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Thread: Obama only paid a 26% income tax rate for 2010

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    Re: Obama only paid a 26% income tax rate for 2010

    Quote Originally Posted by molten_dragon View Post
    I'd love to get a look at the tax returns of the people in this thread who are lambasting Obama for 'taking advantage of loopholes' in the tax code, just so I could see to what degree they're doing the exact same thing.
    You want to compare Obama with random internet posters? Oh how the expectations have fallen. These days, he just needs to slip past interwebs justice - that's change we can believe in.

    New stove and car, no? Still eating dogfood? Well, Obama is not as bad as SocialDem! So, why are you complaining?? Obama's hope has been reduced to "well, he never robbed a train". Really? That's all you got?
    Last edited by ecofarm; 04-24-11 at 11:12 AM.

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    Re: Obama only paid a 26% income tax rate for 2010

    Quote Originally Posted by PeteEU View Post
    First off.. at least Obama pays taxes.. Could name a few companies that dont.
    Does it matter......

    Libtards still support Tax Cheat Rangle (D).........Tax Cheat Turd Geithner (D).........Tax Cheat Daschle (D).......

    .....wouldnt you like Obama more if he cheated on his taxes?

    Secondly.. how on earth can it be Obama's fault that he pays the taxes the system put in place by the Congress says he has to pay?
    The President of Hypocrisy took advantage of every Deduction he has been preaching against......

    Thirdly.. I would wager he could pay even LESS if he wanted too.
    Nothing stopped The President of Hypocrisy from paying Clinton era tax rates........

    ........besides his greed.......
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    Re: Obama only paid a 26% income tax rate for 2010

    Quote Originally Posted by apdst View Post
    The tax on corporations is 35%. That's for all corporations. Obama feels like we're not paying enough taxes at that rate. However, he doesn't seem to have a problem with only paying 26% on his own income.
    Actually, afaict, corporations also have graduated taxes rather than a set rate for all amounts of income. So not all corporations pay an effective tax of 35%.

    Code:
    taxable income	tax rate	tax on bracket	cumulative tax	effective tax rate
    50,000		15.00%		7,500		7,500		15.00%
    75,000		25.00%		6,250		13,750		18.33%
    100,000		34.00%		8,500		22,250		22.25%
    335,000		39.00%		91,650		113,900		34.00%
    10,000,000	34.00%		3,286,100	3,400,000	34.00%
    15,000,000	35.00%		1,750,000	5,150,000	34.33%
    18,333,333	38.00%		1,266,667	6,416,667	35.00%
    But perhaps my spreadsheet skills are suffering from a lack of coffee

    rates and brackets taken from here: Federal Corporation Taxes — Infoplease.com
    Last edited by Simon W. Moon; 04-24-11 at 11:30 AM.
    I may be wrong.

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    Re: Obama only paid a 26% income tax rate for 2010

    Quote Originally Posted by Simon W. Moon View Post
    Actually, afaict, corporations also have graduated taxes rather than a set rate for all amounts of income. So not all corporations pay an effective tax of 35%.

    Code:
    taxable income	tax rate	tax on bracket	cumulative tax	effective tax rate
    50,000		15.00%		7,500		7,500		15.00%
    75,000		25.00%		6,250		13,750		18.33%
    100,000		34.00%		8,500		22,250		22.25%
    335,000		39.00%		91,650		113,900		34.00%
    10,000,000	34.00%		3,286,100	3,400,000	34.00%
    15,000,000	35.00%		1,750,000	5,150,000	34.33%
    18,333,333	38.00%		1,266,667	6,416,667	35.00%
    But perhaps my spreadsheet skills are suffering from a lack of coffee

    rates and brackets taken from here: Federal Corporation Taxes — Infoplease.com
    I think it's reality, more than coffee.

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    Re: Obama only paid a 26% income tax rate for 2010

    Quote Originally Posted by apdst View Post
    I think it's reality, more than coffee.
    Please correct my information or my calculations to reflect the facts. Which parts do I have incorrect? The inputs or the formulas?

    are you sure you're not referring to total taxes and not merely federal income taxes?
    I may be wrong.

