Speaker looking for way to pay for tax cuts for middle-class

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Texas_Roofer said:
:nope: rather large difference between the two. I think a person who actually earns $1 receives $0.87 while $0.87 goes to taxes, but a republican running for offices calls this zero taxes. Of course he conventuantly forget the words Federal Income
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You are talking about social security and medicare. They are considered contibutions to a pension and medical plan. And the employee pays only 7,65% so if the earn a $1.00 they get about 92 cents. The working poor get an EIC that offsets most of this. They also get a child credit that is twice that the middle class gets.

A little tax trivia. The EIC was origanally inacted in the mid 80s to reimburse lower income people for the increase in Social Security and medicare contributions that had been enacted.Of course since then it has taken on a life of its own IMO, it on of the best assisatnce programs there iin that rewards those who work…

It is hard to come up with an equitable tax system when you exclude nearly 50% of people from paying tax.
 
Texas_Roofer said:
It already exists! A baby born today is taxed $29,000 dollars, and I would like to thank the republican for increasing that dramatically over the last 8 years. Do not worry they will carry the debt and simply compound the interest while the baby grows.

brillig.com/debt_clock/
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Well tax revenues are at an all time high so we know the deficit is not a result of tax cuts. So tell us what spending programs the Democrats tried to cut in the last 8 years.
 
estesbob said:
Well tax revenues are at an all time high so we know the deficit is not a result of tax cuts. So tell us what spending programs the Democrats tried to cut in the last 8 years.
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Uhhhhh…

That goes for the Republicans too.

OT - I hear Paul (R-TX) is going to throw his hat in the ring. I might actually vote for a Republican this time around.

If I thought the Dems might actually hold the line on spending, I might give them a pass on this issue. But they won’t. So I won’t.

If they talked about rolling back some of the spending and programs that the “conservative” Republicans implemented, then I’d be all for it.

Or even just freeze spending at current levels and grow our way out.

If pigs had wings…
 
mary_bobo said:
Just how many times should income be taxed? Sounds like class warfare to me. Sounds like taxing success. How dare someone work hard and become successful. We can’t have that. We have to take it away from him and redistribute it.
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I’m not as supportive of taxing work as I am supportive of taxing non-work. My support for the inheritance tax is full on because we should be a nation that encourages work and success as opposed to laze and dilettantism.

And for people who repeat the mantra that I am asking for something of others that I and my family would not be subjected to, you are wrong.
 
Thekla said:
I’m not as supportive of taxing work as I am supportive of taxing non-work. My support for the inheritance tax is full on because we should be a nation that encourages work and success as opposed to laze and dilettantism.

And for people who repeat the mantra that I am asking for something of others that I and my family would not be subjected to, you are wrong.
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And many of these people have not earned success thru hard work and planning? I doubt they could be called lazy and dilettants.
 
Thekla said:
And for people who repeat the mantra that I am asking for something of others that I and my family would not be subjected to, you are wrong.
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It doesn’t matter what you are personally prepared to surrender. It is entirely inappropriate to force others.

And if you think you wouldn’t be forcing others, try opting out. Jesse James used a gun. So does Uncle Sam.
 
Maybe instead of a middle class tax cut, it can fund a program to help show how the middle class can spend and invest more wisely. Besides with all their debt, I fear we are getting too materialistic.
 
jman507 said:
What happened after that person filed?
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estesbob said:
You are talking about social security and medicare. They are considered contibutions to a pension and medical plan. And the employee pays only 7,65% so if the earn a $1.00 they get about 92 cents. The working poor get an EIC that offsets most of this. They also get a child credit that is twice that the middle class gets.

A little tax trivia. The EIC was origanally inacted in the mid 80s to reimburse lower income people for the increase in Social Security and medicare contributions that had been enacted.Of course since then it has taken on a life of its own IMO, it on of the best assisatnce programs there iin that rewards those who work…

It is hard to come up with an equitable tax system when you exclude nearly 50% of people from paying tax.
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Well I must complement you guys, if you’re not politicians already you should consider that. My daughters 1040EZ happen to be on the counter, now I am not a accountant but as a depend of a parent it looks as thought she would keep the $0.87, as the government collection would be listed under Social Security and Medicare it does not appear she will ever get all $0.13 back. See as those programs are behind she will pay more than her expected return. The EZ Tax Table list no tax up to $5, at $6 one dollar of tax is due. EIC would not apply in this case.
 
estesbob said:
Well tax revenues are at an all time high so we know the deficit is not a result of tax cuts. So tell us what spending programs the Democrats tried to cut in the last 8 years.
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It does not matter to me, I was voting republican. I do not think we have a tax revenue problem. If you remember the 80’s & 90’s it is truly depessing that republicans would spend this way.
 
