Quote:
Originally Posted by
bionicarm http:///t/390117/obama-speach/40#post_3454482
Darth, it's our archaic tax code. Everyone who files a tax return gets a standard deduction based on their marital status and how many dependents they have. There is a set minimum deduction regardless of the income you make. It's not as skewed as you make it out to be. My daughter worked full-time last year during the summer, and made around $7,000 in income. She filed single and took whatever the standard deduction was, filing a 1040EZ. I think she paid somewhere around $600 - $700 in taxes. She went click, click, click on TurboTax's online filing system, and got a refund of a whopping $35 or something like that. Is that your definition of "transfer of wealth"? Should she have become your model Conservative citizen and foregone filing her taxes, telling the IRS "No you keep my $700. I want pay my part to keep this country running." Meanwhile, Mitt Romney is stashing millions of his earnings in bank accounts in Switzerland and the Caymans, and ends up paying an effective tax rate of around 15%. You're ideology is, "Good for him. He stilled payed millions in taxes. That's his fair share." So why is it OK that someone makiing under $50K should dole out every dollar that was deducted from their paycheck to pay their "fair share", simply because they don't have the luxury of hiding their earned income in offshore bank accounts, charitable contributions, or flawed capital loss credits? My wife and I make well over 6-figures per year, but after taking the standard deductions, my effectibe tax rate is 15% - 17% every year. Last year, I got a refund of over $4,800. Is that my fair share, or should I pay more and return my refund?
You really shouldn't spread lies. Romney paid taxes on his overseas accounts. As far as his tax rate look at it this way. At some point he earned the money he invests and paid taxes on it. Then he places his after tax earnings at risk. If he loses money the government allows him to deduct up to 3,000 a year off his income. Assuming he had income in the 35% tax bracket it would save him 1050.00 in taxes on a loss that can run into 6 figures easily. If he guesses right and makes money he gives the government 15% of his gain if he held the investment over a year. Short term capital gains are taxed at normal income tax rates. I'd say it's pretty darn generous of people to give up 15% of their investment income considering to government has no skin in the game.
I assume your daughter can be claimed as a deduction on your return? In that case she can't take earned income credit which is one of the refundable credits. People can end up owing no federal income tax plus get a refund of over 5600.00 through earned income credits, 3K from child credits.
