Comments on: A Taxation Primer http://www.stoptheaclu.com/2008/11/03/a-taxation-primer/ Beating Them With Their Own Sickle And Hammer Mon, 13 Feb 2012 05:22:14 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: William Teach http://www.stoptheaclu.com/2008/11/03/a-taxation-primer/comment-page-1/#comment-105345 William Teach Tue, 04 Nov 2008 13:20:46 +0000 http://www.stoptheaclu.com/?p=16036#comment-105345 The tax tables have been set for years, Johnny. And, you hit a major point: tax loopholes. If you raise the taxes rate on people who make a good chuck on change, they tend to use more of the loopholes, putting less money into the treasury. The tax tables have been set for years, Johnny.

And, you hit a major point: tax loopholes. If you raise the taxes rate on people who make a good chuck on change, they tend to use more of the loopholes, putting less money into the treasury.

]]> By: JohnnyO http://www.stoptheaclu.com/2008/11/03/a-taxation-primer/comment-page-1/#comment-105313 JohnnyO Tue, 04 Nov 2008 04:48:58 +0000 http://www.stoptheaclu.com/?p=16036#comment-105313 PS Your tax table for 2009 is bogus. It has not been released yet nor does it approximate an Obama position. It does, however, approximate a McCain position. My worry though is that it clearly shows higher taxes for those in lower tax brackets than is currently in the Bush 2008 schedule. Have you inadvertantly revealed what the Republicans really have in mind? PS Your tax table for 2009 is bogus. It has not been released yet nor does it approximate an Obama position. It does, however, approximate a McCain position. My worry though is that it clearly shows higher taxes for those in lower tax brackets than is currently in the Bush 2008 schedule. Have you inadvertantly revealed what the Republicans really have in mind?

]]> By: JohnnyO http://www.stoptheaclu.com/2008/11/03/a-taxation-primer/comment-page-1/#comment-105311 JohnnyO Tue, 04 Nov 2008 04:41:05 +0000 http://www.stoptheaclu.com/?p=16036#comment-105311 The truth if you examine the 2008 tax tables closely is that the top tax tier is 35% for only that portion of net income that exceeds $357,700. This 35% figure also assumes that the taxpayer is not using any of the hundreds of loopholes that are available to shield this income. It also is based on net income and not gross revenues. Remember that as much as twenty times your net income can be hidden as expenses on gross revenues yet still provide fantastic benefits and cashflow to the taxpayer in the highest tax bracket. Also the well-to-do in this top tier hold the great bulk of capital assets in the nation and are currently taxed at 15% however there are a great many tax shields to reduce this and prior capital losses can also be applied against gains. Now compare the previous well-to-do to the millions who have an adjusted gross income of at least $65,100 and are currently in the 28% incremental tax bracket with no major tax loopholes save mortgage interest deductions. Now does this sound fair to you? I think that you raise a very interesting question as to how will Obama finance the $500 reductions in tax for millions of Americans. Obama says he is going to do it by cutting government programs but I think that it is also obvious that much of the tax cuts will be funded by deficit spending. Unfortunately this deficit spending will continue to cost the great mass of American taxpayers who will have to continue paying interest to ultra wealthy holders of our National Debt. The truth if you examine the 2008 tax tables closely is that the top tax tier is 35% for only that portion of net income that exceeds $357,700. This 35% figure also assumes that the taxpayer is not using any of the hundreds of loopholes that are available to shield this income. It also is based on net income and not gross revenues. Remember that as much as twenty times your net income can be hidden as expenses on gross revenues yet still provide fantastic benefits and cashflow to the taxpayer in the highest tax bracket. Also the well-to-do in this top tier hold the great bulk of capital assets in the nation and are currently taxed at 15% however there are a great many tax shields to reduce this and prior capital losses can also be applied against gains.

Now compare the previous well-to-do to the millions who have an adjusted gross income of at least $65,100 and are currently in the 28% incremental tax bracket with no major tax loopholes save mortgage interest deductions.

Now does this sound fair to you?

I think that you raise a very interesting question as to how will Obama finance the $500 reductions in tax for millions of Americans. Obama says he is going to do it by cutting government programs but I think that it is also obvious that much of the tax cuts will be funded by deficit spending. Unfortunately this deficit spending will continue to cost the great mass of American taxpayers who will have to continue paying interest to ultra wealthy holders of our National Debt.

]]> By: Cynthia http://www.stoptheaclu.com/2008/11/03/a-taxation-primer/comment-page-1/#comment-105299 Cynthia Tue, 04 Nov 2008 02:47:19 +0000 http://www.stoptheaclu.com/?p=16036#comment-105299 I ran my income through the Obama tax calculator for an income between $100k and $150k, single status, no moortgage. Guess what? I get a tax reduction of zero! I guess I'm in that 5% of American workers that won't get tax relief... I ran my income through the Obama tax calculator for an income between $100k and $150k, single status, no moortgage. Guess what? I get a tax reduction of zero! I guess I’m in that 5% of American workers that won’t get tax relief…

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