The top 1% already pay 37% of the taxes. How much is their "fair share"?
The top 1% already pay 37% of the taxes. How much is their "fair share"?
God,we need a like button on this site!!!
I could not care less what "percent of taxes" they pay. I care what "percent of income" they pay. And its far less than me.
You are free to condone Donny Jr getting a better deal on his trust fund income than you get from your paycheck. Its a free country. Thats why we have elections.
Once again PJ doesn't answer the question
But I did answer. Here's the cliff notes in case the first sentence of my last post was too wordy:
"I could not care less".
If this answer is not sufficient for Tom I'm afraid I could not care less about that too
Molly said, “$2000 vs. $1000 child tax credit to make up for personal child exemption.”
But it doesn’t. The child tax credit only includes children 16 and under. Jr. and Sr. High School students, college kids and kids living with mom and dad after they graduate from either aren’t included. And often people have dependents other than children living with them that they can no longer claim an exemption for.
Tom said, “The Morning Jokesters have relocated their set to Florida in order to avoid the Ct. income taxes, even as they advocate higher taxes.”
I am not sure what morning TV personalities have to do with the thread, but I will take it on anyway. Joe lived and grew up in Florida and most of his family lives there including his elderly parents. He is returning home not carpetbagging. Mika has an elderly parent that lives in Florida. They both want to spend more time with their parents before they die.
Candy said, “Mark, you are such a jerk. You have no idea who I am, my political ideation, anything. In fact, you have no ideas period. Just rants to get people stirred up.”
Where did I say anywhere in the post that I know who you are or that I knew your political affiliation? I have quite a few ideas many of which I have expressed here in the past, and my ideas are fact-based. As far as my posts being rants, they are not. I believe there are at least two citations to non-political news outlets along with nine screenshots in this thread backing up the points I made.
Candy said, “Guess what? Taxes aren't the same as the tax return. If someone wants to loan the government thousands of dollars tax free through the year just to get a refund check, that's their business. Kind of like a piggy bank. No interest, but there for safe keeping. Or, they could consult someone who knew about the new code and figure out how to plan for the likely outcome, ahead of time. This time they floated along, then got a big, unhappy surprise.”
Trump has said in the past he loves the “uneducated.” They do comprise a good part of his base. He promised his uneducated largely blue-collar base that he was giving them a tax cut. If your messiah says he is giving you a tax cut, why would you question it? You certainly wouldn't think you are about to be hit with a huge tax increase. Those small changes to their withholdings amount to a couple of hundred dollars at best for most of these folks over the course of a year. What would lead them to believe having such a small change to their withholdings in conjunction with the huge tax cut they are told they are getting would create thousands of dollars in new yearly tax obligations?
Keep in mind we are talking about the “uneducated” as Trump describes them. Do you really think they have access to or the means to consult a tax attorney or CPA and do taxation planning? Even if they went to see professionals like this, would they be able to understand the advice they were given? Would they even believe a CPA or tax attorney that told them Trump was getting ready to hit them with a big tax increase when doing so would mean mentally accepting Trump lied to them? Trump says he is telling them the truth. They don't read or get any news outside the conservative Propaganda outlets (Fox News, Breitbart, Talk Radio and so on.) And all of those people are telling them Trump is giving them a big tax cut too. Only those liberal jerks like me and fake news outlets are telling them they are going to pay more. Who do you believe as a Trump supporter? And if they believe Trump and the Conservative Media, why seek advice for a problem they are told doesn't exist? Candy, just because you are sophisticated and educated enough to know Trump was lying, doesn’t mean the majority of his “uneducated” base did.
Robert said, "God, we need a like button on this site!!!"
I agree.
Tom said, "The top 1% already pay 37% of the taxes. How much is their "fair share"?
Tom, as suggested by my goddess, I think a top marginal rate of 70% sounds good. (That's a joke, Tom! - Well at least the part about her being my goddess not the 70% rate.)
Well Mark, I'm hardly what I would call sophistocated, but thanks anyway. My education did not include financial or business literacy to any degree, which is regretful. The same for politics, never gave it much thought until more recently; how are our legislators voting on issues affecting their older constituents? Not that great, from what I can tell.
Thanks for your reasoned analysis of my comments. I erred when I wrote "thousands of dollars tax free", when I meant that people "loan" the goverment thousands of dollars "interest free". I corrected that, but I think you got it anyway. I agree that information on the developing and eventually passed tax code was not for the faint of heart to understand (like all things government). It was only because our CPA last year told us that husband's 2018 business expenses would not be deductible that we were aware of that, passed on some purchases which would have benefited the outfit he works for more than just himself, but he could make do. Still, due to some other stars not lining up quite right we will likely write a check rather than getting one back this year. Won't be the first time.
"I think a top marginal rate of 70% sounds good. (That's a joke, Tom!) " - Another liberal who can't answer the question.
"Mika has an elderly parent that lives in Florida. They both want to spend more time with their parents before they die."
Mark uses the MSNBC excuse. So why did joe change his legal address? It was done to avoid the Ct income tax, among the highest in the country.
And Tom lives in high-tax NY for the same excuse as everyone else who lives there:
His employer is not located in Tampa.
Tom might consider moving to one of the states he brags about. I would think its a little embarrassing that his current domicile stands in contradiciton to his own point.
Surprisingly to poor old DonDiego the left-leaning news source VOX explains pretty clearly that the tax-cut is in fact a tax-cut.
" Whether you get a refund or owe extra to the IRS at filing time is a function not just of your total taxes owed, but also of how much tax is withheld from your paycheck by your employer on paydays. And the big story here is that as a result of the new tax law, the Treasury Department tweaked things so that on average taxpayers’ withholdings fell by more than their actual taxes owed.
This was all explained in a Government Accountability Office report last Summer, but it turns out that many people are not regular readers of GAO reports and did not take the GAO’s official advice to check their withholding status. The result? Surprise tax bills! "
[boldface added - DD]
Ref: VOX
i.e. Taxes were lowered, but taxes withheld were lowered even more, so that folks previously getting high refunds (i.e. those previously "overpaying" their taxes throughout the year) overpaid less, and hence got a smaller refund, if any.
For the record poor old DonDiego is happy to report that since retirement, he has never received a refund check from the IRS. He would prefer not to give the IRS a no-interest loan each year.
