Shared Sacrifice - a Plan?

[soonercruiser]

http://members.cox.net/franklipsinic/Economy/shared%20sacrifice.jpg

[StoopTroup]

Now who's gonna do any work?

[diverdog]

http://members.cox.net/franklipsinic/Economy/shared%20sacrifice.jpg

I guess you missed the recent articles on the net that showed the top 400 wealthiest people paid and effective tax rate of 17%. Yep shared sacrifice alright.

[StoopTroup]

I guess you missed the recent articles on the net that showed the top 400 wealthiest people paid and effective tax rate of 17%. Yep shared sacrifice alright.

Shhhhh....you are gonna get that Obama guy re-elected.

[Curly Bill]

Shhhhh....you are gonna get that Obama guy re-elected.

Wager? :D

[StoopTroup]

Wager? :D

By June of 2012 we should hopefully have some folks to wager on.

[Curly Bill]

I'm willing to wager that Obama doesn't get re-elected.

What were the numbers I saw yesterday...48% in some poll or the other said they definitely would not vote for him. That's a lot to overcome.

[Aldebaran]

That's hardly a majority. Tea baggers are pushing the right to the insanely right. Couple that with the gift of a republican budget plan to destroy what's left of the middle class, and Obama is a two term slam dunk. May as well get used to it.

[Curly Bill]

Did I say somewhere that was a majority..:confused:

What it means is Brack has to get damn near everyone else, and of those a fair percentage said they weren't likely to vote for him.

[SCOUT]

I guess you missed the recent articles on the net that showed the top 400 wealthiest people paid and effective tax rate of 17%. Yep shared sacrifice alright.

17% is greater than 0%. Didn't Obama pay about 20%. I guess sacrifice is intended for other people.

[Gandalf_The_Grey]

Dear God, why should we raise taxes? I could understand raising it if the government had the slightest clue what is going on. I am just saying every school in my small part of Oklahoma got started because the local people saved up money and parts and every little thing. Then they brought in a teacher and she basically gets paid in good from the local store and local farmers and they build her a lovely house. We are totally capable of taking care of everyone else. You know what happened when someone used to get laid off. The community would pitch in and throw him little odd jobs here and there and he would earn money until a new opportunity arose. The people didn't hire that guy because they needed him, but the guy needed them. And guess what when that guy gets in trouble, guess who is there to help.

[yermom]

huh?

[Gandalf_The_Grey]

I am drunk :P

[sappstuf]

I guess you missed the recent articles on the net that showed the top 400 wealthiest people paid and effective tax rate of 17%. Yep shared sacrifice alright.

I guess you missed the recent articles where 50% of Americans pay no income tax at all. Yep shared sacrifice alright..

And it wasn't the 400 wealthiest people, it was top 400 with the highest adjusted gross income for that year, 2007 to be specific. That is a big difference.

The reason the tax rate is 17% is because those people made all of their profit on capital gains which is taxed at 15%. We want the rich to invest their money.. That is good for everyone.

But the rich must pay their "fair share", whatever that is. I say take 100% from them. Take it all. The average of those 400 with the highest income is $345 million. Multiple that by 400 and you get $138 billion. At the rate Obama is spending money, you have just funded the federal government for 13 days....

Now what??

Obama will soak the middle class because that is where the real money is at. We all know that he is a classic tax and spend liberal at this point. Hopenchange isn't going to work for anyone. Middle class watch your wallets...

http://i34.photobucket.com/albums/d102/sappstuf/taxes.jpg

[REDREX]

I guess you missed the recent articles on the net that showed the top 400 wealthiest people paid and effective tax rate of 17%. Yep shared sacrifice alright.---WOW 400 people ---Do you think everyone in the top 2% only pays 17% tax ?

