Howard Dean, "The truth is everybody needs to pay more taxes, not just the rich.”

[93 FOX]

Wow, just read this whole thread and I'm still no more educated on taxes than I was two minutes ago.

 

[beast1989]

I can tell you I am in the 28% bracket and I an paying closer to the 36% level. Try again...

Jeez tran what line of work are you in?

 

[Vamoose]

That is the only way they will ever make a serious dent in the deficit and debt unless they drastically cut spending and we all know that will never happen. Raising taxes on just the rich is not going to be anything but a drop in the bucket.

Yes. You said it better than me.

The Unions should pay taxes too. Right now most are tax exempt even on the multi-million dollar private resorts some own for their bigwigs.

And churches.

 

[WTJ]

I can tell you I am in the 28% bracket and I an paying closer to the 36% level. Try again...

This is absolutely correct.

 

[tntrex]

This is absolutely correct.

How exactly does one fall into 28% fed income tax and it go up 8% to 36% fed income tax paid?

 

[WTJ]

How exactly does one fall into 28% fed income tax and it go up 8% to 36% fed income tax paid?

If I could figure that out, given the complexity of the tax code, I would write a book and move into the 35(+8)% bracket.

You don't suppose the Facicommunsocialist government LIED to someone about those numbers, do you? Naaaaaaa, never happen.

 

[RickN]

This is the one I was thinking about.

As is the $33 million lakeside resort and golf club in Onaway, Mich., owned by the United Auto Workers Union,

 

[p238shooter]

That tax code structure chart is off as stated. This list would be the minimum tax for each bracket, not what you pay when they get through with you. Then you add the State tax to that.

 

[tntrex]

That tax code structure chart is off as stated. This list would be the minimum tax for each bracket, not what you pay when they get through with you. Then you add the State tax to that.

The chart is federal income tax and is not off. State tax cannot be added to federal income tax, they are totally seperate taxes. When you get through with it as in taking deductions or credits? Wouldn't that reduce your %? Please, someone tell me what penalty on your taxes will raise your rate 8% or any for that matter on federal income tax rates?

 

[Hobbes]

While I can't comment directly on his individual tax situation, if you under withold taxes during the year you could end up having to pay a penalty.

It happens sometimes to people who work more than one job. Each employer witholds taxes according to the IRS tax table which assumes the employee takes the standard deduction.
However, at tax time you only get to take one standard deduction, not one deduction for each job.
You will end up with a tax liability.
It used to happen to me because I worked two jobs so I started making estimated income tax payments during the year to avoid the penalty.

But the penalty is on your taxes owed, not your income, so I'm not sure how you can jump past an entire tax bracket.