MSNBC, The President's personal political....

[Value Buy]

Mouthpiece, finally admits the truth.
The IRS says from the most recent data available, (2009) rich people pay a higher tax rate than middle income Americans.


Looks like the President IS using class warfare to maintain the political status quo

www.msnbc.msn.com/id/46313519/ns/business-personal_finance/

[Value Buy]

Wealthier Americans pay higher taxes than middle- or low-income earners; according to the latest Internal Revenue Service data, Americans earning more than $1 million in 2009 paid at an average income tax rate of 25 percent, while the average rate for taxpayers earning $75,000 to $100,000 was 8 percent.

In contrast, Americans making $100,000 to $200,000 paid on average 12 percent in taxes — but this group paid a quarter of all income taxes collected in 2009, according to IRS data. Add in those making up to $500,000 — who paid at a rate of 19 percent — and these two groups contributed 45 percent of all income taxes collected.

[Savoir Faire-Demogague in NJ]

That is correct. It is just a very small handful of wealthy individuals who have millions in various types of investment income that have mid-teens tax percentage.

[Mkitty is pro kitty]

Add in those making up to $500,000 — who paid at a rate of 19 percent

From your source:

"The capital gains tax rate on investments currently tops out at 15 percent, while the highest rate for earned income is more than twice that at 35 percent."

FYI, 15 < 19

"Obama Tax Plan Would Ask More of Millionaires"
www.nytimes.com/2011/09/18/us/politics/obama-tax-plan-would-ask-more-of-millionaires.html?_r=1&pagewanted=all

"WASHINGTON — President Obama on Monday will call for a new minimum tax rate for individuals making more than $1 million a year to ensure that they pay at least the same percentage of their earnings as middle-income taxpayers, according to administration officials."

If the millionaires already pay the same rate, there's nothing to worry about, it's just with lower rates, like investments.

MSNBC, The President's personal political Mouthpiece, finally admits the truth.

Why don't you do the same next time, and reveal the whole truth (that capital gains taxes are less)?

[Don Perignon]

How re-assuring... a "Presidential mouthpiece" that is capable of publishing "truth".
Mr. Murdoch's organization (Fox news) had eight years of mouthpiecing for the previous president... and we seemed to get a lot of not-quite-true "flawed intelligence" in that time.

[workpublic]

you really think msnbc is the "truth" and fox is "lies"?

they're both lies.

[fairlycrazy23]

More reason to get rid of the horrible tax system we have now and replace it with a national sales tax, or at the very least a flat income tax.
Maybe flat income tax now and move to national sales tax when/if the 16th amendment is repealed.

[vandalshandle]

From your source:

"The wealthiest Americans may pay at lower rates, but they pay more in total taxes. "

Well, DUH! I would never have known that Romney pays more dollars in taxes than I do, if MSN had not told me so!

[vandalshandle]

National Sales tax=good. Flat tax=bad.

Repeat 20 times per day, until it is memorized....

[Value Buy]

Quote:MSNBC, The President's personal political Mouthpiece, finally admits the truth.



Why don't you do the same next time, and reveal the whole truth (that capital gains taxes are less)?

I never denied this.

Wealthier Americans pay higher taxes than middle- or low-income earners; according to the latest Internal Revenue Service data, Americans earning more than $1 million in 2009 paid at an average income tax rate of 25 percent, while the average rate for taxpayers earning $75,000 to $100,000 was 8 percent.
I stated this:
In contrast, Americans making $100,000 to $200,000 paid on average 12 percent in taxes — but this group paid a quarter of all income taxes collected in 2009, according to IRS data. Add in those making up to $500,000 — who paid at a rate of 19 percent — and these two groups contributed 45 percent of all income taxes collected.

nineteen percent is greater than fifteen percent.
All math classes admit this is an honest and basic truth.
Only in liberal Washington, doe it not equate.

[Value Buy]

Feb 10, 2012 14:52:04 GMT -5 vandalshandle said:

National Sales tax=good. Flat tax=bad.

Repeat 20 times per day, until it is memorized....

Wouldn't that hurt the poor more than the rich?

Oh, I forgot. We will give the 45% who pay no federal tax an automatic deduction, and a $2,500 "credit" to offset this, thereby leaving only the rich to pay it......

[Value Buy]

Miss kitty, this is an article quoting the IRS, and you tell me to quote the truth of the article. As you know we have been warned by moderators here when quoting an article, to keep the quote short and to the point, promoting (our/my) opinion.
This is exactly what I did, Do not expect me to violate the coc of conduct here, for you.

[vandalshandle]

Feb 10, 2012 15:58:09 GMT -5 Value Buy said:

Feb 10, 2012 14:52:04 GMT -5 vandalshandle said:

National Sales tax=good. Flat tax=bad.

Repeat 20 times per day, until it is memorized....

Wouldn't that hurt the poor more than the rich?

Oh, I forgot. We will give the 45% who pay no federal tax an automatic deduction, and a $2,500 "credit" to offset this, thereby leaving only the rich to pay it......

?

[Tennesseer]

New math.

[reasonfreedom]

Feb 10, 2012 17:35:00 GMT -5 Tennesseer said:

New math.

dang it!!!! You telling me 1+1 and 2+2 doesn't work any more, /sigh WTF.........

[reasonfreedom]

I swear Obama said something to the effect that secretaries pay more taxes than their CEO's , roflmao. Just thought that was funny.

Since you said that the rich pay a higher tax rate than middle income, I am a little boggled here. My income tax is around 23% and I don't make over 50k.

[Angel!]

Feb 10, 2012 15:55:20 GMT -5 Value Buy said:

nineteen percent is greater than fifteen percent.
All math classes admit this is an honest and basic truth.
Only in liberal Washington, doe it not equate.

Liberals still understand this concept, however you are just looking at an average. That doesn't mean that some rich people don't pay far less than their poorer counterparts. I think people are upset by those in the fringe that have huge income, but relatively low tax rates. If everyone in that group paid 19%, then liberals wouldn't have an argument, but we both know that isn't the case.

[billisonboard]

Feb 10, 2012 18:24:59 GMT -5 reasonfreedom said:

I swear Obama said something to the effect that secretaries pay more taxes than their CEO's , roflmao. Just thought that was funny.
....

I think it is funny also that you would swear he said something to that effect.

[dumdeedoe]

If a baseball player earns a big 20million a year contract,and is paid... He pays out 35% in income tax,because that is "earned income."
IF a wealthy politician makes 20 million that year off of his investments it is "Cap. Gains" and is taxed at 15%

CEO's are paid in cash and stock options,,, Cash = Earned income=35%
Stock = cap.gains = 15%

Correct?

[fairlycrazy23]

Feb 10, 2012 14:52:04 GMT -5 vandalshandle said:

National Sales tax=good. Flat tax=bad.

Repeat 20 times per day, until it is memorized....

I certainly agree that national sales tax would be the best way to fund the federal government, however, it may take quite some time to get to that, because if we don't repeal the 16th amendment before we enact a national sales tax, I suspect we will have both an income tax and a flat tax.

And a flat tax may be bad, but it would be vastly superior to our current bloated IRS code.