$250K. . .$200K. . .$150K ?????
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$250K. . .$200K. . .$150K ?????
| Wed, 10-29-2008 - 10:55am |
Over the past week, the income level that qualified as "rich" has been lowered by the Democrats:
| Wed, 10-29-2008 - 10:55am |
Over the past week, the income level that qualified as "rich" has been lowered by the Democrats:
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(((((I also do not believe that 5% of us can be taxed enough to support 95% )))))
Obama promises a cradle to grave society. . .he promises to achieve this by only taxing the top 5% of income producers.
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Do you think the elderly living on social security should pay income taxes when their income is below $24000/year? My 91 yo mother really cannot afford to pay taxes with her health care expenses and the high rent for assisted living. She paid income & social security and medicare payroll taxes for 20+ years. My dad paid them for 50+ years. Now, when her income is so low, should she have to support you?
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http://www.pnhp.org/news/2009/october/meet_the_new_health_.php
http://www.youtube.com/watch?v=DQTBYQlQ7yM
nevermind, I found the info
That depends. Taxation of social security benefits is based upon combined income of both you and your spouse (if you have a spouse)- as calculated by adding your adjusted gross income plus nontaxable interest earned plus one-half of your social security benefits.
If you file a federal income tax return as an individual with a combined income between $25,000 and $34,000 - 50% of your social security benefits are subject to income tax. If your combined income exceeds $34.00 - 85% of your social security benefits are subject to income tax.
If you and your spouse file a joint income tax return - 50% of your social security benefits are subject to income tax if your combined income is between $32,000 and $44,000. If your combined income exceeds $44,000 - 85% of your social security benefits are subject to income tax.
If you are married filing a separate income tax return, you might have to pay income tax on your entire social security benefit.
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http://www.pnhp.org/news/2009/october/meet_the_new_health_.php
http://www.youtube.com/watch?v=DQTBYQlQ7yM
does the 40% include those with a non-taxable income though?
Fred Thompson on Wednesday, December 12th, 2007 in debate in Johnston, Iowa
Thompson's tax numbers add up
Fred Thompson, in arguing that the tax cuts of the Bush administration should be renewed, said that 5 percent of Americans pay over half the income taxes in this country, and that 40 percent of Americans pay no income taxes at all.
Both figures are true.
The top 5 percent of all payers do pay more than half the income tax. They pay about 59.2 percent of all individual income tax, according to an analysis by the Tax Policy Center, a nonpartisan institute run jointly by the Urban Institute and the Brookings Institution.
Thompson also said that 40 percent of Americans pay no income tax. This claim is supported by the Tax Foundation, a nonpartisan tax research group that promotes transparency in the tax code and economic growth.
There's a small caveat to the 40 percent number — it includes nonfilers, typically taxpayers who don't have to file returns because their incomes are too low. It's logical to assume that most nonfilers don't pay income taxes, but it's possible that some did if they had income taxes withheld by an employer. This is probably a very small number, because people with low incomes have an economic incentive to file a return and get a refund.
The U.S. income tax system is progressive, which means that rates increase as income increases. Given that structure, it makes sense that people with higher incomes pay more taxes, and people with low incomes might pay no tax at all. Thompson's numbers are on the money, and we rate them True.
http://www.politifact.com/truth-o-meter/statements/228/
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