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Posted: 12/11/2013 5:45:50 PM EST
CNBC

"Buried inside a Congressional Budget Office report this week was this nugget: when it comes to individual income taxes, the top 40 percent of wage earners in America pay 106 percent of the taxes. The bottom 40 percent...pay negative 9 percent.

You read that right. One group is paying more than 100 percent of individual income taxes, the other is paying less than zero.

It's right there in Table 3 on page 13 of the report. The numbers are based on 2010 IRS and Census Bureau figures.

(Read more: New budget deal will pass, says GOP congressman)

How does someone pay negative taxes? The CBO's formula offsets whatever taxes are paid with "refundable tax credits." Some of these are due to "government transfers" of money back to the taxpayer in the form of social security and food stamps.
..."
Link Posted: 12/11/2013 5:47:49 PM EST
In before someone says "that's racist".

It is negative I suspect due EIC that people receive. They get back for more than ever contributed.
Link Posted: 12/11/2013 5:50:00 PM EST
[Last Edit: 12/11/2013 5:51:05 PM EST by walttx]
unpossible

Link Posted: 12/11/2013 5:50:56 PM EST
Huh, I don't fit either category, yet I pay and pay and pay...
I must be doing something wrong.
Link Posted: 12/11/2013 5:51:22 PM EST
Link Posted: 12/11/2013 5:51:27 PM EST
Dupe
Link Posted: 12/11/2013 5:53:23 PM EST
[Last Edit: 12/11/2013 5:54:23 PM EST by Two-dogs]
Yet the left still wants to redistribute $$ from those who work hard and succeed and make $$

And they want them to pay even more taxes.
Link Posted: 12/11/2013 5:57:24 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By postpostban:
Huh, I don't fit either category, yet I pay and pay and pay...
I must be doing something wrong.
View Quote


Yeah, something seems a bit off, I am definitely paying taxes and I'm nowhere near the top 40%.
Link Posted: 12/11/2013 6:01:11 PM EST
Originally Posted By Z_0:
CNBC

"Buried inside a Congressional Budget Office report this week was this nugget: when it comes to individual income taxes, the top 40 percent of wage earners in America pay 106 percent of the taxes. The bottom 40 percent...pay negative 9 percent.

You read that right. One group is paying more than 100 percent of individual income taxes, the other is paying less than zero.

It's right there in Table 3 on page 13 of the report. The numbers are based on 2010 IRS and Census Bureau figures.

(Read more: New budget deal will pass, says GOP congressman)

How does someone pay negative taxes? The CBO's formula offsets whatever taxes are paid with "refundable tax credits." Some of these are due to "government transfers" of money back to the taxpayer in the form of social security and food stamps.
..."
View Quote



The top 40 percent of wage earners is not the same as the top 40 percent of income. Wages do not mean income.
The high income non wage earners don't figure into this calculation of outrage.
The low income non-tax-paying earners do.

It's a messed up system.


Link Posted: 12/11/2013 6:02:10 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By YGTGYD:


Yeah, something seems a bit off, I am definitely paying taxes and I'm nowhere near the top 40%.
View Quote View All Quotes
View All Quotes
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By YGTGYD:
Originally Posted By postpostban:
Huh, I don't fit either category, yet I pay and pay and pay...
I must be doing something wrong.


Yeah, something seems a bit off, I am definitely paying taxes and I'm nowhere near the top 40%.

What is the cutoff for the top 40%? 50k? 100k?
Link Posted: 12/11/2013 6:03:14 PM EST
I don't like the federal tax credits at all, but the poor pay plenty of taxes too. Sales tax, gasoline tax, sin taxes. SS and State taxes.

Too many damned taxes for everybody.

The problem is too much government spending.
Link Posted: 12/11/2013 6:03:27 PM EST
FYI the line for the top 40% was $51,100.
Link Posted: 12/11/2013 6:04:49 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By LePew:



The top 40 percent of wage earners is not the same as the top 40 percent of income. Wages do not mean income.
The high income non wage earners don't figure into this calculation of outrage.
The low income non-tax-paying earners do.

