Tax Plans of the USA

Tax Plans of the USA


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    dieAntagonista

    YES.

    Howie Feltersnatch

    Hmmm…one guy’s going to cut my taxes by 2.5%; the other by 2.1%. A whole 0.4% difference!!! Guess I’ll need another deciding factor. Let’s see….Oh! I know, McCain’s a senile, PTSD-suffering moron with a corrupt bimbo as a running mate. Think I’ll vote for the other guy.

    Catherine Longfellow

    @Howie Feltersnatch: I’m down in the 0.7% vs. 2.4% range so my choice was much easier in that reguard.

    theeris

    can you say “no brainer”?!

    nyoki

    Mine is -1.4% or -1.8%, so significant difference for me. But I wasn’t voting based solely on taxes. The difference between what the candidates thinks about the poor, up and coming and just getting started is a difference in basic philosophy and I much prefer Obama over McCain.

    nyoki

    * No significant difference

    jascas_

    I have to admit that I’m not entirely sure what this chart is telling me. Is this showing the average % increase for marginal tax rates at different income levels? If one is to believe that their spendable income will either rise or lower depending on tax law, shouldn’t we consider much much more than just income taxes?

    beep beep

    @nyokki: Shit. Can you send some money my way? I’m in the -0.2% vs. -5.5% section.

    Dr.Devine

    What’s wrong with mccain? He seems to think that the people who need the programs should pay for them. I can’t see anything wrong with that.

    suicydking

    If the folks who have more wealth than they could spend in 3 generations would invest some of it in the economy instead of just speculating with it and generating more hoarded wealth, that would be fine. If we live in a capitalist society, everyone needs to be responsible. It doesn’t just mean that everyone gets a job and pays taxes. It means we need to actually invest money to create jobs and opportunities. Stubborn hoarders need a kick in the ass. Would the US really be that bad of a place if in 2 generations everyone was educated, healthy… Read more »

    twosticks

    If the people who need the programs had the money to pay for the programs, they wouldn’t need the programs. And we’d call them upper class.

    nyoki

    @beep beep: haha, I wish I had more to spare. I’m still paying back <$40,000 in student loans, a house and kids through college. I’ve noted over the years that people tend to spend just a little bit more than they make.

    Paul_Is_Drunk

    Ooh! Ooh!

    Let’s all compare income!

    I’m in the +4.4 vs -8.6 category. o_O Warte mal… dass ist nicht richtig! (Woohoo! Besoffen!)

    j_bryon

    Where my wife and I fall there isn’t a whole lot of difference. I am voting for Obama because I like the fact that those who ABLE will be PAYING MORE TAXES!! Fair is FAIR!

    WistfulD

    Note that this is just percentages on income tax paid. Laws concerning how much you can shield from taxation in various ways will vastly change how much this affects you. My opinion is that upper income bracket earners are currently paying the correct amount IF THEY ACTUALLY PAID THAT MUCH. But they don’t, because of some amazing tax dodging laws that exist for the kind of financial options that the upper brackets have that the middle and lower brackets do not. That’s why my response is always, “it’s more complicated than that…”

    jascas_

    ^ WHAT THE FUCK.

    How is an ability-to-pay tax system fair at all? Fair is taxing those who, beyond the income needed to sustain life (a la the personal exemptions and standard deductions you get to claim on your tax return), have the income to pay for the services they use. More services, more tax. Less services, less tax.

    It makes no sense for those that make a lot of expendable income to be paying a ton of taxes for services they don’t use.

    jascas_

    sorry…the WTF was directed at j_bryon’s comment, not WistfulD’s.

    jascas_

    Re: tax-dodging laws. I have two degrees in accounting – one in general accounting (undergrad) and one in taxation (graduate). I prepare and review tax returns for one of the largest accounting firms in the world, and specialize in privately-owned businesses and individual tax returns. During my time as a tax accountant (in school and as a professional preparer), I will tell you that there are actually very few individuals that get away with paying little tax – the marginal rate has been in the upper 30% range for years now, and I will confidently say that the vast (vast)… Read more »

    suicydking

    Warren Buffet has stated that his personal assistant pays a higher percentage than he does when all is said and done. WTF?

    jascas_

    WTF is that he pays a huge percentage of long-term capital gains taxes vs the average earner (most of his income is from investments in and similar to his own company), which are capped at 15%. If you didn’t work a W-2 or 1099 job like most of the average joes, you, too could invest in companies and pay 15% on your income, too – you would just earn a good bit less because you don’t have the $$ he has to get into the elite investment groups. Also, he’s one example – I’m not talking about the 2 or… Read more »

    Howie Feltersnatch

    @jascas_: What do you mean “less services, less tax”? Are you implying that folks with high income don’t use a lot of services? Because that’s pure bull shit. Rich people have a lot more to protect than poor people. That means they get a hell of a lot more value out of the police, fire departments, and military than poor people do. The same police protect the due with the $5M mansion as they guy renting the double-wide. But the millionaire has a LOT more to protect. Besides, maybe you haven’t noticed, but one of the ways you get to… Read more »

    Howie Feltersnatch

    @suicydking: I think he was taking FICA into account–it was the total tax burden, not just income taxes. It’s capped at what? $102,000? So from $0 to $102,000 you’re paying something like a flat 5% of your income to SS. But if you earn a gazillion dollars, 5% of 102k is basically 0% of a gazillion. Po folks get hit a lot harder (percentage wise) with SS than rich folks. That figures into the calculation I believe.

    TheLotusEater725

    .

    Careful now, you made a right wingish sounding comment. The local obamanites will have your head.

    jascas_

    Howie, Please don’t polarize or misconstrue my comments – I’m saying less service, less tax, more service, more tax. I am not saying what you’re trying to from my argument, that rich people don’t use more service. I don’t agree that someone making $1,000,000/yr is using ~$300,000/yr more government services than someone making $22,000. What I am saying is that to make them pay another $100,000/yr in taxes because they can is outrageous – they’re already paying a much higher percentage on their disposable income. Now I know that you cannot measure how much more government-provided service they consume, but… Read more »

    jascas_

    Dear thelotuseater725, Thank you for your concern, truly. I’m certain that I’m in the minority here, but I will voice my opinion all the same. Some times it will be aligned more with the right, some times the left, some times liberal, some times conservative. I’m just proud I have my own opinions, not what some political party or social group has told me to think because I’m a southerner or black or poor or Mexican or from the east or rich, etc. If I have educated myself about something, I will say what I think – if not, I… Read more »

    dieAntagonista

    @suicydking: Agreed.

    @Paul_Is_Drunk: Du meine Güte.

    nyoki

    The first year I hit the AMT I freaked at how much I had to pay, considering that I usually got a refund. I had to re-think our finances. We ended up putting the max amount into 401k and 457b. I started a medical savings account, etc…I honestly don’t mind paying taxes. I figured that out after moving from NYC to WV. NYC taxes are very high, but everything’s covered. Taxes in WV is practically zero, but I have to pay fees for school, fire, ambulance, emergency services, personal property tax…In the end the difference isn’t that much, but I… Read more »

    vanvelding

    @twosticks:
    @suicydking:
    Indeed.