Everyone needs to pay their fair share

[Street Rat]

I swear, everytime I hear this guy say it, I don't know why, but something inside me is thinking it's finally going to happen, he is going to propose those 47% who pay nothing start actually contributing like the rest of us and then the let down. I guess that is just never going to happen, it will never please the voters, but the millionaires and billionairs the few that there are appeals to the deep ignorant masses.

 

[gl89aw]

I have never understood the 47% that don't pay taxes, are they newborns, in mental institutions, prison etc. I was never in the high income bracket but I paid taxes from 1967 to the present, I realize that the rich have loop holes that reduces their taxes by a considerable amount but lets not forget that the politicians in Washington created those loop holes, they did not magically just appear.

One other thing that really bugs me is that Bush continues to be blamed for just about everything. I do know that the head of anything is sometimes only as good as the people under him. There were and are all kinds of oversight committees in Washington that are responsible for Housing, Banking etc. They totally failed at their jobs thru incompetence, influence of lobbyists etc, they did not blow any whistles etc and yet most if not all the bums got off scott free and were even re-elected. We were left holding the bag for Billions in losses. Did you know that a Senator or Representative cannot be prosecuted for insider trading/using info that they are privy to that we aren't, I doubt that many of them took as big a hit on their stocks as the common man has.

 

[dutchwrangler]

I don't contribute. It's stolen. Backed by the threat of force, government's only tool. It was mine... but now it's not.

I contribute to charities voluntarily.

 

[Dale00]

"Fair share"
"Skin in the game"
"Hope and change"
"Transparency in government"
"Green energy and jobs"

 

[BadgeBunny]

God, Please don't let this guy get elected to a second term. Amen.

 

[RickN]

What the left wants you to hear,

According to Senate Democratic Leader Harry Reid's office, 22,000 people who make over $1 million a year pay taxes at a rate of less than 15 percent. According to the IRS, nearly 1,500 households reporting more than $1 million in income paid no federal income taxes in 2009.

What the left does not want you to know,

Data compiled by the nonpartisan Tax Policy Center show households pulling in more than $1 million pay about 29.1 percent of their income in federal taxes. By contrast, households making between $50,000 and $75,000 pay about 15 percent. That's out of about 236,000 returns for income above $1 million.

So out of 236,000 about 22,000 of them are paying at a lower rate for one reason or another. That is less then 10% and about average for the percentage of persons in middle income brackets getting a lower rate for losses, deductions, etc.

 

[doctorjj]

I have never understood the 47% that don't pay taxes, are they newborns, in mental institutions, prison etc.

How much do you pay in taxes throughout the year? How much is your return? A lot of people get taxes taken out of their check each pay period so they "pay taxes" but when it's all said and done at the end of the year when they file their return and you add up all their earned income credits and everything else, they actually get back more than they paid in. So in total, they didn't pay any taxes. They actually collected money from the tax system. Many of these people have no idea that they are takes and not makers. And if you point that out to them they get fighting mad.

 

[cjjtulsa]

How much do you pay in taxes throughout the year? How much is your return? A lot of people get taxes taken out of their check each pay period so they "pay taxes" but when it's all said and done at the end of the year when they file their return and you add up all their earned income credits and everything else, they actually get back more than they paid in. So in total, they didn't pay any taxes. They actually collected money from the tax system. Many of these people have no idea that they are takes and not makers. And if you point that out to them they get fighting mad.

Exactly – you beat me to it.

 

[JB Books]

How do you only pay 15%? I have a great CPA, but daaammmnnn, how can I pay only 15%?

 

[soonersfan]

How do you only pay 15%? I have a great CPA, but daaammmnnn, how can I pay only 15%?

I'm not sure how they come up with this rate either. We can't rest assured that we're not going to get a quality explanation from Mr. Reid either. I am guessing it is an effective tax rate that ignores certain factors like write offs from starting a new business (something crazy rich people do that might actually stimulate the economy). Maybe it ignores all the ridiculous "green" tax credits that are available. Was it last year that everyone was buying electric golf carts called "Low Speed Vehicles" and getting a tax credit worth 50% of the purchase price from the .gov? I don't blame anyone for buying one but the credit was ridiculous. The 15% has to be what they're paying from the top line and ignoring everything that went on in between. Either that or they are some type of minority government contractor who is exempt from certain taxes as a result.