Think your taxes were bad this year?

[Grouse]

Barack Obama has taken to promoting his so-called "Buffett Rule." Named for billionaire investor Warren Buffett, the rule says that no millionaire should pay less than 30 percent in income taxes. Sen. Sheldon Whitehouse (D-RI) dutifully drafted legislation to make it so, and the Joint Committee on Taxation analyzed it to see what the revenue result would be. To call it underwhelming would be an understatement. Best case scenario, the Buffett Rule would increase federal revenue by just $1.1 billion this year, or one-tenth of one percent of Obama's budget deficit.

Of course, Obama's proposal is nothing more than class warfare rhetoric for the campaign stump, but his real tax plan includes increasing taxes on everyone -- not just Warren Buffett, but his poor secretary, too.

[wooffer]

Sadly the last thing the government needs is more money, the more they get, the more they'll spend. What they should be doing is creating a budget that cuts the overall spending and then reduce the tax rate of the middle class accordingly. Creating class division and now racial division with his inflammatory comments will help no one. Then again there is nothing to indicate that he wants to help this nation nation. Maybe he should take another world muslim apology tour and leave us alone.

[sits in trees]

the thing that they have to do is eliminate tax loopholes for corporations and the rich. yes they pay a high percentage tax on income and increasing that a couple percent only amounts to a certain amount of money. but the rich and big business have way too many ways of reducing the tax they pay with the trickery built into the tax laws for them, its to the point people with bucks in this country actually pay very little or no taxes whatsoever...

sorry but i have a hard time extending pitty to billionaires and the very corporations that have sent the jobs of hard working Americans over to wherever...the only class warfare that i care about is the one thats gonna help hard working middle class American families. the very people in this country that are slowly but surely being stomped into the ground. the rich will be OK.

[bubba]

ahh I see the kool aid is being passed out. The more money you take from big business, the less people they will employ. Oh yeah I forgot that is the big plan keeping all those on the govt dole, along with many more. If more people work, more money is generated in taxes then over taxing those who have made a business. I do not see how someone who makes 25 grand a year and has 3 or 4 kids can get 10 or 12 grand back from the govt, Stop that crap and go to a flat tax. Talk about loop holes. getting back more than you pay in is not profitable for the payer.

[nyantler]

Flat tax definitely eliminates all the crap

[hunterman7956]

Has anyone read [WINNER TAKE ALL POLITICS ] by Jacob Hasker and Paul Pierson ?

It will open your eyes and help us understand how we got in this mess...While we argue about a few thousand there are those that count their profits in the Hundreds of Millions,

[ants]

Screw those rich S.O.B's who hire people,which allows them to support their family's!!! Tax em out of the country

Sarcasm..Flat tax.

[Grouse]

Let's play Myth Busters

http://patriotpost.us/alexander/2012/02/02/defeating-obamas-socialist-propaganda/

[sits in trees]

ahh I see the kool aid is being passed out. The more money you take from big business, the less people they will employ. Oh yeah I forgot that is the big plan keeping all those on the govt dole, along with many more. If more people work, more money is generated in taxes then over taxing those who have made a business. I do not see how someone who makes 25 grand a year and has 3 or 4 kids can get 10 or 12 grand back from the govt, Stop that crap and go to a flat tax. Talk about loop holes. getting back more than you pay in is not profitable for the payer.

hey Bubbles, you talk about drinking coolaid, it sounds like your swillin vodka bro. the corporations in this country have been getting tax breaks for a long time and they even got bigger tax breaks when Bush was in office, so where are the jobs with all these tax breaks they have gotten for decades now?? and do you really, really believe the Rich and powerfull are going to allow our 20 thousand page tax code to be rewritten for a flat tax, yea take another shot of that Smirnoffs brother...and a family of 4 making 25k getting back 12k in taxes, have another there Bubbles, who the heck tells you this crap??????

[Grouse]

The fact is that Warren Buffet, like Mitt Romney and other "wealthy Americans," pays much more than the much-maligned "15 percent" on capital gains. Before being taxed on his profits, the corporations producing them are already taxed at 35 percent -- the highest corporate tax rate in the world. So, in effect, these vilified wealthy Americans are already paying more than 50 percent in taxes, far above the 30 percent rate of Obama's beloved "Buffett Rule," and far, far above his "15 percent" claim.

Why does the US government give corporations tax breaks? So they can use it for expansion and job creation. The capital Obama proposes to remove from the economy in the form of even more disproportionate taxes (for expenditures not authorized by our Constitution) will decrease the available pool of capital for economic expansion, job creation and higher standards of living for ALL working Americans.

