Super rich see federal taxes drop dramatically

[steveox]

WASHINGTON – As millions of procrastinators scramble to meet Monday's tax filing deadline, ponder this: The super rich pay a lot less taxes than they did a couple of decades ago, and nearly half of U.S. households pay no income taxes at all.

The Internal Revenue Service tracks the tax returns with the 400 highest adjusted gross incomes each year. The average income on those returns in 2007, the latest year for IRS data, was nearly $345 million. Their average federal income tax rate was 17 percent, down from 26 percent in 1992.

Over the same period, the average federal income tax rate for all taxpayers declined to 9.3 percent from 9.9 percent.

The top income tax rate is 35 percent, so how can people who make so much pay so little in taxes? The nation's tax laws are packed with breaks for people at every income level. There are breaks for having children, paying a mortgage, going to college, and even for paying other taxes. Plus, the top rate on capital gains is only 15 percent.

http://news.yahoo.com/s/ap/20110417/ap_on_bi_ge/us_no_taxes

BLAME BUSH!!! Why should people on wall street get tax breaks like GE but a school teacher doesnt get a tax break?

 

[BigRob]

WASHINGTON – As millions of procrastinators scramble to meet Monday's tax filing deadline, ponder this: The super rich pay a lot less taxes than they did a couple of decades ago, and nearly half of U.S. households pay no income taxes at all.

The Internal Revenue Service tracks the tax returns with the 400 highest adjusted gross incomes each year. The average income on those returns in 2007, the latest year for IRS data, was nearly $345 million. Their average federal income tax rate was 17 percent, down from 26 percent in 1992.

Over the same period, the average federal income tax rate for all taxpayers declined to 9.3 percent from 9.9 percent.

The top income tax rate is 35 percent, so how can people who make so much pay so little in taxes? The nation's tax laws are packed with breaks for people
at every income level. There are breaks for having children, paying a mortgage, going to college, and even for paying other taxes. Plus, the top rate on capital gains is only 15 percent.

http://news.yahoo.com/s/ap/20110417/ap_on_bi_ge/us_no_taxes

BLAME BUSH!!! Why should people on wall street get tax breaks like GE but a school teacher doesnt get a tax break?

School teachers can take numerous deductions depending on their situation....

Additionally, in recessions it is the very wealthy that often undergo the most dramatic income variations, which obviously effects the amount of taxes paid.

Additionally, what I find most telling is that half the country pays no taxes, and those are the same people yelling that I don't pay my fair share...what is their fair share? Zero?

 

[Rick]

The vast majority of taxes are and always have been paid by the rich. The bottom 50% pay almost nothing. If you aren't rich, you basically are taking a free ride through life on the backs of the rich.

 

[steveox]

Thats why i was for Obama. Hes gonna undo those tax breaks start making the rich pay their fair share or the IRS is gonna start cracking down on them. If the Police can use their tactical force by taking down drug dealers on their sting operations why cant the IRS do the same on wealthy people

These guys show up your door steps is gotta scare you to death,,Why cant they scare these people to death?

 

[BigRob]

Thats why i was for Obama. Hes gonna undo those tax breaks start making the rich pay their fair share or the IRS is gonna start cracking down on them. If the Police can use their tactical force by taking down drug dealers on their sting operations why cant the IRS do the same on wealthy people

These guys show up your door steps is gotta scare you to death,,Why cant they scare these people to death?

How about the people paying no federal income taxes start paying their fair share and leave me alone?

 

[steveox]

How bout turning America like Europe? you know how much do wealthy eurpeans pay?

 

[Rick]

How bout turning America like Europe? you know how much do wealthy eurpeans pay?

Are you blind? Look at the graph I posted.

 

[BigRob]

How bout turning America like Europe? you know how much do wealthy eurpeans pay?

The question was, what is fair about half the country paying no taxes, and then while not paying any taxes, telling me that I am not paying my fair share?

 

[steveox]

Here are my proposed tax Brackets America should have



$20,000-$30,000 - (9% tax rate)
$30,001-$50,000 (17.5% tax rate)
$50,001-$85.000 (29.5% tax rate)
$80,001 -$200,000 (37.25% tax rate)
$200,001-$999,999 (40.5% tax rate)
Over $1,000,000 (46.75% tax rate)

So if you make under $20,000 you pay nothing. Only in State income taxes

 

[BigRob]

Here are my proposed tax Brackets America should have



$20,000-$30,000 - (9% tax rate)
$30,001-$50,000 (17.5% tax rate)
$50,001-$85.000 (29.5% tax rate)
$80,001 -$200,000 (37.25% tax rate)
$200,001-$999,999 (40.5% tax rate)
Over $1,000,000 (46.75% tax rate)

So if you make under $20,000 you pay nothing. Only in State income taxes

This is your plan for a single tax payer or for married filing jointly?

 

[steveox]

This is your plan for a single tax payer or for married filing jointly?

My Plain if single or married together,,For example

Single people pay

$20,000-$30,000 - (9% tax rate)
$30,001-$50,000 (17.5% tax rate)
$50,001-$85.000 (29.5% tax rate)
$80,001 -$200,000 (37.25% tax rate)
$200,001-$999,999 (40.5% tax rate)
Over $1,000,000 (46.75% tax rate)

If Married If your wife makes 35,000 She Pays 17.5% $6,125 in taxes
If her husband makes $70,000 he pays 29.5% $20,650 In taxes about $21,000 couple means $105,000 per couple they pay only $21,000 still have $86,000 left