Taxpayer receipt = calculate exactly where your tax dollars go

[Svnla]

Interesting link = http://news.yahoo.com/s/yblog_exclu...t-calculate-exactly-where-your-tax-dollars-go

SS = 20.4%
Defense = 20.2%
Medicare = 13.1%
Low income assisstance = 9.3%
Medicaid = 7.9%
Debt interest payment = 6.6%

Just for those items, the tally is about 77.5% of the budget. Therefore, even we cut everything else to zero (so no can do on the "cut all foreign aids or NPR, etc."), we still could not balance the budget if we don't do anything about the top 6 items, especially the top 3 (double digits).

Calculate your own share = http://www.thirdway.org/taxreceipt

 

[dullard]

To be a better thread, put the sources of the money too http://www.heritage.org/budgetchartbook/federal-revenue-sources.
Income tax: 43.5%
SS/Medicare: 42.3%
Corporate: 6.6%
Duties, Misc: 3.5%
Excise: 3.0%
Estate and Gift: 1.1%

 

[Schadenfroh]

To be a better thread, put the sources of the money too
Income tax: 43.5%

And it is good to note who pays the income tax.
http://blog.pappastax.com/index.php/2010/09/05/the-richest-10-pay-71-of-federal-income-taxes/

The wealthiest 10% pay ~70% of income taxes, even after the Bush tax cuts.
The wealthiest 1% pay ~25% of income taxes.

 

[her209]

Hmmm...

Social Security and Medicare taxes collected on $69,800:
$69,800 * 4.2% = $2,931.60

From the tax receipt, Social Security and Medicare add up to:
$1,430.03 + $913.80 = $2,343.83

:hmm:

 

[dullard]

Hmmm...

SS is still profitable. There is the occasional gremlin where it temporarilly goes negative, but overall, much more comes in than goes out (for the time being).

 

[MustISO]

And it is good to note who pays the income tax.
http://blog.pappastax.com/index.php/2010/09/05/the-richest-10-pay-71-of-federal-income-taxes/

The wealthiest 10% pay ~70% of income taxes, even after the Bush tax cuts.
The wealthiest 1% pay ~25% of income taxes.

That may be true but at the end of the day they have WAY more income than the rest of the country. They should be paying the majority of the taxes.

I'll gladly pay 50% of my income towards taxes when I'm pulling in 25 million a year.

 

[her209]

The wealthiest 1% pay ~25% of income taxes.

That's pretty low considering they got 23.5% of the income in 2007.
http://www.politifact.com/truth-o-m...-sanders-viral-speech-says-top-1-percent-ear/

By implementing a flat/fair tax, your share of the income tax pie would be equal to your earnings pie, i.e., taxes would go down for the top earners and up for the bottom earners.

 

[her209]

SS is still profitable. There is the occasional gremlin where it temporarilly goes negative, but overall, much more comes in than goes out (for the time being).

Not only is it profitable, its paying for the other parts of the government. Also keep in mind that the employer also pays an additional 6.2% of the %69,800.

 

[Fern]

Hmmm...

Social Security and Medicare taxes collected on $69,800:
$69,800 * 4.2% = $2,931.60

From the tax receipt, Social Security and Medicare add up to:
$1,430.03 + $913.80 = $2,343.83

:hmm:

I don't understand what you're trying to say, but your figures are wrong.

The SS rate on employee portion is 6.2%
The Medicare rate on employee portion is 1.45%

Total employee portion is 7.65%

When you combine both employee and employer the total rate is 15.3%.

Accordingly, the total FICA (SS + Medicare) collected on a salary of $69,800 is $10,679.

Fern

 

[her209]

I don't understand what you're trying to say, but your figures are wrong.

The SS rate on employee portion is 6.2%
The Medicare rate on employee portion is 1.45%

Total employee portion is 7.65%

When you combine both employee and employer the total rate is 15.3%.

Accordingly, the total FICA (SS + Medicare) collected on a salary of $69,800 is $10,679.

Fern

Oops, you're right. I was looking forward to 2011 where its 4.2% for SS.
http://www.irs.gov/newsroom/article/0,,id=232590,00.html

I was assuming that the withholdings for Medicare was included in the 4.2%. Wrong there too. But doesn't change the point I was making.

 

[the DRIZZLE]

That's pretty low considering they got 23.5% of the income in 2007.
http://www.politifact.com/truth-o-m...-sanders-viral-speech-says-top-1-percent-ear/

By implementing a flat/fair tax, your share of the income tax pie would be equal to your earnings pie, i.e., taxes would go down for the top earners and up for the bottom earners.

IMO real problem is not the top 1% but the top 0.1%. They have 8-12% of total income and their effective tax rate is actually lower than the rest of top 1%.