Neither the Repubs ot the Dems have the interest of the Tax Payer, and a typical comment from someone so willing to cede their Liberty to the Fed Government!
Originally Posted by BonMallari
In case you missed it, Romney too called for Deficit spending. Like Reagan's comment, "deficit spending doesn't matter". Maybe you could enlighten us and tell us exactly how Romney was going to take on the Deficit with Deficit spending???
Here is a little History lesson on the Repubs and Deficit spending and don't get me started on Bush!
In 1980, Jimmy Caner's last year as president, the federal government spent a whopping 27.9% of "national income" (an obnoxious term for the private wealth produced by the American people). Reagan assaulted the free-spending Carter administration throughout his campaign in 1980. So how did the Reagan administration do? At the end of the first quarter of 1988, federal spending accounted for 28.7% of "national income."
Even Ford and Carter did a better job at cutting government. Their combined presidential terms account for an increase of 1.4%—compared with Reagan's 3%—in the government's take of "national income." And in nominal terms, there has been a 60% increase in government spending, thanks mainly to Reagan's requested budgets, which were only marginally smaller than the spending Congress voted.
The American Tax Payer needs to demand that Congress pass a Balanced Budget Amendment. That because neither the Dems or Repubs has the guts to do it. That if they don't pass it in 2013, We The Tax Payer will refuse to pay our taxes. This is an issue I will raise at the January meeting of the Lousiana Libertarian Party meeting in Baton Rouge. I am going to motion that we draft a letter to the national party that they make this a national issue of the party. Not only would the national press not be able to ignore this story but would give the party a boost in exposure, as well as making all tax payers aware that this is the only party that is truely looking after thier interest!
The Federal Reserve's Zombie Economy
Deutsche Bank is out with a new warning that says the Federal Reserve’s latest round of an estimated $1.02 trillion in total annual purchases of U.S. Treasuries and mortgage-backed securities is creating lemon socialism, a U.S. economy filled with the financially undead.
Deutsche notes that stock markets are based on winners and losers, but there are neither right now. That’s because the Fed keeps pumping liquidity into the system, so everyone wins. When everyone wins, no one makes money, a bridge to nowhere Japan has already crossed.
Read more: http://www.foxbusiness.com/economy/2...#ixzz2ExeG2yZy
Note, this in not from Fox News but Fox Business.
odd, I was just taking my stuff out making ready for next month, end of year tax stuff. I have my records back to 1985. would have from before that but house fire. anyway, my point, I have given more money to the government every year since 1985. Never, not once less than the year in back of it. Never. Taxes are lower on whom?????????????????????????
Originally Posted by Buzz
As a percentage? or overall? I pay more taxes now than 1985, but I make more now than 1985.
Originally Posted by Ken Bora
If your wages have remained flat for 26 years it might be time to reconsider what you do and who you vote for. It may be well that you call him Bernie and he calls you Ken. Does he tip? Do you report all your tips?
According to this site, a single taxpayer earning $25,000 in 1985 paid 30%
In 2011, the same guy had to earn $175,000 to pay that much.
If he still earned the same $25,000 the rate would be 15%
And if ya really know how to do it, you can earn multimillions and pay 13.6% :roll:
Even at a rate of 15%, that is grand theft by the Feds! Tax payers have become so accustomed to paying high rates that they unthinkingly just pay it. Add State Taxes, Sales tax and all the various usage taxes that the Feds have thier fingers in and the percentage of one's income paid is obscene.
Originally Posted by JS
Some may not mind working for the Federal Government but others like me think the Federal Government should be working for the people!
Income tax and capital gains tax are indeed 2 seperate things.
Originally Posted by JS
I guess I could find a link for you.:cool:
Originally Posted by JDogger
not in the back o the house
You distort the facts by comparing apples to orange. I do not have the exact figures at hand but these are generally in the ball park.
Originally Posted by JS
People making less than $50,000/year pay an average of 2-3% of their gross income(deductions and tax credits lower their tax burden)
People making between $50,000- $100,000 pay slightly more.
People making over $1,000,000 pay between 11-12%
With 70,000 pages of tax code and increasing how could expect anything else. The worst thime that has ever happened to the US is the income tax.
Originally Posted by caryalsobrook
I (I mean our accountant) must be doing something wrong because I pay a lot more than what is indicated here. I think that last year I paid in excess of a 20% effective rate, which means more than 20% of my total gross. Effective rate is what I think the IRS is talking about here. When JS refers to the 30% and 15% rates, I have to believe that those are marginal rates.
I realize you know the difference, but when I hear discussions about taxes, it is clear that most people don't seem to understand the difference between effective rates and marginal rates.