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Old 05-17-2019, 11:38 AM   #61 (permalink)
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Originally Posted by roosterk0031 View Post
Over 44% of Americans are not paying federal taxes, I see that as wrong. Above the poverty level pay some taxes.
Citation please or it isnt real

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Old 05-17-2019, 11:44 AM   #62 (permalink)
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Originally Posted by Piotrsko View Post
Citation please or it isnt real
https://www.marketwatch.com/story/81...why-2018-04-16
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Old 05-17-2019, 01:21 PM   #63 (permalink)
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Yes, a 30% sales tax would be a large cut in federal revenue (taxing the items envisioned by the authors of the "FairTax") With that you would likely be able to cover "mandatory" spending. (Social Security, Medicare, Medicaid, National Debt) Mandatory spending is roughly 70% of the budget.
Mandatory spending would probably still need to be covered by income tax, since social security is collected in proportion to earnings.
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Old 05-17-2019, 01:22 PM   #64 (permalink)
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Quote:
Originally Posted by roosterk0031 View Post

That is Federal INCOME tax. Pretty much everyone above the poverty line is paying Federal taxes in the form of payroll taxes. The only way someone is paying no Federal taxes is if their income tax refundable credits exceed their total payroll tax withholding.

Current payroll rates are:

Social Security = 12.4% on income from $0 - $132,900 / 0% above $132,900
Medicare = 2.9% on income from $0-$200,000 / 3.8% above $200,000

Social Security and Medicare only apply to wage income. Retirement contributions, medical contributions, capital gains, distributions, and dividends are exempt.
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Old 05-17-2019, 01:41 PM   #65 (permalink)
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Sounds like commentary on the effects of a mode $32,000 a year household income present in many areas more than anything
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Old 05-17-2019, 10:28 PM   #66 (permalink)
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We? I had no say in that abomination.
We actually all get a say every couple years. And we keep electing people who make our taxes what they are. Overall, the Kardashians and the culture war du jour are worth more of our attention than actual government.
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Old 05-18-2019, 03:47 AM   #67 (permalink)
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Originally Posted by JSH View Post
This comes down to the idea in the USA that the people that own businesses are more important than those that do the actual work. The belief extends to high earners as well. If you make $500K as a surgeon on a W2 you will pay 37% in Federal income tax. If you make $500K investing in hospital stocks you will pay 20% Federal capital gains tax.
According to Google, Berkshire Hathaway Inc. Class A gained 4.07% in the past year. To make $500,000 with their stock I would need over $12 million invested.

Amazon gained 49.74%, though. Under Armor gained 54.2%, Netflix gained 62.12%, Chipotle gained 64.42%, Advance Auto Parts gained 70.91%, TripAdvisor gained 93.38%, AMD gained 103.45%, and Abiomed gained 119.98%, so if you invested $227,293.39 with them, it would now be worth $500k.

The Vanguard Total Stock Market ETF did about as well as Berkshire Hathaway and Buffet told his heirs to invest his estate in simple index funds like Vanguard because most people cannot beat them: https://www.marketwatch.com/story/wa...nds-2014-03-13
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Old 05-18-2019, 11:35 AM   #68 (permalink)
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Quote:
Originally Posted by roosterk0031 View Post
As I suspected: That was a quote of a wonk, not a citation of actual data. It may or may not be factual, in the same vein of facebook or you tube.
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Old 05-18-2019, 08:15 PM   #69 (permalink)
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Originally Posted by roosterk0031 View Post

Elimination of corporate taxes should decrease the price of US made products since all taxes are passed on to the final consumer.
Elimination of corporate taxes will never decrease the price of US made goods. Ever. Corporations will only see it as added bottom line profit and pocket it. It will never be re-invested for workers or passed on to consumers.
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Old 05-18-2019, 08:36 PM   #70 (permalink)
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Elimination of corporate taxes will never decrease the price of US made goods. Ever. Corporations will only see it as added bottom line profit and pocket it. It will never be re-invested for workers or passed on to consumers.
Effective Business taxes are far more efficient than taxes on normal individuals

Business if forced to pay an unavoidable fee (being a business) will find ways to become more efficient , best case is semi versus rail, making semis fully capitalize the roads they use would initially raise costs but over time the cost to the consumer would fall as businesses become more efficient working around the new system
Like ones with a rail dock (like the one I work at) start actually using it for a competitive advantage

We are unwilling to do the things that were commonplace in the past and unwilling to create consistency across presidencies so we canít drive positive changes that take time to capitalize on.

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