Obummer fact-checked

[dawg80]

The IRS, at the request of the WH, published a report.....hmmmm...

Percentage of income paid in taxes(federal only), on average:

$0 -24,999 = 2% (many pay zero)
$25-49,999 = 6.3%
$50-99,999 = 9.9%

skipping ahead

$1 million - = 24.4%

On the "Buffet" thingy...

Most, as in 99.3% (IRS data) millionaires, will pay at a rate of 35% on income, then, most will take some of what is left and invest, and be taxed AGAIN, at 15% capital gains rate.

Disposable income, taxed once already, and invested, and taxed again....

Not surprisingly, the WH has buried the very report they asked for, since it didn't support their lies.

[hoppinmad]

The IRS, at the request of the WH, published a report.....hmmmm...

Percentage of income paid in taxes(federal only), on average:

$0 -24,999 = 2% (many pay zero)
$25-49,999 = 6.3%
$50-99,999 = 9.9%

skipping ahead

$1 million - = 24.4%

On the "Buffet" thingy...

Most, as in 99.3% (IRS data) millionaires, will pay at a rate of 35% on income, then, most will take some of what is left and invest, and be taxed AGAIN, at 15% capital gains rate.

Disposable income, taxed once already, and invested, and taxed again....

Not surprisingly, the WH has buried the very report they asked for, since it didn't support their lies.

There's something else going on here imo .... dunno if it's just Buffet's creeping senility, trying to look good, or fishing for favors.

[ddgravy]

http://www.cnbc.com/id/44591639 Tax facts that don't match the Obammer class warfare rhetoric.

[TYLERTECHSAS]

The IRS, at the request of the WH, published a report.....hmmmm...

Percentage of income paid in taxes(federal only), on average:

$0 -24,999 = 2% (many pay zero)
$25-49,999 = 6.3%
$50-99,999 = 9.9%

skipping ahead

$1 million - = 24.4%

On the "Buffet" thingy...

Most, as in 99.3% (IRS data) millionaires, will pay at a rate of 35% on income, then, most will take some of what is left and invest, and be taxed AGAIN, at 15% capital gains rate.

Disposable income, taxed once already, and invested, and taxed again....

Not surprisingly, the WH has buried the very report they asked for, since it didn't support their lies.

Exactly! Obama is a liar plain and simple.

links
AP FACTCHECK: 'The wealthiest people in America pay a lot more taxes than the middle class'...

235,000 millionaires pay 20% of all tax revenue...

[saltydawg]

Exactly! Obama is a liar plain and simple.

links
AP FACTCHECK: 'The wealthiest people in America pay a lot more taxes than the middle class'...

235,000 millionaires pay 20% of all tax revenue...

Tyler, Hedge fund managers pay 15% tax. Billionaires ( and many millionaires) don't have "earned income." You should know this stuff.

Thanks for called Warren Buffet a liar.

[TYLERTECHSAS]

Tyler, Hedge fund managers pay 15% tax. Billionaires ( and many millionaires) don't have "earned income." You should know this stuff.

Thanks for called Warren Buffet a liar.

[TYLERTECHSAS]

IRS Data Show Most Millionaires Pay Taxes at Higher Rate Than Middle Class
Published September 20, 2011
|


Read more: http://www.foxnews.com/politics/2011...#ixzz1YVxoVFXV

http://www.foxnews.com/politics/2011...lement-reform/

[dawg80]

Tyler, Hedge fund managers pay 15% tax. Billionaires ( and many millionaires) don't have "earned income." You should know this stuff.

Thanks for called Warren Buffet a liar.

Really?

No "earned income" for any billionaires and "many" millionaires....how many, salty?

I also pay 15% on any capital gains. Ah, so would you if you invested.

But, know what, CG only comes into play when I, or anyone, liquidate an asset that has been held for more than 12 months. Dividends are taxed at whatever your rate is. That means, to generate "income" i.e. cash flow all those rich people have to be selling assets, held for more than 12 months, on a regular basis, else they wouldn't have any money to live on, and their rates would be higher.

So Warren Buffet has shares of equities that he now sells, so much every month, to generate himself an income? He might just do that! Awesome!

More power to him, and to those others who can also do that.

For all you rent-payers who are now whining about.....tough chit!

[saltydawg]

Really?

No "earned income" for any billionaires and "many" millionaires....how many, salty?

I also pay 15% on any capital gains. Ah, so would you if you invested.

But, know what, CG only comes into play when I, or anyone, liquidate an asset that has been held for more than 12 months. Dividends are taxed at whatever your rate is. That means, to generate "income" i.e. cash flow all those rich people have to be selling assets, held for more than 12 months, on a regular basis, else they wouldn't have any money to live on, and their rates would be higher.

So Warren Buffet has shares of equities that he now sells, so much every month, to generate himself an income? He might just do that! Awesome!

More power to him, and to those others who can also do that.

For all you rent-payers who are now whining about.....tough chit!

Does it matter how many? The plain fact of the matter is that the rich are getting richer and the middle class is being squeezed. I would say keep the current capital gains rate up to a certain amount, say $500k a year, and then after that increase it. Or ensure that folks who make X amount regardless of source pays a certain percentage.


Regardless, the federal budget needs to be balanced and that means increasing revenues.

[JuBru]

the middle class is being squeezed.

How?

[saltydawg]

IRS Data Show Most Millionaires Pay Taxes at Higher Rate Than Middle Class
Published September 20, 2011
|


Read more: http://www.foxnews.com/politics/2011...#ixzz1YVxoVFXV

http://www.foxnews.com/politics/2011...lement-reform/

Tyler, the "middle class" tax rate that your Fox News article cited was 15%. Saying that millionaires pay a higher rate doesn't say much.

[DawgyNWindow]

Regardless, the federal budget needs to be balanced and that means increasing revenues.

No, that means decreasing spending.

Once again, start raising taxes on the masses that are calling for tax increases on the rich, and they start voting for people that spend less.

[Cool Hand Clyde]

No, that means decreasing spending.

Once again, start raising taxes on the masses that are calling for tax increases on the rich, and they start voting for people that spend less.

Absolutely

[longdawgview]

How?

Stagnant Wages
Skyrocketing Housing Costs
Skyrocketing Health Care Costs
Skyrocketing Higher Ed costs

=
lowest standard of living in 30 years for most americans

[mikedog]

Tyler, Hedge fund managers pay 15% tax. Billionaires ( and many millionaires) don't have "earned income." You should know this stuff.

Thanks for called Warren Buffet a liar.

Obama and Buffett are both liars because they are using Buffett's combined tax rate as justification for increasing the ordinary (i.e., earned) income tax rates. It's Obama who is intentionally blurring the line here.