Truth about new tax plan....

Xander

Highlight:

What the president said: "92 million Americans will keep an average of $1,083 more of their own money when this tax plan goes through "
What we found:
If you look at the average for all taxpayers, this is correct.
However, this average is derived from all income levels and all estimated savings. This skews the number upward.
According to the Urban Institute-Brookings Institute, 80 percent of all tax filers would receive less than the $1,083 average the president mentioned.
Meanwhile, half of all tax filers would get less than $100.
We asked the Treasury Department, which calculated the figure used by the president, to give us an estimate on the percentage of Americans receiving the $1,083. A spokesperson said the department could only provide us with the average savings.

What do you think of this? My husband and I paid about 1400 in federal taxes last year. We are getting back over 5300. So, we are getting about 3000 more than we paid in. Do you think its fair that we get a bunch of money we didnt put in? I dont, but I am just playing by the rules. I think the "earned income credit" is a huge shakedown, punishing people just becasue they work hard and make good money.

BTW, although we had a pretty tough year last year, we are not destitute. We own 4 cars including a 1969 Camaro and a pretty nice pickup truck, a boat a trailer and we live in a 3 bedroom two bath with a big backyard for the kids to play in. our children have all they need, are well fed , well dressed, etc. Still, the government thinks we are poor enough to give us YOUR tax dollars. Hey what the heck, we canuse the money, paying off our credit cards will help the economy tons im sure. So all you high wage earners, THANK You for paying off our credit cards for us this year.

I havent seen all the details of Bush's tax plan, but I can tell you this: I think tax breaks should go to tax PAYERS.

peace-Lauren

Edited by - 4christ on 24 January 2003 19:0:10

Bendrr

So what?! Cut taxes on the rich! Look at how much they pay! If you think the rich don't pay taxes why not ask Bill Gates how much his refund was last year.

Under the current system, people are getting back more in their refund check than they paid in all year in their withholdings. Now how the hell is THAT fair? I paid in almost $11,000 in Federal withholding alone and I'll only get back maybe $1400. My monthly commission checks have over 30% come out just for Federal tax. My biggest check a couple of years ago showed a Federal tax of over $900. How many income earners like me are paying Federal income tax just to cover the EIC payments to those who get back more than they paid in? Now if that isn't "voodoo economics" I don't know what is!

If you want the economy to grow and prosper and benefit EVERYONE by creating jobs and raising wages, you have to put money into the economy. And I don't mean putting Federal money into it in the form of more handouts. You do it by letting people keep more of the money they earn, THEIR money.

If you want to talk about "paying one's fair share" then it's time to tax the "poor". The whole Federal income tax system sucks a big fat hairy one. It is as far removed from "fair" as is humanly possible. If Bush wants to do it right then it needs to be rebuilt from the ground up. A flat tax, lets say 10% for everyone across the board. 10% out of every paycheck and that's all you ever pay. No filing at the end of the year, the IRS just sends you a receipt and says "thank you". Or just drop the income tax altogether in favor of a national sales tax. Let's say 10% national sales tax in addition to the local sales tax. Now we're talking "fair". Either way, EVERYONE pays their fair share. The rich still pay more taxes, because they earn more and they spend more.

Once again I'll say it and stand behind it. TAX THE POOR!!!!!!!

Mike.

Simon

Flat percentage rates are the fairest. You earn more, you pay more. You earn less, you pay less. Who can argue with such a simple system?

It;s only when polticians get their grubby hands on things that it all gets complicated and much of the taxes go to pay for the complicated tax system itself.

The rich pay more for everything even if the percentage terms are the same. 10% of Bill Gates money is a *lot* of money so in reality, it costs him more to drive on the highway etc... that everyone else.I'm sure he doesn't loose sleep over it.

The problem is I'm sure as it is in Britain that the very wealth can afford to avoid paying tax by moving themselves or their money around and the poor don't have any money to tax so ... middle earners take the brunt of it.

Edited by - Simon on 24 January 2003 19:39:15

Xander

Hmmm...I've always been in favor of an across-the-board flat income tax, but, now that you mention it.

Yeah, a flat sales tax might actually be a better idea. You pay the tax as you use your money. Makes sense.

And make sure that tax is on EVERYTHING you can buy. Buy a house? 10%, thanks. Car? 10%. Stocks? 10%, etc.

LOL - too bad it'll never happen....

