Bar Stool Economics

[getonfish]

Originally Posted by scott craft

Does anyone know what the tax rate is on those in the top 2%? I understand these guys pay more taxes, but is that because they are taxed at a higher rate or simply because of the amount they are taxed on? I suspect it is because they make more and not because of their tax rate, but I haven't researched it.

Warren Buffet publicly said he pays a lower tax rate than his assistant who makes around 50,000 a year. It is well documented that the super rich pay next to nothing in taxes compared to the middle class. Yes they pay much more in regards to monetary amounts but the breaks they receive are ridiculous. They should pay the same rates we pay. Our national debt would be much better off and they would still be ridiculously rich.

[weedeater]

Originally Posted by getonfish

Warren Buffet publicly said he pays a lower tax rate than his assistant who makes around 50,000 a year. It is well documented that the super rich pay next to nothing in taxes compared to the middle class. Yes they pay much more in regards to monetary amounts but the breaks they receive are ridiculous. They should pay the same rates we pay. Our national debt would be much better off and they would still be ridiculously rich.

Tax the middle class....... they can carry the weight while we have people that's never paid face in their life living high on the hog with their gin and juice

[Spunt Drag]

Originally Posted by getonfish

Warren Buffet publicly said he pays a lower tax rate than his assistant who makes around 50,000 a year. It is well documented that the super rich pay next to nothing in taxes compared to the middle class. Yes they pay much more in regards to monetary amounts but the breaks they receive are ridiculous. They should pay the same rates we pay. Our national debt would be much better off and they would still be ridiculously rich.

Our national debt would be much better off if the 50% of Americans who pay no taxes at all would pay their "fair"share. I get what you're saying. I'm middle class, and don't feel represented by either party. My company makes Billions, that's millions with a B, and still claims they're broke every quarter. The middle class is disappearing and the rich are gettin richer. But I don't want the government taxing the rich and "spreading the wealth".

[getonfish]

Originally Posted by Spunt Drag

Our national debt would be much better off if the 50% of Americans who pay no taxes at all would pay their "fair"share. I get what you're saying. I'm middle class, and don't feel represented by either party.

Their fair share of nothing is still nothing. If someone would have the guts to stand up and say we are no longer going to allow the hard working Middle class to pay for your free ride when you are perfectly able to work, then they will either starve or work and pay taxes. Don't get me wrong I am all for Medicaid and food stamps to those who truly need them but you can't just pass the stuff out like candy. My wife is an office manager for a gynecologist and the stuff she tells me about would blow your mind. Women coming in the office with eight hundred dollar shoes and real Coach purses but of course they have Medicaid. One of her patients on Medicaid actually drives a bentley. My wife who is very blunt asked her how she has Medicaid and she said all her stuff is in her elderly grandmothers name. She then begin to talk about how she hustles for her money so the "gubment" don't know about it. My wife then asked her if she know who paid the Medicaid and the woman said "the suckas who don't know how to work the system" my wife almost lost her job that day after the next part of the conversation which I can't post in the general section.

[Matt G]

Originally Posted by scott craft

Does anyone know what the tax rate is on those in the top 2%? I understand these guys pay more taxes, but is that because they are taxed at a higher rate or simply because of the amount they are taxed on? I suspect it is because they make more and not because of their tax rate, but I haven't researched it.

Originally Posted by getonfish

Warren Buffet publicly said he pays a lower tax rate than his assistant who makes around 50,000 a year. It is well documented that the super rich pay next to nothing in taxes compared to the middle class. Yes they pay much more in regards to monetary amounts but the breaks they receive are ridiculous. They should pay the same rates we pay. Our national debt would be much better off and they would still be ridiculously rich.

We have a progressive tax system, meaning your are taxed at a higher rate as you earn more. Example: If you file single status; the first $8,500 you earn is taxed at 10%, everything you earn after that up to $34,500 is taxed at 15%, and so on down the schedule. If you are married filing jointly, married filing single, or HOH you use the respective schedule (see 2011 Schedules below).

Capital gains taxes on the other hand are taxes on the appreciated value (gains) of capital assets (stocks, bonds, real estate, etc....) at the time of sale. However, these assets must have been held for at least 1 year before the sale. Capital Gains taxes for 2011 were 0% taxes for those in the 10% and 15% tax bracket, and 15% for those in the remaining brackets.

So the reason the ultra rich are not paying their "fair share" as you claim GETONFISH is because they make the majority of their money through investments. It is apparent that you cannot become "ultra rich" by working the normal 8-5 like the majority of us on here do. You need something else to help subsidize your ordinary income. Smart people use investing, others use the government. Why should the smart people be be penalized for putting their money at risk to better themselves? You have the same exact tax break that they do if you invest. Otherwise, you would be treating these gains as ordinary income, which could actually put you in a higher tax bracket if you have a substantial amount of investments that were sold in a single year. They are not screwing the system are commiting fraud. They are simply enjoying the same breaks that are afforded to me and you.

SingleFiling Status


[Tax Rate Schedule X, Internal Revenue Code section 1(c)]

• 10% on taxable income from $0 to $8,500, plus
• 15% on taxable income over $8,500 to $34,500, plus
• 25% on taxable income over $34,500 to $83,600, plus
• 28% on taxable income over $83,600 to $174,400, plus
• 33% on taxable income over $174,400 to $379,150, plus
• 35% on taxable income over $379,150.

Married Filing Jointly or Qualifying Widow(er) Filing Status



[Tax Rate Schedule Y-1, Internal Revenue Code section 1(a)]

• 10% on taxable income from $0 to $17,000, plus
• 15% on taxable income over $17,000 to $69,000, plus
• 25% on taxable income over $69,000 to $139,350, plus
• 28% on taxable income over $139,350 to $212,300, plus
• 33% on taxable income over $212,300 to $379,150, plus
• 35% on taxable income over $379,150.

Married Filing Separately Filing Status



[Tax Rate Schedule Y-2, Internal Revenue Code section 1(d)]

• 10% on taxable income from $0 to $8,500, plus
• 15% on taxable income over $8,500 to $34,500, plus
• 25% on taxable income over $34,500 to $69,675, plus
• 28% on taxable income over $69,675 to $106,150, plus
• 33% on taxable income over $106,150 to $189,575, plus
• 35% on taxable income over $189,575.

Head of Household Filing Status



[Tax Rate Schedule Z, Internal Revenue Code section 1(b)]

• 10% on taxable income from $0 to $12,150, plus
• 15% on taxable income over $12,150 to $46,250, plus
• 25% on taxable income over $46,250 to $119,400, plus
• 28% on taxable income over $119,400 to $193,350, plus
• 33% on taxable income over $193,350 to $379,150, plus
• 35% on taxable income over $379,150.