Why do corporations get big tax breaks in America? To try and keep them from moving to other countries that offer even BIGGER tax breaks!

The US currently has the highest corporate tax rate in the world (35%). You want that rate to be even higher? Say Good-Bye to even more jobs then.

[Doc]

Ha-ha .... like I once heard someone ask, "When is the last time you were hired by a poor person?"

[bubba]

ahh yes the bubbles comments when you have nothing else there shits in trees. I wish just once those oif you who choose to not call me by my name would say it to me.

[SteveB]

a family of 4 making 25k getting back 12k in taxes, have another there Bubbles, who the heck tells you this crap??????

I know one such family that got back just over 9K 2 years ago with less then 21,000 income.

[bubba]

hey crapper in trees It happens all the time. It is called earned income credit, a low income tax break. You get so much per kid after you do not pay taxes as the standard deduction gets you to zero income then you get paid per kid. Another govt dole to keep people dependent. And btw there is on c in koolaid.

[nyantler]

Income taxes are the least of my concerns as far as taxes goes... my property and school taxes are far higher in proportion and not based on any reality... They pick a made up acessed value based on nothing... then I pay money and get little in return... it is certainly not equitable when it comes to all the people in the community... I get penalized for keeping a nice home, while the shithook down the road that makes mega bucks and whos house looks like something straight from the Munsters pays less. In 20 years I have paid nearly $120,000 in property taxes... just think how much more I could have contributed to the economy if I had that in my bank account instead.

My home is now on the market and I am moving a tiny home where taxes are less than half of my current tax...

[Doc]

Income taxes are the least of my concerns as far as taxes goes... my property and school taxes are far higher in proportion and not based on any reality... They pick a made up acessed value based on nothing... then I pay money and get little in return... it is certainly not equitable when it comes to all the people in the community... I get penalized for keeping a nice home, while the shithook down the road that makes mega bucks and whos house looks like something straight from the Munsters pays less. In 20 years I have paid nearly $120,000 in property taxes... just think how much more I could have contributed to the economy if I had that in my bank account instead.

My home is now on the market and I am moving a tiny home where taxes are less than half of my current tax...

Isn't it wonderful? .... lol. You have just exposed the myth of home ownership. We don't own our property, we simply rent it from the government. And anytime we ever have any doubts about that, try holding back on your taxes. Oh and by the way, you also have to seek permision from the "landlord" (the government) anytime you want to make additions or modifications to the property. They call it zoning and/or state building codes. Even the land use is regulated by the government landlords. I could tell you a bit about our state's wetlands act in terms of how much say I have about "my property".

So when we say we own property, that is simply a little dilusion that we all engage in. We really rent it from the government.

[sits in trees]

Income taxes are the least of my concerns as far as taxes goes... my property and school taxes are far higher in proportion and not based on any reality... They pick a made up acessed value based on nothing... then I pay money and get little in return... it is certainly not equitable when it comes to all the people in the community... I get penalized for keeping a nice home, while the shithook down the road that makes mega bucks and whos house looks like something straight from the Munsters pays less. In 20 years I have paid nearly $120,000 in property taxes... just think how much more I could have contributed to the economy if I had that in my bank account instead.

My home is now on the market and I am moving a tiny home where taxes are less than half of my current tax...

isnt that a fact, my property backs to a multi millionaires 160 acre horse farm and he pays about the same taxes that i do. he doesnt even live their and the place is worth about 2.5 million with stables, people and horse boarding, a house that looks like something from Beverly Hills...it pays to be rich...

[sits in trees]

hey crapper in trees It happens all the time. It is called earned income credit, a low income tax break. You get so much per kid after you do not pay taxes as the standard deduction gets you to zero income then you get paid per kid. Another govt dole to keep people dependent. And btw there is on c in koolaid.

hey watch yer tongue my son!!

[bubba]

ahahaha you are hilarious (NOT)

[bubba]

but back to the topic again that is how people get large refund checks. I noticed you forgot to comment on that part.

[sits in trees]

The fact is that Warren Buffet, like Mitt Romney and other "wealthy Americans," pays much more than the much-maligned "15 percent" on capital gains. Before being taxed on his profits, the corporations producing them are already taxed at 35 percent -- the highest corporate tax rate in the world. So, in effect, these vilified wealthy Americans are already paying more than 50 percent in taxes, far above the 30 percent rate of Obama's beloved "Buffett Rule," and far, far above his "15 percent" claim.

