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One more time, who pays what in taxes

Discussion in 'Elections & Political Parties' started by dogtowner, Apr 19, 2012.

  1. dogtowner

    dogtowner Moderator Staff Member

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  2. PLC1

    PLC1 Moderator Staff Member

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    It's called a graduated income tax by most of us, but Marxism by others. Personally, I think it is a graduated income tax. Nothing wrong with that.

    Where the issue gets confused is the difference in rates between earned income and capital gains. The latter is taxed at a different rate than earned income.

    Why is that so? Obviously, it is because the people who make up the tax laws get most of their income through capital gains.
     
  3. dogtowner

    dogtowner Moderator Staff Member

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    apparently not like you would think.
     
  4. Gipper

    Gipper Well-Known Member

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    Yes facts do not seem to matter to libs and leftists. It is apparent to anyone who has bothered to do a little research, that the wealthy currently pay a majority of the income tax. Yet BO and his friends keep demanding they pay their fair share. Apparently "fair share" has a different meaning for those on the left.
     
  5. Arbopa

    Arbopa Active Member

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    What an ignorant statement.

    No, capital gains rates are lower because it is through that process of investing that the economy and new ventures, grow. Thus there is risk, but the government want's people to invest, so they have a lower rate for money earned through investment.

    Raise that rate, investment drops, the economy keeps sinking.
     
  6. PLC1

    PLC1 Moderator Staff Member

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    Raise the tax rate on earned income, and the incentive to earn income drops in the same way. Why should the tax on capital gains be different from than on earned income?
     
  7. Pandora

    Pandora Well-Known Member

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    I have to disagree with this list

    a head of household who makes under 30k wont pay taxes, they will get back more than they ever put into it. If you make 10-15k and you are head of household you are going to get back probably 5k.

    Heck my son who is a single guy made 10k last year and got back about 8 hundred in earnd income credit and he doesn't even have a kid.
     
  8. Gipper

    Gipper Well-Known Member

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    There are many variables that can impact what you pay in income taxes thanks in part to the complex and convoluted tax code.

    My daughter lives with us and is single without children. I completed her taxes. Her income was just shy of $12k. She paid slightly under $500 in federal income taxes or about 4%.
     
  9. Pandora

    Pandora Well-Known Member

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    Did you use turbo tax? I did. It worked for tiny tim and it worked for my son :)
     
  10. dogtowner

    dogtowner Moderator Staff Member

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    I tend to agree but there are enough single people with no deductions to skew the results.
     
  11. dogtowner

    dogtowner Moderator Staff Member

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    did she even need to file ?
     
  12. Gipper

    Gipper Well-Known Member

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    That question never occurred to me. Why do you ask it?

    Pandy, I used H&R Block.
     
  13. dogtowner

    dogtowner Moderator Staff Member

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    there is a level below which you do noit need to file. came up some years ago with my daughter and again when I was doing M-I-L's taxes. don't recall the specifics anymore and it might have changed.
     
  14. Gipper

    Gipper Well-Known Member

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    I would think she exceeded that with income of nearly 12k. As it is, she paid in only about 4% of her income.
     
  15. dogtowner

    dogtowner Moderator Staff Member

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    possible, water over the dam at this point.
     

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