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Thread: CBO: Fed tax rates hit historic low

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    CBO: Fed tax rates hit historic low

    The average tax rates for American households reached a historical low in 2009, according to a report issued by the non-partisan Congressional Budget Office.
    Indeed, federal taxes for American households averaged 17.4 percent in 2009, a historical low over the 1979 to 2009 period.


    The tax paid by households ranged from 1 percent in poorest fifth of Americans, to 23.2 percent in the wealthiest fifth. The much-talked-about top one percent of the United States paid a 28.9 percent average federal tax rate.
    Meanwhile, average before-tax income fell drastically between 2007 and 2009, a clear sign of the recession that struck the United States due to the 2008 financial crisis.
    Those with the most income were hit the hardest: the four lowest income quintiles’ before-tax average income dropped by five percent or less. But among the richest 20 percent, before-tax income dropped by 18 percent; in the top one

    CBO: Fed tax rates hit historic low - Tim Mak - POLITICO.com





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    Re: CBO: Fed tax rates hit historic low

    The problem is NOT too little federal taxation, but too much federal spending. Obama has raised federal spending 20% over that of Bush, yet cut taxation at the same time, resluting in the HUGE federal deficit of 40%. Federal taxation discussions seem to always ignore the FICA (SS/Medicare) payroll tax, which is levied (at a 7.65% nominal rate, or really at 15.3%) on all GROSS income from wages, from the first $1 yet only up to $110K.

    Link: http://www.ssa.gov/oact/cola/cbb.html

    Another way to look at the FIT picture is who actually PAYS it: http://wiki.answers.com/Q/What_perce...by_the_wealthy

    http://www.davemanuel.com/2010/11/04...le-really-pay/
    Last edited by ttwtt78640; 07-11-12 at 11:28 AM.
    “The reasonable man adapts himself to the world: the unreasonable one persists to adapt the world to himself.
    Therefore all progress depends on the unreasonable man.” ― George Bernard Shaw, Man and Superman

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    Re: CBO: Fed tax rates hit historic low

    I submit my opinion is its a combination of both...we need to end the bush tax cuts and cut spending reasonably...end tax loopholes that allow the richest corporations to pay zero in federal taxs. We need to make it expensive to outsource jobs and employ communist chinese....the rich need to get some patriotism and stop making our enemies rich at the expense of americans..

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    Re: CBO: Fed tax rates hit historic low

    Quote Originally Posted by lpast View Post
    I submit my opinion is its a combination of both...we need to end the bush tax cuts and cut spending reasonably...end tax loopholes that allow the richest corporations to pay zero in federal taxs. We need to make it expensive to outsource jobs and employ communist chinese....the rich need to get some patriotism and stop making our enemies rich at the expense of americans..
    Raising taxes is not the answer to revenue or economic issues.

    We do need a simpler tax structure that corporations can't take advantage of, and by that I mean writing laws to exempt themselves and creating laws to hurt competition. Because we have the highest corporate tax rate in the world, except possibly Japan, we have capital leaving this country, save for the mega-corporations that have taken advantage of the tax code. The wrong thing to do would be to raise taxes on all the businesses including the mega-corps.
    "I have never understood why it is "greed" to want to keep the money you have earned but not greed to want to take somebody else's money." -Thomas Sowell

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    Re: CBO: Fed tax rates hit historic low

    Quote Originally Posted by lpast View Post
    I submit my opinion is its a combination of both...we need to end the bush tax cuts and cut spending reasonably...end tax loopholes that allow the richest corporations to pay zero in federal taxs. We need to make it expensive to outsource jobs and employ communist chinese....the rich need to get some patriotism and stop making our enemies rich at the expense of americans..
    You do realize that ending the "Bush" tax cuts is a 50% FIT rate increase for the bottom income bracket. But if you insist.
    “The reasonable man adapts himself to the world: the unreasonable one persists to adapt the world to himself.
    Therefore all progress depends on the unreasonable man.” ― George Bernard Shaw, Man and Superman

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    Re: CBO: Fed tax rates hit historic low

    The Clinton era tax rates worked pretty well and oddly the Bush cuts didn't do much good and Obusha's further reductions haven't done much good either.

    Our problems are much deeper than spending and tax rates. If anything, our problem is a)globalization and our lack of competitiveness and b) our excessive population and our inability to provide jobs for everyone.

    ((this is a comment, not a point))

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    Re: CBO: Fed tax rates hit historic low

    Quote Originally Posted by lpast View Post
    The tax paid by households ranged from 1 percent in poorest fifth of Americans, to 23.2 percent in the wealthiest fifth. The much-talked-about top one percent of the United States paid a 28.9 percent average federal tax rate.




    I can see the scene from LEAVE IT TO BEAVER now -

    Theodore Cleaver: "Gee Wally, we learned from Miss Landers in school that the rate for the rich was 35%. Thats a whole bunch of really rich folks paying a full ten points or more below that. How is that possible Wally? "

    Wally Cleaver: "well Beav, its complicated and involves stuff like deductions, and different forms of income treated differently and stuff."

