Posted on 12/17/2013 12:34:54 AM PST by Sequoyah101
You can check this for yourself. Search "top tax rate 2013" read and think just a little. It is just numbers and that seems to make the eyes of most people glaze over. Heck, a huge number don't even pay taxes.
Welcome to the USSA. This is hope and change obastard style. This is sharing the pie. This is more fat cat politicians controlling you, more government employees, more TSA, more homeland security, more navigators, more food stamps, section 8 housing, and LESS FREEDOM and LESS HOPE.
The new top tax rate will be a whopping 47.2%
39.6% (top marginal rate) + 3.8% (net investment income tax) + 2.9% (both sides of medicare / medicade) + 0.9% (medicare surtax) = 47.2%
plus whatever state and local taxes there are. This is how you get to the 60% Hannity is always talking about.
This compares with the previous total top rate of 35% + 2.9% = 37.9%
The increase in $ of taxes to pay is 47.2% / 37.9% = 24.5%
Long term capital gains taxes are going from 15% to 20% + 3.8% = 23.8% and the increase in $ of taxes to pay will increase by 23.8% / 15% = 58.7%. Let that soak in. It is nearly a 60% increase in money to the Federal Treasury for money earned by people risking it in a company or their own business.
I'm not sure what, if any, example will hit home but let't try one. Say you have worked for 10 years to save up enough to go to Vegas. You scrimped and scraped and worked odd jobs to accumulate $100k. You are only allowed to play one hand of cards and the house stakes are $100k. This is high stakes but the gain is limited to 25%, $25k. That's all. You bet your hard earned $100k and walk away with nothing or $125k minus taxes. The taxes are 47.2% on everything over your base earned income so it is 47.2% of all your increase from winning this one hand of poker. This is your choice: a) Put your hard earned $100k in the bank and keep it and earn a little and pay taxes on that gain or b) Play one hand of poker where you can walk away with ZERO or pocket $100K + $25k - $25k x 0.472 = 113.2K and uncle sugar gets $12.8k for doing nothing so he can give it to the crackhead in the parking lot that is going to not only rob you but may kill you.
Even this example does not come very close to what a businessman has to do when he invests his money in a company. He also has to WORK to put his money at risk.
Almost nobody cares about the "rich dude" paying taxes at this rate but they should and they will, in time. Top earners are being hammered on taxes and they will respond somehow. I will not be surprised if many "Go Galt". The tax rate didn't go up just a few percent. On an equal basis investment income tax went from 35% to 43.4%. That, boys and girls, is a 24% increase in taxes paid. It is the same as a man making $100k a year and paying $25k in taxes now paying $30k in taxes. $75k take home vs. $70k take home. A new 3.8% tax is being assessed on investment income and that includes any gain on your house when you sell it. That is a tax on the profit on money you have already earned and decided to invest and take a risk that you may not get the money back. Doesn't matter? Not now but people who have money will think a lot harder about how they invest. They will sideline their money or demand a higher rate of return for their investment. In the first case the economy will stagnate. In the second case the cost of everything will go up.
While you draw your next breath and blabber about all the "juicy deductions" the rich get. Bite your tongue. Many of them are going away and there was not much left anyway.
You don't have to be "rich" to get into these rates and risk. A guy who buys a truck and eventually puts more than a couple $million at risk with 8 or 10 trucks is now "rich" enough to pay these taxes. How do you think he likes uncle obastard taking almost half of the profit he makes?
You may not make enough money to pay these taxes but how hard do you want to work to be able to pay this kind of taxes? How many 16 to 18 hour days and no vacation years will you give up to keep 50% or less of the gain you make?
Welcome to the USSA. This is hope and change. This is sharing the pie. This is pulling the top down to make poverty a little better but it will still be poverty. Reagan said that it is sharing the misery. He was right. There is no hope in mediocrity.
I guess some will call this a rant. It is like all the other things we have come up against in these last 5 years of destruction. Nothing will come of it. We are finished. We are bleeding to death. Nobody cares until something bad happens to them. They never do. They never understand how important it is to live and die buy the words, "I may disagree with what you say, I may hate it but I will defend your right to say it with my life." This is the same thing.
Whatever, it just doesn't matter anymore.
Liberals Vote for their own self interest.
