Paul Ryan will be unvieling the FY2012 budget tomorrow: $4T in cuts

[ProfJohn]

Oh look at this!!!

The top 1% of earners paid 40% of all income taxes in 2006!!!!

And they paid the highest percentage of their income as well!!!

Oh the horror!

 

[ProfJohn]

I don't understand this false notion that 47% don't pay taxes. They pay a shit load of taxes, probably a higher percentage of their income than the wealthy do. Yeah it might not be Fed and State Income tax but they pay taxes on everything else.

They pay a higher percentage of their income because their income is so low.

Just like when I go to lunch with the boss. My lunch cost me a much higher percentage of my income than my boss's, doesn't mean that it's unfair that we are charged the same for the same meal.

 

[LegendKiller]

I want military cuts too but I doubt we'll get them any time soon.

Now Obama has brought us into a third military engagement good luck getting any cuts to military.

Yeah, it's Obama's fault we fucked Iraq, we fucked Afghanistan, and we have 11 supercarriers.

 

[matt0611]

Yeah, it's Obama's fault we fucked Iraq, we fucked Afghanistan, and we have 11 supercarriers.

Did I say it was?
But good luck getting anyone on board for military cuts while we just started military intervention and yet ANOTHER country.
(Obama is responsible for that...)

 

[Patranus]

Yes, it's funny how the wealth inequality in this country (which skyrockets under republicans) has continued to splinter until the top 400 people have wealth equivolent to the bottom 50 million people. Funny how that works. Why you think this is sustainable or even preferable is not comprehensible to me.

And yet, that bottom 50 million people control more wealth than the bottom 50 million did 50 years ago.

The "middle class" and "poor" control more wealth (when adjusted for inflation) than they did 50 years ago.

You fail to realize that the "rich" grow their wealth and this isn't at the expense of the "middle class" or the "poor".

If I get 50% of a small pizza but then the next pizza is an extra large and I only get 40% of that, does that mean I am getting less pizza?

 

[RightIsWrong]

Oh look at this!!!

The top 1% of earners paid 40% of all income taxes in 2006!!!!

And they paid the highest percentage of their income as well!!!

Oh the horror!

I'll take "Logical fallacies" for a $1000, Alex.

When a CEO is taking a "measly" $100,000 salary and then collecting $2M in other compensation such as stock options that are not counted as or included in "income", they are doing so for a single reason, tax avoidance.

Capital gains should be considered as and taxed as income. Then, and only then, will the top 1% begin to start paying their share.

 

[Throckmorton]

The use of these charts are dishonest.

You are comparing a state with no income tax to one with a high income tax so is obviously going to be a huge difference in how things balance out.

Also, to be completely honest you should add in all the state offered benefits to the poor on these charts.

Start adding food stamps, housing assistance, child care assistance, medicare etc etc and see how the numbers break down.

Also, the charts only illustrate what percentage of income from each group goes to taxes, but ignores the actual dollar amounts paid. Someone in the lowest 20% may only make $10k a year and thus pay $1,200 a year in taxes while someone in the top 1% makes $1 million a year and pays $30,000 in taxes.

In essence the chart is nothing more than a way to take a group of numbers and present it in a format that backs up one argument.

My point is that even the bluest of the blue states, Hawaii, has regressive local taxes. I don't know what kind of benefits the poor get and I don't care because they're only a fraction of the bottom bracket.

You can look at the full data on the ITEP website. Click a state and then click the link that says something like "who pays" http://www.itepnet.org/

 

[ProfJohn]

Yes, it's funny how the wealth inequality in this country (which skyrockets under republicans) has continued to splinter until the top 400 people have wealth equivolent to the bottom 50 million people. Funny how that works. Why you think this is sustainable or even preferable is not comprehensible to me.

Wrong!!!

Notice that the top line grows at about the same rate over the past 40 years?

Same thing when looked at over a 70 year period!!!

The rich have been getting richer for 70+ years no mater who is president.

