"Actually, as a share of the nation's economy, Uncle Sam's take this year will be the lowest since 1950, when the Korean War was just getting under way. And for the third straight year, American families and businesses will pay less in federal taxes than they did under former President George W. Bush, thanks to a weak economy and a growing number of tax breaks for the wealthy and poor alike. Income tax payments this year will be nearly 13 percent lower than they were in 2008, the last full year of the Bush presidency. Corporate taxes will be lower by a third, according to projections by the nonpartisan Congressional Budget Office. The poor economy is largely to blame, with corporate profits down and unemployment up. But so is a tax code that grows each year with new deductions, credits and exemptions. The result is that families making as much as $50,000 can avoid paying federal income taxes, if they have at least two dependent children. Low-income families can actually make a profit from the income tax, and the wealthy can significantly cut their payments." link to article Taxed Enough Already (Tea Party) seems pretty ridiculous considering the majority of American's are paying the least amount of taxes in their entire lives. And I say majority of Amercian's because unless you were 18 in 1960 (born in 1942) they are lower than EVER. Yet, still, it seems the majority of American's think Obama has raised taxes.
And Obama just kept the Bush-era tax cuts. I think its in the future, when we have to pay back the "stimulus" money where the taxes are going to have to skyrocket. that and green subsidies and subsidies for healthcare coverage.
My taxes are ok, but... [video=youtube;Gg5SwyTvAHw]http://www.youtube.com/watch?v=Gg5SwyTvAHw[/video]
My taxes still are too high. I got absolutely raped this year as I'm a single guy with no real estate or kids.
That's fine if the economy is largely to blame, I'm not praising Obama, I don't think he should have extended the Bush tax cuts. What doesn't make any sense is the majority of American's think he has raised taxes. And the Tea Party comes out saying "Taxed Enough Already" when they are paying the least amount of taxes ever?
I think taxes are way too high. I'd make some cuts in SS and lower that tax by a minimum of 25%. I'd eliminate the current income tax and replace it with a flat tax with no deductions or loopholes at all. I'd add a 2 or 3% sales tax with 100% of it going directly against the national debt until it's paid off. I'd balance the budget. Every year.
Um, No. I'm getting a refund if that is what you are getting at. Doesn't change the fact I'm getting absolutely raped on what I have to give up.
50% of the population doesn't pay federal income tax. Who do you think makes up the difference in tax revenue for the half of the population that doesn't pay a dime?
I guarantee you aren't. More proof that taxes should be raised, tax code should be reformed, and deductions should be eliminated.
This. The people who are taxed too much are those paying for everyone else. It used to be that everyone had skin in the game. Now, it's about taxing the producers so the dependents can continue to free ride.
Those darn poor people. If only they'd pay taxes instead of rent, you and I could have a few more spoonfuls of caviar, or have the gold-plating on that garden gate buffed up. It doesn't look to me like there was a time in recent history where everyone had skin in the game, although it is true that Mr. Bush increased the percentage of non-payers significantly. barfo
How is this determined? When I was in college I turned in a zero tax return every year. My stepsons have. Then there were people who used Earned Income Averaging who made income but got to have a zero tax return. It used to be (and to a certain extent still is) certain types of foreign income generated a zero tax return......... Just curious how they arrive at the stats. Did the article where you got the graph break it down?
Supposedly, the IRS released the data. I don't know if they said why the people who had zero tax due had zero tax due. My guess is that there would be potentially multiple reasons per person. barfo
We're reaching a tipping point where more than half of the voters will pay no Federal tax. When that happens, the majority will simply vote for the minority to pay more taxes and support their lifestyle. I think tax rates should flatten a bit and when there's a tax increase, EVERYONE's taxes should be raised, even it's by a penny. That way, it's not the other guy paying for it. Also, the AMT needs to die; it's hitting too many middle class people.
Assuming that voters are both rational and selfish. Not sure there is overwhelming evidence for either proposition. I would love to see the AMT die. I don't so much mind paying the tax, but the complexity is unreasonable. It's worth mentioning in this discussion that zero federal income tax doesn't mean that people aren't paying tax. Those that work still pay payroll tax, for example. barfo
You have it reversed. In the future, companies will have to pay back stimulus loans they borrowed from the government. Those were loans to prevent capitalism from self-destructing.