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    Re: Obama only paid a 26% income tax rate for 2010

    He is leading because he is advocating for a cause and people are buying in. All that is required to be a leader is to have someone to lead. (cue the "all liberals are sheep" retort"

    Wishful thinking on your part...nobody but but the folks he already controls are "buying in"....the rest of us understand that the "programs" are in need of serious overhaul.....and are in no way ready to "give" more to the failures of the "Great Society"...(cue the selfish republican retort here)

    I am looking at it logically, in fact, I have given you the basis for my view and the reasoning when stems from that basis. From my perspective, you are going at it emotionally due to your use of hyperbole. Also the structure is not a side issue as changing the tax code is one of the basis for this thread, which makes it relevant. Perhaps if you addressed my points about the efficacy of doing what you suggest we would get somewhere.

    You've made no coherent points, you've simply defended Obama's hypocrisy.....and use the term "structure" to obfuscate said hypocrisy.

    Well, I know we could learn if you would actually address my reasoning.

    Turn away from obfuscation and emotion and perhaps we might get somewhere
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    Re: Obama only paid a 26% income tax rate for 2010

    Quote Originally Posted by apdst View Post
    Well, go right ahead and do that and be sure to provide docs proving such. Thanks in advance.
    General Electric. Exxon.

    That's not the point. You're still out in left field.
    It is the point.

    Thirdly.. I would wager he could pay even LESS if he wanted too.
    As I stated, so would I. But unlike Romney and the other GOP hypocrites, he does not hide his wealth in off shore corporations and what not.

    Is the GOP trying to rape the working class by raising taxes?
    Actually yes. Any and all proposals coming form the GOP has one goal.. to make the "working class" pay relatively more than the "rich".

    Why don't you get it? Is it social, or genetic?
    I do get it, question is why dont you..

    Are you so brainwashed by the European model of doing things that you can't possibly understand what the problem is here?
    LOL you seriously believe your problems are some how unique to the US only? Gezz talk about arrogance.

    I'll demand to see their taxes 1) when they get elected to the presidency and 2) they insist that small businesses aren't paying, "their fair share".
    So in other words, never. Hypocrite.
    PeteEU

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    Re: Obama only paid a 26% income tax rate for 2010

    Quote Originally Posted by Badmutha View Post
    Does it matter......

    Libtards still support Tax Cheat Rangle (D).........Tax Cheat Turd Geithner (D).........Tax Cheat Daschle (D).......

    .....wouldnt you like Obama more if he cheated on his taxes?
    There is one hell of a difference between cheating on ones taxes and making errors.. so get a freaking reality check. And it DOES ****ING MATTER. How on earth can you with a straight face call out any democrat for tax problems when the main stream GOP hacks live of the state and pay next to no taxes themselves? Have you looked at Romneys companies and see where they are registered and pay taxes? Have you looked at Backmans "farm subsidies" she and her family receive? Have you looked at the tax, or lack of such, that Huckabee has paid? How about how the Koch brothers have been sucking on the federal tit for decades, gaining tax breaks, funding and what not, all in a while being registered overseas to avoid taxes? Where is your outrage over that.. that cost the US taxpayer, you.. unless you part of the 40% that dont pay taxes... BILLIONS every year.

    The President of Hypocrisy took advantage of every Deduction he has been preaching against......
    That is the GOP.. they have been the leaders of the hypocrisy movement ever since they embraced the radical religious right.

    Nothing stopped The President of Hypocrisy from paying Clinton era tax rates........

    ........besides his greed.......
    Are you even sure he could if he wanted too? The IRS would most likely just refund him in a year for paying too much in taxes...
    PeteEU

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    Re: Obama only paid a 26% income tax rate for 2010

    Quote Originally Posted by upsideguy View Post
    Yep, they should have cut off Bush's pension.....
    and his dick, cheney that is....
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    Truth rings hollow in empty heads.

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    Re: Obama only paid a 26% income tax rate for 2010

    Quote Originally Posted by PeteEU View Post
    General Electric. Exxon.
    afaict, these are just names and not documentation
    I may be wrong.

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