 

[Throckmorton]

Here's the full document on who pays taxes in all states http://www.itepnet.org/whopays3.pdf

 

[spidey07]

I'll take "Logical fallacies" for a $1000, Alex.

When a CEO is taking a "measly" $100,000 salary and then collecting $2M in other compensation such as stock options that are not counted as or included in "income", they are doing so for a single reason, tax avoidance.

Capital gains should be considered as and taxed as income. Then, and only then, will the top 1% begin to start paying their share.

It is you dumbfuck. Since you don't know the difference, you're still a dumbfuck. Fucking communist.

What really needs to happen is the poor and middle class need to start paying their fair share.

 

[Jhhnn]

Wrong!!!

Notice that the top line grows at about the same rate over the past 40 years?

Same thing when looked at over a 70 year period!!!

The rich have been getting richer for 70+ years no mater who is president.

Deceptive statistics for the win, right PJ? The truly wealthy have the ability to hide in the top 1%, let alone the top 5%. Here's what really happened-

http://motherjones.com/politics/2011/02/income-inequality-in-america-chart-graph#

 

[LegendKiller]

It is you dumbfuck. Since you don't know the difference, you're still a dumbfuck. Fucking communist.

What really needs to happen is the poor and middle class need to start paying their fair share.

You're the one whose wife makes a ton of money, which you brag about, as a public employee. Just who, exactly, is the communist here when you just love the fact your wife makes a ton of money off of taxpayers backs?

Whose the communist, comrade? Of course, you are.

 

[spidey07]

You're the one whose wife makes a ton of money, which you brag about, as a public employee. Just who, exactly, is the communist here when you just love the fact your wife makes a ton of money off of taxpayers backs?

Whose the communist, comrade? Of course, you are.

Lulz, you're projecting again. I'm the bread winner and shes the gravy. Take away some gravy and were good. But don't you touch my meat. Starting a family so she won't be working anymore. But damn that pension is some fine ass gravy.

I also love how you completely avoid the topic of capital gains tax and how it's taxed as normal income. I'm hitting my SS raise next month, IIRC you should be as well. But your libtard ass lives in NY and I live in KY. GG

 

[RightIsWrong]

It is you dumbfuck. Since you don't know the difference, you're still a dumbfuck. Fucking communist.

What really needs to happen is the poor and middle class need to start paying their fair share.

I'm not sure what part you are so enraged about, but whichever it is, just know that you're wrong.

 

[spidey07]

I'm not sure what part you are so enraged about, but whichever it is, just know that you're wrong.

Explain to me how stock options aren't taxed as normal income, you get to explain it as I've had options for the last 15 years of my career.

GO! Explain it. No googling communist.

 

[LegendKiller]

Lulz, you're projecting again. I'm the bread winner and shes the gravy. Take away some gravy and were good. But don't you touch my meat. Starting a family so she won't be working anymore. But damn that pension is some fine ass gravy.

I also love how you completely avoid the topic of capital gains tax and how it's taxed as normal income. I'm hitting my SS raise next month, IIRC you should be as well. But your libtard ass lives in NY and I live in KY. GG

Blah blah blah. Effectively you just said that you're proud of your wife leeching from the taxpayers. Great for you!

Capital gains tax isn't taxed as normal income - but it should be taxed at the top marginal tax rate rather than the cap gains rate.

Been nice talking to you, Comrade. I do enjoy you showing off your leeching ways.

 

[Jhhnn]

It is you dumbfuck. Since you don't know the difference, you're still a dumbfuck. Fucking communist.

What really needs to happen is the poor and middle class need to start paying their fair share.

Spidey leaps into his bunker o' denial, screaming epithets the whole while...

Pathetic.

 

[RightIsWrong]

Explain to me how stock options aren't taxed as normal income, you get to explain it as I've had options for the last 15 years of my career.

GO! Explain it. No googling communist.

It's pretty simple, comrade....

You wait two years before you exercise the options and then you pay the 15% marginal rate for long term capital gains instead of the normal progressive income tax rate that can reach up to 39% therefore making your true salary's tax rate less than 20%.

