FACT: 98% of Americans are getting a tax cut this year.

JTalbain

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Actually, many of the tax cuts translated into larger tax refunds for those who didn't make very much. I normally get about 500-600 dollars back when I file, and this year I got about $2400 back.

The proof is actually here: Household income in the United States - Wikipedia, the free encyclopedia
The new taxes were only on those who made $250,000+ in a year, and the tax cuts were on those who made below that. According to the 2005 census, which may be off slightly, this is only about 1.50% of the population, round up to 2% to allow a 33% variation of data over 5 years (very generous, and it makes for easier math too) and 98% of Americans are getting a tax cut.

For those who feel the "average American" is going to be screwed by the new tax law, it is worth noting that the median income in the US according to this data was $44,389. Those who feel they are the average American when they are making 6 figures a year can take solace in the fact that they make more than 90% of the people in the nation. Reality check for them: they are financially way better off than most of the people in the country.
 

FuzzyKen

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This (2010) is the first year that I did not get absolutely killed on taxes. I finally had a year where I had a refund from the Feds and only owed the state about $40. The refund Federal refund was not much, but, at least I am going to get a decent steak dinner out of the deal.

The one thing that never ceases to amaze me however is that I hear of numerous kinds of huge tax rebates. What is interesting is that no matter what it is it appears that these wounderful tax credits never apply to me personally. Somebody must get them, but I certainly don't.

The tax situation either way is not the fault of the sitting President. He represents the executive branch of government. Your tax structures and laws come from the legislative branch of government. With all of the constant fighting within the legislative branch, in all honesty I am surprised and thankful that I even got the "steak dinner".
 

HazelGod

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The one thing that never ceases to amaze me however is that I hear of numerous kinds of huge tax rebates. What is interesting is that no matter what it is it appears that these wounderful tax credits never apply to me personally. Somebody must get them, but I certainly don't.
Welcome to the upper-middle class, where getting fucked from both ends is de rigeur.
 

Tattooed Goddess

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B_talltpaguy

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^I think that in terms of our tax bills, most of the American middle class has no idea how good they had it this year.

Oh well, in order to owe, you gotta be making it, so better that than the other way round.
You got that right... I owed just over $3400 this year and was almost ecstatic I got it down that low.

(unlike a previous poster, I got all sorts of deductions and credits this year)
 

JTalbain

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I know one of the deductions I got this year was because I am a college student. Just declaring that gave me an extra $1000 on my refund.
 

B_starinvestor

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Those who don't make enough to pay INCOME tax had their PAYROLL taxes decreased.

My gawd is that what they are talking about? Even those that don't pay income taxes - that are getting another handout - but this time from the rapidly depleting social security trust fund?

Excuse me while I throw up.

It isn't a tax cut it is a handout.
 

B_talltpaguy

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^Funny, I don't hear you complaing about the handout you got from Bush a few years ago... And therefore you also shouldn't complain when your handout ceases to exist next year.

:squintfinger:
 

Tattooed Goddess

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I truly never recall getting a hand out any time in my life. When we got married and lived on 10 an hour, we still didn't qualify for anything. I just count up my business expenses and hope for the best when it comes to the claimed revenue and have them take out a little more so we can get it back rather than having to pay it all back in when the money might not be there when it is due.

That's been my life for the 12 years i've been over 18. It will continue to be best case scenerio for the duration of my life if i am lucky- regardless who is in power.
 

D_Tully Tunnelrat

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Even those that don't pay income taxes - that are getting another handout - but this time from the rapidly depleting social security trust fund?

Dude, it's not a hand out. Under Reagan SS taxes doubled. He then used accounting slight of hand, and raided those funds while he continued to run a massive fiscal deficit, something which no one called him on, and all Admins since have followed. In fact Reagan's SS overhaul was one of the largest tax increases in US history. This is merely some redress 29 years later.

I think everyone has to put some money in the government money pot, regardless of if it's only a dollar. We are so deep in the whole, it has to be publicly acknowledged that everyone will have to pitch in, if we are going to turn the financial tide.

My taxes are up this year. I don't like it, but I'll be damned if I am going to attend a "Woe is Me" Tea Party because of it. I'll pay it, and continue to vote for a candidate whose priorities most closely mirror my own.
 

B_talltpaguy

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I think everyone has to put some money in the government money pot, regardless of if it's only a dollar. We are so deep in the whole, it has to be publicly acknowledged that everyone will have to pitch in, if we are going to turn the financial tide.
Fuck that. It is the wealthy and their corporations that have benefited from unsustainably low tax policies for decades, not the poor or the middle class, who have been getting squeezed all along both in terms of taxation and the shit-ass wages corporations will pay... Imo, we should institute a one-time asset tax on every person and business worth more than 500k-1M bucks... From what I've read, a even a single digit tax rate would literally eliminate all $12T of our national debt in one year... Sure, the rich would all be worth a little less, but who gives a shit? Their net worth is only as high as it is because they've been getting it over on everyone else all along... And let's face it, the poor and the middle class don't have anything left to give anyways, because the wealthy already took it all.
 

