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You dudes don't know how marginal taxes rates work
***Official Political Discussion Thread***
- Thread in 'General' Thread starter Started by rico x hood,
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cl-1b
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You still don't believe the numbers?!
blco02
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Hypothetical situation that may occur in the near future:
If I start a small business and my revenue (not net income) reaches $300-500k, how much would my tax rate be?
If I start a small business and my revenue (not net income) reaches $300-500k, how much would my tax rate be?
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blco02
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Probably about 90% under Bernie Sanders.
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Rusty is making the point that the tax is progressive so only the amount after 413 and like 464k for single vs married is taxed at 39.6%
sundoobie i know the feel. Even with it being progressive its a Large portion of your income. I dont know what all these deductions are my tax attorney may need to be fired but i onow you DONT get a lot of deductions because you make too much for example student loan interest .
sundoobie i know the feel. Even with it being progressive its a Large portion of your income. I dont know what all these deductions are my tax attorney may need to be fired but i onow you DONT get a lot of deductions because you make too much for example student loan interest .
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Still waiting on the IRS link brah
Where it at?
Haha here you go player
http://taxfoundation.org/article/2016-tax-brackets
http://www.smbiz.com/sbrl001.html
Im a small business owner my brother.. I've been feeling the effects of this nonsense for a few years now
-Funny I thought you were getting it straight from the IRS, that's were you condescendingly told me to go look. And nothing you posted shows a 43% tax rate btw. So you''re still wrong on that
But anyway
I believe the numbers. The problem is that you don't understand how the numbers work.
The 39% is the MARGINAL TAX RATE. It doesn't mean that you're entire $100,000 plus will be tax at a rate of 39%
Let's work the math shall we?
Lets say you small business makes 150K a year
the first 50K get taxed at 15%, the next 25k (50-75K bracket) at 25%, the next 25K (75K-100K) at 34%, and the last 50K at 39%
(50,000*.15)+(25000*.25)+(25000*.34)+(50000*.39) = 41750
( 41750/150000) *100= 27.83%
That means you paid 27.83% of that 150k in taxes. Your rate bill is that, not 39.6%
Jeeez.
edit: corrected the second equation.
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Since I ran the number you want to apologize for the insults?
Or should I just report you?
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RustyShackleford ACA is center right huh? It is not. It was shoved down the American people's throat unconstitutionally by using the reconciliation rule. Jonathan Gruber admitted they lied to get it passed, and it was only passed due to "the stupidity of the American voter".
"Lack of transparency is a huge political advantage. And basically, call it the stupidity of the American voter or whatever, but basically that was really, really critical for the thing to pass. … Look, I wish … we could make it all transparent, but I’d rather have this law than not.”
http://www.washingtontimes.com/news/2014/nov/10/obamacare-architect-we-passed-law-due-to-stupidity/
America knew about the ACA before the 2008 election. If they hated so bad, all they had to do was vote out Obama in 2012, and it would have went away
They didn't. They voted to keep Obama, and in turn the ACA
There was nothing unconstitutional about the passing of the ACA.
-And Jonathan Grubber didn't lie to get it passed. He was saying that they didn't want to give the opposition a talking point that would have killed the bill, and that some of the cost a hidden to the American public
The same way most American's don't know their health insurance is subsidized.
They unfortunate think about the American public is that they are ignorant about the true cost of their programs, that why cost are put onto the employer and indirectly passed down to the employee. Because American's don't understand the core economic principles driving certain things
-But the fact still remains, the bill went to the Supreme Court twice, and the American people had their chacne to get rid of it. And they chose not too
Secondly, I love and "Repeal Obamacare" has magically turned into "Repel and Replace Obamacare"
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If I am a high earning self employed taxpayer... I pay at a minimum 15.3% in Self Employment taxes + 39.6% ordinary tax rates + 0.9% Additional Medicare Tax + 3.8% Net Investment Income Tax = 59.6%. But that's not all... in CA high earners pay 12.3% in personal income taxes plus 1% in CA Mental Health Services tax = 72.9% total. Oh also add to that.. the Alternative Minimum Tax just in case you have too many deductions!
You're adding in marginal tax rates with flat tax rates. You can't do that
blco02
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Since I ran the number you want to apologize for the insults?
Or should I just report you?
That would make you a hypocrite. And I wasn't even referring to you.
Sean Hannity has said many times on his show that he pays over 50% of his income as a result of federal, high NY state, and high NY local taxes. Isn't that enough money going to the government for you leftists?
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Tell me about it man it's ridiculous they're so brainwashed
That's why I stick to Fox where the news is delivered totally unbiased like the Lord intended
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Since I ran the number you want to apologize for the insults?
