Why I voted Democrat ...

[Possum]

cheez - 1/7/2010 6:58 PM

Bprice - 1/7/2010 5:41 PM

we need a spell checker on this site.

Especially for the ones who are educating our kids. emoRolleyes

I thought you had to be willing to have sex with someone before you have kids. In that case whose kids are you talking about?

 

[Possum]

beetlespin - 1/7/2010 6:56 PM

Everybody got a tax cut under Bush. He cut income taxes across the board, lowered the marriage penalty, eliminated the death tax, and cut capital gains taxes in half. I can't see how anybody would object to that??? You guys keep asking what republicans ever do. There's something right there. And that was from a republican that noone liked.

Ask your Tea party people? They are the ones bitch'n over debt. You think you can spend and cut taxes like they did, and not worry about having to pay for it. Crap, I forget you blame the Democrats for that. Cut taxes on rich by half. According to you guys economy should be booming. Heck, with all that mony the corporations saved, I am sure they created millions of jobs with it. LOL

 

[beetlespin]

How did he cut the taxes on the rich by half? Are you talking about capital gains? You don't have to be rich to trade stocks.

 

[Possum]

If you pay taxes on trading stocks you need to fire accountant.

 

[elwestb]

... but now we have "Hope, and Change"! I thought the "Tea Party People" was bitching about taxes period!? And as a rich man, I know was I'm tickled to death with my 50% tax cut! A shame that's gonna run out! Now, help me out here, I'm kind of slow, just who's administration and majority in House and Senate is it that has this booming deficit? Who approved such promises? And if there are no corporations, companies, who are you going to work for? Or if you are a fledging "Bill Gates", why haven't you started you on company?

 

[beetlespin]

Possum - 1/7/2010 8:33 PM

If you pay taxes on trading stocks you need to fire accountant.

So you advocate democrats and higher taxes but you think its ok to use creative accounting tricks to avoid paying capital gains taxes you owe? Isn't that being a hypocrit?

 

[Guest]

beetlespin - 1/7/2010 7:53 PM

Possum - 1/7/2010 8:33 PM If you pay taxes on trading stocks you need to fire accountant.

So you advocate democrats and higher taxes but you think its ok to use creative accounting tricks to avoid paying capital gains taxes you owe? Isn't that being a hypocrit?

</p>

Just business as usual, a good businessman hires good acountants so that they don't have to pay taxes, they write everything off. Ask your boss how much they paid last year.</p>

 

[AirrusBoy]

Speaking of paying taxes...check out the latest idiocy as published by the WSJ:

http://online.wsj.com/article/SB126281943134818675.html

 

[Possum]

beetlespin - 1/7/2010 7:53 PM

Possum - 1/7/2010 8:33 PM

If you pay taxes on trading stocks you need to fire accountant.

So you advocate democrats and higher taxes but you think its ok to use creative accounting tricks to avoid paying capital gains taxes you owe? Isn't that being a hypocrit?

Silly rabbit, don't you know tricks are for kids! ha ha I advocate reinvestment, higher the tax, more we are going to spend to avoid paying taxes. Wealth is not just measured in cash. I invest in machinery, I will depreciate it off. get my money back and start over. Real estate, are you kidding me. Please. My god look at VW. I don't have a problem with any of this. Businesses, benifit more from our tax investments than anyone else. Trust me they do not want a flat tax. Nor does our economy.

Off the subject

Beetlespin, I would love to go to China with you sometime.

 

[Sniperchoke]

Its awful hard to give tax cuts to people who don't pay taxes. Fact is the top 15% of income earners pay 60% of the taxes.

 

[Bfish]

Sniperchoke - 1/7/2010 10:26 PM

Its awful hard to give tax cuts to people who don't pay taxes. Fact is the top 15% of income earners pay 60% of the taxes.

It is also fact that the top 15% of income earners also have more non-taxable income and more deduction than the rest. So while they pay a large percentage of the total tax collected, they also have a even larger percentage of income that is not taxed.

 

[Sniperchoke]

What type of income is not taxed? If I make income off anything it is taxed. I would like to know how you have income that is not taxed besides hiding it from the gov't. Maybe we could ask Geitner...

 

[Bfish]

Qualified dividends and capital gains are generally taxed at 15%. While most traditional income (from a job) is taxed at the 28%; a 13% savings on taxes for an average guy. The difference grows even wider as you get into the elite billionaire tax brackets.

 

[Sniperchoke]

So actually all income is taxed just at a lower rate. I was pretty sure I was right. Everything is taxed period. Thanks for proving my point.

