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Re: Bush tax cuts and the USD [Re: phi1618]
    #8358495 -

phi1618 said:
I think we agree here - I don't see how what you posted contradicts what I posted in any way.


This is what was wrong:
Quote:
but the total tax for social security and medicare drops from 15.4% to 2.9%, so the total federal tax rate drops from 40.4% to 30.9%



It doesn't make that drop until after 100,000 and the total federal tax rate is not what would appear to decline only the fica.
Quote:
As for the rest:
Your sited post only refers to personal income tax, which is progressive. It ignores social security/medicare (in spite of what they tell you, it's a tax, not an investment), the lower rate on capital gains and qualified dividends, various deductions from gross business income, etc.


I know it's a tax. I also know that people with higher incomes pay more than people with lower incomes, in an absolute sense. The rate stays constant until they figure they've fucked you enough. For M&M they fuck you forever.

As opposed to the other stuff you mention, of course they ignore business expenses, they aren't income. You want to throw in capital gains taxes and corporate taxes then the top 1% will show any even higher relative tax burden since the bottom 50% don't have any investments.

Let's just cut to the truly relevant. For all practical purposes the only taxes the bottom 50% pays at all are the one half of the FICA from their checks and sales and local taxes.


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Re: Bush tax cuts and the USD [Re: zappaisgod]
    #8358623 -

Quote:
This is what was wrong:

Quote:
but the total tax for social security and medicare drops from 15.4% to 2.9%, so the total federal tax rate drops from 40.4% to 30.9%




It doesn't make that drop until after 100,000 and the total federal tax rate is not what would appear to decline only the fica.


I thought it was clear from the context (I was talking about marginal rates and added in social sec/medicare) that I was talking about "the marginal rate for all taxes payed to the federal government," and not "the overall rate for personal income taxes."


Edit:
Here's the context:
Quote:
the marginal income tax rate for someone who makes $100,000 in a year is 28% vs. 25% for someone who makes $50,000, but the total tax for social security and medicare drops from 15.4% to 2.9%, so the total federal tax rate drops from 40.4% to 30.9%


See how the end of the sentence implicitly refers back to the beginning, and doesn't make sense without it?

Edited by phi1618 (05/03/08 06:28 PM)

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Re: Bush tax cuts and the USD [Re: phi1618]
    #8360946 -

Ah, I see what you were getting at. The rate on the last dollar drops not the overall rate. As an interesting aside, we paid more money in Medicare taxes last year than for our family health insurance policy.


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Re: Bush tax cuts and the USD [Re: zappaisgod]
    #8361315 -

Sorry I wasn't more clear :smile:

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