Or should I just report you?
That would make you a hypocrite. And I wasn't even referring to you.
Sean Hannity has said many times on his show that he pays over 50% of his income as a result of federal, high NY state, and high NY local taxes. Isn't that enough money going to the government for you leftists?
Don't play coy, you quote a post that quoted me.
Meth told me to make an effort with you, I haven't personally insulted you once since our last blow up
I expect the same level of respect
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blco02
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Don't play coy, you quote a post that quoted me.
Meth told me to make an effort with you, I haven't insulted you once since our last blow up
I expect the same level of respect
Such a liar. You have so. I always have given respect but do not get the same from the slimey NT leftists.
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I appreciated the debate that went on a few pages ago....Now it's meh. Turned into what things usually turn into.
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Don't play coy, you quote a post that quoted me.
Meth told me to make an effort with you, I haven't insulted you once since our last blow up
I expect the same level of respect
Such a liar. You have so. I always have given respect but do not get the same from the slimey NT leftists.
You call all NTers left wing extremist
You go in the Ferguson thread and demand an apology when the DOJ didn't arrest Darren Wilson but found systemic racism
You then a few days later claim systemic racism is not an issue, because you don't notice it around you, "Your business hire black people all the time" and condescendingly offer to help black NTer's get work
You post right wing source after ring wing source and claim that is the only viable news sources. Not liberal sites like the "NYT"
Post offensive memes
This is just some of you handy work. Yep, nothing but respect from you
-Btw, Since your last blow up. I have insulted your opinions, sure. I have never insulted you directly. Like calling you stupid
But relax, running to mods isn't my steez baby pa. You safe
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blco02
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The king of deflection
Knows he's wrong on tax policy so calls others racists
Knows he's wrong on tax policy so calls others racists
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The king of deflection
Knows he's wrong on tax policy so calls others racists
I didn't call you a racist. Nice try
But I did clearly refuted you guys interpretation about how taxation works.
If you would like to refute my calculations, I would love to hear it.
Srs
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MVP
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People really going to ignore basic economics 101 to push their agenda? I don't even know why you respond to these people any more Rusty.
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Maybe once the govt gets their waste and spending under cntrol we can talk about raising taxes again MAYBE
cant see people wanting to give the govt more of their money to waste and spend as they please.
cant see people wanting to give the govt more of their money to waste and spend as they please.
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http://www.forbes.com/sites/anthony...14-separating-fact-from-fiction/#46c4ef7e6ca2
of topic this KL performance at the Grammys is Dope
of topic this KL performance at the Grammys is Dope
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No one is saying that brah
I want both. Cuts to waste spending and welfare to the rich (and corporations) and tax increases to give the American people better services. Most of the tax increases will not be on lower class people. I want to give some tax cuts in fact
I want the money spent on giving people healthcare, educations, and jobs.
And I'm just not talking about increasing taxes, I'm actually in favor changing the tax code so that most individual taxes are progressive.
A lot of what I believe you would find some libertarians championing.
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cl-1b
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D
lefty's always deflect away from actual fact.. we're talking rates here, not changing policies or the ways taxation works in this country. obviously anyone that pays taxes understands how that works. btw here you go rust..
Medicare payroll tax on earned income
The Medicare payroll tax is 2.9%. It applies only to earned income, which is wages you are paid by an employer, plus tips. You’re responsible for 1.45% of the tax, and it’s deducted automatically from your paycheck. Your employer pays the other 1.45%.
https://www.fidelity.com/viewpoints/personal-finance/new-medicare-taxes
lefty's always deflect away from actual fact.. we're talking rates here, not changing policies or the ways taxation works in this country. obviously anyone that pays taxes understands how that works. btw here you go rust..
Medicare payroll tax on earned income
The Medicare payroll tax is 2.9%. It applies only to earned income, which is wages you are paid by an employer, plus tips. You’re responsible for 1.45% of the tax, and it’s deducted automatically from your paycheck. Your employer pays the other 1.45%.
https://www.fidelity.com/viewpoints/personal-finance/new-medicare-taxes
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You clearly didn't know who tax worked. I screamed "marginal" a ton of times, before I had to break now the numbers for you.
And you're the one deflecting now, with this Medicare thing. Go check the last page, I already stated the Medicare tax is 1.45%
Plus your 43% number is still no where to be found
-You were wrong, I clearly proved it, now you want to dip and dive around that fact.
I correctly stated how marginal taxation worked, and I correctly stated the payroll taxes. So unless you can refute anything I said on those matters, I don't think we have anything left to talk about
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