 

[Possum]

Bfish - 1/8/2010 8:06 AM

Sniperchoke - 1/7/2010 10:26 PM

Its awful hard to give tax cuts to people who don't pay taxes. Fact is the top 15% of income earners pay 60% of the taxes.

It is also fact that the top 15% of income earners also have more non-taxable income and more deduction than the rest. So while they pay a large percentage of the total tax collected, they also have a even larger percentage of income that is not taxed.

Bingo, Was going to say what you said. They also benifit more from the tax dollars, i.e., millitary, roads, (new lock at Chick), educated work forse, and so on and I don't have a problem with it. Keeps world going round. What I do have a problem with is the people trying to feed the rich while burying the poor.

 

[Bfish]

Sniperchoke - 1/8/2010 11:03 AM

So actually all income is taxed just at a lower rate. I was pretty sure I was right. Everything is taxed period. Thanks for proving my point.

hmm not really, semantics but somethings have a minimum threshold before taxes kick in. So up until the threshold it is nontaxable income. I believe IRS form 525 is the one covering non-taxable income. For example, I know my airline bonus/reward miles are not taxable, even though I get 2-4 free airline tickets a year as a reward.

The following are some of the main non-taxable items of income (yes it is a cut and paste emoLaugh, the fourth and fifth ones are the big ones IMO ):

Life insurance proceeds
IRA and Pension rollovers
Child support payments
Inheritances
Gifts
Workers Compensation
Disability payments if you paid the premiums on the policy. If your employer paid the policy, then the disability payments are taxable. If you paid part of the policy, then part of the disability payments are non-taxable.
Court damages for personal physical injuries or physical sickness.
Health and accident benefits.
Federal income tax refund. Also your state income tax refund if you took the standard deduction on the related prior year's 1040.
Most scholarships and fellowships
Foreign earned income (needs to be reported on Form 2555, but up to $80,000 usually can be excluded)
Foster care payments (certain restrictions for individuals over age 18 in foster care)
Social security benefits may not be taxable. It's a complicated calculation, but basically your social security benefits are not taxable if your adjusted gross income plus tax-exempt interest and 50% of your social security benefits is less than $32,000 (married filing jointly) or $25,000 (single or head of household).
Gain on the sale of your personal residence is usually nontaxable. The gain might be taxable if you lived in the residence less than two years or if the residence has ever been used as a rental property or home office.
Roth IRA qualified distributions
Cancellation of debt because of bankruptcy or insolvency. If you receive a Form 1099-C with cancellation of debt income, that income isn't taxable to you if the debt was discharged when you declared bankruptcy or if you were insolvent at the time the debt was discharged. Insolvency is when your liabilities exceed your assets at the time of the debt cancellation.
Veterans Administration disability benefits

 

[Sniperchoke]

None of those are income those are items invested or paid with after tax dollars.....

 

[Bfish]

Sniperchoke - 1/8/2010 6:06 PM

None of those are income those are items invested or paid with after tax dollars.....

Semantics again. I call it income, you call it "items invested or paid with after tax dollars", regardless it is new money in the bank account. psst IRS calls nontaxable income.

 

[Sniperchoke]

Yeah the IRS and Politicians are the ones that are stealing us blind. If you think they do such a good job with our money you and your buddies can give them more maybe then they won't pester me as much.

 

[Bfish]

Sniperchoke, can you name any industrialized nations with a lower tax rate?

EDIT to add a cut and paste:

Tax burdens around the world
Country Single, no kids Married, 2 kids Country Single, no kids Married, 2 kids
Australia 28.3% 16.0% Korea 17.3% 16.2%
Austria 47.4% 35.5% Luxembourg 35.3% 12.2%
Belgium 55.4% 40.3% Mexico 18.2% 18.2%
Canada 31.6% 21.5% Netherlands 38.6% 29.1%
Czech Republic 43.8% 27.1% New Zealand 20.5% 14.5%
Denmark 41.4% 29.6% Norway 37.3% 29.6%
Finland 44.6% 38.4% Poland 43.6% 42.1%
France 50.1% 41.7% Portugal 36.2% 26.6%
Germany 51.8% 35.7% Slovak Republic 38.3% 23.2%
Greece 38.8% 39.2% Spain 39.0% 33.4%
Hungary 50.5% 39.9% Sweden 47.9% 42.4%
Iceland 29.0% 11.0% Switzerland 29.5% 18.6%
Ireland 25.7% 8.1% Turkey 42.7% 42.7%
Italy 45.4% 35.2% United Kingdom 33.5% 27.1%
Japan 27.7% 24.9% United States 29.1% 11.9%
Source: OECD, 2005 data