It's a messed up system.


View Quote View All Quotes
View All Quotes
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By LePew:
Originally Posted By Z_0:
CNBC

"Buried inside a Congressional Budget Office report this week was this nugget: when it comes to individual income taxes, the top 40 percent of wage earners in America pay 106 percent of the taxes. The bottom 40 percent...pay negative 9 percent.

You read that right. One group is paying more than 100 percent of individual income taxes, the other is paying less than zero.

It's right there in Table 3 on page 13 of the report. The numbers are based on 2010 IRS and Census Bureau figures.

(Read more: New budget deal will pass, says GOP congressman)

How does someone pay negative taxes? The CBO's formula offsets whatever taxes are paid with "refundable tax credits." Some of these are due to "government transfers" of money back to the taxpayer in the form of social security and food stamps.
..."



The top 40 percent of wage earners is not the same as the top 40 percent of income. Wages do not mean income.
The high income non wage earners don't figure into this calculation of outrage.
The low income non-tax-paying earners do.

It's a messed up system.




That is a really important distinction. Most people don't give it a lot of thought.
Link Posted: 12/11/2013 6:05:53 PM EST
Quite sure that if they considered the people receiving welfare and freebies it would be a lot more than 9%.



Link Posted: 12/11/2013 6:08:25 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By packingXDs:

What is the cutoff for the top 40%? 50k? 100k?
View Quote View All Quotes
View All Quotes
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By packingXDs:
Originally Posted By YGTGYD:
Originally Posted By postpostban:
Huh, I don't fit either category, yet I pay and pay and pay...
I must be doing something wrong.


Yeah, something seems a bit off, I am definitely paying taxes and I'm nowhere near the top 40%.

What is the cutoff for the top 40%? 50k? 100k?



Details here.
Link Posted: 12/11/2013 6:15:19 PM EST
Damn according to them I am way up in income chart
Link Posted: 12/11/2013 6:18:22 PM EST
106%? God damn it.
Link Posted: 12/11/2013 6:24:35 PM EST
Damn, I'm apparently rich...who knew?


...well, back to paying MY bills...
Link Posted: 12/11/2013 6:35:26 PM EST
Some of the comments... Jesus Christ.

Link Posted: 12/11/2013 6:42:53 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By BillofRights:


That is a really important distinction. Most people don't give it a lot of thought.
View Quote View All Quotes
View All Quotes
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By BillofRights:
Originally Posted By LePew:
Originally Posted By Z_0:
CNBC

"Buried inside a Congressional Budget Office report this week was this nugget: when it comes to individual income taxes, the top 40 percent of wage earners in America pay 106 percent of the taxes. The bottom 40 percent...pay negative 9 percent.

You read that right. One group is paying more than 100 percent of individual income taxes, the other is paying less than zero.

It's right there in Table 3 on page 13 of the report. The numbers are based on 2010 IRS and Census Bureau figures.

(Read more: New budget deal will pass, says GOP congressman)

How does someone pay negative taxes? The CBO's formula offsets whatever taxes are paid with "refundable tax credits." Some of these are due to "government transfers" of money back to the taxpayer in the form of social security and food stamps.
..."



The top 40 percent of wage earners is not the same as the top 40 percent of income. Wages do not mean income.
The high income non wage earners don't figure into this calculation of outrage.
The low income non-tax-paying earners do.

It's a messed up system.




That is a really important distinction. Most people don't give it a lot of thought.


The income tax only pays for about one third of federal spending. Refundable credits need to go away, but any argument based on just the income tax is pointless.

I've had a couple years where my total federal tax burden was into six figures where I paid zero income tax.
Link Posted: 12/11/2013 6:59:43 PM EST
[Last Edit: 12/11/2013 7:00:01 PM EST by cyborg543]
I'll remember that next time Goldman Sachs gives the USA an epic doomsday ass-fucking and then greases enough politicians to glide to a safe landing on the public's dime.

Robber barons are people too, gosh darn it!

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