Texas_Roofer said:
Well I must complement you guys, if you’re not politicians already you should consider that. My daughters 1040EZ happen to be on the counter, now I am not a accountant but as a depend of a parent it looks as thought she would keep the $0.87, as the government collection would be listed under Social Security and Medicare it does not appear she will ever get all $0.13 back. See as those programs are behind she will pay more than her expected return. The EZ Tax Table list no tax up to $5, at $6 one dollar of tax is due. EIC would not apply in this case.
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I gave you the stats that cover all 300,000,000 americans . you counter with the stats of 1 1040EZ?

Your daughter would probably owe no tax if you were not claiming her as a dependent. In addtion to getting to take her exemption she would also get a much larger Standard deduction. If she were over 26 she would be eligible for the EIC. If she is a college student she would be eligible for a tutiion deduction or lifetime education credit or the hope credit.
 
Texas_Roofer said:
It does not matter to me, I was voting republican. I do not think we have a tax revenue problem. If you remember the 80’s & 90’s it is truly depessing that republicans would spend this way.
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Well that is one thing we agree on.
 
estesbob said:
I gave you the stats that cover all 300,000,000 americans . you counter with the stats of 1 1040EZ?

Your daughter would probably owe no tax if you were not claiming her as a dependent. In addtion to getting to take her exemption she would also get a much larger Standard deduction. If she were over 26 she would be eligible for the EIC. If she is a college student she would be eligible for a tutiion deduction or lifetime education credit or the hope credit.
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Bob you should consider politics

If the average household is 3 people and has a $42,000 income after standard deduction, and personal deductions there is about $22,000 dollars which is subject to Federal Taxes
So they would pay $2,500(>6% of gross) to the IRS but the government would also collect about $5,460(~12% of gross) in Social Security and Medicare(both sides), another $1,750(~4% of gross) would go to sales and similar taxes. So of the roughly 22% real taxes only about half was counted in the Federal Income Tax Statistics. If the couple improves their income the numbers are worse until the Social Security and Medicare cap out. People of lower incomes actually have a heavy tax burden it does not show up in Federal Income Tax statistics.
 
Texas_Roofer said:
Bob you should consider politics

If the average household is 3 people and has a $42,000 income after standard deduction, and personal deductions there is about $22,000 dollars which is subject to Federal Taxes
So they would pay $2,500(>6% of gross) to the IRS but the government would also collect about $5,460(~12% of gross) in Social Security and Medicare(both sides), another $1,750(~4% of gross) would go to sales and similar taxes. So of the roughly 22% real taxes only about half was counted in the Federal Income Tax Statistics. If the couple improves their income the numbers are worse until the Social Security and Medicare cap out. People of lower incomes actually have a heavy tax burden it does not show up in Federal Income Tax statistics.
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Once again you ignore the tax cresdits and deductions in place to offset the Social Security and Medicare taxes paid by those with lower incomes. I have listed them several times. if you would like to start a thread about how regressive Sales tax is have it -you would find i agree with you BUT we are talking Federal income Tax here. Better yet lets start a thread about the most insane tax of all. The new Texas Gross reciepts tax-pushed through by a Republican Governor and a Republican Legislature.
 
Will Pelsoi’s attempts to increase taxes be damaged by today’s revelations that she (her family / husband) owns $17 million in stock in a company exempted from the new minimimum wage bill?

(An exemption was passed for companies in American Somoa; turns out “she” owns a company that operates there.)

Is this a conflict of interest? Should she resign from Congress?
 
I haven’t head anything on the news about that

but many people own stocks in companies
Del Monte, owner of Star-Kist, one of the largest employers there has operations all over the place so I would guess that many institutional investors and mutual funds have some interest there.

And IIRC the labor rate exemptions for Samoa aren’t new with this current bill…if they were that might be worth mentioning

So at best that would be a tempest in a very small teacup

Hardly anything like a former Secretary of Defense (and future vice president) becoming COE of a large vendor to the DOD.

What I did hear in the news today was that there is work afoot to resurrect the pay as you go rules for appropriations.
Good old fashion fiscal discipline from the 90’s

EDIT: I just found this news story. I was right, the exemptions aren’t new and the current bill is to be amended to remove the exemption.

It is a little more telling that the issue wasn’t stock ownership but that Del Monte is headquartered in her home district.

So, do we pat the congresswoman on the back for serving her constituents?
 
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