20 Sep '11 14:49>
http://news.yahoo.com/fact-check-rich-taxed-less-secretaries-070642868.html
You decide.... I pay no taxes..
You decide.... I pay no taxes..
There may be individual millionaires who pay taxes at rates lower than middle-income workers. In 2009, 1,470 households filed tax returns with incomes above $1 million yet paid no federal income tax, according to the Internal Revenue Service.
Originally posted by Hugh GlassIf we're going to debate the "Buffett-rule", shouldn't Warren Buffett's secretary's tax return be made public? And Warren Buffett's? Honesty is rarely a strong point for politicians (including Obama). And even if it is somehow techically true that Buffett's secretary pays a higher tax rate than Buffett, perhaps there is something atypical about her?him that would change our perspective if we knew. (e.g. the Secretary's spous makes $500,000 and as a result her?his taxes are marginally taxed at the highest rate. Note: this is just an example, not an assertion).
http://news.yahoo.com/fact-check-rich-taxed-less-secretaries-070642868.html
You decide.... I pay no taxes..
Originally posted by techsouthMuch of Buffett's income is from capital gains, which is taxed at a low rate.
If we're going to debate the "Buffett-rule", shouldn't Warren Buffett's secretary's tax return be made public? And Warren Buffett's? Honesty is rarely a strong point for politicians (including Obama). And even if it is somehow techically true that Buffett's secretary pays a higher tax rate than Buffett, perhaps there is something atypical about her?him ...[text shortened]... e up outrage and make radical changes from this, we should be able to see the details.
Originally posted by KazetNagorraHumm?There may be individual millionaires who pay taxes at rates lower than middle-income workers. In 2009, 1,470 households filed tax returns with incomes above $1 million yet paid no federal income tax, according to the Internal Revenue Service.
How do they manage that? Sheesh, talk about loopholes...
Originally posted by Hugh GlassInteresting data here from the IRS on the top 400 returns in gross income: http://www.irs.gov/pub/irs-soi/08intop400.pdf
http://news.yahoo.com/fact-check-rich-taxed-less-secretaries-070642868.html
You decide.... I pay no taxes..
Originally posted by KazetNagorraI think we're all aware of the basic theory here. It is the glossing over of details that is the issue. Furthermore, how do we know that the proposed tax code changes would even make a difference for Buffett? Do we take his word for it?
Much of Buffett's income is from capital gains, which is taxed at a low rate.
Originally posted by no1marauderLol, I see you're wearing your grizzly bear protection...
Interesting data here from the IRS on the top 400 returns in gross income: http://www.irs.gov/pub/irs-soi/08intop400.pdf
If you go to page 10, you'll see that the very highest earners paid an average rate of only 18.11% in federal income tax in 2008 (the last year figures are available). As recently as 1995, that rate was 29.93%.
...[text shortened]... ulled out of their collective a**es of their income in taxes, please have this chart available.
Originally posted by KazetNagorraThat's a small minority of all millionaires. The bottom 47% of taxpayers pay nothing in income taxes. That's probably 100 million people.There may be individual millionaires who pay taxes at rates lower than middle-income workers. In 2009, 1,470 households filed tax returns with incomes above $1 million yet paid no federal income tax, according to the Internal Revenue Service.
How do they manage that? Sheesh, talk about loopholes...
Originally posted by normbenignWhen right wingers complain about government spending, Social Security and Medicare are always prominently mentioned. But when they complain about how the rich are supposedly overtaxed, they always want to ignore the regressive payroll taxes which fund those programs.
That's a small minority of all millionaires. The bottom 47% of taxpayers pay nothing in income taxes. That's probably 100 million people.
Originally posted by no1marauderFirst, overtaxed or undertaxed is all a matter of opinion.
When right wingers complain about government spending, Social Security and Medicare are always prominently mentioned. But when they complain about how the rich are supposedly overtaxed, they always want to ignore the regressive payroll taxes which fund those programs.
Doesn't make good "spin" apparently.