Looking at that chart you linked, I have some questions.
Nate Send a noteboard - 18/09/2012 07:05:24 PM
First of all, it really does look like you might be misinterpreting it. Getting a portion of your income taxes back would not put you into "zero or negative income tax" range, because there are still income taxes you paid that you did not get back, above and beyond the income taxes you paid and did get back.
My question is about payroll tax. Is that not a form of federal tax that comes essentially out of a person's income as well? Because the chart says that only 18.1 percent of people have both zero income tax and zero payroll tax (and 27.6 percent that have a zero sum of those two, which I assume means that their negative income tax balances out their payroll taxes). What is the distinction there? Is there a reason why payroll tax is ignored in the 47 percent number? I honestly do not know how payroll taxes work.
My question is about payroll tax. Is that not a form of federal tax that comes essentially out of a person's income as well? Because the chart says that only 18.1 percent of people have both zero income tax and zero payroll tax (and 27.6 percent that have a zero sum of those two, which I assume means that their negative income tax balances out their payroll taxes). What is the distinction there? Is there a reason why payroll tax is ignored in the 47 percent number? I honestly do not know how payroll taxes work.
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what does it mean to "pay no federal income tax"?
- 18/09/2012 06:30:28 PM
1129 Views
Wrong
- 18/09/2012 06:37:07 PM
690 Views
Additional categories
- 18/09/2012 06:51:46 PM
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SS income is very much taxed, my friend
- 18/09/2012 06:59:28 PM
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Is that true?
- 18/09/2012 06:54:33 PM
705 Views
No, it's not. See my post (you should really have read it first
) *NM*
- 18/09/2012 07:00:07 PM
288 Views
) *NM*
- 18/09/2012 07:00:07 PM
288 Views
Looking at that chart you linked, I have some questions.
- 18/09/2012 07:05:24 PM
643 Views
I think the reasoning is that since they go to entitlement programs, it's not entirely a tax.
- 18/09/2012 10:55:12 PM
624 Views
Does that mean the correct number is that 27.6%?
- 18/09/2012 07:17:46 PM
667 Views
That is correct - some folks have such negative income taxes, it offsets payroll as well.
- 19/09/2012 05:28:07 AM
671 Views
If it helps, here's a graph of effective federal tax rate by quintile, all taxes (data from 2007)
- 19/09/2012 08:30:37 AM
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While we're talking about taxes, am I the only one who doesn't give a rat's ass about Romney's?
- 18/09/2012 10:37:12 PM
651 Views
That sort of thing does matter to me
- 18/09/2012 10:48:30 PM
614 Views
Ah, yeah, not so much for me.
- 18/09/2012 11:16:56 PM
593 Views
I am a BIT curious whether he took the IRS amnesty for tax dodging in 2009.
- 18/09/2012 11:32:31 PM
577 Views
As an outside observer ...
- 19/09/2012 01:28:13 AM
657 Views
Re: As an outside observer ...
- 19/09/2012 04:45:11 AM
616 Views
the question of legality has already been covered by the offshore accounts though....
- 19/09/2012 05:44:28 AM
639 Views
Eh, those already exist, if people bothered to look
- 19/09/2012 08:08:35 AM
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Those are toothless examples, no bite to them and old news so no shock value aspect
- 19/09/2012 08:44:01 AM
584 Views
The stat is valid, because of tax credits the GOP created/expanded for the overtaxed middle class.
- 18/09/2012 11:22:13 PM
646 Views
I think you got it wrong:
- 19/09/2012 01:52:30 AM
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+1 - you are correct, moondog screwed the pooch with this post. *NM*
- 19/09/2012 05:18:19 AM
267 Views
Washington Post similar to Anonymous', but shows how many people get each credit.
- 19/09/2012 06:45:08 PM
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