Thousands of wealthy earners manage to zero out tax bills

[SHOOTALL]

I just sold 5 cows , I know . I just took some cash out of my 401 K , I know . I own a business , I know . And all my deductions have gotten to old. I pay well above 15% I can assure you .
If you already know these things why would you want to pay more so wealfare people can pay back money you and I have given them ? I also don't see the middle class who make under 125000.00 a year supporting a Flat rate tax if they look at what it will cost them in the long run. Cooporations who were not paying high taxed will raise prices to cover the new flat rate tax.Rich people will learn how to hide income or not invest to avoid taxes . Some will place funds off shore to avoid taxes .
I agree we need to cut back spending and blance the budget , smaller govt would be a help. 
 

[Ranch13]

Paymore? Son where I come from 1 is less than 15

[SHOOTALL]

Paymore? Son where I come from 1 is less than 15

what ?

[SHOOTALL]

If you meant a 1% flat rate . In 1975 in college we figured every American earning a wage would neet to pay around 17% of their income to the fed govy as a flat rate for the USA to go to a flat rate tax . I doubt it has gone down. And that did not include state and local taxes.

[Ranch13]

Yes 1% is what I have said from the start of this thing till now.
And that needs to include anybody and everybody rich, poor and in between, no loopholes , no deductions no exceptions.If there's going to be an income tax, then everybody needs to be involved.
 Not only that but stop the payroll deduction, make people have to take the money from their pocket and send it in, and it won't take to long for those that haven't a clue as of now what taxes are and what government waste is , to get clued in and raise enough ruckus to maybe , just maybe get this country back on track.
 

[lakota]

I'd like to see the ability of cities to extort income taxes out of people who work in their city but dont live there eliminated.
 
I go to work in a particular city why should I have to pay income taxes to them? I cant vote in their local elections. It sounds like taxation without representation to me.

[ironglow]

I'd like to see the ability of cities to extort income taxes out of people who work in their city but dont live there eliminated.
 
I go to work in a particular city why should I have to pay income taxes to them? I cant vote in their local elections. It sounds like taxation without representation to me.

))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))
 
   The main problem with those selfish laws... They are usually levied on people who work in the given city's police dept, fire dept or a school teacher etc.   Each of those groups have  accepted, at one time or another state or federal funds....so they are playing a 'greed' game..

[SHOOTALL]

Yes 1% is what I have said from the start of this thing till now.
And that needs to include anybody and everybody rich, poor and in between, no loopholes , no deductions no exceptions.If there's going to be an income tax, then everybody needs to be involved.
 Not only that but stop the payroll deduction, make people have to take the money from their pocket and send it in, and it won't take to long for those that haven't a clue as of now what taxes are and what government waste is , to get clued in and raise enough ruckus to maybe , just maybe get this country back on track.

1% won't even cover it

[Ranch13]

[
1% won't even cover it

They can't cover it with the way things are now, but at least with everybody in for 1% it gets more folks to thinking about what's going on, and maybe get things under control.  And I believe with the 13K or so a 150,000 $ income earner would be saving on federal income tax, that money would likely go right back out into the economy and end up being someone elses taxable income, and so on and so forth and that 1% may go further than a person might think.....

[SHOOTALL]

how do you figure the 13000 won't be spent on product when the prices rise when the producers have to pay higher prices ?

[Ruskin]

I read the report.  I am skeptical of the interpretation of the results.  None of the credits mentioned will zero out a tax bill, nor will charitable because of the 20, 30 and 50% limit on deduction based on AGI.  When I hear the tax the rich song, I laugh for the unlearned masses buying into soak the rich song and dance.  It won't work.  Tax exempt income is only includable for taxation of Social Security to determine amount to include. Therefore, Buffet can have billions in TEI income and it will not be in AGI thus no additioanl tax on buffet.  Now if it went to AGI then municipalites would have a difficult time  selling TE bonds.  Cost of local and state government goes up.
 
I like the FAIR TAX.  It is on consumption.  We all consume, even illegals would have to pay it when they relace the wet clothes they wore to swim the Rio Grande river.
 