    Eddie Haskel: "Wise up squirt. Its the Golden Rule and them that has the gold makes the rules. Thats what I am going to do in a few years. Screw all you working stiffs. i'm not working for my money and pay taxes. My money is going to work for me and you chumps can pay what I won't."

    Theodore: (innocently) "That's not being very patriotic Eddie."

    Eddie Haskel: (laughing derisively) " They really got you fooled don't they squirt. Patriotism is for chumps and suckers."

    Wally: " Thats enough Eddie. Knock it off."



    Sadly, this is real and not TV.
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    There are two novels that can change a bookish fourteen-year old's life: The Lord of the Rings and Atlas Shrugged. One is a childish fantasy that often engenders a lifelong obsession with its unbelievable heroes, leading to an emotionally stunted, socially crippled adulthood, unable to deal with the real world. The other, of course, involves orcs.... John Rogers

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    Re: CBO: Fed tax rates hit historic low

    Quote Originally Posted by Bigfoot 88 View Post
    Raising taxes is not the answer to revenue or economic issues.

    We do need a simpler tax structure that corporations can't take advantage of, and by that I mean writing laws to exempt themselves and creating laws to hurt competition. Because we have the highest corporate tax rate in the world, except possibly Japan, we have capital leaving this country, save for the mega-corporations that have taken advantage of the tax code. The wrong thing to do would be to raise taxes on all the businesses including the mega-corps.
    I agree. The 16th amendment simply allows the federal gov't to tax INCOME from all sources, and the 14th amendment commands EQUAL protection under the law. The vast majority of 80K+ pages of FIT law is NOT about that simple mission, but about deductions, credits and exclusions based on how that income was LATER spent, or PURE social engineering nonsense (illegal under the 14th amendment). This nonsense should end IMMEDIATELY, and a federal income tax system with only TWO numbers should be adopted, a "standard" deduction (universal and the SAME dollar amount for all returns) and SINGLE taxation rate (percentage) for ALL income above that amount. This system would allow a REASONABLE base amount of income to be "shielded" and all of the rest taxed FAIRLY at a single rate. INCOME taxation SHOULD be simply about raising necessary funds for the federal gov't and NOT about punishments and rewards for how we the people decide to spend that income. USA, USA, USA...
    Last edited by ttwtt78640; 07-11-12 at 11:55 AM.
    “The reasonable man adapts himself to the world: the unreasonable one persists to adapt the world to himself.
    Therefore all progress depends on the unreasonable man.” ― George Bernard Shaw, Man and Superman

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    Re: CBO: Fed tax rates hit historic low

    Quote Originally Posted by haymarket View Post
    I can see the scene from LEAVE IT TO BEAVER now -

    Theodore Cleaver: "Gee Wally, we learned from Miss Landers in school that the rate for the rich was 35%. Thats a whole bunch of really rich folks paying a full ten points or more below that. How is that possible Wally? "

    Wally Cleaver: "well Beav, its complicated and involves stuff like deductions, and different forms of income treated differently and stuff."

    Eddie Haskel: "Wise up squirt. Its the Golden Rule and them that has the gold makes the rules. Thats what I am going to do in a few years. Screw all you working stiffs. i'm not working for my money and pay taxes. My money is going to work for me and you chumps can pay what I won't."

    Theodore: (innocently) "That's not being very patriotic Eddie."

    Eddie Haskel: (laughing derisively) " They really got you fooled don't they squirt. Patriotism is for chumps and suckers."

    Wally: " Thats enough Eddie. Knock it off."



    Sadly, this is real and not TV.
    Gee Wally: What Percentage of Federal Individual Income Taxes Do Rich People Really Pay?


    Yep Beave it is REALLY like this:

    Top 5% (Income Split Point $159,619) paid 58.72% of Federal Individual Income Taxes
    Top 10% (Income Split Point $113,799) Paid 69.94% of Federal Individual Income Taxes
    Top 25% (Income Split Point $67,280) Paid 86.34% of Federal Individual Income Taxes
    Top 50% (Income Split Point $33,048) Paid 97.30% of Federal Individual Income Taxes
    Bottom 50% (Anyone Making Less Than $33,048) Paid 2.7% of Federal Individual Income Taxes
    Last edited by ttwtt78640; 07-11-12 at 12:01 PM.
    “The reasonable man adapts himself to the world: the unreasonable one persists to adapt the world to himself.
    Therefore all progress depends on the unreasonable man.” ― George Bernard Shaw, Man and Superman

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    Re: CBO: Fed tax rates hit historic low

    Quote Originally Posted by specklebang View Post
    The Clinton era tax rates worked pretty well and oddly the Bush cuts didn't do much good and Obusha's further reductions haven't done much good either.

    Our problems are much deeper than spending and tax rates. If anything, our problem is a)globalization and our lack of competitiveness and b) our excessive population and our inability to provide jobs for everyone.

    ((this is a comment, not a point))
    The Clinton era federal spending worked pretty well too, at 19% of GDP instead of Obama's 25.3% of GDP. Hmm...
    “The reasonable man adapts himself to the world: the unreasonable one persists to adapt the world to himself.
    Therefore all progress depends on the unreasonable man.” ― George Bernard Shaw, Man and Superman

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