[olevetonahill]

I am drunk :P

Ya say that like its a Bad Thing.;)

[TitoMorelli]

What's most unfair is that jackpot winnings on slot machines are taxed at around 28%, not 17%. Hey, if that's not a capital gain, then what is? And with a lower tax levied on jackpots, more money would return to the person who got the three cherries, who would then reinvest that extra money (in slot machines).:P

ABrR3HHF7ro&start=126

[dwarthog]

I guess you missed the recent articles where 50% of Americans pay no income tax at all. Yep shared sacrifice alright..

And it wasn't the 400 wealthiest people, it was top 400 with the highest adjusted gross income for that year, 2007 to be specific. That is a big difference.

The reason the tax rate is 17% is because those people made all of their profit on capital gains which is taxed at 15%. We want the rich to invest their money.. That is good for everyone.

But the rich must pay their "fair share", whatever that is. I say take 100% from them. Take it all. The average of those 400 with the highest income is $345 million. Multiple that by 400 and you get $138 billion. At the rate Obama is spending money, you have just funded the federal government for 13 days....

Now what??

Obama will soak the middle class because that is where the real money is at. We all know that he is a classic tax and spend liberal at this point. Hopenchange isn't going to work for anyone. Middle class watch your wallets...

http://i34.photobucket.com/albums/d102/sappstuf/taxes.jpg

Makin' sense don't go round here....


http://i84.photobucket.com/albums/k19/dwarthog/TombStone37.jpg

[soonercruiser]

I guess you missed the recent articles on the net that showed the top 400 wealthiest people paid and effective tax rate of 17%. Yep shared sacrifice alright.

OK DD.
And thanks for part of the story...
What percentage of all taxes (of millions of businesses) did that 400 wealthiest pay? Besides, most people should be smart enough to know that you stat is a red herring.
Lots of them have old money, and are only paying on dividends or capital gains - NOT ALL THEIR "WEALTH".
You only pay taxes on income - NOT WEALTH!
(Lies - damn lies - and then statistics)

[Leroy Lizard]

How are they defining an "effective tax rate"?

[Position Limit]

I'm willing to wager that Obama doesn't get re-elected.

What were the numbers I saw yesterday...48% in some poll or the other said they definitely would not vote for him. That's a lot to overcome.

you seem new to this game. do you have backing?

[dwarthog]

What's most unfair is that jackpot winnings on slot machines are taxed at around 28%, not 17%. Hey, if that's not a capital gain, then what is? And with a lower tax levied on jackpots, more money would return to the person who got the three cherries, who would then reinvest that extra money (in slot machines).:P

ABrR3HHF7ro&start=126

That is short term capital gains tax vs long term capital gains tax. Two different rates.

[AlboSooner]

poor GE paying all dem taxes :(

[soonercoop1]

I'm willing to wager that Obama doesn't get re-elected.

What were the numbers I saw yesterday...48% in some poll or the other said they definitely would not vote for him. That's a lot to overcome.

The liberal progressive media is doing their best to cover up all his faults and problems at this point....$4.00+ gas, 3 wars, destroyed housing market, inflation, 18% real jobless rate etc and they are reporting none of it...

[Pogue Mahone]

If they're reporting none of it, how did it come to your attention?

[dwarthog]

If they're reporting none of it, how did it come to your attention?

Sources other than the liberal mainstream media perhaps?

[soonercruiser]

If they're reporting none of it, how did it come to your attention?

Watch and listen to multiple news sources - not just the liberal drive-bys!

[Gandalf_The_Grey]

3 wars....the two most expensive..he didn't start. A Housing market that was destroyed BEFORE he took office. Inflation and debt that was already beyond horrible when he was swore in. Sounds like it old news to me...

[Gandalf_The_Grey]

Yeah, it just sucks that conservatives have nowhere to go. I mean is that why you are forced to watch CNN, MSNBC, and HLN. If only someone were to put together a conservative news channel. They could get people like Sarah Palin, Mike Huckabee, and Dick Morris to come and offer opinions. I think that young Bill O'Reilly could handle his own show. You could lead into him with some crazy conspiracy chalk board guy. Before him, put on that dark haired guy, think his name is Hannity and he can be led in with some Sara Evans or Martina McBride song....If there was a channel where I could get conservative news like that I would never bitch about a liberal media again!!

