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Old February 24th, 2008, 01:11 PM   #1
87'YJ
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Default Who cares about Taxes... I do!

All info from below:

www.taxfoundation.org/publications/show/151.html

Taxes under Clinton 1999 -------- Taxes under Bush 2008

Single making 30K - tax $8,400 -------- Single making 30K - tax $4,500

Single making 50K - tax $14,000 -------- Single making 50K - tax $12,500

Single making 75K - tax $23,250 -------- Single making 75K - tax $18,750

Married making 60K - tax $16,800 -------- Married making 60K- tax $9,000

Married making 75K - tax $21,000 -------- Married making 75K - tax $18,750

Married making 125K - tax $38,750 -------- Married making 125K - tax $31,250

If you want to know just how effective the mainstream media is, it is amazing how many people that fall into the categories above think Bush is screwing them and Bill Clinton was the greatest President ever. If any democrat is elected, ALL of them say they will repeal the Bush tax cuts and a good portion of the people that fall into the categories above can't wait for it to happen. This is like the movie The Sting with Paul Newman; you scam somebody out of some money and they don't even know what happened. Obama and Hillary both are calling for even higher taxes across the board and expanded government spending.

What shocks me most about the above, is that all tax brackets feel the burden, not just the rich (as the Democrats say). Just look at someone, say a single mother, who makes $30,000 a year. She was taxed an extra $3,900 yearly under Clinton.

Be careful who you vote for and do your research. Or you may find yourself with alot less money!

Last edited by 87'YJ; February 24th, 2008 at 01:15 PM.
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Old February 24th, 2008, 03:44 PM   #2
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Interesting... It would seem that if someone really cared about taxes they'd learn what all those numbers in the tax tables really mean.

Corrected numbers below...

www.taxfoundation.org/publications/show/151.html

Taxes under Clinton 1999 -------- Taxes under Bush 2008

Single making 30K - tax $5052.50 -------- Single making 30K - tax $4098.75

Single making 50K - tax $10652.50 -------- Single making 50K - tax $8843.75

Single making 75K - tax $18029 -------- Single making 75K - tax $15093.75

Married making 60K - tax $11203.5 -------- Married making 60K- tax $8197.50

Married making 75K - tax $15403.5 -------- Married making 75K - tax $11437.5

Married making 125K - tax $30032 -------- Married making 125K - tax $23937.5
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Old February 24th, 2008, 04:32 PM   #3
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Originally Posted by brewmenn View Post
Interesting... It would seem that if someone really cared about taxes they'd learn what all those numbers in the tax tables really mean.

Corrected numbers below...

www.taxfoundation.org/publications/show/151.html

Taxes under Clinton 1999 -------- Taxes under Bush 2008

Single making 30K - tax $5052.50 -------- Single making 30K - tax $4098.75

Single making 50K - tax $10652.50 -------- Single making 50K - tax $8843.75

Single making 75K - tax $18029 -------- Single making 75K - tax $15093.75

Married making 60K - tax $11203.5 -------- Married making 60K- tax $8197.50

Married making 75K - tax $15403.5 -------- Married making 75K - tax $11437.5

Married making 125K - tax $30032 -------- Married making 125K - tax $23937.5

Please explain the above. I think I know where you're going with this though.
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Old February 24th, 2008, 06:31 PM   #4
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when you see:

10% $0 - $16,050
15% $16,050 - $65,100
25% $65,100 - $131,450
28% $131,450 - $200,300
33% $200,300 - $357,700
35% $357,700 -

It means that you pay
10% on the first $16,050 you make,
15% on dollars 16,051 through 65,100
25% on dollars 65,101 through 131,450
28% on dollars 131,451 through 200,300
33% on dollars 200,301 through 357,700
and 35% on every dollar over 357,701.
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Old February 24th, 2008, 06:34 PM   #5
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Quote:
Originally Posted by brewmenn View Post
when you see:

10% $0 - $16,050
15% $16,050 - $65,100
25% $65,100 - $131,450
28% $131,450 - $200,300
33% $200,300 - $357,700
35% $357,700 -

It means that you pay
10% on the first $16,050 you make,
15% on dollars 16,051 through 65,100
25% on dollars 65,101 through 131,450
28% on dollars 131,451 through 200,300
33% on dollars 200,301 through 357,700
and 35% on every dollar over 357,701.
my paycheck disagrees with your math.
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Old February 24th, 2008, 09:08 PM   #6
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my paycheck disagrees with your math.
You've just got a more 'creative' accountant
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Old February 24th, 2008, 09:31 PM   #7
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my paycheck disagrees with your math.

because theres lots of other things involved, deductions and such.
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Old February 24th, 2008, 09:32 PM   #8
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because theres lots of other things involved, deductions and such.
Yeah,. I had no idea that is how its really done!

