Happy Tax Day!!! TL;DR warning

[LouderVol]

The deductions for a single head of household with 3 children would be substantial. I would think around 30k.
I'm even better with the minimum 13% rate on everyone if reasonable deductions remain in place.

so the government should be paying people around 22k? no wonder we are in so much debt.

what happens when we go through our correction, whether increased taxes, collapse, bankruptcy, or whatever, and all those support programs and funds disappear?

making yourself dependent on the government is the worst thing you can do for your family.

 

[C-south]

The deductions for a single head of household with 3 children would be substantial. I would think around 30k.
I'm even better with the minimum 13% rate on everyone if reasonable deductions remain in place.

There should be no deductions for having kids or virtually anything else. Why should people that place the greatest burden on the system be paying less?

 

[05_never_again]

It's only part of a very difficult and painful solution.

You can confiscate everything from "the rich" and it doesn't really make any difference on a long-term basis. Closing the gap has to be done predominantly by cutting spending, and I don't hear anybody wanting to do that.

We currently have a party that espouses a desire to maintain/preserve entitlements and cut taxes, and we have one that espouses expanding, or massively expanding, entitlements that will be entirely paid for by taking more money from "the rich" like it's no big deal.

They are both full of s**t.

 

[VolStrom]

Over the years I have paid an effective federal tax rate of around 20%. In addition I have paid 9%+ on my purchases and another 3%+ on property taxes. So I've paid 1/3 of my income in taxes and I'm far from rich. There is probably another 10% in taxes that I pay indirectly through taxes on corporations that get passed along to the consumer.
The bottom line is half of my income goes to pay taxes and that leaves the other half to pay housing, food and savings.
Once the slave reparations kick in I'm screwed!

Edit: I forgot the Medicare tax add in another 8%.

 

[BearCat204]

What percent is not dumb and criminal?

Equal

 

[luthervol]

so the government should be paying people around 22k? no wonder we are in so much debt.

what happens when we go through our correction, whether increased taxes, collapse, bankruptcy, or whatever, and all those support programs and funds disappear?

making yourself dependent on the government is the worst thing you can do for your family.

Paying people $22? I don't follow.
I would never dream of advocating for anyone to make themselves dependent on the government.

 

[LouderVol]

Paying people $22? I don't follow.
I would never dream of advocating for anyone to make themselves dependent on the government.

30k deduction on a 8k bill = 22k.

 

[luthervol]

There should be no deductions for having kids or virtually anything else. Why should people that place the greatest burden on the system be paying less?

People ease the burden also. Who are the workers of the future? If no one had kids, we would be even worse off.

 

[TheDeeble]

Who would have guessed that throughout history humanity needed a govt deduction to be able to procreate.

 

[luthervol]

30k deduction on a 8k bill = 22k.

They are reducing their taxable income by $30k. Their taxable income would be adjusted from 50k to 20k. They would still be required to pay the appropriate taxes on income from 0-20k.

 

[82_VOL_83]

I could go with that if it was heavily valued by others, but it seems ridiculous to ask a single income family of four barely scraping by on $50 k a year to pay $6,500 in taxes. That would be the equivalent of at least a 70% tax on the top end. I would insist that it be counter balanced with an aggressive graduated scale on the top income earners.

No, it's the equivalent of everyone paying the same share.

 

[AM64]

Because you're making more money.

Luther, you've made some ridiculous comments, but that is the dumbest thing you've come up with. Incentive to do more is what makes the economy work and the world go around. Make it a disincentive and you've accomplished what communist regimes did the world over ... and without fail, proved it was the dumbest thing they could have done. You libs consider yourself the smartest species on the planet, and then consistently and irrevocably prove otherwise ... incredible.

 

[tumscalcium]

I do. I vote for people who will raise my taxes. BTW the offer I made to you a month or two back stall stands.

You don’t. You said you won’t send in any more money than you have to.

