smellyfootwoman If you want to call me names don't try to be coy... it really doesn't work for you. Just come on out and say what you think... Do you really think I am 'stupid" like you inferred?
I also know you really don't personally like me much and thats too bad, cause I just lub u. QUOTE]
Does LOTSO know what that means? 1000X1 billion equals 1 trillion.
I don't think this statement, or any part of my comment, indicates I was calling you names.
I don't know why you think I don't personally like you. I don't even know you. I will say however, that I dislike the "tone" of many of your comments.
When an individual or married couple files ordinary income on a 1040. The earnings reported indicate what they earned by working a "job" just like everyone else. If a single
person earns $200,000, Obama/Dems don't consider them "Wealthy" no tax increase. But a married couple earning $400,000.(200,000/ea) will see a tax increase on the amount above $250,000.00 doesn't matter if they have 5 kids to support or two kids in college(who get no "free" gov. money cause parents earn too much. Is that fair?
Is it fair that taxpayers in lower brackets owe no "federal tax on their income" and the majority of them actually get money back for tax credits higher earners don't get?
How much could revenue increase if these taxpayers paid at least $1.00 or $20.00?
In IRS reported that For Tax Year 2006, taxpayers filed 138.4 million individual income tax returns, of which 92.7 million, or 67.0 percent, were classified as taxable returns. A taxable return is a return on which the taxpayer reports total income tax greater than zero dollars. So........33% owed no tax either based on their gross wages or gross wages minus deductions and credits.
Sole-proprietors of small businesses that have employees pay "individual" income taxes on 1040. Their income and the businesses income is one and the same. They get none of the benefits or credits or ability to take advantage of loopholes that Corporates have available. These are the Small Businesses that will be hit the hardest by tax increases.
As my accountant always says "if you earn money(income that you take from your business to pay the expenses of your family, ie house payment, electric, gas, car payment, deductibles on health insurance, house insurance, college tuition, clothing, food.) You will pay ordinary taxes on that amount. No way around that.
The rich get richer because they have more money to invest. They can afford to buy property, stocks, bonds, and invest in "tax shelters". They buy thousands of shares while we buy mutual funds and 100s of shares. Stocks have to increase $1.00 for our 100 shares purchased at $1.00 to earn us $100.00. Their 1000 shares only have to increase by cents to earn 100.00.
They can pay cash for homes and get them for a lower price and pay no interest, reducing their cost basis and affording them a profit when turned-over. We take out loans that increases the cost thousands and thousands of dollars in interest over 15 or 30 years.(you pay capital gains on the difference between purchase price and sale price not ordinary income; this includes Rental property. So they money they make is taxed at the lower capital gains rate)
This is just a few examples of why the rich get richer. So, raising their Ordinary Income Taxes isn't going to yield the Government much more revenue. They will just continue to shift their money into investment that pay them earnings monthly and that are considered captial gaines.
I happen to disagree that the poor get poorer. With the creation of the 10% tax bracket and lowering the other brackets it helped not hurt the lower and middle incomes. Not to mention the Bush and Obama Tax Credits which were only available to lower and middle income brackets. This in itself helped to even things out between higher incomes and those that recieved the various credits and deductions.
Not to mention all of the Government assistance only available to those individuals and families earning under $200,000.00/year.
Soon more people will pay no federal tax yet get refunds due to credits than the number of that owe income tax when they file their tax return. Once that happens, then what?
, But the story from Forbes really helped to make my point.
