Teamsters magazine cover "If Mitt Romney wins, we all lose" Who are you voting for?

[Catatonic]

Re: Teamsters magazine cover "If Mitt Romney wins, we all lose" Who are you voting fo

I can, can you?

Yep.
Never been much of a Reagan fan other than his Leadership qualities.

Wkmac did not mention that while National government spending as a % of GP went up 0.1% from beginning to end of his 8 years, it is much worse because he enacted much legislation that simply pushed the cost from the national level to the State level.
Furthermore, he demonstrated over a period of time that he never really understood Supply Side economics.

 

[satellitedriver]

Re: Teamsters magazine cover "If Mitt Romney wins, we all lose" Who are you voting fo

Mitt Romney scams the system with his tax breaks. Mother friend*er paid 14% taxes out of 30 million I paid 30%. WTF

You need to get a new tax preparer.
There is no way you paid 30% in income taxes.
If you just used the 1040 simple tax form and took the standard married filing jointly deduction of $11,900 your effective tax rate for $100,000.00 would be 14.06%.
If you saved $10,000 in a 401k your effective tax rate would be 11.56%.
If you had dependents to claim your rate would be lower.

One would have to make over $600,000.00 and claim Zero deductions to hit a 30% effective tax rate.

Here's a link that lets you calculated your true effective tax rate.
Average Tax Rate Calculator - SmartMoney.com

 

[Catatonic]

Re: Teamsters magazine cover "If Mitt Romney wins, we all lose" Who are you voting fo

You need to get a new tax preparer.
There is no way you paid 30% in income taxes.
If you just used the 1040 simple tax form and took the standard married filing jointly deduction of $11,900 your effective tax rate for $100,000.00 would be 14.06%.
If you saved $10,000 in a 401k your effective tax rate would be 11.56%.
If you had dependents to claim your rate would be lower.

One would have to make over $600,000.00 and claim Zero deductions to hit a 30% effective tax rate.

Here's a link that lets you calculated your true effective tax rate.
Average Tax Rate Calculator - SmartMoney.com

Agreed.
My worst year for Federal effective tax rate was 17.9% and that was with AMT kicking my butt.
The next worse was 14.7%
Most years it is around 12%
Last year, it was 11.2%.

 

[Babagounj]

Re: Teamsters magazine cover "If Mitt Romney wins, we all lose" Who are you voting fo

I'll vote for anybody but o.

 

[MenInBrown]

Re: Teamsters magazine cover "If Mitt Romney wins, we all lose" Who are you voting fo

Agreed.
My worst year for Federal effective tax rate was 17.9% and that was with AMT kicking my butt.
The next worse was 14.7%
Most years it is around 12%
Last year, it was 11.2%.

Nice...most people in this country would call you a criminal.

 

[Nimnim]

Re: Teamsters magazine cover "If Mitt Romney wins, we all lose" Who are you voting fo

Nice...most people in this country would call you a criminal.

Personally I pay about 10%, and I don't fault anyone for using the system to pay less even if they earn more. The system is broken, and if it allows it I can't complain about a person taking advantage of it. I can complain about the system though.

 

[moreluck]

Re: Teamsters magazine cover "If Mitt Romney wins, we all lose" Who are you voting fo

Personally I pay about 10%, and I don't fault anyone for using the system to pay less even if they earn more. The system is broken, and if it allows it I can't complain about a person taking advantage of it. I can complain about the system though.

The same tax laws are available to anyone who can use them
. Until the tax laws are changed, a person would be stupid not to get out of taxes legally.

 

[satellitedriver]

Re: Teamsters magazine cover "If Mitt Romney wins, we all lose" Who are you voting fo

Nice...most people in this country would call you a criminal.

Criminal?
What the heck are you talking about?
You must not understand the term effective tax rate.
Please read the entire link I provided to explain the basics.
Here it is again,
Average Tax Rate Calculator - SmartMoney.com

For the last three years I have had to use the simple 1040 tax form.
In 2009, our income was over $120,000.00 and the only deduction we took was married filing jointly.
My effective tax rate was 13.98%
Same deductions for 2010 and 2011.
My effective tax rate in 2011 was 14.36%.
How in the hell is this criminal?
I could have restarted my metal fabrication shop and my wife's stained glass business, while restarting my farm exemptions for hay production and reduced my tax to damn near zero.
Would it be criminal for me to do this?
Hell no.
Our present, and past, tax laws allow deductions, for the cost of doing business.

Most people -(to use your words)- voted for Obama.
Not a great endorsement for people that do not even know the basics of our tax revenue system.