B_starinvestor

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Dude, it's not a hand out. Under Reagan SS taxes doubled. He then used accounting slight of hand, and raided those funds while he continued to run a massive fiscal deficit, something which no one called him on, and all Admins since have followed. In fact Reagan's SS overhaul was one of the largest tax increases in US history. This is merely some redress 29 years later.

Reagan had no choice. Social Security would have collapsed had he not arranged for that tax increase. He crossed party lines to save Social Security - amidst strong opposition from his own party. Research this - what would you have done?


I think everyone has to put some money in the government money pot, regardless of if it's only a dollar. We are so deep in the whole, it has to be publicly acknowledged that everyone will have to pitch in, if we are going to turn the financial tide.

I couldn't agree more. Where have you been with this principle in dozens of threads in this forum? You obviously know that nearly half of Americans don't pay a dime into the system.

My taxes are up this year. I don't like it, but I'll be damned if I am going to attend a "Woe is Me" Tea Party because of it. I'll pay it, and continue to vote for a candidate whose priorities most closely mirror my own.

It's not 'woe is me.' It's - 'I'll chip in - why don't you?"
 

Tattooed Goddess

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I dont think anyone minds paying taxes, its part of life. But someone has to stand up for not paying higher and higher taxes on the same amount of income because the gov't would take all of your money if they could. It must be regulated by people who don't want a majority of their money going to someone else. If it weren't for those people fighting on our behalf for that, we'd be more fucked up.

I'm not for more and more social programs. I've not seen them change lives. I've seen most of my family use those systems to stay where they are, they should thank me for paying for their way in life. They sure don't mind bragging about their lack of having to pay taxes, or getting free things from formula (which is expensive as hell) and groceries on an Access Oklahoma foodstamp debit card. Oh and while we pay full price for these items, they get them for free. Like expensive daycare credits for having more and more kids.

Right now, people might need these services because of the economy, but lets face it, a huge majority of genuinely poor people love the idea of getting things on someone elses dime. It's a lifestyle.
 
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D_Tully Tunnelrat

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Imo, we should institute a one-time asset tax on every person and business worth more than 500k-1M bucks... From what I've read, a even a single digit tax rate would literally eliminate all $12T of our national debt in one year...

That's catchy rhetoric, but it's not gonna happen. Try it, and watch millions leave their US citizenship behind. Hell, I'd do it, if only because I'd be wiped out, as I qualify for the tax based upon my home. It doesn't take much of a home to be worth 500K in most parts of CA - here that's a suburban rancher, firmly middle class. Tax me on it, and I'll have to sell. That will surely help the already wrecked CA housing market/banks/state and federal tax rolls. Just as we all have to live within our means, so too does government.

Historically the Federal budget is, on avg., 20% of GDP, post WWII. We are now at 25%, and we borrow 40% of that, with 5% of the total going towards the federal debt. That's unsustainable, especially as the bill for SS comes due.

CNSNews.com - Federal Government Will Borrow 40 Percent of the Money It Spends Next Year, Says White House Report

The CBO estimates we will run Trillion dollar deficits, at current spending levels for the next ten years. So, even if taxes are raised on those who have assets above $500K, you gonna have to take it all to cover just the $8.53T in new deficits.

CBO: Huge deficits to average $1 trillion per year over the next decade - TheHill.com

Just because government cannot control what they spend hardly means you, I, or anyone should continually pay for their inability to do so. Corporate kleptocracy is morally bankrupt (as is government version too), but those who benefited from that aren't worth $500-1M, these are guys/families worth $5M-60B.

Who Rules America: Wealth, Income, and Power

If you took ALL of the money from the everyone it the top 1% in America, it would still not be enough to pay off all the Federal debt, and unfunded liabilities of SS, Medicare, Fannie and Freddie, etc, which total about $56T; you'd be short about $42T, and even if everyone in the US signed over every home, stock, and life insurance policy, etc. you'd still be short by about $20T. We're broke. That's why everyone should kick in, even if it's community service - whatever. Otherwise, if the chits are called in, it's game over,; no pol will publicize the numbers, cause they are numbingly scary, for every one.
 

mako shark

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98% percent are getting a tax cut, but yet the top 2% are getting taxed more than ever... Funny thing is that if it wasn't for them the government wouldn't even have money to give away...