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  1. #40
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    Quote Originally Posted by beenthere View Post
    Sorry. We wish.

    No, if you make $373,651, you pay the 35 percent on the whole thing.
    And if your neighbor only made $373,650, he only pays 33%, so he would actually have more spendable money.
    In general, the U.S. income tax is progressive, at least with respect to individuals that earn wage income.

    Progressivity in the income tax is accomplished mainly by establishing tax "brackets" - branches of income that are taxed at progressively higher rates. For example, for tax year 2006 an unmarried person with no dependents will pay 10% tax on the first $7,550 of taxable income. The next $23,100 (i.e. taxable income over $7,550, up to $30,650) is taxed at 15%. The next $43,550 of income is taxed at 25%. Additional brackets of 28%, 33%, and 35% apply to higher levels of income. So, if a person has $50,000 of taxable income, his next dollar of income earned will be taxed at 25% - this is referred to as "being in the 25% tax bracket," or more formally as having a marginal rate of 25%. However, the tax on $50,000 of taxable income figures to $9,058. This being 18% of $50,000, the taxpayer is referred to as having an effective tax rate of 18%.

    http://en.wikipedia.org/wiki/Taxatio..._United_States

  2. #41
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    Jan 2008
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    S.W. Missouri
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    100
    Quote Originally Posted by wuz cool View Post
    You asked for a republican congress and look at what their first order of business was---to keep helping out the rich.
    WTH are you talking about? The new Congress is NOT in session yet.

  3. #42
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    Apr 2007
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    Kaufman county, Texas
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    Quote Originally Posted by wuz cool View Post
    I was just wondering if all the tough guy conservatives are ok with the tax break that continues to handed out to the rich. You asked for a republican congress and look at what their first order of business was---to keep helping out the rich.
    The bottom tax rate was set to increase from 10 to 20 percent. So it is not about helping the rich.

    The rich do get a break too, but we need them to buy our services and widjets, so it is all good. Most economists agree this is a really bad time to raise taxes.

    Conceptually, we need rich people with lots of cash to spend. I neither have the drive, talent, or ambition in whatever combination I need to be rich myself.... But those who do should not be punished. We need them to drive our economy. They spend money, they create jobs. If we discourage those who are rich from being active players in the economy, then we hurt ourselves with job losses and reduced wages.

    And BTW, government is not in a financial jam because they do not tax enough. They spend too much.
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  4. #43
    Join Date
    Nov 2001
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    Seattle, WA
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    The reasons most of you guys are not calculating the proper tax rate is that each and every person pretty much has a different application to the tax rates along with certain allowable deductions.

    You can only talk in theory but individual applications will always be present. For instance, take a person who is married/not married, dependents of sorts, invests in certain tax deferred instruments, has certain business/auto deductible AND is self employed either through their own company or working as an independent contractor and the tax rate can go very low as compared to the tax tables or extend past the 50% practical tax rate of taxable income.

    The tax tables are only the stepping stone toward the final calculations of required taxes. Take the income, do all the processes in between to determine the individuals taxable income then apply that to the tax tables. But that does not mean that individual is paying that rate as compared to his/her total income vs. the tax table.

    There is about to be a bunch more small bank failures in the next three months or so starting the first of the year so get ready, if you can, for more of a barren landscape for individual and business money.

    Banks of mostly small to medium sizes can only loan out money if their depositors save money into a saving account. There are very, very few depositors in the US and it's been that way for a while. So their available funds pretty much don't exist for loans no matter what your asset statement looks like.

    Banks don't have money themselves. They are in business to loan out your money that you deposit in their interest bearing accounts. Since the Federal Government basically has a near 0% policy now the banks have very few depositors that deposit money in the US since there is no incentive to save.

    I just got notice that one of my cash bonds of $6K renewed with a new interest rate of .002% -- how that for a yearly return on my money. And you guys are in the same boat.

    When interest rates go up then we will have a reason to save and thereby, produce pools of funds available for personal/business investment loans.

    But we are still being encouraged by our leaders that the only way out of this is to spend money and not to save. And most of the general public believe that to be true..simply because it feels good and it's the lazy way of thinking.

    Money ain't going to be around for a long time so make business plans around that.
    "The American Republic will endure until the day Congress discovers it can bribe the public with the public's own money.
    - Alexis de Toqueville, 1835

  5. #44
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    Jan 2004
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    Lancaster PA
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    The reasons most of you guys are not calculating the proper tax rate is that each and every person pretty much has a different application to the tax rates along with certain allowable deductions.
    Thats why they're are tax accountants.
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  6. #45
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    Nov 2001
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    Seattle, WA
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    Quote Originally Posted by beenthere View Post
    Thats why they're are tax accountants.
    Yep, and even different tax accountants will come up with different amounts that you owe even thought they all read and go by the same IRS tax code!

    Bottom line is that we, the general public, have required so many special exceptions to this code that we have, more or less, screwed ourselves for many, many years.
    "The American Republic will endure until the day Congress discovers it can bribe the public with the public's own money.
    - Alexis de Toqueville, 1835

  7. #46
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    Jan 2004
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    Lancaster PA
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    Quote Originally Posted by DeltaT View Post
    Yep, and even different tax accountants will come up with different amounts that you owe even thought they all read and go by the same IRS tax code!

    Bottom line is that we, the general public, have required so many special exceptions to this code that we have, more or less, screwed ourselves for many, many years.
    Yep. And we'll continue to do so. Cause you can't make everyone happy., And someone will always want more of a break on something then the next guy.
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  8. #47
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    Jul 2010
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    Quote Originally Posted by kirbinster View Post
    Its time to phase out unemployment insurance payments over time. Sure people should get help for a period of time, but now for three years - that is crazy. All that does is motivate them not to work.
    Nobody is able to receive unemployment bebefits for three years. 99 weeks is the max and most people do not qualify for that.

  9. #48
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    Jul 2010
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    NJ
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    Quote Originally Posted by pageyjim View Post
    Nobody is able to receive unemployment bebefits for three years. 99 weeks is the max and most people do not qualify for that.
    Not true, that was the rule a week ago. The new tax bill that was just signed adds another 13 months of unemployment insurance.

  10. #49
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    Jul 2010
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    Quote Originally Posted by kirbinster View Post
    Not true, that was the rule a week ago. The new tax bill that was just signed adds another 13 months of unemployment insurance.
    Your conclusion is wrong. It just means that extended and emergency benefits are funded for people who qualify for the next 13 months. Nobody can receive more than 99 weeks. And only certain high unemployment states qualify for that.

  11. #50
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    May 2000
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    Rochester, NY, USA
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    Quote Originally Posted by pageyjim View Post
    Your conclusion is wrong. It just means that extended and emergency benefits are funded for people who qualify for the next 13 months. Nobody can receive more than 99 weeks. And only certain high unemployment states qualify for that.
    I hate to say it, but Pagey is correct. The "99'ers" will no longer receive benefits starting Jan.1st.

    The good news is the government can now claim a lower unemployment rate because those not receiving unemployment are no longer counted
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  12. #51
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    Jul 2010
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    NJ
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    I sure hope I am wrong about this

  13. #52
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    Feb 2009
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    Quote Originally Posted by beenthere View Post
    That site is wrong in their example. It is not done like that.
    Is too.

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