Conservatives Vote for America’s self interest.
Liberals are no better than Looters.
And they are doing a fine job of it.
Have you? Gone Galt?
That's important information.
Question To Anyone:
Does California tax capital gains?
I was wondering how much a committed Leftist like Mark Zuckerberg will have to pay above the 23.8% federal rate when he sells Facebook stock.
Probably one good reason he did the ipo. Convert income to lt cap gain.
I just looked up the California rate.
They tax cap gains like income.
Top rate in California is 13.3% for those earning above $1 million.
So, Zuckerberg will pay 37.1% on his Facebook stock.
Only one place in the world has a higher cap gains tax.
Denmark.
“Liberals are no better than Looters.”
Have you seen supposed conservative folk discussing social security, for instance, on these premises?
There is apparently a whole class of “conservative looters” too that want “their check”.
If one looks closely, it will be found that the top tax rate in Obama’s Marxist America is... pretty much everything you “own.”
after irs went after me in 2010 for 2002 and 2004 taxes they hit me with a
55k lien. just paid it off. now i am being hit with alt min tax for 2012.
You call it Tax Rates but don’t talk about tax rates except for the ultra rich. What about the rest of us? What are the rates for everyone?
I have been getting SS for several years. It is a very substantial portion of my income. I am in the 20% marginal rate tax bracket. I have long said on FR and elsewhere that SS should simply be terminated, along with Medicare and medicaid and much else. No taper. no exemptions. Terminated.
Yes, and with the increasing reach of the IRS and the onerous reporting requirements on foreign banks and other financial institutions, it is becoming more and more difficult for middle income Americans to have overseas accounts and financial assets. These are paper walls which are being built to prevent Americans from fleeing the Regime - so, in the end, "everything you own" will include you. There is a word for that; it is slavery.
” I have long said on FR and elsewhere that SS should simply be terminated, along with Medicare and medicaid and much else. No taper. no exemptions. Terminated.”
You are a wise man. I agree with you. Socialism is always wrong, and a wrong cannot be made right by “grandfathering” certain people at the expense of others.
It’s hard to imagine, but we’d all be much better without it.
Can we tax the money odumbo spends on his family vacations?
Oh WAIT, I forgOt it isn’t his money in the first place, its OUR money.
How much tax do we really pay?
Item Rate Notes
Federal personal income tax 17%
(2011 est. - 18.2%) Top 25% rate. It ranges from a credit up to well over 40%. Source
State & local income taxes 10.1%
(2009 - 10.6%) State taxes range from under 6% to over 12%. Local taxes run from zero to 2.75%. Source, source, source, 2009 source
Sales tax 9.7%
(2009 - 10.3%) Figure is the average rate. State sales taxes range up to 8% and local taxes run from zero to over 5%. Source, source, 2008 source (broken link as of 2012), 2009 source
Social security & Medicaid 7.65% Total rate is actually 15.3% since half is paid by the employer, but we’re ignoring that to be kind and to avoid being accused of being too political.
Federal corporate income tax share 3% Based on corporate taxes being approximately 1/6 of personal taxes, and that they are paid by individuals in the final analysis.
Property tax 2.5%
(2007 - 2.7%) Yearly average actual costs range from under $200 in Alaska to almost $1900 in New Jersey. Source
Fuel/gasoline tax .5%
(2009 est. - .6%) Approximately 23% of the 2005 gasoline price is for federal & state taxes. The federal excise tax is 18.4 cents per gallon. Per the CPI, about 6% of the average budget is for transportation. Estimated. 2010 estimate, $.45 per gallon average. Source
Other 5%
(2009 est. - 7%) Includes estate tax, fees, licenses, inflation losses, inheritance, deficit allowance, gift, and others too numerous to mention. Estimated.
Total tax percentage potentially paid by the above average US citizen, 2005 - 54.4%
Total tax percentage potentially paid by the above average US citizen, 2013 est. - 59.7%
http://nowandfutures.com/taxes.html
Too much for you to have anyway. Just send the rest in. Obastard and rat face can buy votes with it.
They will get our retirement next.
lots of dems w 401ks.
if they do this it would be worse politically then O care.
Looters are better than liberals because they don't lie to you about the morality of their theft.
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