It doesn't seem to make sense to me, because I have always had to adjust my income to not move into another tax bracket. If it really worked how you said it does, I wonder why my tax guy made me adjust my income.
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Old February 25th, 2008, 08:59 AM   #9
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because theres lots of other things involved, deductions and such.
Those other things still count no?

Not that it makes a difference to the point you originally made but here's the reality for me this year....

Using my real numbers from 2007 I took my AGI from line 37 and my total tax

from line 63. Divide total tax by AGI = %

My tax rate was 14.44 % and that doesn't include social security 6.2 % or medicare taxes 1.45% I paid, Oh and the 7.65% matching social security/medicare paid on my behalf by my employer that they could otherwise add to my salary.

14.44 + 7.65 + 7.65 = 29.74%

Then after I actually get what's left of my money, anything I spend it on has a 22% embedded tax. that's right all those corporate taxes etc., it's all passed down the the consumer, me.

Ok it's really 22% of the 70% that's left which is about 15% of the original pie.

29.74 + 15 = 44.74%

45% of my money goes to the government and that doesn't include state taxes.
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Old February 25th, 2008, 09:03 AM   #10
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Old February 25th, 2008, 09:29 AM   #11
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Regardless of the details, however you slice and dice it, you will pay more if a Democrat is elected.
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Old February 25th, 2008, 10:39 AM   #12
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Regardless of the details, however you slice and dice it, you will pay more if a Democrat is elected.
and if another Bush is elected, your great great great great great great grandchildren will be paying for our current policies.
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Old February 25th, 2008, 10:44 AM   #13
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and if another Bush is elected, your great great great great great great grandchildren will be paying for our current policies.
lemming
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Old February 25th, 2008, 11:10 AM   #14
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lemming
we have spent over 2 trillion dollars on the war in Iraq...where is this money coming from if we have tax cuts?
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Old February 25th, 2008, 11:28 AM   #15
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we have spent over 2 trillion dollars on the war in Iraq...where is this money coming from if we have tax cuts?
Black market sale of moon rocks.
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Old February 25th, 2008, 11:48 AM   #16
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we have spent over 2 trillion dollars on the war in Iraq...where is this money coming from if we have tax cuts?
do you really think either democrat is gonna save us 2 trillion dollars?? even if they did stop the war and stop all money going to the middle east(they wont), they would spend the money else where and still raise your taxes.
what do you think billarys "mandatory" health care reform is gonna cost us??
obama wants to double what we send to other countrys in forigen aid.
if your really looking to save money your barking up the wrong tree!!
i understand you hate bush! thats ok! if its money your complaining about you have no leg to stand on.

sweet avatar by the way mike! surprised to see a head on a wheelin website(i thought i was the only one.)
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Old February 25th, 2008, 12:24 PM   #17
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do you really think either democrat is gonna save us 2 trillion dollars?? even if they did stop the war and stop all money going to the middle east(they wont), they would spend the money else where and still raise your taxes.
what do you think billarys "mandatory" health care reform is gonna cost us??
obama wants to double what we send to other countrys in forigen aid.
if your really looking to save money your barking up the wrong tree!!
i understand you hate bush! thats ok! if its money your complaining about you have no leg to stand on.

sweet avatar by the way mike! surprised to see a head on a wheelin website(i thought i was the only one.)
I guess if they get our money either way, i'd rather see it stay in this country rather than be shipped to the middle east
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Old February 25th, 2008, 12:38 PM   #18
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Regardless of the details, however you slice and dice it, you will pay more if a Democrat is elected.
: thumb:
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Old February 25th, 2008, 12:42 PM   #19
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and if another Bush is elected, your great great great great great great grandchildren will be paying for our current policies.
That's a lot of generations away, we'll be like barely even related to them by then anyways.
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Old February 25th, 2008, 12:50 PM   #20
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sweet avatar by the way mike! surprised to see a head on a wheelin website(i thought i was the only one.)
thanks, yeah, one of my favorite things to do in the summer is pull the top off the sammy and cruise with the dead playing...on the way to the river

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That's a lot of generations away, we'll be like barely even related to them by then anyways.
that's a nice way to look at it
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