No, we pay a lot more in taxes. We pay federal income tax along with all those other taxes you mentioned. We might have more disposable income after that, but we pay a higher %
I was speaking about the individuals who are complaining about this behind closed doors - Romney and the like - who pay a low teens % of their income in taxes.
The current rate for long term capital gains is only 15%, which the rich pay because they have most of their money invested. There are rich people who make regular income, i.e. from jobs, who pay the higher tax rates.
...unless I misinterpreted which part you're responding to, in which case I just took a quick look, and apologies. Social Security benefits are taxed at a federal level over 25,000.
Yes I was referring to this.
Formerly Mat Bloody Cauthon on Wotmania, blessed be its name
what does it mean to "pay no federal income tax"?
- 18/09/2012 06:30:28 PM
962 Views
Wrong
- 18/09/2012 06:37:07 PM
536 Views
Additional categories
- 18/09/2012 06:51:46 PM
626 Views
SS income is very much taxed, my friend
- 18/09/2012 06:59:28 PM
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Re: SS income is very much taxed, my friend
- 18/09/2012 07:22:35 PM
503 Views
The wealthy get their income from investments
- 18/09/2012 07:33:55 PM
574 Views
Is that true?
- 18/09/2012 06:54:33 PM
550 Views
No, it's not. See my post (you should really have read it first 
) *NM*
- 18/09/2012 07:00:07 PM
214 Views
) *NM*
- 18/09/2012 07:00:07 PM
214 Views
Looking at that chart you linked, I have some questions.
- 18/09/2012 07:05:24 PM
502 Views
I think the reasoning is that since they go to entitlement programs, it's not entirely a tax.
- 18/09/2012 10:55:12 PM
451 Views
Does that mean the correct number is that 27.6%?
- 18/09/2012 07:17:46 PM
509 Views
That is correct - some folks have such negative income taxes, it offsets payroll as well.
- 19/09/2012 05:28:07 AM
510 Views
If it helps, here's a graph of effective federal tax rate by quintile, all taxes (data from 2007)
- 19/09/2012 08:30:37 AM
718 Views
While we're talking about taxes, am I the only one who doesn't give a rat's ass about Romney's?
- 18/09/2012 10:37:12 PM
488 Views
That sort of thing does matter to me
- 18/09/2012 10:48:30 PM
459 Views
Ah, yeah, not so much for me.
- 18/09/2012 11:16:56 PM
430 Views
I am a BIT curious whether he took the IRS amnesty for tax dodging in 2009.
- 18/09/2012 11:32:31 PM
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As an outside observer ...
- 19/09/2012 01:28:13 AM
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Re: As an outside observer ...
- 19/09/2012 04:45:11 AM
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the question of legality has already been covered by the offshore accounts though....
- 19/09/2012 05:44:28 AM
486 Views
Eh, those already exist, if people bothered to look
- 19/09/2012 08:08:35 AM
652 Views
Those are toothless examples, no bite to them and old news so no shock value aspect
- 19/09/2012 08:44:01 AM
421 Views
The stat is valid, because of tax credits the GOP created/expanded for the overtaxed middle class.
- 18/09/2012 11:22:13 PM
478 Views
I think you got it wrong:
- 19/09/2012 01:52:30 AM
444 Views
+1 - you are correct, moondog screwed the pooch with this post. *NM*
- 19/09/2012 05:18:19 AM
199 Views
Washington Post similar to Anonymous', but shows how many people get each credit.
- 19/09/2012 06:45:08 PM
534 Views