who pays what income taxes’ or similar and you can track down that the bottom half of income earners pay squat next to nothing of the bill.
And it's STILL not enough for the parasites in DC!!!
It’s simply a chart showing the percentage of the total that comes from each of the sources mentioned. The total in 2008 was 2505 and about 46% of that came from income taxes. That’s how to read the chart.
So, slightly more than half of federal revenue collected comes from sources OTHER THAN the income tax.
You are absolutely correct. It isn’t enough because they go out and borrow trillions on top of what they take in.
I realized that, but the crux of what we’ve been discussing is “what income levels pay what taxes, etc.?” The 46% are grouped in toto. Likewise, they call social security payments (at 36%) ‘taxes’...how effed up is that? What it means is that they are treating the payments as taxes when they should have been reserved for social-security solvency payments, solely.
This table is useless. It doesn’t identifiy what portion of American taxpayers in what income groups actually pay the bills.
I agree that more info could be given, but I just wanted to know how much of the fed budget came from income taxes.
I already knew that the top 10% paid 90% of the income taxes.
What that means is 90% of half of the revenue that isn’t borrowed.
When it comes to corporate income taxes ONLY companies that make a profit pay that tax. Private individuals faced with the personal income tax have no such choice. IRS will show up at your bankruptcy hearing to make sure they get THEIRS FIRST!
No doubt people getting EITC are getting filthy rich. http://www.irs.gov/individuals/article/0,,id=150513,00.html says Tax Year 2011 maximum credit:
$5,751 with three or more qualifying children
$5,112 with two qualifying children
$3,094 with one qualifying child
$464 with no qualifying children
Investment income must be $3,150 or less for the year.
Tax Year 2011 maximum credit:
$5,751 with three or more qualifying children
$5,112 with two qualifying children
$3,094 with one qualifying child
$464 with no qualifying children
Investment income must be $3,150 or less for the year.
The Fair Tax is still planned to take place under the authorization of the 16th Amendment. It’s just a case of shuffling the deck chairs on the Titanic.
Nope. THe Fair Tax can’t take effect until the 16th Amendment is appealed.
The Fair Tax is probably the best thought out and most thoroughly examined piece of legislation to reach Washington DC in a long time.
BTW: Lincoln had an income tax WITHOUT the 16th Amendment...
I went to the Fair Tax website and their little computational system said I'd owe 23%, which is an INCOME TAX just as envisioned in the 16th amendment.
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