It no longer surprises me that people who defend these policies never see how they are being harmed. By supporting these policies it is as if you are
and saying, "Oh, it hurts so good!"
The Great Prosperity -- The Great Regression
Discussion in 'News & Current Events' started by Crabtownboy, Feb 24, 2016.
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Crabtownboy Well-Known MemberSite Supporter
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InTheLight Well-Known MemberSite Supporter
Top rate for ordinary income is now 39.6% same as before Bush's cuts. This was part of the fiscal cliff deal of December 31, 2012.
I don't think you have a clue as to what "earned income" really is. It's just money you earn on your job, besides wages. Things like tips, commissions, long term disability payments, etc. When you file taxes it's all accounted for. Top rate is 39.6%, just like ordinary income.
Things like alimony and child support would NOT be earned income. However, they are declared as income on your 1040 tax form and is treated like ordinary income for taxable calculations. Therefore, the top rate on "unearned income" is also 39.6%.
The top rate for long term capital gains is 20%. The top rate for short term capital gains is 39.6%. -
InTheLight Well-Known MemberSite Supporter
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InTheLight Well-Known MemberSite Supporter
45% of Americans Pay No Income Taxes
An estimated 45.3% of American households — roughly 77.5 million — will pay no federal individual income tax, according to data for the 2015 tax year from the Tax Policy Center, a nonpartisan Washington-based research group. (Note that this does not necessarily mean they won’t owe their states income tax.)
Roughly half pay no federal income tax because they have no taxable income, and the other roughly half get enough tax breaks to erase their tax liability, explains Roberton Williams, a senior fellow at the Tax Policy Center.
http://www.marketwatch.com/story/45-of-americans-pay-no-federal-income-tax-2016-02-24
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