Joe, CPA

[Ranch13]

Shootall go back and read what I wrote again......

[Hooker]

Better tax system:
We pay no federal taxes only state and local taxes.
States pays federal government only for those duties which it is burdened with by the Constitution.

Pat

[Empty Quiver]

"Thousands of wealthy earners manage to zero out tax bills"

Excellent, and a goal we should all strive for.  There is no such thing as a good tax.

+1 Swampy

[mechanic]

If we take 100% of all income from all wage earners who make over 125,000 for one year....it will not cover the budget for that year.....So maybe the gov. needs to spend more so it will stimulate the economy even more.........it seems to be working so far.
 
Beginning next debt cycle, we will approach 50% of revenue to cover just the interest on the Fed. debt....that does not cover ongoing expenditures, nor does it repay principal.
 
We can argue this thing until you know where freezes, but we cannot repay our debt, and we cannot cover our expenditures.....use a calculator and play with the numbers.
 
The OWS people can ask for all the freebies they want.....but they should be asking who's gonna' pay when we are all broke.....
 
Ben

[nomosendero]

As opposed to the way it has been stimilated? 
 
One things for sure, the founders never envisioned a "Progressive Income Tax", but Marx did.
http://theinvisiblehand.typepad.com/the_invisible_hand/2009/03/obamas-ten-pillars-to-be-in-place-by-year-endpresident-barack-obama-expects-to-have-all-the-pillars-in-place-this-year-for-a.html

[DDZ]

We are at the point of avoiding financial collapse, and it isn't because of evil corporations, big oil companies, or rich guys not paying enough taxes. Countries like Greece, Italy, and Ireland have reached credit ratings of junk bond status, because their debt is a large percentage of their GDP. All being over 100%, and we are right there with them with debt being 106% of our GDP. In the 70's our debt was 35% of GDP.
Lets not blame government for their run away spending, which is the problem. Lets just keep voting  communists into our government, and blame corporations, and rich guys for not settling the debt. Its just so much easier that way.   

[mcbammer]

Back   to   this   National   sales   tax   idea  .   How   many   of    you    considerd   purchaseing    a     product   that   you   would    buy  ,  but   after   figureing   in   the   sales   tax ,  refused   .   I  know   I   have.  In   my   area ,  the   city   sales   tax  is   at   10%  ,  adding   a   National   tax   would   be   a   heavy    burden   for   lower   income  consumers.  wealthy  earners   would   probably    buy   less   also.

[45-70.gov]

Re: Thousands of wealthy earners manage to zero out tax bills
« Reply #?? on: Today at 28:25:37 GM »


how about a sister thread
MILLIONS OF PARASITES ON WELLFARE PAY NO TAXES

[coyotejoe]

very simple, the govt. can not spend more than it takes in. we all pay some kind of tax.  the goverment spending is the problem. 1st is forien aid. 2nd is the pay and retirement plan of govt. emps.  how much tax is the govt. making on the high price of gas tax? less spending and no more taxes.

It is just that simple but no government anywhere will settle for living within a balanced budget. Here in Colorado we passed a "tax payers bill of rights" which prohibited the government from raising taxes without approval of the voters. So did our lying, low life, politicians even attempt of obey the will of the people? No way, they just immediately began sniffing our "loopholes", finding ways to raise taxes without exactly raising taxes. They claimed that "fees" are not "taxes" so they doubled and tripled fees such a motor vehicle registration, parks passes, licenses of any sort, etc. The message from voters was "make do with what you have" just like your citizens have to do, but that was never even considered, no we have to find ways to bring in more money so we can continue to spend more.

[DDZ]

If government took every red cent from every citizen, bank, and business in America they could still not pay off the debt that is owed. Government has people buffaloed into thinking that taxing people and corporations more, will help fix things, like the debt we owe. Nothing is further from the truth.
 We were once the wealthiest nation in the world, but all that prosperity was not good enough. We started borrowing, and borrowing, and have been living above our means for so long it has become completely normal for us to do so. We have been robbing future generations for so long, that it does not even bother people anymore. People just like government, go into massive amounts of debt to buy educations, homes, cars, and gifts for themselves and others, that they can not afford. We have just become accustomed to living in debt.
America will never vote in politicians that tell us its time to live below our means. All we want to hear is that  better times are ahead, and we believe those lies, because it just what people want to hear.   
Government does not want Americans to get out of debt, and save. Government wants people to spend and go into more debt, so they have positive economic growth numbers, so people will vote them in again.
The party has been great, but its time to turn out the lights, because the party is about over.

