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Lets compare different income levels and see if this is fair:
Married filing jointly making $100,000 a year $16,500 * 0.10 = $1,650
$51,249 * 0.15 = $7,687.35
$32,251 * 0.25 = $8,062.75
Total tax on someone with $100,000 gross income and no deductions = $1,650 + $7,687.35 + $8,062.75 = $17,400 (or 17.4% of their income gross)
Married filing jointly making $1,000,000 a year $16,500 * 0.10 = $1,650
$51,249 * 0.15 = $7,687.35
$69,551 * 0.25 = $17,387.75
$71,950 * 0.28 = $20,146
$164,400 * 0.33 = $54,252
$626,350 * 0.35 = $219,222.50
Total tax on someone with $1,000,000 gross income and no deductions = $320,345.60 (or 32.0% of their income gross)
Just posted this so people can understand how taxes work
I am not good with tax numbers but this helps a lot. But, the higher income earners are always saying they pay more in taxes. Well thats cause they earn more. If a 60,000.00, 100,000, and 1,000,000 all paid 32% the richer would still pay more but lower earners would suffer a lot more.
My brother and his wife rake in a small pittance of 175,000.00/yr and live in a 600,000.00 home that is paid for, just built 5 yrs ago. All bills paid for, and they drive nice cars etc. Just about anything they want they get.
Now my brother still thinks I am better off cause of my low taxes, wife and mine income is in 40,000.00 range and half is SSDI. House not pd for drive old cars etc.
So what is it that will make the higher wage earners happy and not envy my high society lifestyle?
Everyone should pay the same %, tax everyone at 20% across the board, poor or rich.
If you earn $20,000 you pay $4,000. If you earn $2,000,000 you pay $400,000.
Stop it with this progressive punishment for earning a higher income, higher income earners will pay more with a flat tax just because they earn more. Its the only fair way.
we have the fight to increase the debt limit coming up. i guarantee that no republican will ever receive my support or vote if they vote in favor of raising the debt limit. the whole "full faith and credit of the united states" is bs. the government will still have revenue, they will just have to prioritize where it goes.
what is the downside to leaving the debt limit where it is? they say our credit rating would be lowered right, which would cause higher interest rates...i don't fully understand this i don't think. but are you saying that instead of raising the debt ceiling, they should simply not exceed that dollar figure? is that possible? i mean, aren't we simply going to exceed it given current spending?
i think i agree with you on the debt limit, but i'm just not sure of the ramifications of leaving it as is.
what is the downside to leaving the debt limit where it is? they say our credit rating would be lowered right, which would cause higher interest rates...i don't fully understand this i don't think. but are you saying that instead of raising the debt ceiling, they should simply not exceed that dollar figure? is that possible? i mean, aren't we simply going to exceed it given current spending?
i think i agree with you on the debt limit, but i'm just not sure of the ramifications of leaving it as is.
well, if they dont increase the debt limit, it would seem to me that its like passing a budget for $2 trillion rather than $3.7 trillion because they will only be able to spend revenue that actually comes in. it would effectively cut $1.7 trillion from the budget. at least thats how it seems to me. but it wouldnt harm our credit if we use the money coming in to pay our debt obligations, we would just have to cut spending elsewhere.
[quote=lucknow;18712308]I find it amusing that so many Americans think Canada is such a socialist country and really wouldn't like the USA to be like us. Did you know that the corporate tax rate here in Canada is at 19.5% right now and going down to 17% in the next tax year? It's almost 50% in your so called capitalistic country.QUOTE]
yes, but companies probably actually pay that 19.5% number. our 35% number is imaginary, for the most part, because few companies pay it due to the massive amounts of loopholes. i'd be fine with a 20% rate, or lower, if that was what was actually paid. but if we do that, we'd effectively be raising taxes on a lot of corporations...
what is the downside to leaving the debt limit where it is? they say our credit rating would be lowered right, which would cause higher interest rates...i don't fully understand this i don't think. but are you saying that instead of raising the debt ceiling, they should simply not exceed that dollar figure? is that possible? i mean, aren't we simply going to exceed it given current spending?
i think i agree with you on the debt limit, but i'm just not sure of the ramifications of leaving it as is.
I guess it really isn't a debt "limit" if they can keep raising it as they wish.
I am not good with tax numbers but this helps a lot. But, the higher income earners are always saying they pay more in taxes. Well thats cause they earn more. If a 60,000.00, 100,000, and 1,000,000 all paid 32% the richer would still pay more but lower earners would suffer a lot more.
My brother and his wife rake in a small pittance of 175,000.00/yr and live in a 600,000.00 home that is paid for, just built 5 yrs ago. All bills paid for, and they drive nice cars etc. Just about anything they want they get.
Now my brother still thinks I am better off cause of my low taxes, wife and mine income is in 40,000.00 range and half is SSDI. House not pd for drive old cars etc.
So what is it that will make the higher wage earners happy and not envy my high society lifestyle?
the "more" is typically meant to mean percentage of income. in which case, it's a correct statement.
it's how progressive systems work. fundamentally, folks have a point that they pay a larger portion of their income and that is "unfair". but, there are certainly tradeoffs to moving to a flat tax "fair" tax system where everyone pays the same percentage of their income. for instance, having homeless people camping in your front lawn of your nice house.
I guess it really isn't a debt "limit" if they can keep raising it as they wish.
one funny thing happening now is that democrats voted against raising it while bush was in office and obama talked about what a bad idea it was, and now they are forced to backtrack and say that was a mistake because they need it increased.
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