Practice what you preach and keep your f’n hands out of my pockets.

 

[Vol737]

Where does our money go? Straight down the drain. Yes I have beat this over the head, but I figure people would appreciate this information more today than other days.

Social Security: 1,102 Billion (SS taxes only cover 949 billion, the rest is paid out of the SS pot)
Medicare: 679 billion (medicare taxes only cover 289 of this, the rest comes out of general taxes)
Medicaid: 418 billion
"welfare" Unemployment Comp, Child Nutrition, Supplemental Security Income, Student Loans, retirement programs (these are considered Mandatory): 642 billion
Interest on Debt: 479 billion
Military Spending: 989 billion (this includes more than the DoD (576 billion) (VA, and most of the Alphabet Agencies that "protect us")) *after the first 325 billion, we are in debt.
And then you get about 437 billion in other spending that we can straight up not afford.

All told its 4,746 Billion dollars (4.746 Trillion) we only bring in 3.645 Trillion. 1,101 Trillion dollar deficit

Revenue: Income Tax: ~50% 1.824 Trillion
SS, Medicare and other payroll: ~36% 1.295 Trillion (compare this number to the money spent above)
Corporate Tax: ~7% 255 Billion
Other earnings: ~8% just over 260 Billion

So seeing where we are making money lets look at popular ideas:

TAX MOAAARRRRR!!!!! Especially those evil corporations. We would need to increase our corporate tax rate 6x to cover the deficit.
Well we already have one of the highest corporate rates in the world, and highest among developed nations at 39%FACT CHECK: Does The U.S. Have The Highest Corporate Tax Rate In The World?
So we would need a tax rate at around 234% to cover the deficit. Quiet impossible at least twice over.

Well maybe we just tax the rich: Summary of the Latest Federal Income Tax Data, 2017 Update
They (top 1%) pay about 600 billion of the total 1.4 billion. so we would just need to increase their tax rate 3x to cover the deficit. Average tax rate now of 27% (what they actually paid not the rates) so they would need to be 81% to pay the deficit. so even the 70% outrageous tax thrown around wouldn't be enough. I doubt we are keeping the rich people here at that tax rate.

Everyone shares the burden maybe? 14.34% effective tax rate across us all would need to be right around 27% averaged tax rate to cover the deficit. So the "average" American would need to pay a tax of the top 1% to cover the deficit. I doubt that sells very well at all.

We don't have an income problem, we brought in 200 billion more, with tax cuts, in 2018 than we did in 2017.

We have a SPENDING problem. we SPEND too much. We can not tax our way out of this mess. We have to cut spending.

If we cut EVERYTHING by 30% we could cover it. *if we actually keep the government from increasing spending in the future beyond rate of tax income increase*
Maybe 20% cut, and increase taxes to cover the rest (~18% average tax rate)
Maybe 10% cut, and increase taxes to ~22% average tax rate

Well done sir! I'm still waiting for anyone from the left to acknowledge that in the absence of massive spending cuts, how they think this could possibly end well? What does that "end" look like to them, keeping in mind we are already borrowing money to pay the INTEREST on the debt. I'm on record stating I believe many programs disappear via outright collapse (hyper inflation) due to complete lack of political will in DC. The can has been kicked too far down the road at this point. It's reached the end of the road, waiting to be kicked into that vacant lot that nobody can build on.

 

[volfanhill]

What percent is not dumb and criminal?

Every percent over what that have taken in should be viewed as both dumb and criminal. Few exceptions.

 

[AM64]

LOL......it is so absurdly naive to think that this country would have evolved to what it is today without the government's direction, assistance, interventions, and laws,.

Apparently you fall right in line with the great Obama proclamation, "If you’ve got a business, you didn’t build that. Somebody else made that happen." Ever question why nobody else made it happen?

 

[Hunerwadel]

wrong, we are bringing in 200 billion more than we did in 2017 based on withholdings alone.

we have a spending problem.

