Forum Post: Middle class paying the highest tax %
Posted 12 years ago on Nov. 4, 2011, 2:14 p.m. EST by babbehmom
(10)
This content is user submitted and not an official statement
This is how the 99% is getting screwed!
You must've grabbed the wrong article, sparky.
But to your headline, bullshit. Counting social security and medicare for middle income people as a tax is misleading (on purpose, of course). In case you're wondering how you can tell something isn't a tax, try this: check your mailbox. If once a year, you get a letter showing your growing future entitlement for the money you paid, that ain't a tax. That's exactly what happens with social security and medicare. Real taxes are gone forever.
according to the tax bracket, the super wealthy should pay 35% and what do they do? they pay average of 18%, less than middle class! the 1% have the best accountants and lawyers to find loopholes! the middle class doesnt have that luxury. Even Warren Buffet was saying that he paid the lowest income tax this year since hes been working! this system is just corrupted and people are understanding whats happening.
No, according to tax tables, high income people pay 35% federal income tax, 1.35% medicare taxes (plus employer match), social security to the maximum, 15% on capital gains, 35% on short-term capital gains, and 35% on interest income and rents (unless it's munis), and applicable local income/investment taxes. We have more than one type of tax, slugger.
Buffet is comparing two different things. He knows that, of course, but you don't.
but do they pay 35%? or they find loopholes to pay a lot less as Warren Buffet said? why would Buffet bullshit if hes the third richest man in America?
Loopholes are hard to come by. Tax reform in '86 snuffed most of that out. Rules on deferring compensation were also tightened I guess about 5 years ago now. In fact, income over a something around $175k forces deduction losses. You lose 3% x (Income - $175k) in deductions. So, in this way, your marginal rate is 1.03 x 35% until you burn through all your deductions.
so ur saying this article is bs and what Buffet said is bs? and the 1% doesnt have great accountants and lawyers to find these loopholes? i think you truly believe that rich people dont cheat the system and GE and Pepco paid the correct amount of the tax rate. I hope one day you wake up from your fairy tale capitalism dream and realize what kind of jungle do you live in. Have a nice day, sir!
The 1% starts at about $400k in income. I'm well into the 1% and my income taxes are standard and my rates are very close to the posted speed limit. This is more leftwing myth to work people up than reality. And Buffet's sitch isn't magic or corruption, it's just the capital gains rate. Most of his earnings are from capital gains, not income. So, apples and oranges.
In a world without capitalism, you'd be a lot worse off. Just sayin'
it is actually $956k not $400k. and if u would make anything close to that amount, u would not sit here and argue with me over this matter. hahaha so please read the following:
This is exactly what Buffet said: "Last year my federal tax bill — the income tax I paid, as well as payroll taxes paid by me and on my behalf — was $6,938,744. That sounds like a lot of money. But what I paid was only 17.4 percent of my taxable income — and that’s actually a lower percentage than was paid by any of the other 20 people in our office. Their tax burdens ranged from 33 percent to 41 percent and averaged 36 percent" http://www.nytimes.com/2011/08/15/opinion/stop-coddling-the-super-rich.html
and in a capitalism world, the rich gets richer and the poor get poorer! capitalism is not working and the change is coming whether you like or not
The problem with all the OWS crap shouting is that they really have ZERO idea what Warren Buffet paid in taxes. You people have ZERO idea what any person in America PAID in taxes. As an example, U.S. Senator Clair McCaskil owned a jet. She failed to pay any taxes on the jet until someone got wind of it. Then she claimed she had no idea she had to pay taxes on it. The same Democrat Charles Rangel. He ownes a number of rental property around the world and was paying not taxes, until he got caught. Even politicians have no idea what they are paying in taxes. But YOU KNOW what all the rich 1% are paying because you got some special skills. You are wrong with all your data.