Obama wants to halve budget deficit

#51
#51
i'm including my state tax.

and the bush tax cuts cut taxes for everyone by the same %
 
#52
#52
rjd970 said:
44%?

According to the IRS, the highest income bracket is 35%, for those making over $357,000/year.

And I am talking about the Bush Tax Cuts.
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While it's not what Droski was referring to in his 44% - if you add the payroll/medicare tax the top rate is 42.5% or so. Add the average state tax of 5%, local/muni taxes and it's easy to get over 50% going out the door to income taxes before all the other taxes we are subject to.
 
#53
#53
volinbham said:
While it's not what Droski was referring to in his 44% - if you add the payroll/medicare tax the top rate is 42.5% or so. Add the average state tax of 5%, local/muni taxes and it's easy to get over 50% going out the door to income taxes before all the other taxes we are subject to.
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funny how many folks regularly forget the FICA portion of the tax bill.
 
#54
#54
Remind me of how unfair it is that some have so much while others have so little, especially when in many cases they are paying close to 50% of their earned wealth in taxes so it can be given to others who earned nothing but deserve it because they breathe?
 
#55
#55
volinbham said:
While it's not what Droski was referring to in his 44% - if you add the payroll/medicare tax the top rate is 42.5% or so. Add the average state tax of 5%, local/muni taxes and it's easy to get over 50% going out the door to income taxes before all the other taxes we are subject to.
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Anybody actually paying that much is crazy.

I am middle to upper middle class and my effective tax rate last year after credits and deductions was around 7%.
 
#57
#57
rjd970 said:
Anybody actually paying that much is crazy.

I am middle to upper middle class and my effective tax rate last year after credits and deductions was around 7%.
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you must have some strange looking deductions, serious carry forwards or not be operating on a W2.

I have one of the best accountants I've even heard of and 7% would be nothing but a pipe dream.
 
#58
#58
rjd970 said:
Anybody actually paying that much is crazy.

I am middle to upper middle class and my effective tax rate last year after credits and deductions was around 7%.
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My 2008 tax rate federal/state/medicare/ss/etc... was at 41%. You've gotta tell me how you pulled this 7% number.
 
#59
#59
BigPapaVol said:
you must have some strange looking deductions, serious carry forwards or not be operating on a W2.

I have one of the best accountants I've even heard of and 7% would be nothing but a pipe dream.
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According to turbotax, that is what is was last year.

I also had a child, carried two mortgages, paid on my wife's student loans, and contributed almost 10% to charity.

Maybe I am reading something wrong. Effective income tax perhaps?
 
#60
#60
rjd970 said:
According to turbotax, that is what is was last year.

I also had a child, carried two mortgages, paid on my wife's student loans, and contributed almost 10% to charity.
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You made the charity at 10%, I thought it was way more than that to get the credit?
 
#61
#61
rjd970 said:
According to turbotax, that is what is was last year.

I also had a child, carried two mortgages, paid on my wife's student loans, and contributed almost 10% to charity.
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that helps splain. You remain upper middle and higher, you've got some pastings coming.
 
#64
#64
rjd970 said:
According to turbotax, that is what is was last year.

I also had a child, carried two mortgages, paid on my wife's student loans, and contributed almost 10% to charity.

Maybe I am reading something wrong. Effective income tax perhaps?
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There is no way you can be a democrat. You actually paid off student loans and gave money to charity? You are the anti-democrat.

Just kidding!
 
#65
#65
KB5252 said:
There is no way you can be a democrat. You actually paid off student loans and gave money to charity? You are the anti-democrat.
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are you kidding me, Dems love to give to charity, it's just rarely their own money.
 
#66
#66
KB5252 said:
There is no way you can be a democrat. You actually paid off student loans and gave money to charity? You are the anti-democrat.

Just kidding!
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It's weird, I worked my a$$ off all through college to finish debt free, and then I instantly had student loans to pay off when I said "I do". I love her though, it's the cost of doing business I guess.

The majority of charity went to something called SART (Sexual Assault Response Team) that my wife volunteered with. They have comfort kits to hand out and they offer support to rape victims in the hospital free-of-charge. It's an issue she feels strongly about so I support it.
 
#67
#67
rjd970 said:
It's weird, I worked my a$$ off all through college to finish debt free, and then I instantly had student loans to pay off when I said "I do". I love her though, it's the cost of doing business I guess.

The majority of charity went to something called SART (Sexual Assault Response Team) that my wife volunteered with. They have comfort kits to hand out and they offer support to rape victims in the hospital free-of-charge. It's an issue she feels strongly about so I support it.
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Even though you support socialism.... well.......

At least you have something right!!!!!

:hi:
 
#68
#68
rjd970 said:
It's weird, I worked my a$$ off all through college to finish debt free, and then I instantly had student loans to pay off when I said "I do". I love her though, it's the cost of doing business I guess.

The majority of charity went to something called SART (Sexual Assault Response Team) that my wife volunteered with. They have comfort kits to hand out and they offer support to rape victims in the hospital free-of-charge. It's an issue she feels strongly about so I support it.
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I got lucky my wife was much better at managing money than I was, raising a kid on your own with no help from dad tends to make you very wise with money. Luckily her good habits have rubbed off on me.

It's a good thing she isn't a strong believer in supporting SHART (sorry I couldn't resist!)
 
#69
#69
Hussein is a joke. the guy just spend 2 trillion dollars and now says we are going to pay as we go and we're going to slash the budget and have spending discipline. what a joke.

I have a question for you sheep who voted for him. When your company starts laying off people because their taxes are raised. will you be willing to volunteer yourselves to be laid off because you voted for this socialist? of course we know the answer.
 
#70
#70
He will raise taxes on the middle class. Its going to happen, no way he cuts this thing in half without it. Someone already said it, you can't spend your way to prosperity. Give it two years and see.
 
#71
#71
OWB said:
Right, the good ole give the top 1% tax breaks so they can create jobs. That would be great if they were in fact creating those jobs. So where are all the jobs? If they're not creating those jobs, it's time to tax the hell out of them.
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Unbelievable thinking, or lack of it. Going to spend your entire life thinking someone owes you something?
 
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