View Poll Results: Are savings from a tax law change "income the tax payer did not earn"?

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  • Yes, if the government takes less-it is unearned income for you

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  • No-it was money you earned in the first place

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Thread: Are savings from a tax law change "income the tax payer did not earn">

  1. #1
    warrior of the wetlands
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    Are savings from a tax law change "income the tax payer did not earn">

    Some posters have claimed that the Bush tax rates (now the Obama tax rates) which resulted in taxpayers receiving "Unearned income". In other words if you made 500K and your pre-Bush tax law Federal income tax was 150K and after the new tax rates were passed your tax became 135K does that 15K savings constitute 15K UNEARNED INCOME to you?
    Last edited by TurtleDude; 07-21-12 at 09:53 AM.

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    Filmmaker Lawyer Patriot
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    Re: Are savings from a tax law change "income the tax payer did not earn">

    does that 15K savings constitute 15K UNEARNED INCOME to you?
    Of course it doesn't. That's just plain moonbattery.

    Though I wonder what the same posters think of things like the EITC which actually allow a "refund" which is literally greater than the amount of tax you paid.
    Last edited by Harshaw; 07-21-12 at 10:19 AM.
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  3. #3
    warrior of the wetlands
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    Re: Are savings from a tax law change "income the tax payer did not earn">

    Quote Originally Posted by Harshaw View Post
    Of course it doesn't. That's just plain moonbattery.

    Though I wonder what the same posters think of things like the EITC which actually allow a "refund" which is literally greater than the amount of tax you paid.
    well one poster who claims to be an expert on economics claimed it was unearned income for the tax payer and another backed him up on that. I see neither has taken part in the poll

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    Sage

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    Re: Are savings from a tax law change "income the tax payer did not earn">

    Quote Originally Posted by TurtleDude View Post
    Some posters have claimed that the Bush tax rates (now the Obama tax rates) which resulted in taxpayers receiving "Unearned income". In other words if you made 500K and your pre-Bush tax law Federal income tax was 150K and after the new tax rates were passed your tax became 135K does that 15K savings constitute 15K UNEARNED INCOME to you?
    In my limited understanding of federal tax law, I'd have to say that 135K is just that individuals taxable liability and that the 15K extra income in his pocket. Now, the additional earnings he might receive should he invest that 15K is another story.

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    warrior of the wetlands
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    Re: Are savings from a tax law change "income the tax payer did not earn">

    Quote Originally Posted by Objective Voice View Post
    In my limited understanding of federal tax law, I'd have to say that 135K is just that individuals taxable liability and that the 15K extra income in his pocket. Now, the additional earnings he might receive should he invest that 15K is another story.
    I don't follow

    year one-the law says you pay 150K on your income of 500K

    year two-the same law now says you pay 135K on your income of 500K

    how can anyone claim that because you have to pay 15K less taxes you have been GIVEN 15K in unearned income

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    Re: Are savings from a tax law change "income the tax payer did not earn">

    Quote Originally Posted by TurtleDude View Post
    Some posters have claimed that the Bush tax rates (now the Obama tax rates) which resulted in taxpayers receiving "Unearned income". In other words if you made 500K and your pre-Bush tax law Federal income tax was 150K and after the new tax rates were passed your tax became 135K does that 15K savings constitute 15K UNEARNED INCOME to you?

    Such a model presupposes that the government owns you and all of your labor, and only allows you to keep portions of it as an incentive to continue to be productive. That notion is (and I don't use this terminology much) fundamentally un-American. Anyone arguing it might feel more at home in the Ottoman Empire, where all subjects were indeed considered the property of the Sultan.

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    warrior of the wetlands
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    Re: Are savings from a tax law change "income the tax payer did not earn">

    Quote Originally Posted by cpwill View Post
    Such a model presupposes that the government owns you and all of your labor, and only allows you to keep portions of it as an incentive to continue to be productive. That notion is (and I don't use this terminology much) fundamentally un-American. Anyone arguing it might feel more at home in the Ottoman Empire, where all subjects were indeed considered the property of the Sultan.
    I agree with your point and the poster who made that claim does believe the government owns all wealth

    he also claimed that he was upset when Bush cut his taxes (whether he sent the government the differene I suspect not)

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    Re: Are savings from a tax law change "income the tax payer did not earn">

    I wonder if those individuals would argue that the recent drop in gasoline prices represents BP giving me money?

  9. #9
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    Re: Are savings from a tax law change "income the tax payer did not earn">

    Quote Originally Posted by cpwill View Post
    I wonder if those individuals would argue that the recent drop in gasoline prices represents BP giving me money?
    or if a robber left half way through his crime because you obtained a weapon or the police sirens were heard, the criminal gave you all the stuff he couldn't take with him

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    Re: Are savings from a tax law change "income the tax payer did not earn">

    Quote Originally Posted by TurtleDude View Post
    I agree with your point and the poster who made that claim does believe the government owns all wealth
    ah. Well then the Divine Right of Kings is a better governing system for him, perhaps; and he may want to look to leave this horrid land where the people are sovereign and government derives it's powers from them.

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