Basically, they aren't paying their "fair share" as you claim that the poor need to do.

 

[spidey07]

Spidey leaps into his bunker o' denial, screaming epithets the whole while...

Pathetic.

Do please explain how stock options are taxed and what you have to do to not have them taxed as normal income.

I'm waiting. No fucking leftist yet has even tried to understand what they are or attempted to explain this very simple thing.

CPAs and other smart people, don't reply please. Let the LOLibtards explain it.

I expected more from LK, his ignorance at this allows me to know just how much he makes and why he's a fucking communist.

 

[RightIsWrong]

Do please explain how stock options are taxed and what you have to do to not have them taxed as normal income.

I'm waiting. No fucking leftist yet has even tried to understand what they are or attempted to explain this very simple thing.

CPAs and other smart people, don't reply please. Let the LOLibtards explain it.

I expected more from LK, his ignorance at this allows me to know just how much he makes and why he's a fucking communist.

Don't look up, you'll end up as disappointed as your wife usually is after she looks down.

 

[spidey07]

It's pretty simple, comrade....

You wait two years before you exercise the options and then you pay the 15% marginal rate for long term capital gains instead of the normal progressive income tax rate that can reach up to 39% therefore making your true salary's tax rate less than 20%.

Basically, they aren't paying their "fair share" as you claim that the poor need to do.

Lulz, you googled. That's the first mention you had of the keyword. And even then you failed on the time needed. You also failed to mention blackout dates.

You googled and passed it off as first hand knowledge.

First hand knowledge and experience, I has it. Go fuck yourself.

 

[LegendKiller]

Do please explain how stock options are taxed and what you have to do to not have them taxed as normal income.

I'm waiting. No fucking leftist yet has even tried to understand what they are or attempted to explain this very simple thing.

CPAs and other smart people, don't reply please. Let the LOLibtards explain it.

I expected more from LK, his ignorance at this allows me to know just how much he makes and why he's a fucking communist.

Bitch, please. If you think you know so much, I'm sure you know how to use Black Scholes and the Binomial model quite easily. I learned the B-S formula by heart before I was 17, thus, taking that stuff was easy when I was going through the CFA exams and when getting my MBA.

I mean, really. Do you think you can debate finance with me? I utilize tri-currency swaptions on a monthly basis to hedge currency risk.

It is laughable that on top of your wife's bloated salary leeching of taxpayers you enjoy using every loophole possible (thinking you're so smart, but I'm sure your tax guy did it). You're nothing but a communist leech.

 

[Generator]

Spidey if you ever want to run with big boys you better learn to cock your leg. Imagine how many more truck nuts you could have bought if you knew all tax rates are obviously not equal.

Buts thats the whole point...there is a whole swath of teabagger trash that resembles the Nike 'swoosh'. From Arizona to Florida than back up to Kentucky. Ill-educated, ignorant, and loyal to the bone their Republican masters. Most thinks this is the right versus left with the silent middle when it comes to this class warfare. Its more serious than that, more like the shills, the robbed, and the cowards who never saw it coming.

 

[Jhhnn]

Do please explain how stock options are taxed and what you have to do to not have them taxed as normal income.

I'm waiting. No fucking leftist yet has even tried to understand what they are or attempted to explain this very simple thing.

CPAs and other smart people, don't reply please. Let the LOLibtards explain it.

I expected more from LK, his ignorance at this allows me to know just how much he makes and why he's a fucking communist.

Trivially easy-

http://www.smartmoney.com/personal-finance/taxes/taxes-on-nonqualified-stock-options-9304/

I suspect you've been too greedy to hold your options long enough to get the tax break...

 

[LegendKiller]

Trivially easy-

http://www.smartmoney.com/personal-finance/taxes/taxes-on-nonqualified-stock-options-9304/

I suspect you've been too greedy to hold your options long enough to get the tax break...

I suspect he doesn't even get options. He's trying to play financial badass but is still failing miserably.