[diverdog]

17% is greater than 0%. Didn't Obama pay about 20%. I guess sacrifice is intended for other people.

There are a lot of millionaires who pay zero as well. I am for everyone paying income taxes.

[Leroy Lizard]

There are a lot of millionaires who pay zero as well.

I hear this all the time, but I'm not sure I believe it. At one time I think it was possible, but the IRS has closed up a lot of loopholes in the tax code. So exactly how does one pay 0 taxes on a gross income of (say) $1 million?

[dwarthog]

I hear this all the time, but I'm not sure I believe it. At one time I think it was possible, but the IRS has closed up a lot of loopholes in the tax code. So exactly how does one pay 0 taxes on a gross income of (say) $1 million?

If you are talking a million bucks being reported on a W2 from an employer, you are paying taxes at whatever the rate for that bracket is. Around 35% federal, another 6% for Oklahoma. So around 41% total. From there you would start applying any deductions to which you may be eligible for. Mortgage, 401k, stock losses, etc.

If you are getting million gross from investment income, say all of it from long term investment, you would be paying 15% for a tax rate. This is the favorite example of the folks who cry out rich folks don't pay enough taxes. Now those gross gains can be offset by losses. I think it's a one for one. Gross a dollar, lose a dollar. You got nothing and pay nothing. So if you sell some stock and gain a million dollars, then sell some losers in the portfolio to offset the tax liabilities, you probably walk away looking pretty good. There is a lot more to it than that though, but that is the basic idea.

The basic idea here with these lower long term investment rates was to incentivize people to be investors, provide capital for business and do so on a long term basis to provide some stability.

Short term investment tax rates are based on whatever bracket the investor is in. In the case of the W2 millionaire, 35%.

The investment path is open to everyone, not just millionaires. Lots of folks skip getting cool wheels and tires for their cars, or fancy paint jobs worth more than the value of the car, they take their money and make some investments and get ahead of the game. You don't have to be a rich person to invest, but you can certainly wind up that way if you have some discipline and common sense.

[Leroy Lizard]

If you are talking a million bucks being reported on a W2 from an employer, you are paying taxes at whatever the rate for that bracket is. Around 35% federal, another 6% for Oklahoma. So around 41% total. From there you would start applying any deductions to which you may be eligible for. Mortgage, 401k, stock losses, etc.

If you are getting million gross from investment income, say all of it from long term investment, you would be paying 15% for a tax rate. This is the favorite example of the folks who cry out rich folks don't pay enough taxes. Now those gross gains can be offset by losses. I think it's a one for one. Gross a dollar, lose a dollar. You got nothing and pay nothing. So if you sell some stock and gain a million dollars, then sell some losers in the portfolio to offset the tax liabilities, you probably walk away looking pretty good. There is a lot more to it than that though, but that is the basic idea.

The basic idea here with these lower long term investment rates was to incentivize people to be investors, provide capital for business and do so on a long term basis to provide some stability.

Short term investment tax rates are based on whatever bracket the investor is in. In the case of the W2 millionaire, 35%.

The investment path is open to everyone, not just millionaires. Lots of folks skip getting cool wheels and tires for their cars, or fancy paint jobs worth more than the value of the car, they take their money and make some investments and get ahead of the game. You don't have to be a rich person to invest, but you can certainly wind up that way if you have some discipline and common sense.

So all this "the rich don't pay taxes" is much ado about nothing. I figured as much.

[soonercoop1]

If they're reporting none of it, how did it come to your attention?

HAHA...I peruse the liberal/progressive national media from time to time to see what their agenda is or isn't....

[soonercoop1]

3 wars....the two most expensive..he didn't start. A Housing market that was destroyed BEFORE he took office. Inflation and debt that was already beyond horrible when he was swore in. Sounds like it old news to me...

:D