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JohnT

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Capitalist
Mar 1999 time: 00:25
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OMG, did you just fake some math and deduction figures to prove a non-existant point? !!!!! Is there anybody else here who thinks such an approach is as intellectually dishonest as I?
For what it's worth, I don't have to make up numbers to prove my point. Given a real-world family (mine) filling out a 1040 form with your income assumptions gives me the answers
Income: $15,000
Standard Deduction: $7,850
Exemptions: $9,000
Total Income Deductions and Exemptions: $16,850
Taxable Income: 0
Total Tax: 0
AMT: 0
Total tax taken from paychecks (using tax table): $1,954
Total Refund: $1,954
Obviously, raising the exemption on me or my wife or my kids will have no effect on taxes. Given your example, it is quite possible for me to get a LARGER refund than what I actually paid in taxes (using child-care and education tax credits and the like). I did not use these credits because then I would be faking my maths.
I'm bowing out of this thread - you may continue your discussion without me. I cannot and will not participate in a debate with people who LITERALLY pull facts and figures out of air.
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JohnT

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Capitalist
Mar 1999 time: 00:25
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quote: Originally posted by Frogger
Really now. 9000$ in deductions on a 15000$ paycheck. Think that through again.
What exactly would that 15000$ income person be writing 9000$ off on, sweetheart? Thank you, come again.
9000$ in deductions is reasonable for somebody making 70000+, not 15000.
So bullshit. |
Fill out the form. Don't come back to me until you do so.
To answer your question re: the $9,000. You get a $7,350 personal deduction for filing Married, jointly. In addition to that, you get a $3,000 exemption for every person in your household*, including yourself. I have 3 people in my household. Ergo, $9,000. That raises my income deductions to $16,000+, making my taxable income $0.
You see what happens when you don't FAKE your arguments?
*There are exceptions, but none of them apply in my case (i.e., Sophie isn't off at school, away from the house over 1/2 the year. If she was, I couldn't claim her as an exemption).
Last edited by JohnT on 23-01-2003 at 23:47
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KrazyHorse
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Macedonia
May 2001 time: 00:25
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quote: Originally posted by JohnT
Fill out the form. Don't come back to me until you do so.
To answer your question re: the $9,000. You get a $7,350 personal deduction for filing Married, jointly. In addition to that, you get a $3,000 exemption for every person in your household*, including yourself. I have 3 people in my household. Ergo, $9,000. That raises my income deductions to $16,000+, making my taxable income $0.
You see what happens when you don't FAKE your arguments? |
Snooze.
a) Yes, now all of a sudden they've got 3 kids on one income. Great. Hope you noticed that we can play this game as high as you want, but the fact remains that somebody in the bottom 50% is paying taxes.
b) Are you really so obtuse that you missed my point?
It is possible to reduce the tax load of a low-income taxpayer at a rate proportionally higher than you reduce the tax load of a high-income taxpayer. The simplest way to achieve this is to raise the personal exemption. The simplest way to reduce the tax load of a high-income taxpayer at a rate proportionally higher than that of a low-income taxpayer is to drop percentages off the top income tax bracket or to increase the level at which that tax bracket kicks in.
To repeat:
quote: Obfuscation, obfuscation obfuscation.
Anybody with the math skills of an 11 year-old and the patience to think about it for 30 seconds can tell you that raising the personal exemption has a larger proportional impact on the tax burden of a lower-income family than that of a higher-income family, while chopping off the top brackets has a larger proportional impact on the tax burden of a higher-income family than on the lower-income family... |
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David Floyd
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The bottom of a large bottle of beer
Jan 1970 time: 05:25
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What's wrong with tax cuts for the wealthy? They're getting ****ed much more than I am, in terms of the unfair system of tax brackets, just as I'm getting ****ed much more than people who make less money than I do.
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DuncanK
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Evil Empire
Dec 2002 time: 21:25
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Why the heck does all this matter? The rich are suppose to pay more taxes, or maybe JohnT and GP don't agree, but I really see no point to all this discussion. It seems like some people are arguing about how much tax low-income people pay. We should be arguing that we shouldn't have to pay taxes at all, because we are struggling to make it and they aren't. GP and JohnT are glad to get you liberals into this one the way I see it.
edit: sorry GP, I should have said Ned not you. I think you are the one who couldn't read the comic.
Last edited by DuncanK on 24-01-2003 at 07:56
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Lord Merciless
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People from all income levels pay 15% in payroll taxes(Social Security + Medicare).
People earning below $15,000(the poverty line for a 4 member family) may not pay any income tax. The total deduction is this case would be $7350(married filing jointly) + $12000(4*exemptions) = $19350.
For married people filing jointly, the tax progression works this way:
<$45,000: 15%
<$90,000: 28%
<$125,000: 31%
<$150,000: 36%
>$150,000: 39%
People earning above $150,000, but less than $300,000, are usually the best doctors, scientists, engineers, lawyers, university professor, and other important professionals in our country. These people are undoubtedly the most hard working class in our society, and they got to pay the highest percentage of their income in taxes. How is that fair?
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