Thread: Federal Tax Cuts...

I remember how worthless it felt to work overtime, I still get some OT now and then but you never see much of it.

At least you get OT. I'm on salary, so I get the same if I work 40 hours or 60 hours.

Originally posted by Dale Mabry
Ya know what pisses me off. I gots me a raise and I am all ready to get some tax cuts and take home more money than ever this year. So I get my first goddamn check since I started making more money and the SOB state raises taxes and I am only taking home $30 more a week, when my raise was $80. It pisses me off so much.

well..it will at least help put with the ri-gawd-dam-diculous gas prices.....

Cost me 35.00 to fill up my truck...and that will only last a week...if that....

I don't drive, I walk to work.

I hear ya Mudge, one of my buddies works ridiculous overtime hours, but in the end he gets ass raped thru the taxman.

Do you ever get a bonus (xmas, etc.), the tax man automatically gets half of it. Which sux.

I got one at my last job a couple years ago, I did not know he took half, I assumed it was in line with whatever tax barcket I was in. No bonuses here at UPENN, although the bonus of having a ridiculous amount of time off is more important to me than money.

Originally posted by Dale Mabry
Ya know what pisses me off. I gots me a raise and I am all ready to get some tax cuts and take home more money than ever this year. So I get my first goddamn check since I started making more money and the SOB state raises taxes and I am only taking home $30 more a week, when my raise was $80. It pisses me off so much.

vote republican.

Originally posted by Dale Mabry
Ya know what pisses me off. I gots me a raise and I am all ready to get some tax cuts and take home more money than ever this year. So I get my first goddamn check since I started making more money and the SOB state raises taxes and I am only taking home $30 more a week, when my raise was $80. It pisses me off so much.

yeah, and either way if you make more they just take more.

The more money we make, the more money they take.

I don't believe in working overtime at all. I too, have seen the large chunks taken out of my paycheck.

"Got a raise? Congratulations, you just got into a higher tax bracket." --Robert Kiyosaki

I am in the same tax bracket, that is what is weird, unless they have cnaged drastically from last year. Voting republican would do me no good since I am not in the top level, but at least they are not gonna raise taxes. I guarantee I see a nice tax hike if Kerry is elected. This is one of the key issues keeping me on the fence. That, and I believe they will fuk Iraq up something fierce.

If you work overseas, do they get your money too ?
Consider this option.

Originally posted by Burner02
well..it will at least help put with the ri-gawd-dam-diculous gas prices.....

Cost me 35.00 to fill up my truck...and that will only last a week...if that....

I was spending that EOD driving to work!

Originally posted by austinite
vote republican.

...and watch the deficit RISE

Originally posted by Vieope
If you work overseas, do they get your money too ?

Depends on the company and the country. I could go to work for any of the big defense contractors and have them send me to Saudi Arabia for $100K per year and that would be tax free. If the same company sent me to............................Brazil No tax break.

Don't be fooled into thinking that the people making the most money get off easy in the area of taxes like the democrates and media like to pretent. Everybody, who pays taxes, got a tax cut.

I found this information at www.taxfoundation.org/prtopincome.html and they source the info as the IRS. Take it as you will.

The Internal Revenue Service has just released data for calendar year 2001. They show that when compared with the boom/bubble year of 2000, the nation's total individual income fell for every segment of the income spectrum except the bottom 50 percent of earners, whose income rose slightly. By mid-2002, the second and third quarters of 2001 had been officially declared to be recessionary, the first recessionary quarters since 1991.

As income fell, it fell fastest at the top end of the income spectrum -- this is always the case during recessions. As higher incomes plummeted, so did the thresholds necessary for taxpayers to reach into these groups. In 2001, taxpayers reporting adjusted gross income of $127,904 ranked among the nation's top 5 percent of earners, and $292,913 was necessary to break into the top 1 percent. A year earlier in 2000, the income threshold for the top 5 percent had been $128,336, and the threshold for the top 1 percent had been more than $20,000 higher, $313,469.

Normally, with incomes falling rapidly at the high end, one would expect the average tax rate of high earners to fall, but in fact the top 1 percent was the only income group whose average tax rate did not fall. For all other groups, lower incomes and the new 10% tax rate that went into effect on January 1, 2001, created lower average tax rates. As a result, the income tax code become moderately more progressive in 2001.

Proportionately, the top-earning 25 percent of taxpayers earned more than 65 percent of the nation's income and paid more than three out of every four dollars collected by the federal income tax (77%) in 2001. There were 32.2 million tax returns in the top 25 percent, all with adjusted gross incomes (AGI) over $56,085.

At the other end of the income spectrum, the bottom 50 percent of the nation's taxpayers (everyone whose adjusted gross income was under $28,528) earned more and paid less. Total income for this group rose from $834 billion to $861 billion. That was up from 13.0 percent of all income in 2000 to 13.8 percent in 2001. Despite income growth, the bottom 50 percent's average tax rate fell from 4.6 percent to 4.1.


To summarize,
top 1% earn > $292,913 or 17.53% of the total income and pay 33.89% of federal taxes at a tax rate of 27.5%

top 5% earn > $127,904 or 31.99% of the total income and pay 53.25% of federal taxes at a tax rate of 23.68%.

top 10% earn > $92,754 or 43.11% of the total income and pay 64.89% of the federal taxes at a tax rate of 21.41%

top 25% earn > $56,085 or 65.23% of the total income and pay 82.9% of the federal taxes at a tax rate of 18.08%

top 50% earn > $28,528 or 86.19% of the total income and pay 96.03% of the federal taxes at a tax rate of 15.85%.

bottom 50% earning less than $28,528
earn 13.81% of total income
pay 3.97% of the federal taxes