Ryan vs Biden

[Capitol Shock II]

All this does is illustrate how terrible the tax system is. Make everyone pay 15% and leave it at that. That's really not fair in my opinion because no everyone pays the same amount but it's a start.

It will never happen but I would vote for it if it came up.

[wufan]

No tax until you reach the "poverty line" for your family. After that a flat tax. No deductions.

[ShockTalk]

No tax until you reach the "poverty line" for your family. After that a flat tax. No deductions.

You would still need a gratuated tax for those just over the poverty line or they would have less spendable income than those just under the line.

[Ixiah]

All this does is illustrate how terrible the tax system is. Make everyone pay 15% and leave it at that. That's really not fair in my opinion because no everyone pays the same amount but it's a start.

It will never happen but I would vote for it if it came up.

Sadly, I doubt there will ever be true tax reform because everyone has fought for some benefit and don't want to give it up. It's not only federal but state as well. For example our state has a "qualified swine facility improvement credit"!! Other unusual Kansas credits are for Agritourism Liability Insurance, Film Production, an Electric Cogeneration Facility, Law Enforcement Training Centers, Deferred Maintenance, etc. You just can't make this stuff up!


http://www.ksrevenue.org/taxcredits-swine.html
http://www.ksrevenue.org/taxcredits.html

[Smooth007]

The Democratic claim that Romney's paid less (14%) than a $50,000 income is TOTAL B.S. Based on 2011 tax rates and standard deductions, here are the facts:

Filing single: $50,000 - 5,800 - 3,700 = 40,500 , $6,256 tax (12.5%)
Filing Married: $50,000 - 11,600- 7,400 = 31,000, $3,804 tax (6.6%)

Each is less than the Romney 14.4% paid in 2011.

If you removed the $2,250,772 charitable contribution from the Romney's tax return, they would have had taxable income of $11,258,551 and a resulting tax of $3,910,364 (28.54%).

To have numbers that would support the Democrats assertion, one would have to have a single individual earn $50,000 and not take the deduction or exemption, thereby paying tax on $50,000, which according to the tax table would be $8,631. This would be 17.26%.

However, this is same tax that would be paid by a single person earning $59,500 and taking the standard deduction and exemption, resulting in taxable income of $50,000. In this case, the REAL facts, the result is 14.5%.

Since the Romneys file as married, the apples-to-apples comparison would be $50,000 without taking exemptions, 13.3%; taxable of $50,000 after claiming exemptions would equate to $69,000 of income, and a 9.6% tax rate.

Your calculations fail to include payroll taxes or SE taxes (whatever assumptions you are making). Just noting an ommission.

[Smooth007]

Your calculations fail to include payroll taxes or SE taxes (whatever assumptions you are making). Just noting an ommission.

Since Romney had no earned income in 2011, he payed no payroll taxes. However the $50,000 worker, if not self-employed, payed 4.2% (would be 6.2% in any other year than 2011 or 2012) in payroll taxes.

[wufan]

You would still need a gratuated tax for those just over the poverty line or they would have less spendable income than those just under the line.

Not true. Nobody pays ANY taxes until after you reach the poverty line (say 30k). Everyone keeps the first 30 then every dollar above that is taxed at a set rate of whatever...15-20%. It encourages earnings w/o compromising the poor and everyone pays their fair share.

[ShockTalk]

Not true. Nobody pays ANY taxes until after you reach the poverty line (say 30k). Everyone keeps the first 30 then every dollar above that is taxed at a set rate of whatever...15-20%. It encourages earnings w/o compromising the poor and everyone pays their fair share.

Absolutely true. Please excuse the old man brain fart. :stupid: