The Screwing Continues

[ny10570 745]

http://www.nytimes.com/2011/03/25/business/economy/25tax.html?_r=1&ref=us

Last year GE payed 7.4% of its US income in taxes. The poorest American pays 10% and I'm getting violated to the tune of 25%. Republicans tout the 35% tax burden as preventing American competition, and they're right. No one is going to pay 35% of their income to the US when they can just move overseas. Too bad no major corporation pays anywhere near that. No worries, the democrats are just a foul in this. Good ole' Charlie Rangel traded 4 billion in tax breaks to GE for 11 million to schools in his district. This crap is just depressingly frustrating.

Can anyone explain to me how this should be allowed to continue? I get why it happens, I just want a reason to delude myself into believing its not so bad.

[CTFF 65]

No can't explain it to you. Of course you could always blame "unions" if you want to feel better, it's seems to be in vogue.

[antiquefirelt 994]

It's time for a Flat Tax System, without loopholes. This would force everyone to pay their fair share, eliminate refunds and a significant segment of the IRS could work on following the income of those higher paid self-employed persons or those who try to hide their income in the form of special benefits.

[mfc2257 464]

http://www.nytimes.com/2011/03/25/business/economy/25tax.html?_r=1&ref=us

Last year GE payed 7.4% of its US income in taxes. The poorest American pays 10% and I'm getting violated to the tune of 25%. Republicans tout the 35% tax burden as preventing American competition, and they're right. No one is going to pay 35% of their income to the US when they can just move overseas. Too bad no major corporation pays anywhere near that. No worries, the democrats are just a foul in this. Good ole' Charlie Rangel traded 4 billion in tax breaks to GE for 11 million to schools in his district. This crap is just depressingly frustrating.

Can anyone explain to me how this should be allowed to continue? I get why it happens, I just want a reason to delude myself into believing its not so bad.

G.E. is not the norm, but that is none the less quite low.

As for your personal tax rate... Are you saying that your effective rate is 25% (what you rate is after your refund) or that your withholding rate is 25% (the amount that is withheld from your check)?

If you own property and pay taxes on it and incur an interest expense (deductible), have children (child credit), and have folks like a spouse whom you take an exemption for, 401k 457, or 403b contributions, HSA or healthcare contributions, as well as writing off last years state income tax paid against this years federal return there is a good chance that you could get your your effective rate below 25% once your refund was cut. There are other factors that should drive your effective rate down such as uniform expense if it meets a certain % of AGI, tax loss carry forwards from prior investment losses, charitable contributions to 501c3 organizations (church, Susan B. Komen, emtbravo, etc) and sales tax deductions.

Edited March 25, 2011 by mfc2257

[INIT915 1,119]

G.E. is not the norm, but that is none the less quite low.

As for your personal tax rate... Are you saying that your effective rate is 25% (what you rate is after your refund) or that your withholding rate is 25% (the amount that is withheld from your check)?

If you own property and pay taxes on it and incur an interest expense (deductible), have children (child credit), and have folks like a spouse whom you take an exemption for, 401(k) 457, or 403b contributions, HSA or healthcare contributions, as well as writing off last years state income tax paid against this years federal return there is a good chance that you could get your your effective rate below 25% once your refund was cut. There are other factors that should drive your effective rate down such as uniform expense if it meets a certain % of AGI, tax loss carry forwards from prior investment losses, charitable contributions to 501©3 organizations (church, Susan B. Komen, emtbravo, etc) and sales tax deductions.

Emtbravo is a 501C3 eligible organization?

[mfc2257 464]

Emtbravo is a 501C3 eligible organization?

It is my understanding that Seth incorporated it as a not-for-profit that falls under IRC section 501c3 or 501c4

[gamewell45 258]

http://www.nytimes.c...tml?_r=1&ref=us

Last year GE payed 7.4% of its US income in taxes. The poorest American pays 10% and I'm getting violated to the tune of 25%. Republicans tout the 35% tax burden as preventing American competition, and they're right. No one is going to pay 35% of their income to the US when they can just move overseas. Too bad no major corporation pays anywhere near that. No worries, the democrats are just a foul in this. Good ole' Charlie Rangel traded 4 billion in tax breaks to GE for 11 million to schools in his district. This crap is just depressingly frustrating.

Can anyone explain to me how this should be allowed to continue? I get why it happens, I just want a reason to delude myself into believing its not so bad.

Is the 35% total tax or just federal tax?

[gamewell45 258]

It's time for a Flat Tax System, without loopholes. This would force everyone to pay their fair share, eliminate refunds and a significant segment of the IRS could work on following the income of those higher paid self-employed persons or those who try to hide their income in the form of special benefits.

If memory serves me correct, when Steve Forbes ran for president some years ago, he proposed a federal tax of 13% for everyone with no deductions or loopholes. To me that sounds like a fair system, sort of pay as you go. Probably would create a poltical nightmare for politicians since they'd be under enormous pressure to give tax breaks to the rich and corporations.

[ny10570 745]

My 25% is just like GEs 35%. The federal assessment before deductions. Sadly as a single apt renter I have few deductions.

The personal flat tax has a disparate impact on the poor. Expenses like food and shelter take a larger portion of your income the poorer you get. A simple slidding scale would work fine, however the loopholes and breaks need to be killed.

[x635 4,066]

It is my understanding that Seth incorporated it as a not-for-profit that falls under IRC section 501c3 or 501c4

We are not there, yet. I've been trying to save funds for a few years to get this done (Federal Filing fees and help filing), and the application is quite extensive. I HOPE to get it done as soon as time and funds allow.

[antiquefirelt 994]

If memory serves me correct, when Steve Forbes ran for president some years ago, he proposed a federal tax of 13% for everyone with no deductions or loopholes. To me that sounds like a fair system, sort of pay as you go. Probably would create a poltical nightmare for politicians since they'd be under enormous pressure to give tax breaks to the rich and corporations.

That would certainly expose the politicians to the rest of us. We always hear that there needs to be tax breaks for start up businesses but that's just a smoke screen for a large loophole that currently afflicts our system. We no doubt need new businesses and new jobs, but there are far too many start-ups that are doomed to failure, but are done as a tax reduction for the wealthy. We need to take back the political and tax system and the best way is to control the money. Transparency in all but sensitive national security issues.

[CTFF 65]

For those interested in this topic look up last nights "60 minutes". They ran an piece on Congressmen Dobson (?) from Texas and his proposed bill, which is looking into changing how companies avoid paying taxes by "moving" overseas. The CEO of Cisco claims that they have over $40 billion that they won't bring into the US based on out tax code and all told there is over a trillion dollars US companies have that can't be taxed by the gov't. The CEO also states they would bring money back if the Government would lower the taxes closer to what European countries tax at.

[ny10570 745]

Thats horse poop. ZERO fortune 500 companies pay the full 35% tax. Absolutely the tax code needs a massive overhaul and 35% is far too high a tax rate, however the biggest corporation pay next to nothing while the companies that really contribute to American Jobs and the middle class pay the highest taxes. Kind of the same story with personal taxes. The wealthiest and poorest pay nothing while the middle class takes the beating.

[ffp20 14]

For those interested in this topic look up last nights "60 minutes". They ran an piece on Congressmen Dobson (?) from Texas and his proposed bill, which is looking into changing how companies avoid paying taxes by "moving" overseas. The CEO of Cisco claims that they have over $40 billion that they won't bring into the US based on out tax code and all told there is over a trillion dollars US companies have that can't be taxed by the gov't. The CEO also states they would bring money back if the Government would lower the taxes closer to what European countries tax at.

european tax rates on everything is higher than here. that ceo is throwing bs.