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Thread: Census finds record gap between rich and poor

  1. #351
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    Re: Census finds record gap between rich and poor

    Quote Originally Posted by Boo Radley View Post
    Not sure I follow your math, but I know an increase from 36% to 39% is not nearly double. Nor is it a hardship. It will have little to no effect on anything other than the deficit.
    1) you didn't read my post
    2) if you are paying 36% rate and it goes to nearly 40% that is a ten percent rate increase in the amount of money taken from each additional dollar
    3) if your income is mainly investment income (which is taxed twice) your net taxes will double (at least) because your rate will go from 15cents out of every dollar to almost 40Cents
    4) you are not able to say if its a hardship or not-you have no idea what those targeted for the dem tax hikes are spending now.

    I know several families that have 3 kids in elite colleges and or grad schools. If their income is 400K a year their net income is often in the 250K range after state local and federal taxes and they are pumping out 150K in tuition. a ten or twenty thousand dollar increase in income taxes is going to be a hardship

    are you willing to pay a rate of 39.6%?



  2. #352
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    Re: Census finds record gap between rich and poor

    Quote Originally Posted by TurtleDude View Post
    1) you didn't read my post
    2) if you are paying 36% rate and it goes to nearly 40% that is a ten percent rate increase in the amount of money taken from each additional dollar
    3) if your income is mainly investment income (which is taxed twice) your net taxes will double (at least) because your rate will go from 15cents out of every dollar to almost 40Cents
    4) you are not able to say if its a hardship or not-you have no idea what those targeted for the dem tax hikes are spending now.

    I know several families that have 3 kids in elite colleges and or grad schools. If their income is 400K a year their net income is often in the 250K range after state local and federal taxes and they are pumping out 150K in tuition. a ten or twenty thousand dollar increase in income taxes is going to be a hardship

    are you willing to pay a rate of 39.6%?
    36 from 40 is 4. 36 from 39 is 3. I'm just saying.

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

  3. #353
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    Re: Census finds record gap between rich and poor

    Quote Originally Posted by Boo Radley View Post
    36 from 40 is 4. 36 from 39 is 3. I'm just saying.
    I guess you cannot figure out the difference between a 3% increase in the tax rate versus a 10% increase in the amount of taxes someone pays on each additional dollar.

    Let me try this to help you understand

    if you pay 36 cents on your next dollar today and 40 cents on that dollar tomorrow how much of an increase is 4 cents? Not 4 percent



  4. #354
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    Re: Census finds record gap between rich and poor

    To live off of investment income alone, just the interest and dividends, means you have to have a LOT of money invested.
    Figure a 5% withdrawal rate, that means to have $50K a year, you need a million bucks invested. Taking out 5% a year, and a reasonable long term growth rate of 8%, grandma will never run out of money. And hopefully she does that on her own, instead of buying an annuity, which is a ripoff.
    So why should we worry about millionaires living off of dividends and interest?
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  5. #355
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    Re: Census finds record gap between rich and poor

    Quote Originally Posted by TurtleDude View Post
    I guess you cannot figure out the difference between a 3% increase in the tax rate versus a 10% increase in the amount of taxes someone pays on each additional dollar.

    Let me try this to help you understand

    if you pay 36 cents on your next dollar today and 40 cents on that dollar tomorrow how much of an increase is 4 cents? Not 4 percent
    You play with numbers almost as if you understand math. Yes, it is about a 10% RATE increase, but it is only a 4% increase in taxes paid.
    Oracle of Utah
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  6. #356
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    Re: Census finds record gap between rich and poor

    Quote Originally Posted by TurtleDude View Post
    1) you didn't read my post
    2) if you are paying 36% rate and it goes to nearly 40% that is a ten percent rate increase in the amount of money taken from each additional dollar
    3) if your income is mainly investment income (which is taxed twice) your net taxes will double (at least) because your rate will go from 15cents out of every dollar to almost 40Cents
    4) you are not able to say if its a hardship or not-you have no idea what those targeted for the dem tax hikes are spending now.

    I know several families that have 3 kids in elite colleges and or grad schools. If their income is 400K a year their net income is often in the 250K range after state local and federal taxes and they are pumping out 150K in tuition. a ten or twenty thousand dollar increase in income taxes is going to be a hardship

    are you willing to pay a rate of 39.6%?
    So the middle class should subsidize these poor rich folks?
    Oracle of Utah
    Truth rings hollow in empty heads.

  7. #357
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    Re: Census finds record gap between rich and poor

    Quote Originally Posted by TurtleDude View Post
    again the issue isn't just billionaires and its intellectually dishonest for you to constantly frame the debate in that terms
    now, i do defer to your expertise in things intellectually dishonest

    but you have failed to recognize that focusing on billionaire$ to describe the high income category who the "fiscally conservative" republicans insist on providing tax breaks to, while paying for it with borrowed money, exposes the stupidity of the current crop of republicans ... and their adherents
    we are negotiating about dividing a pizza and in the meantime israel is eating it
    once you're over the hill you begin to pick up speed

  8. #358
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    Re: Census finds record gap between rich and poor

    Quote Originally Posted by UtahBill View Post
    To live off of investment income alone, just the interest and dividends, means you have to have a LOT of money invested.
    Figure a 5% withdrawal rate, that means to have $50K a year, you need a million bucks invested. Taking out 5% a year, and a reasonable long term growth rate of 8%, grandma will never run out of money. And hopefully she does that on her own, instead of buying an annuity, which is a ripoff.
    So why should we worry about millionaires living off of dividends and interest?
    I don't have much use for your attitude that its ok to keep raising taxes on a small minority just as long as they still have more money than you do

    you need to start paying the same tax rate as those you think can handle more and more taxes or you are a hypocrite



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    Re: Census finds record gap between rich and poor

    Quote Originally Posted by UtahBill View Post
    You play with numbers almost as if you understand math. Yes, it is about a 10% RATE increase, but it is only a 4% increase in taxes paid.
    more lies

    a 4% increase in the tax rate is not a mere 4% increase in the amount of taxes paid



  10. #360
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    Re: Census finds record gap between rich and poor

    Quote Originally Posted by justabubba View Post
    now, i do defer to your expertise in things intellectually dishonest

    but you have failed to recognize that focusing on billionaire$ to describe the high income category who the "fiscally conservative" republicans insist on providing tax breaks to, while paying for it with borrowed money, exposes the stupidity of the current crop of republicans ... and their adherents
    nice dishonest evasion

    why do you want tax cuts for the middle class while whining about fiscal restraint

    greed and class envy permeate your posts



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