[coyotejoe]

That's a fact! I don't see how anyone can believe we can just keep on borrowing forever, but as you said, no one wants to hear the hard truth, give us lalaland.

[Richard P]

We are nearing a point at which more than 50% of the population recieves a payment of some sort from Uncle Sugar.  Some of us will get payments for which we have contributed.  Some will get ''transfer payments'' that others paid for.  Can you see the campaign tilting toward pandering for the vote of those recieving the ''transfer payments'' ?
When Social Sceurity was begun there were about 16 paying for each recipient. We are nearing less than two working to pay each recipient, and the recipients are living longer.
We as a nation are already borrowing more than our revenue to the Govt., and outspending all of it.  We, and our children, cannot sustain this level of spending.  We will either default or we will pay back in grossly devalued dollars.  Our purchasing power will evaporate.  We approach 16 Trillion in debt. 
Enough of our electorate put a person in the office of the President who despises the capitalist economic system.  Unless that is reversed this fall I shudder to think how much debt he can incur in an unrestrained second term.
Read the book ''Fair Tax''.  It does not ''double tax'' because it cannot go into effect until the 16th Amendment is repealed.  All consumers pay the tax on new goods.  There are considerations for those below the ''poverty level''.  With this proposal you would not be taxed on savings --- until you spend it.  You are encouraged to save and invest.  You do not pay the Govt half of your net worth when you expire.  You can leave your children better off as a result. 
Until we begin teaching our children how money works and how to invest in order to avoid debt we continue down the same destructive road.  Many of us have expended our working years.  The Govt has gotten about all the tax they can out of us.  For the sake of our heirs we must turn the Nation toward fiscal responsibility.
This will not happen as long as we leave Democrats in charge of the Senate. However,  Spending bills originate in the House.  We must teach the Republicans how to control the spending.  With that said, neither body can spend without the signature of the President on the bill authorizing the spending.   We have a hard twenty years ahead.  Use your power at the ballot box wisely.

[Sourdough]

Look at the last election.  The man that promised to give the poor the most got elected.  In other words he bought the votes, and it will happen again.

[jimster]

Look at the last election.  The man that promised to give the poor the most got elected.  In other words he bought the votes, and it will happen again

They got poorer and don't even realize it...they are idiots.   You can't fix stupid. 
 

[mcwoodduck]

I call pure BS!
The notion that anyone pays 0 in taxes as a person is false.
Even though you follow the full rules of the tax code and play the game you can not pay $0 in taxes.
Even the people that have all their money in TAX FREE municipal bonds have a minimum tax that congress passed in the 90's to stop wealthy people from making millions and not paying taxes.
Companies can have $0 in taxes to offset losses they had during the year and that way they can still stay in business and pay taxes later.
 

[DDZ]

I call pure BS!
The notion that anyone pays 0 in taxes as a person is false.

Yes MC it is false, but it sounds better to the tax and spend crowd.

[SHOOTALL]

The govt is passing  the cost of running the country to future generations in an effort to keep voters voting for them. It may be it is catching up with them now.

[mcwoodduck]

The govt is passing  the cost of running the country to future generations in an effort to keep voters voting for them. It may be it is catching up with them now.

Lady Thatcher said "socialism works as long as you don't run out of other people's money.
We are at that point now where we are not only spending what we have but are using future people money.
It would be like giving the nanny $ to get groceries and thye buy candy and then handing them the credit card to replace the groceries they did not buy and they are shopping at the mall rather than the grocery store, and we get another credit card to hand to them.....

[Gary G]

Thousands of wealthy earners manage to zero out tax bills

Good for them. Patriots should starve the beast.