Half Your Paycheck

[philibusters]

Originally Posted by mamatutu

In my opinion, the majority of people that voted for Obama don't pay taxes. This is all just sickening, and hard to take. I hope Michelle and Barry are enjoying their sightseeing trip to Asia; which has no purpose, whatsoever, except sightseeing to the tune of millions of dollars. It is hard to stay optimistic and upbeat in the wake of Obama's re-election. I just hope it is not the wake before the funeral of the US. Hopefully, Congress will wake up. JMO

It may be self selection (I met a lot of my friends during college), but every single friend I have that voted for Obama works and pays taxes.

In regards to the original article, the article kind of makes it sound like Obama is to blame for your middle class taxpayer dishing out half their paycheck in taxes. In reality Obama has not imposed a single tax raise on the a person or couple in the 25 percent bracket. Literally everything in there would have been true if it was 2007 and George Bush was President. I started a global warming thread where I said people who argue for global warming mislead by stating true facts, but making them seem abnormal when really they are fairly normal. That is kind of what this article does. It makes a case that taxes are high and kind of connects that to Obama, even though the Federal tax rates are the same for 2012 as they ahve been since 2003 and Obama actually reduced FICA for 2011 and 2012!

The other things are that numbers number are a little inflated for a middle class person whose highest tax bracket is $25,000. Lets take a single person making 80,000 who takes the standard deduction and only has one exemption for themself, that person's effective federal tax rate is 19.3% according to this website. For 2012, the FICA coming out of the employees paycheck is 5.65%. You can argue that the 7.65% FICA tax the employer pays should also be counted. In reality probably that tax burden is shared by the employees and the stockholders, but for the sake of argument lets assume the entire tax burden falls on the employee. That brings you to 32.6% for federal taxes (hopefully most of the FICA is recouped when the worker receives Social Security, but you never know). Add in 4.7% for state, and realistically you are looking at 38.3 between federal and state income taxes. And that is aggressive tallying in reality the person may be married, have children, itemize their deductions, and almost certainly they would deduct their state taxes from their gross income for federal income taxes purposes, so that number is likely a wee bit high. Now I think that is a much more realistic number for income tax of somebody making 80,000 dollars a year rather than the 50% used in that article when it comes to income tax. Of course there are things like sales tax and property tax, that may get the total amount paid in tax close to 50% when all taxes together are considered.

[philibusters]

Originally Posted by Vince

Just checked my statement. More like 45% of my check is gone, but that's OK.

That could be but it likely means your marginal tax bracket is above 25% or you will get a large tax refund.

[mamatutu]

Originally Posted by philibusters

It may be self selection (I met a lot of my friends during college), but every single friend I have that voted for Obama works and pays taxes.

In regards to the original article, the article kind of makes it sound like Obama is to blame for your middle class taxpayer dishing out half their paycheck in taxes. In reality Obama has not imposed a single tax raise on the a person or couple in the 25 percent bracket. Literally everything in there would have been true if it was 2007 and George Bush was President. I started a global warming thread where I said people who argue for global warming mislead by stating true facts, but making them seem abnormal when really they are fairly normal. That is kind of what this article does. It makes a case that taxes are high and kind of connects that to Obama, even though the Federal tax rates are the same for 2012 as they ahve been since 2003 and Obama actually reduced FICA for 2011 and 2012!

The other things are that numbers number are a little inflated for a middle class person whose highest tax bracket is $25,000. Lets take a single person making 80,000 who takes the standard deduction and only has one exemption for themself, that person's effective federal tax rate is 19.3% according to this website. For 2012, the FICA coming out of the employees paycheck is 5.65%. You can argue that the 7.65% FICA tax the employer pays should also be counted. In reality probably that tax burden is shared by the employees and the stockholders, but for the sake of argument lets assume the entire tax burden falls on the employee. That brings you to 32.6% for federal taxes (hopefully most of the FICA is recouped when the worker receives Social Security, but you never know). Add in 4.7% for Astate, and realistically you are looking at 38.3 between federal and state income taxes. And that is aggressive tallying in reality the person may be married, have children, itemize their deductions, and almost certainly they would deduct their state taxes from their gross income for federal income taxes purposes, so that number is likely a wee bit high. Now I think that is a much more realistic number for income tax of somebody making 80,000 dollars a year rather than the 50% used in that article when it comes to income tax. Of course there are things like sales tax and property tax, that may get the total amount paid in tax close to 50% when all taxes together are considered.