Why does the US government give corporations tax breaks? So they can use it for expansion and job creation. The capital Obama proposes to remove from the economy in the form of even more disproportionate taxes (for expenditures not authorized by our Constitution) will decrease the available pool of capital for economic expansion, job creation and higher standards of living for ALL working Americans.

Why do corporations get big tax breaks in America? To try and keep them from moving to other countries that offer even BIGGER tax breaks!

The US currently has the highest corporate tax rate in the world (35%). You want that rate to be even higher? Say Good-Bye to even more jobs then.

dude where are you hearing this stuff, i would really like to know who is filling your head with this nonsense. there are some many ways to write off and deduct from earnings that fall into the capital gains tax catagory it isnt even funny. you have surely never made any profit from the sale of real estate or anything else and have no idea of what capital gains tax even is?????

for those of you who really wanna listen and arent Fox news zombies the truth is between oil subsidies and ripping Americans off Big Oil pays little to no taxes. why is it when oil prices went up to 120 bucks a barrel last year and the price for a dollar of gas went to 3.50 to reflect that it never went down when oil dropped back down to 76.00 bucks a barrel????????? should i even get into tax payer paid oil and agriculture subsidies. check out GE, yea they paid zero % in taxes for the last several years all while sending American jobs to China, hey what about the banks and GM which we all bailed out and now is building more cars in china than in the USA, HUH. yea go right on feeling that big corporations are being picked on and treated unfairly, then have another few shots of Jack Daniels to help you believe it alittle more, hope you get a real warm fuzzy feeling when it costs you 300 bucks to fill up your pickup while big oil has been making record profits every quarter for the last 4 years....man this country has gone stupid!

Edited March 31, 2012 by sits in trees

[bubba]

what flavor is the koolaid today?

[hunterman7956]

In early 1960s those with incomes over 100,000.00 paid 90 % in taxes, today its around 35 %. Since 1960 to present those with incomes under 100,000.00 saw a rise of income of around 28 % and those in the top of the 1 % saw an increase of 256 % quite a difference ! My facts are taken from[ WINNER TAKE ALL POLITICS ] by HASKER and PIERSON . Kinda disporptionate dont you think ...

Edited March 31, 2012 by hunterman7956

[Grouse]

dude where are you hearing this stuff, i would really like to know who is filling your head with this nonsense. there are some many ways to write off and deduct from earnings that fall into the capital gains tax catagory it isnt even funny. you have surely never made any profit from the sale of real estate or anything else and have no idea of what capital gains tax even is?????

for those of you who really wanna listen and arent Fox news zombies the truth is between oil subsidies and ripping Americans off Big Oil pays little to no taxes. why is it when oil prices went up to 120 bucks a barrel last year and the price for a dollar of gas went to 3.50 to reflect that it never went down when oil dropped back down to 76.00 bucks a barrel????????? should i even get into tax payer paid oil and agriculture subsidies. check out GE, yea they paid zero % in taxes for the last several years all while sending American jobs to China, hey what about the banks and GM which we all bailed out and now is building more cars in china than in the USA, HUH. yea go right on feeling that big corporations are being picked on and treated unfairly, then have another few shots of Jack Daniels to help you believe it alittle more, hope you get a real warm fuzzy feeling when it costs you 300 bucks to fill up your pickup while big oil has been making record profits every quarter for the last 4 years....man this country has gone stupid!

You are the one who obviously doesn't know what capital gains are, Dude! Sounds like you sold a house once, and paid a huge tax bite on the money you made on it, because you had no idea what you were doing.

Corporations can avoid paying capital gains taxes by reinvesting the profits back into the business buying new assets, which are expenses that are used to grow the company and create jobs.

My information comes from The Wall Street Journal, Forbes, Business Week, Barron's, Newsweek and Standard and Poor's. Where does your complete lack of knowledge come from?

As far as the rest of your rant posted above, you have no clue what you are talking about and should investigate the claims you make, that are obviously making you very angry at the wrong people in this country. You are being used as a tool by the goverment, that would like nothing more than to take even more taxes from the citizens of this country, to spend on even more vote buying fiascos, that they have no constitutional authority to do. The only thing you said that is true is, "Man, this country has gone stupid".

[Nomad]

When corporations and business are taxed more another thing that happens is the cost is passed on to those who buy their goods and services.... So who ya sticking it to ?