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I hate trying to understand tax laws about as bad as understanding my insurance policies. But I really don't understand how low income earners, who pay less than a couple thousand bucks a year, can receive tax rebates of twice this much. How can you get more money back from the government than you put in?
I see this every year as these recipients pay nice sums for turbo tax type companies to get them their money quickly so they can trade up on their cars or buy other toys or needs. I hope there is a simple explanation for this, or just maybe I'm mistaken.
Mike.I am going to beat my drum yet again. If there was a proposal that would cut 15% across the board, the debt would be 12-13 trillion rather than 14 trillion. If the Federal was audit and amended there wouldn’t be corporations controlling certain parts of the government and sending our taxes to foreign banks and governments.
I think the media gets it right most of time ,but it never hurts to fact check them, because sometimes we take words out of context or a word here and there gives new meaning to an article. Most of the issues have two sides and pros and cons. Normally, we pick the one that we think is more reasonable or suits our preconceived notion. That's just human nature. It's like a book club where a group of readers read the exact same words but take away different meanings. That's why I often leave a reference, as a way of saying" that's my take; read it and make up your own mind."
As always - the media and the spin doctors say -- Hey look over here! NO NO - Not there over here! Wait look back over here!
I am finding I am enjoying be ignorant of what is on the major news sources more and more - don't mean a darn thing anyway!
Vet43I doubt it but things change over night.
Last night, Jon Stewart played a clip of Sean Hannity supporting the Tea Party in 2009, when they marched against Wall Street saying "discussing a group, that is expressing its frustration over being on the hook for “the trillions and trillions of dollars” being used to bailout major corporations"
On October 3,2011 Sean Hannity said this about the protesters " they “hate corporations, they hate capitalism, and in the end, ultimately, they want statism over free markets. So they really don’t like freedom."...lol,you can't make this stuff up.
NewcowboyintownYou posted "there are a growing number of tax payers in the $75,000 to $100,000 range that aren't paying any taxes. Appearing to try and make a point that even the middle class aren't paying their fair share."
That was in today's USAToday but that info has been out there for awhile.
That's a misleading statement that that is being used by politicians to protect the wealthy from getting hit with a higher tax bracket. If you go down to the middle of the article the question was asked "So the reports that half the U.S. doesn't pay taxes are true?
Answer: No, they're not. According to the nonpartisan Tax Policy Center in Washington, D.C., 46% of tax filers will owe no federal income tax this year. But when you figure in payroll taxes — such as those for Social Security, Medicare and unemployment — more than 80% of tax filers pay some kind of federal tax. And that doesn't include sales taxes, state taxes, local taxes, gas taxes, etc., which catch just about everyone.
Nontaxable returns from people with income between $75,000 and $100,000 went from 4,025 in 1996 to 476,624 in 2009 — an increase of almost 12,000%. More than 1,400 millionaires didn't pay income taxes in 2009, either.
This will all be an afterthought if we can get continued growth, so we can start hiring people, the new hires will be the taxpayers who bring down the deficit. Ideally, that's the best place to get your revenues.
I really don't know where that middle ground is anymore because the rules and the goal posts have been changed. Right now both parties are in campaign mode, so the 112 Congress is about through governing. The senate is debating a useless piece of legislation trying to get China to quit manipulating their currency; making our goods more expensive. This could be handled better with diplomacy.
I still maintain that the wealthy are not paying as much as they should have been since the two Bush tax cuts. They didn’t do too badly from Sept. 2008 until Dec. 2010 in this financial crisis. I’m not going to waste any sleep worrying what millionaires and billionaires pay. That extra 3% will not bankrupt them and only allowing them to them to deduct only 28% of their charitable contributions won’t kill them. If that extra 7% will keep them giving, then they probably didn’t have their heart in it anyway.
Did I see Charles Koch carrying a protest sigh? I think it said "I got it all and you can't have any, Nah,Nah Nah."
"We mustn't lose sight of the need to invest in education, innovation, and infrastructure, while we're reducing our deficit and debt. Right now we mustn't let the distractions keep us from focusing on jobs and the economy." I think you are spot on with your statement. It is going to take some of everything to get us back on track and back to the middle.
First as a nation we have to agree we want to go back to the middle. Right now the vocal minority are at both ends of the spectrum it would seem.
It will take investment from the private sector.It will take tax increases.It will take reductions in programs that we just cannot finance at the current rate anymore.It will take very strong leadership - leadership willing to put their coming election on the line - to make the tough choices.
I just read an article in USA today that says that now there are a growing number of tax payers in the $75,000 to $100,000 range that aren't paying any taxes. Appearing to try and make a point that even the middle class aren't paying their fair share. Of course I may be wrong. We also need a media that stops trying to drive the wedge between the American people deeper and deeper.
You're right but demand has to pick up,first... Give tax breaks to new hires and a credit if they hire the 99ers. Take back the incentives if jobs are shipped overseas or if they lay off workers.
They would sacrifice if asked but like some millionaires,everyone is scared to ask them..They are afraid voters will turn on them....It will take a straight -talk information campaign because the anti have a strong voice...IMO
Example,Newt Gingrich said the protest is a sad commentary on Obama...lol
Oh,well Sarah Palin won't be the anointed one because she is not running.
America lost a great innovator today,Steve Jobs died..May he rest in peace.
My most favorite recent observation by Mr. Colbert is, "Corporations ARE people. I'm just not sure they're Americans."
Best I can tell the notion that corporations will begin to hire if given tax breaks flies in the face of recent history. Corporations enhance profits by firing people, not hiring them, and if tax breaks are going to be given they have to be tied to new hires. Just that simple.
As far as the toughness of the American people goes I have faith they will do what their leaders ask them to do for the good of the country. Sadly, their leaders treat the majority of the American public like spoiled children. I will always remember after 9/11, our country had been attacked, and was on the verge of two wars when President Bush told the American people to to fly some where and take their families to Disney World in Florida. I will always remember thinking "What have we become? We come from stouter stock then that. "
The country was at war and our leaders wanted us to go on vacation.
There's going to be enough sacrifice to go around for everyone to have some in the future.
Another reason for the protests.
"In what is only the latest instance of questionable mortgage practices coming to light, a new lawsuit claims that 13 banks and mortgage companies -- including Bank of America, Wells Fargo, JPMorgan and PNC Bank -- charged hidden, illegal fees to military veterans trying to refinance their homes.
The lenders, unable to charge certain fees under U.S. Department of Veterans Affairs rules, simply increased another set of fees without making it clear to veterans that they were doing so, the suit alleges.
The result was hundreds of thousands of cases where veterans trying to refinance their homes ended up paying between $300 and $1,000 more than they were supposed to, according to the suit.
The veterans' loans are some of many of misleading or fraudulent loans that banks made during the housing bubble that are only recently coming to light.
Nearly 30,000 such cases were uncovered this past spring alone, a majority of them involving real estate deals made in 2007 or before."
Greed trumps patriotism in this case.
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