Obama Sends $3.7 Trillion Budget to Congress

[August]

Here's who pays what:

In 2002 the latest year of available data, the top 5 percent of taxpayers paid more than one-half (53.8 percent) of all individual income taxes, but reported roughly one-third (30.6 percent) of income.
The top 1 percent of taxpayers paid 33.7 percent of all individual income taxes in 2002. This group of taxpayers has paid more than 30 percent of individual income taxes since 1995. Moreover, since 1990 this group’s tax share has grown faster than their income share.
Taxpayers who rank in the top 50 percent of taxpayers by income pay virtually all individual income taxes. In all years since 1990, taxpayers in this group have paid over 94 percent of all individual income taxes. In 2000, 2001, and 2002, this group paid over 96 percent of the total.

http://usgovinfo.about.com/od/income...hopaysmost.htm

[gimpy117]

may I remind you, that the top one percent also has 33.8% percent of all the wealth...so i really don't think its all so bad then they pay 30% in 2002 like that article said. They can cry me a river...because when you are in the top 1% the amount of taxes taken from you when you make that amount of money has much less effect on you than somebody making $30,000 a year. The Bush Era was pretty darn good to these people, So im not so apt to feel bad when they bitch and moan about how much taxes they have as they fly around in their private jets.

[Sailor Steve]

Originally Posted by gimpy117

well under Sen. Ryan's "road map" tax plan, the Average tax for the middle class would actually go up by $900, while the top percent save hundreds of thousands to millions. The poorest only see a reduction of 174 dollars on average.

"The poorest" don't pay any taxes, at least not income taxes. Trust me on this.

[gimpy117]

Originally Posted by Sailor Steve

"The poorest" don't pay any taxes, at least not income taxes. Trust me on this.

ohhh but we do Steve. money is taken out of my paycheck, even though i make only 5k in the summer. I just have to file to get it back. But I would certianally love to not have 50 bucks taken out of every check. wanna send me some?

[August]

Originally Posted by gimpy117

...I just have to file to get it back

You're not paying anything if you get it back.

[Ducimus]

Originally Posted by gimpy117

ohhh but we do Steve. money is taken out of my paycheck,

Well, if you mean Poorest, as in, can't get any poorer, you have people who don't get a paycheck to begin with. They REALLY don't pay federal taxes.

[Rockstar]

Originally Posted by CaptainHaplo

Simply put, allowing the deficit to grow at ALL is asking for a monetary collapse. The nations of the world are already agitating for a new base currency rather than the dollar. If that happens - and it will if our debt is allowed to continue to grow, then the dollar will collapse.

IMO this is an engineered attempt to control how fast the dollar is devalued. Doing it such away to avert a catastrophic disaster by a sudden drop in strength.

Me thinks a global currency is on the way

[gimpy117]

Originally Posted by August

You're not paying anything if you get it back.

the point is, I could use that money now...not this next year when i file those taxes. remember im a broke college student. besides, i don't get anything from SS or Medicare taxes those are paid into the system and gone forever.

[Platapus]

Originally Posted by August

You're not paying anything if you get it back.

Then I have a deal for you.

Please give me $100.00 per month from Jan to Dec. On December 31st, I will give you, in cash, $1,200.

Deal?

Why not, you are not losing any money if you get it all back right?

But not only do you lose the use of the money, you are, in effect, giving me a zero interest loan of $100 for 12 months, $100 for 11 months, 10 months.......

I will be investing $100.00 for 12 months, $100 for 11 months.... and I will end up with more than $1,200 by the end of the year.

So yes the poor may get back 100% of what they paid in taxes, but that is not the same as not paying taxes at all. The poor in this country are simply loaning the government money at zero percent interest.... money they may need to buy food or pay rent.

[Sailor Steve]

Originally Posted by gimpy117

ohhh but we do Steve. money is taken out of my paycheck, even though i make only 5k in the summer. I just have to file to get it back. But I would certianally love to not have 50 bucks taken out of every check. wanna send me some?

My last temp job didn't take any taxes out. On the other hand I am against the Income Tax, period, so we definitely disagree.

[August]

Originally Posted by Platapus

So yes the poor may get back 100% of what they paid in taxes, but that is not the same as not paying taxes at all. The poor in this country are simply loaning the government money at zero percent interest.... money they may need to buy food or pay rent.

A years interest on $1200 bucks is about enough for a cup of coffee. Quit acting like it's gonna pay the rent. I see your point about interest but it's hardly a significant amount and I know from personal experience that the lump sum can come in awful handy (perhaps to make a rent payment).

Be that as it may, however it certainly does not demonstrate one way or the other whether someone who actually does pay taxes should pay more or less.

[tater]

For those like gimpy whining about having the money taken out, how about there is zero withholding, then every April you have to write a check, instead. You won't owe ANY income tax, but you'll have to pony up your full FICA or go to jail.

I'm fine with that.

Also, if you make that little, you likely get a bigger "refund" than the amount actually withheld as many do.

[Platapus]

Originally Posted by August

A years interest on $1200 bucks is about enough for a cup of coffee. Quit acting like it's gonna pay the rent. I see your point about interest but it's hardly a significant amount and I know from personal experience that the lump sum can come in awful handy (perhaps to make a rent payment).

There is a difference between "hardly a significant amount" and none. That was what I wanted to illustrate.

The point is that there is a misunderstanding when the government reports that x % of people have no federal tax liability and what is commonly discussed that x % of the people do not pay federal taxes. The two are not synonymous.

Oh and I agree that to many people they would prefer the one lump refund to a smaller deduction out of their pay. I knew a lot of people in the military who loved that.... they seemed to be the ones that did not do so well in math class.

PS. using an amortization calculator, at 1% interest, $100.00 per month for a year will result in a profit of $193.53 over the investment of $1,200. Hardly enough to retire on but a pretty expensive cup of coffee.

[August]

Originally Posted by Platapus

..they seemed to be the ones that did not do so well in math class.

Or at least they realized they'd just have pissed it all away along with the rest of their paycheck.

[August]

Originally Posted by Platapus

PS. using an amortization calculator, at 1% interest, $100.00 per month for a year will result in a profit of $193.53 over the investment of $1,200. Hardly enough to retire on but a pretty expensive cup of coffee.

That's funny, using a savings calculator I come up with $5.53 profit.

$1.00 initial savings balance (It required a starting value).
$100 per monthly deposit
1% interest compounded monthly
For 1 year
-----------------
$1206.53 savings balance

http://www.bankrate.com/calculators/...alculator.aspx

Maybe I'm banking in the wrong place!