View Single Post
Old July 27th, 2011, 07:07 PM   #19 (permalink)
noah way
Member
 
noah way's Avatar
 
Join Date: Apr 2010
Posts: 496
 
Device(s): Droid Incredible
Carrier: Not Provided

Thanks: 45
Thanked 142 Times in 92 Posts
Default

Quote:
Originally Posted by persim View Post
You just described the Democrat party as well.
To a lesser extent, yes. Both Democrats and Republicans serve their corporate masters.

Quote:
Originally Posted by persim View Post
We are all supposed to be treated equally in this country but why am I forced to pay a greater percentage of tax than a person making minimum wage? My reward for becoming a more productive member of society is to pay a greater percentage of my wages to the government. Seems like the worst incentive policy I have ever heard.
Progressive tax means the rate rises for each tax bracket. Taxes on the first 8,500 is 10%, from 8,500 to 34,500 is 15%, from 34,500 to 83,600 is 25%, etc.

So the guy on minimum wage is paying the exact same tax as you are on that level of income.

Quote:
Originally Posted by persim View Post
It's impossible to get around paying a payroll tax
Payroll tax is capped at $106,800 of income. Someone making that amount pays 6.2% (and their employer pays another 6.2%). Someone making double that amount ($213,600) only pays 3.1% payroll tax.

The more money you make (over $106k) the lower the percentage you pay. This is but one of many tax benefits the wealthy get.

Quote:
Originally Posted by persim View Post
Everyone in this country has the opportunity to invest and have income from those investments, whether its 75% of your total income or 25% of your total income.
If they have money they do. The poor and middle classes don't have money to invest, so they do not have the opportunity to receive the tax benefits that investors get. This is a clear case of tax policy that rewards the rich.
noah way is offline  
Reply With Quote