Welshtaff's Blog

Sonds like all is well

Sure, the average Joe might make a few bucks in his 401K, while the cheney's make hundreds of thousands. Sort of like the bush tax cuts - peanuts thrown to the little guy while the cheney's save $200,000 per year. And just like the tax cuts (we pay more elsewhere to finance the big dick), everyone pays more for gas & all products affected by high gas prices so the big boys make millions on their stock.
And to those not paying attention, this is all OK.

I've cut my gasoline consumption by 25 percent. Yeah, I've had to give up a few things but this is war. I'm sure all y'all have cut back too in order for the supply and demand thing to work, right?

How many will have an excuse why they haven't cut back?

Class envy in action I see. Who cares how much a wealthy man saves because of the tax cuts! As long as i save the same % as he does. We all got the same % cut so who cares how much he saves! As long as I save too!

Actually, i meant to type Mr Exxon. That damned E key got in the way!*lol* Anyway, you all act as if the president and vice pres tell OPEC what to charge for oil or that they tell the market to go up or down. They WISH they had that much control!


Vitto....

Noone understands supply and demand anymore these days. They only understand demand. They demand it and if it's not to their liking, they complain! I have said it before and I'll say it again, when we get up to full refining speed over here and the well's are up to speed in Iraq, you'll see the price of oil drop. As for cutting back because we are at war, the spoiled whiners these days don't know what cutting back for war is! They forget their history! In WWII we had to ration EVERYTHING! You couldn't even buy tires for your car! You had food coupons and gas coupons to LIMIT what you bought. People today have no stomach for sacrifice! They cant even handle a rainy day!
As people, we stopped progressing with our grandparents. For the most part, we are a country of whiney children looking for candy!

Well then enlighten me. Even if I'm wrong, I KNOW I'm right when i say the rich pay a higher pecentage of tax than I do anyway. Agerage it out and I'm still sure the rich pay a higher percentage of tax. Please tell me how it's fare that the wealthy pay a higher percentage than someone of lesser means?

welshaff, I'm sorry if this may sound off topic but it does play into this "Soak the Rich" mentality that's gaining popularity these days. Someday I want to be rich and I don't want the government taking more of a percentage than they do now! EQUAL TAX RATES ARE THE ONLY FARE TAX RATES! The same percentage for beggar or banker!

Simple tax lesson for those who have just listened to the bush administration BS:

2 taxpayers, both single w/ no dependents and under 65.
Taxpayer A has $75,000 of wages
Taxpayer B has $75,000 of qualified dividends from his $1.8million invested in Exxon Mobil stock.

In the year 2000, both of these incomes were taxed the same.

In 2007:
Taxpayer A pays $12,993 Fed Income Tax
Taxpayer B pays $6,753 Fed Income Tax.

Taxparer B's tax cut just in 1 year is $6,240 more than Taxpayer A.


NEXT POINT - This wage earner is paying 17.3% of his income in Fed Income Tax. Mr & Mrs Cheney's 2003 tax return (the year the tax cuts really took off for some) shows they paid 12.7% of their income in Fed Income Tax. BTW - their income that year was $1.9million.

Anything else you want to claim to know?

Hey Boog; the Saudis are our good friends and allys. How can you blame them for our currency mess? President Bety disagrees with you. Sounds like a Liberal cop out to me.

As notmal we get back, "it doesn't matter" as the reply. You forget that the average joe gets deductions too! And the lowering of the investment tax rate did work! The mess we are in now is because of an over inflated housing market. Very much like the .com bubble under Clinton. Now run off and get us the tax rates for the following incomes, assuming no deductions.

$7,000
$30,000
$32,000
$78,000
$161,000
$350,000

Oh wait, I'll save you the time!

$7,000...10% of the amount over $0
$30,000...$782.50 plus 15% of the amount over 7,825
$32,000...$4,386.25 plus 25% of the amount over 31,850
$78,000...$15,698.75 plus 28% of the amount over 77,100
$161,000...$39,148.75 plus 33% of the amount over 160,850
$350,000...$101,469.25 plus 35% of the amount over 349,700

Source is the IRS website.
http://www.irs.gov/formspubs/article/0,,id=164272,00.ht
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As you can see, the more you make, the more percentage you pay! Look at the last bracket, it's 35% compared to the first one at 10%!
The wealthy dont pay a higher rate? TRY 25% HIGHER! The sick part is, 350k is not hard to reach now days!
Please dont sit there and tell us that Cheney's tax rate wasn't higher before deductions. Remember, we all get to claim deductions and this reduce the net rate we pay! Your apples and oranges logic doesn't fly!

The cut in the investment rate did work!
The curent stock market levels are higher than they were at the end of Clinton's reign even with the dip after 9/11 and the most recent correction in responce to the housing market. Your argument was what again?

Please don

Amazing! As I said, if you know nothing about tax law, you think the tax brackets mean the wealthy automatically pay a higher percentage.

Of course you would like to not compare regular income & dividends, simply because it throws your use of the tax brackets out of wack. Someone with over $350,000 of income can pay much less then 35% on their upper portion of income - as low as 15% based on their mix.

To make it as simple as possible for you, the tax brackets above only support your arguement if all types of income are taxed at the same rate. Use your brain for a minute - if you hit the lotto tomorrow, are you going to invest in something that you might pay 35% on, or invest in something that you will pay 15% on? It's really not rocket science.

Regular income as well as dividends are part of a tax return. It has nothing to do with comparing them.

All of my examples above are based on current tax law. And again, the % that cheney paid is fact. And the fact is that that % is less than many taxpayers pay, even those that also claim deductions.

And no, we don't all get to claim deductions. For many people the standard deduction is higher then their itemized deductions, so there is another statement you are wrong about.

WOW! The market is higher today than when bush took office. What an accomplishment. Gee, of the last 12 Presidents, the market was up for 10 of them (all except Carter & Nixon). Yep, sure is something to be proud of.

As for the stock market, here is the average yearly increase in the DOW under the last 4 Presidents: Reagan +16%, Bush 1

"To make it as simple as possible for you, the tax brackets above only support your arguement if all types of income are taxed at the same rate."
The strangly, I wasn't comparing different types of income, unlike you. Earlier you were comparing the tax rate of income Vs dividends. I was showing straight wages as per the IRS brackets. 10% on the bottom and 35% on the top! That's from their website. I didn't make that up. Unlike you, I didn't mix apples and oranges to make a point. *lol*

Under Clinton, the average unemployment rate was 6.24% according to the Bureau of Labor Statistics. They also state that curently it sits at 4.9%. Tax cuts didn't work? You missed a page fella. *lol*

I see this could go back and forth forever. You go ahead and support someone who wants to soak the rich and watch the rich stop spending and investing! You'll see an economic nose dive that Chuck Yeager couldn't pull out of!