 

[satellitedriver]

Re: Teamsters magazine cover "If Mitt Romney wins, we all lose" Who are you voting fo

Agreed.
My worst year for Federal effective tax rate was 17.9% and that was with AMT kicking my butt.
The next worse was 14.7%
Most years it is around 12%
Last year, it was 11.2%.

Hoke,
What is AMT?
I do not know that term.

 

[Catatonic]

Re: Teamsters magazine cover "If Mitt Romney wins, we all lose" Who are you voting fo

Criminal?
What the heck are you talking about?

I think he was making an observation that most people are lazy and ignorant.

It was mostly a jab at the parasites that would want me to pay more to support them.

 

[Catatonic]

Re: Teamsters magazine cover "If Mitt Romney wins, we all lose" Who are you voting fo

Hoke,
What is AMT?
I do not know that term.

[h=3]Alternative Minimum Tax[/h]I wish I didn't!!!

 

[roadrunner2012]

Re: Teamsters magazine cover "If Mitt Romney wins, we all lose" Who are you voting fo

Alternative Minimum Tax

I wish I didn't!!!

Ask Willard for his accountants name

 

[MrFedEx]

Re: Teamsters magazine cover "If Mitt Romney wins, we all lose" Who are you voting fo

Ask Willard for his accountants name

Still waiting for those tax returns. Oh, we get to see them after the election, right? Nothing to see...move along.

 

[moreluck]

Re: Teamsters magazine cover "If Mitt Romney wins, we all lose" Who are you voting fo

Ask Willard for his accountants name

It's Ben, what else do you want to know?

 

[UpstateNYUPSer(Ret)]

Re: Teamsters magazine cover "If Mitt Romney wins, we all lose" Who are you voting fo

Nice...most people in this country would call you a criminal.

If taking advantage of all of the credits and deductions that I am entitled to makes me a criminal then issue me an orange jumpsuit.

My effective tax rate on $70K of income is 15%. I deduct my 401k contributions, charitable contributions, mortgage interest, property taxes, union dues, cleaning of uniforms and purchase of uniform accessories, all of which I am allowed to do so under our current tax code.

Abolish the IRS and implement the Fair Tax.

 

[bbsam]

Re: Teamsters magazine cover "If Mitt Romney wins, we all lose" Who are you voting fo

Dr. Seuss' The Lorax - How Bad Can I Be? HD OFFICIAL VIDEO - YouTube

 

[satellitedriver]

Re: Teamsters magazine cover "If Mitt Romney wins, we all lose" Who are you voting fo

If taking advantage of all of the credits and deductions that I am entitled to makes me a criminal then issue me an orange jumpsuit.

My effective tax rate on $70K of income is 15%. I deduct my 401k contributions, charitable contributions, mortgage interest, property taxes, union dues, cleaning of uniforms and purchase of uniform accessories, all of which I am allowed to do so under our current tax code.

Abolish the IRS and implement the Fair Tax.

You might need another tax preparer, also.
Based on a $70,000.00 income, and the available deductions described, by you.
I will assume you are filing single and the deductions are based on national averages.
Single= $5,350
Charity= $1,000
Mortgage interest = $5,000
Property taxes= $2,500
Union dues= $1,000
These deductions bring your taxable income to$55,150
which equates to an effective tax rate of 14.3%
Deduct the 401k deductions and the EFT goes lower.
A $5,000 401k contribution would bring your EFT to 12.5%.

Maybe, I should start a side business doing tax preparation.
I need a catchy name...

"Ours, not TheIRS."

Kinda got a ring to it.

 

[satellitedriver]

Re: Teamsters magazine cover "If Mitt Romney wins, we all lose" Who are you voting fo

Alternative Minimum Tax

I wish I didn't!!!

Funny how my mind works.
I dislike not not knowing answers to questions I ask.
I awoke this morning and put my feet on the floor, and ,while walking to the coffee pot a voice in my head said Alternative Minimum Tax.
I felt like a for not realizing the obvious answer.
My only excuse is that I never had to dodge that bullet, while filing my taxes.

 

[roadrunner2012]

Re: Teamsters magazine cover "If Mitt Romney wins, we all lose" Who are you voting fo

Don't worry, Willard will repeal the AMT as soon as he's elected, so that will be in NEVER days. Nice job tonite, mittens. Your dad would b proud.

Wonder why Willard doesn't pay the AMT? Love the level playing field.

 

[UpstateNYUPSer(Ret)]

Re: Teamsters magazine cover "If Mitt Romney wins, we all lose" Who are you voting fo

Sat, I am quite content with my tax preparer. Dave.