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Posted: 6/7/2003 9:36:06 PM EDT
$26000 is the threshold the Bush administration has set for those who pay federal income tax. I thought everyone paid federal income tax??? Is this right? What is the threshold for paying?
Link Posted: 6/8/2003 7:25:34 AM EDT
By the time standard deductions, exemptions, and credits are taken from a $26000 taxable income, the tax liability is cut right down to the nitty gritty. I am speaking about a family with child care expenses. I think Bush is trying to help out middle class familys who paid taxes. If you are an employee your taxes are taken out at each pay day. If you want a refund you need to file a return.
Link Posted: 6/8/2003 7:56:36 AM EDT
[url]www.cafrman.com/[/url]
Link Posted: 6/8/2003 2:15:22 PM EDT
Link Posted: 6/8/2003 3:48:48 PM EDT
Ah, my favorite subject. Yes, wage-slaves, if you make more than $26,000 a year you get screwed. If you have no kids, you get screwed even more, and god-forbid if you are well-off and single with no kids - you pariah, you! There are numerous examples out there of single mothers (shacking up with their boyfriend) who are making $18,000 a year (what my wife and I made combined for the first 5 years of our marriage) and they are not only NOT paying any taxes, but also getting a check for $2000-$4000 of YOUR money. Neat, huh?
Link Posted: 6/8/2003 4:24:29 PM EDT
I think I saw one of my state senators or rep. on TV talking about adding something to the most recent tax bill so those earning less than 26000 will be getting something also. throuth no falt of their own single people do seem to be hit the hardest at tax time.
Link Posted: 6/8/2003 4:45:49 PM EDT
Originally Posted By Troy: You thought wrong. Long ago, it was decided that it wasn't "fair" for "poor" people to pay federal income tax. In fact, most of them RECEIVE A CHECK, a "tax return" on taxes that they didn't even pay. Bush's new plan failed to INCREASE the amount of this check, which was branded as being UNFAIR, and a bill just passed to fix this little problem. Income tax is a tiered system. If you make less than $26,000, you don't pay anything. The more you make, the bigger percentage you pay, until the top tier (the "rich") pay about 50% of their income as federal income tax. Great system, right? -Troy
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In theory it's a tiered system, but the richer you get, the more clever tax shelters, deductions and strategies are available to you. I know a number of people who make over 200K and pay virtually no taxes - none of them pay more than 10%. One of them pays close to zero - and he gets audited by the IRS every year. They have never nailed him on anything, and he's still doing it. And 200K a year is not really "rich" in the scheme of things - once you get into the really big money, the sky is the limit on the tricks that highly paid tax accountants can figure out. NOBODY among the really wealthy in the US is paying anywhere close to 50%. That might be their "theoretical" [b]marginal[/b] rate, but it is not what they end up paying in practice. Even if the marginal rate was 50% for somebody, their overall tax burden wouldn't be anyway near 50%, but much lower. You need to distinguish between overall tax burden and "marginal" tax. If someone is in a 39% tax bracket (btw - isn't that the highest bracket?) they're NOT paying 39% of their taxable income, they're paying the same rates as poorer people up to a certain amount, and then the higher rate on any income above that amount. Note the key here is "taxable" amount. Some guy making millions might have a really high "tax rate", but because of all kinds of clever deductions and exemptions, he's only paying that really high rete on a small portion of his actual income. Anyway, I never pay much attention to tax stuff, because I'm not poor enough for any of the freebies that the poor get from Democrats, and I'm not rich enough to get any of the cool benefits that the rich get from the Republicans.
Link Posted: 6/8/2003 5:53:42 PM EDT
Originally Posted By DK-Prof: NOBODY among the really wealthy in the US is paying anywhere close to 50%. That might be their "theoretical" [b]marginal[/b] rate, but it is not what they end up paying in practice. Even if the marginal rate was 50% for somebody, their overall tax burden wouldn't be anyway near 50%, but much lower.
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Go talk to some lawyers, they will tell you otherwise. Every settlement they get the goverment takes out 40% before the lawyer even sees the check.
Link Posted: 6/8/2003 6:16:29 PM EDT
Theory my ass. I paid over $80k in taxes last year. Did you know once youve paid enough taxes to cover 85k you stop paying the social security tax that I will never receive. I use the same amount of health care, same amount of police and fire. Produce the same amount of sewage as everyone else but pay more taxes. I rather pay my taxes then get audited or spend time with Tyronne.
Link Posted: 6/8/2003 6:17:18 PM EDT
If you make less than $26,000 then you get $0. But the Demos are trying to change that. The house already passed a bill that would give the people earning under $26,000 15% of what they earn over like $10,500 or something close to that. Don't remember the details because until both parts pass it it doesn't matter anyway.
Link Posted: 6/8/2003 6:22:28 PM EDT
So basically people that didnt pay anything to begin with are going to get more. Good encourgement to work and have some ambition! Why work when the Demos hand you the money. The only good thing is that these people will spend the money. All my money went back into stocks and investments and the money will trickle down. They have direct impact at the local Target!
Link Posted: 6/8/2003 9:38:52 PM EDT
Link Posted: 6/8/2003 10:28:27 PM EDT
Originally Posted By ARDOC: Theory my ass. I paid over $80k in taxes last year. Did you know once youve paid enough taxes to cover 85k you stop paying the social security tax that I will never receive. I use the same amount of health care, same amount of police and fire. Produce the same amount of sewage as everyone else but pay more taxes. I rather pay my taxes then get audited or spend time with Tyronne.
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There's a white guy in dearborn Michigan that calls himself tyrone weaver. The guy is a riot. He usually trolls bulletin boards.
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