Nearly half of US households escape fed income tax

[Eastoff]

A 7% tax makes less money livable.

seriously dude. What country could POSSIBLY run on 7%?!? You could barely afford to buy guns for your army, let alone tanks/jets/spaceships/boats.

 

[Eastoff]

Correct.

Did you have more than $1k deducted throughout the year?

I honestly don't remember, but I think it was about a net loss of 2k$ I'll check when I'm at home.

 

[blazerboy30]

seriously dude. What country could POSSIBLY run on 7%?!? You could barely afford to buy guns for your army, let alone tanks/jets/spaceships/boats.

What number are you using for total personal income and corporate profit in this country?

 

[blazerboy30]

I honestly don't remember, but I think it was about a net loss of 2k$ I'll check when I'm at home.

So you paid about 6.6% income tax? Is that just federal or are you including state?

 

[Eastoff]

It all depends what you mean by "help" the rich. Do you mean "help" as in not having the middle class pay ~40% of their income while half the country pays zero?

I think that right now, taxes in general should be a little lower. I would prefer if there were higher tariffs on imported goods. When the economy starts improving, and the unemployment level gets down to about 6%, I would want to raise taxes on all of the economic classes, maybe not the bottom 15%.

Generally speaking I think that the rich are the backbone of society, but the middle class determine a prosperous country from an average country.

 

[Eastoff]

What number are you using for total personal income and corporate profit in this country?

Just to be clear, you think that if the whole country was only taxed 7%, you think this country could be run with an average sized military and average quality roads?

I believe the GDP is about 1trillion dollars, but I don't know if that's what you're asking?

 

[Eastoff]

So you paid about 6.6% income tax? Is that just federal or are you including state?

I'm going to stop answering until I can go home and give you accurate information!

 

[Ed O]

Let's cry for the rich some more.

It would take a lot more "redistribution of wealth" to bring the common man back up to where he was in the 60's.

Bullshit.

Even an "uncovered" American today has better medical care than the 1960's, I'd bet. Medicine is remarkably advanced on a variety of fronts.

The common man in the 1960's had three television channels. The common woman had far fewer occupational and educational opportunities.

Were racial and sexual minorities better off?

I don't really think that saying the common man was better off in the 1960's even passes the laugh test.

Ed O.

 

[Denny Crane]

seriously dude. What country could POSSIBLY run on 7%?!? You could barely afford to buy guns for your army, let alone tanks/jets/spaceships/boats.

Military spending is about 4.7% of GDP. Seems like 3% of GDP (7.7% - 4.7%) is plenty.

 

[The_Lillard_King]

...
you can get college funds that are non-taxable until you take the money out.
You can get write-offs for donations
you can get non-taxable retirement funds until you take them out.
there was a first time home buyer credit of 5k or 10k I believe.

Try following the thread. I was responding to implementing a flat tax and how that would eliminate college funds, write off for donations and saving for retirement.

But thanks for letting me know there is currently not a flat tax in place . . . learn something new everyday, like posters respond to posts without really reading them.

 

[Eastoff]

I'm going to stop answering until I can go home and give you accurate information!

5,300 was taken for federal taxes. 1000 was given back.

 

[blazerboy30]

Just to be clear, you think that if the whole country was only taxed 7%, you think this country could be run with an average sized military and average quality roads?

I believe the GDP is about 1trillion dollars, but I don't know if that's what you're asking?

I'm going to sound like an ass for saying this, but I'm really not trying to be mean...

You come across as having some pretty strong opinions on matters like these, however, you clearly don't have any idea about what you're talking about or about the real world.

United States GDP is "about" $1 Trillion? We are going to spend over $1 Trillion on Obamacare alone (yes, I know. Not per year).

 

[Denny Crane]

US GDP is $14.2T, the GDP of the entire world is about $60T