Taxes and global warming don't have anything to do with each other. I am wordy, but I found it hard to finish your post. It is $250,000 or above that will be overly taxed. The people that make money and support America will suffer under Obama. I don't like supporting drug addicts or unwed mothers (which also includes wayward fathers). Obama is not suffering; all he cares about is that he made history; and wants to make his mark. Think about that. His Asia excursion would be something we all would love; his egotistical ride is beyond belief. We, as Americans, choose to think that nothing can take our great country down, but, I would suggest that we all shoud pay more attention. JMO

[kwillia]

The tax issues in question are the expiration of the Bush tax rates, which also include the elimination of the 10 percent tax bracket and the reduced deduction for married filers; ending the 2 percent cut to employee-side Social Security taxes; and the Alternative Minimum Tax.

Maryland was ranked second by the Tax Foundation because a four-person family there, with a median income of $106,707, would see its taxes go up 6.74 percent as a percentage of income, or about $7,194.

Sandy-Ravaged New Jersey Families Face $6,933 Tax Hike in Fiscal Cliff Stalemate | CNS News

[warneckutz]

Originally Posted by BigBlue

Link?Either back it up or stop lying.

Originally Posted by tommyjo

Based on the replies to this thread, ignorance must be a requirement to be a conservative.
If you don't understand a topic, as all of you obviously do not, you really ought to keep your yaps shut.

Internet Tough Talkers.

[philibusters]

Originally Posted by mamatutu

Taxes and global warming don't have anything to do with each other.

I agree with you, but I didn't say they do. I said if you look at the global warming thread I started, I argued that people who argue for drastic change in behavior because of global warming, can take facts like the fact that temperatures are raising (which is a normal process) and take them out of context. I said I feel the article is doing the same thing, as Obama hasn't raised the tax rate, but if you read the article you would think Obama is responsible for the high tax rates.

Originally Posted by mamatutu

It is $250,000 or above that will be overly taxed.

I used somebody in the 25% tax bracket (the single person making $80,000 per year) because that is the tax bracket of the hypothetical person in the article the original poster linked to.

Originally Posted by mamatutu

The people that make money and support America will suffer under Obama.

If by suffer you mean pay in more taxes, than previously, you will probably be correct (though it is not a done deal yet).

Originally Posted by mamatutu

I don't like supporting drug addicts or unwed mothers (which also includes wayward fathers).

I think that is natural.

Originally Posted by mamatutu

Obama is not suffering; all he cares about is that he made history; and wants to make his mark.

Well if by suffering you mean pay more taxes than previously, which is what was kind of implied earlier than yes Obama will suffer as if he get his way, his top marginal tax rate will go from 35% to 39.6%. Kidding aside, Obama faced a lot of tough issues his first term and it won't get any easier in the second term. Both in 2008 and 2012, whoever won the election was not walking into a job that would be a cakewalk.

[philibusters]

Originally Posted by kwillia

The tax issues in question are the expiration of the Bush tax rates, which also include the elimination of the 10 percent tax bracket and the reduced deduction for married filers; ending the 2 percent cut to employee-side Social Security taxes; and the Alternative Minimum Tax.

Maryland was ranked second by the Tax Foundation because a four-person family there, with a median income of $106,707, would see its taxes go up 6.74 percent as a percentage of income, or about $7,194.

Sandy-Ravaged New Jersey Families Face $6,933 Tax Hike in Fiscal Cliff Stalemate | CNS News

While all the Bush tax cuts could expire, the odds are the tax cut for the top bracket is the only cut that is realistically in play. The 2% FICA tax break will likely end at the end of 2012.

[GURPS (Premo)]

Originally Posted by migtig

There is only a slim minority of people left in the US who actually have their eyes open. And they are helpless to do anything about it.

[mamatutu]

Originally Posted by philibusters

I agree with you, but I didn't say they do. I said if you look at the global warming thread I started, I argued that people who argue for drastic change in behavior because of global warming, can take facts like the fact that temperatures are raising (which is a normal process) and take them out of context. I said I feel the article is doing the same thing, as Obama hasn't raised the tax rate, but if you read the article you would think Obama is responsible for the high tax rates.




I used somebody in the 25% tax bracket (the single person making $80,000 per year) because that is the tax bracket of the hypothetical person in the article the original poster linked to.



If by suffer you mean pay in more taxes, than previously, you will probably be correct (though it is not a done deal yet).




I think that is natural.



Well if by suffering you mean pay more taxes than previously, which is what was kind of implied earlier than yes Obama will suffer as if he get his way, his top marginal tax rate will go from 35% to 39.6%. Kidding aside, Obama faced a lot of tough issues his first term and it won't get any easier in the second term. Both in 2008 and 2012, whoever won the election was not walking into a job that would be a cakewalk.

I like your style. You try to reply/post very unbiased answers with a lot of forethought, and information. I tend to reply/post with emotional reactions; even though, I do consider myself knowledgeable of currents events, I know there is a lot more I need to know. Thanks so much for your input.