ThiChi

More Liberal BS:

Only The Rich Pay Taxes

Top 50% of Wage Earners Pay 96.09% of Income Taxes

October 23, 2002

The IRS has released the year 2000 data for individual income tax returns. The numbers illustrate a truth that will startle you: that half of Americans with the highest incomes pays 96.09% of all income tax. This nukes the liberal lie that the rich don't pay taxes. The top 1%, who earn 20.81% of all income covered under the income tax, are paying 37.42% of the federal tax bite.

*Data covers calendar year 2000, not fiscal year 2000 - and includes all income, not just wages, excluding Social Security

Think of it this way: less than four dollars out of every $100 paid in income taxes in the United States is paid by someone in the bottom 50% of wage earners. Are the top half millionaires? Noooo, more like "thousandaires." The top 50% were those individuals or couples filing jointly who earned $26,000 and up in 1999. (The top 1% earned $293,000-plus.) Americans who want to are continuing to improve their lives - and those who don't want to, aren't. Here are the wage earners in each category and the percentages they pay:

Top 5% - 56.47% of all income taxes; Top 10% - 67.33% of all income taxes; Top 25% - 84.01% of all income taxes. Top 50% - 96.09% of all income taxes. The bottom 50%? They pay a paltry 3.91% of all income taxes. The top 1% is paying more than ten times the federal income taxes than the bottom 50%! And who earns what? The top 1% earns 20.81% of all income. The top 5% earns 35.30% of the pie. The top 10% earns 46.01%; the top 25% earns 67.15%, and the top 50% earns 87.01% of all the income.

The Rich Earned Their Dough, They Didn't Inherit It (Except Ted Kennedy)

The bottom 50% is paying a tiny bit of the taxes, so you can't give them much of a tax cut by definition. Yet these are the people to whom the Democrats claim to want to give tax cuts. Remember this the next time you hear the "tax cuts for the rich" business. Understand that the so-called rich are about the only ones paying taxes anymore.

I had a conversation with a woman who identified herself as Misty on Wednesday. She claimed to be an accountant, yet she seemed unaware of the Alternative Minimum Tax, which now ensures that everyone pays some taxes. AP reports that the AMT, "designed in 1969 to ensure 155 wealthy people paid some tax," will hit "about 2.6 million of us this year and 36 million by 2010." That's because the tax isn't indexed for inflation! If your salary today would've made you mega-rich in '69, that's how you're taxed.

Misty tried the old line that all wealth is inherited. Not true. John Weicher, as a senior fellow at the Hudson Institute and a visiting scholar at the Federal Reserve Bank, wrote in his February 13, 1997 Washington Post Op-Ed, "Most of the rich have earned their wealth... Looking at the Fortune 400, quite a few even of the very richest people came from a standing start, while others inherited a small business and turned it into a giant corporation." What's happening here is not that "the rich are getting richer and the poor are getting poorer." The numbers prove it.

I have made an executive decision as the owner and ultimate editor of this website that this table and these numbers stay on this website forever - or until next year's numbers come out. In order to get these facts, you have to see them each and every day. This story, along with a link to the IRS chart, will stay somewhere on the RushLimbaugh.com homepage so everyone can see and find these numbers at any time. It's crucial that people get this, so please, share it with a friend now! RL

Edited by - thichi on 24 January 2003 19:45:56

reporter

Thi Chi you nailed it right on the dough, man...

Once again, Thi Chi nails it with the facts!

I didn't read this post before using those same IRS numbers in another post...it's not like the poor can complain about income tax...if they don't pay any!

larc

I favor a federal sales tax. It would eliminate the IRS, all tax services, and save thousands of acres of trees from getting cut down to make the paper for the millions of pages of tax forms and tax instructions that go out every year. It would also encourage savings, since you would get taxed when you spend money, not when you earn it. Furthermore, all income from savings and investements would be tax free.

reporter

I believe something called NESARA proposes a national sales tax to replace income taxes, etc. There is confusion though, as to which NESARA is actually law, or just proposed, or what the heck is up with it!!!

the links are:

http://www.nesara.com

http://www.nesara.us

and I think there's a .org one too...If someone can make sense out of all of this, then maybe larc is onto something?

heathen

IMO The whole income tax thing is unconstitutional and should be done away with all together. The whole thing started out as voluntary to begin with during WW ! in order to pay for american intervention .This is one of the issues that the libertarian party brought out in their campaigne in 2000. Made alot of sense in how they structured a new deal for americans.

Truth about new tax plan....

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