Barack Obama Inauguration

[Hard Times]

It should be moved to the water cooler - tax debate is not political IMHO.

 

MSTyne at $80K in 2013, you will pay in addition to federal income tax and state tax, a payroll tax of 6.2% of your total income amounting to $4960. Lebron James, who makes not $80K, but $17.5 million, will pay $6862, or an effective tax rate of 0.04%, far below the 6.2% you will pay. Mitt Romney, if he makes all of his income through capital gains like he did in the past few years, will pay no payroll tax. This is just one of the many many examples where those making less money than the 1% have a larger tax burden overall per dollar earned than the 1%. This is simple fact, not a populist movement perspective, but fact. Add all of the other tax loopholes in, and companies like GE will pay an effective tax rate near 0 in 2013.

 

Best, HT

[mtnstyne]

HT, I understand the system. I just don't subscribe to your assessment.

 

Federal income tax is what funds the federal government and the progresive nature of the tax code has the rich paying much higher percentages. This is fact.

 

I don't pay state taxes at the moment and not all states charge an income tax. That is the states business not the feds nor does it impact my opinions on the fed tax code. If I don't like how my state taxes me I can move.

 

While FICA is federal it is what it is. I would argue that if Lebron had to pay 6.2% on his entire earnings over his career then he should be entitled to an amount of return based on his contributions. So my SS check would be a thousand and his would be 100k per month...IMO that is what "fair" means. Why should he pay more and get less in return?

 

Lumping everything together to argue that we low lifes pay more in taxes as a percentage than the rich is simply using the math to support your arguement. Bottom line is Lebron James paid more in taxes last year than I will ever pay over my entire lifetime. I assure you he is not getting services in return comensurate with his contributions.

 

I do agree that SS needs to fixed as well as the tax code. Everyone should pay federal income tax if they earn an income. It is a shame that at the bottom of the tax code families can actually recieve more back than they paid in like a Fed Tax Welfare check.

[PaulS.]

We do not allow political discussion on the Collectors Society message boards. There are many forums for those discussion. A discussion on the medals themselves is, of course, perfectly acceptable but too much of the discussion here is political in content or tone.