Deficit up 17%

#727
#727
luthervol said:
Because if you pay x% of the bracket then you still pay more when the bracket increases.
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Lemme make sure i get this right.

If i actually pay 20% even though im in the 40% bracket, you think i will pay 30% if im in the 60% bracket. That right?
 
#728
#728
volinbham said:
Option 1: I might

Option 2: deficit would skyrocket.
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Reasonable....and why tax laws are needed. It’s the only way this works.

Although with option two it would be a faster forcing function on directed spending cuts. It would take some trust that we, as a collective, know what’s good for us.
 
#733
#733
rjd970 said:
Reasonable....and why tax laws are needed. It’s the only way this works.

Although with option two it would be a faster forcing function on directed spending cuts. It would take some trust that we, as a collective, know what’s good for us.
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I'm not against it; just saying it would get ugly fast.

Saw an article about Panera closing the last of their "pay what you can afford" stores. Without the legal obligation the freeloading incentive takes precedent.

Maybe a hybrid model with a lower base required contribution and the ability to direct some monies?
 
#736
#736
McDad said:
Another way we could take the abstract and make it real is by asking Luther how much above his tax liability does he send to the IRS. Assuming he lives in a HOA community in BUford, Ga, has a daughter who just graduated Georgia Tech with an engineering degree, and he and Mrs Luther make $120,000 combined per year. The median household income in Buford is $56,000.

Should Luther pay double the average tax paid in Buford because his Median household income is double?
Should it be triple or more if his daughter moves back home while making 75,000 in her first job after college thus taking his household income to $195,000?
Should he be assessed a fee since he has extra money to spare by living in an HOA community?
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I'm thinking that Luther is a Superintendent of Schools in some city or county around Atlanta, and makes about $175,000-$250,000 a year.
 
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#737
#737
C-south said:
From what I gather the same as everyone else not indicted for tax evasion.
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The Bill Gates example is crystal clear - he puts his money in programs that circumvent the government and while he talks about how he should pay more in taxes he doesn't voluntarily pay more taxes instead opting to work directly.

Leading by example
 
#739
#739
luthervol said:
You're calling me scared. What's next, a double dog dare? Are you 6 years old?
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You stated you think...

You have no idea how she feels about it but yet express an opinion on her behalf.

You should be ashamed. Are you this way with all women?
 
#740
#740
1972 Grad said:
I'm thinking that Luther is a Superintendent of Schools in some city or county around Atlanta, and makes about $250,000 a year.
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Possibly. Probably issued a personal vehicle he pays no taxes on, pays for no fuel to drive it, or responsible for any upkeep.
 
#743
#743
McDad said:
Lemme make sure i get this right.

If i actually pay 20% even though im in the 40% bracket, you think i will pay 30% if im in the 60% bracket. That right?
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Correct.....all other things being equal.
 
#745
#745
luthervol said:
Correct.....all other things being equal.
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Oh boy. I cannot speak for others. But as for me, the tax i actually pay is only fractionally tied to my rate. Like you i have taxable income. Unlike you (i assume), i have a great deal of control over my taxable income.

The scary thing is, im not even wealthy. The mega rich have so many legal ways to avoid, defer, and limit their tax liability.

The people who get screwed are your daughter and mine. High income but few or no deductions. Ouch.
 
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#746
#746
still wondering if single people with no kids making 100K are over taxed, under taxed or just right.

I must know if they are paying their fairshare™
 
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#747
#747
volinbham said:
still wondering if single people with no kids making 100K are over taxed, under taxed or just right.

I must know if they are paying their fairshare™
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Overtaxed. Any person that is single without kids and doesn’t qualify for EIC gets raked over the coals. That’s why I hate filing statuses, deductions, credits, etc. As long as we have anything other than a flat tax there will be plenty not paying their fair share.
 
#748
#748
C-south said:
Overtaxed. Any person that is single without kids and doesn’t qualify for EIC gets raked over the coals. That’s why I hate filing statuses, deductions, credits, etc. As long as we have anything other than a flat tax there will be plenty not paying their fair share.
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As a single with no kids I concur. OTOH, single with no kids and 100K plus puts one in the upper middle class and I thought we were supposed to pay our fairshare™
 
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