Believe what you want.

Did the U.S. have a record tax haul after Trump tax cuts?

 

[luthervol]

Luther, you've made some ridiculous comments, but that is the dumbest thing you've come up with. Incentive to do more is what makes the economy work and the world go around. Make it a disincentive and you've accomplished what communist regimes did the world over ... and without fail, proved it was the dumbest thing they could have done. You libs consider yourself the smartest species on the planet, and then consistently and irrevocably prove otherwise ... incredible.

lol.........Who has ever found the graduated tax scale to be a disincentive to the point of not making the extra money? And if anyone does, it's probably an indicator that they should work a little less and enjoy some free time with their friends and family anyway.
The $100 I make that takes me from $199,900 to $200,000 is taxed at 20% so I'm willing to do it, but the $100 I make that will take me from $200,000 to $200,100 will be taxed at 25% so I'm not going to do it.

 

[AM64]

This country wasn't built or evolved into what it is today by Government direction, assistance, interventions, and/or laws.


If you are saying the Government should be able to keep half my money if its over 10M, then why not keep half the money from someone making 30K?

I suppose the lib answer would have to be something along the line that since they didn't do anything worth earning $10M, then obviously those people didn't use the governments as much and don't owe as much. The liberal thought process staggers the imagination.

 

[luthervol]

Well done sir! I'm still waiting for anyone from the left to acknowledge that in the absence of massive spending cuts, how they think this could possibly end well? What does that "end" look like to them, keeping in mind we are already borrowing money to pay the INTEREST on the debt. I'm on record stating I believe many programs disappear via outright collapse (hyper inflation) due to complete lack of political will in DC. The can has been kicked too far down the road at this point. It's reached the end of the road, waiting to be kicked into that vacant lot that nobody can build on.

View attachment 202045

I'm on the left and I've already weighed in.

 

[Vol737]

Theft is way too low right now.

Where do you think it should be?

2018-2019 Tax Brackets | Bankrate.com

I'm not opposed to the discussion of it, but do you build other marginal rates beyond the $500K range? Possibly. Does carried interest get another look? That's one thing I believe got left out of the tax reform law from 2017. Regardless, we can't get to a tax rate that that does anything substantive regarding debt while maintaining a healthy economy and not address spending.

 

[luthervol]

Apparently you fall right in line with the great Obama proclamation, "If you’ve got a business, you didn’t build that. Somebody else made that happen." Ever question why nobody else made it happen?

Show me that Obama quote, and then go start that same business in Haiti.

 

[IPleadInsanity]

The rate of increase in the national debt is always higher under republican administrations. 50 year trend.

Prior to Obama that was a true statement but he gathered his resources and increased the debt more than all of those republican administrations combined. We need to streamline the tax system to get more revenue, its there, just need to tap it. You can't have any rules because any rule you have lawyers will figure a way around. Tax needs to be uniform and fair and based on pure income for both corporate and personal taxes. Deposits into bank accounts are certified by the bank as income or other. Income taxes are computed straight line percentage of that registered income no deductions of any type. This would increase overall tax revenues and assure that tax is paid on every dollar earned.

 

[AM64]

This year marks the first congress that has two Muslim women members and both of them are just nasty. This POS doesn't deserve to be a member of the house and thankfully she is only a small fraction of the voting block. I feel sorry for Europe.

Perhaps "should feel sorry for Europe"; however Europe being Europe and having fed off our largess while feeling superior, and funding their socialist programs while we protect their countries ... they deserve to live with vermin until they wise up.

 

[05_never_again]

Apparently you fall right in line with the great Obama proclamation, "If you’ve got a business, you didn’t build that. Somebody else made that happen." Ever question why nobody else made it happen?

The "that" Obama was referring to was a bridge/road that help transport your products, not the business itself (i.e., he wasn't saying that a business owner didn't build his/her business), but that quote did provide insight into how Obama thinks about government.