Interesting Fact from Obama's Speech.

[2centsworth]

Also, from everything I've read those checks you're talking about are being called tax rebates, not cuts. When Obama said he'd cut taxes for 95% of working families, were those checks a part of it?

I guess I'm still confused about the point you're trying to make.

he's calling them tax cuts per his tax plan that Peabody provided earlier, but I'm not sure if calling them a rebate makes much difference.

[clambake]

why not call them virtual tax rebate horizons.

[ChumpDumper]

If I understand fed income tax rates correctly, a single person making $0-$7,825 is taxed 10% of their income. So the only individuals who would receive an energy rebate check higher than the income taxes they paid are those who make less than $5,000 per year. Right?

This is the post that should be built upon.

We need to define just how many people we are talking about here. How many individuals pay less than $500 per year in income tax and how many families pay less than $1000 per year? Then we can start hating them as a class for what they might receive in a proposed tax scheme.

[Mr. Peabody]

Also, from everything I've read those checks you're talking about are being called tax rebates, not cuts. When Obama said he'd cut taxes for 95% of working families, were those checks a part of it?

I guess I'm still confused about the point you're trying to make.

His plan calls it a "refundable tax cut." I don't think that's the same thing as a rebate.

http://www.barackobama.com/pdf/taxes...Plan_FINAL.pdf

A $1,000 “Making Work Pay” Tax Credit. For 95 percent of workers and their families—150 million workers overall—the “Making Work Pay” credit will provide a refundable tax cut of $500 for workers or $1,000 for working couples. This credit will benefit over 15 million self employed workers and for 10 million low-income Americans, will completely eliminate their federal income taxes.

[2centsworth]

If I understand fed income tax rates correctly, a single person making $0-$7,825 is taxed 10% of their income. So the only individuals who would receive an energy rebate check higher than the income taxes they paid are those who make less than $5,000 per year. Right?

the first $8500 is tax-free. The next $7825 is subject to 10%. This is for a single individual. Double those amounts for marrieds. A family of 4 would have to earn over $36,000 before they paid income taxes.

If we want to give welfare, I say we slam those payments into social security.

[Mr. Peabody]

This is the post that should be built upon.

We need to define just how many people we are talking about here. How many individuals pay less than $500 per year in income tax and how many families pay less than $1000 per year? Then we can start hating them as a class for what they might receive in a proposed tax scheme.

According to Obama's fact sheet, his plan will eliminate income taxes for 10 million low-income Americans.

[Spurminator]

His plan calls it a "refundable tax cut." I don't think that's the same thing as a rebate.

I was thinking of the Energy Rebate which is $500 for individuals and $1000 for families. But I guess essentially it's the same thing.

[Mr. Peabody]

I was thinking of the Energy Rebate which is $500 for individuals and $1000 for families.

Yeah, I thought it was the same thing as well when I first heard it in the speech.

[ChumpDumper]

According to Obama's fact sheet, his plan will eliminate income taxes for 10 million low-income Americans.

The way it is worded, it's unclear whether the recipients would receive anything over what they would pay in taxes in the first place.

If it's the same thing as the energy rebate, then I suppose it would.

[2centsworth]

According to Obama's fact sheet, his plan will eliminate income taxes for 10 million low-income Americans.

Lets ignore the election for just a second. When taking in to account the Earned Income Credit, from my estimation a married couple with two kids needs to earn over $36,000 to begin paying. The additional $1000 would shoot that number up to $46,000. I'm not a CPA, so my numbers are probably off slightly, but I'm sure I'm close.

Take the $1000 payment and call it what it is, an en lement check. Then lets take that check and invest it in social security.

[Spurminator]

the first $8500 is tax-free. The next $7825 is subject to 10%. This is for a single individual. Double those amounts for marrieds. A family of 4 would have to earn over $36,000 before they paid income taxes.

Is that true? If so, Wikipedia needs to be updated.

http://en.wikipedia.org/wiki/Income_..._United_States

[101A]

Here's a tax calculator

Family of 4 making 50K pays about $960 in income taxes.

[2centsworth]

Is that true? If so, Wikipedia needs to be updated.

http://en.wikipedia.org/wiki/Income_..._United_States

sort of. You have to take into account Standard/Itemized deductions, personal exemptions, and the earned income credit. All of those items are subtracted from income before the tables are ever applied.

[Wild Cobra]

Sarah Palin has a child with Downs Syndrome. I doubt she'd be pleased you calling people re s.

I'm only refering to liberals that way.

Really, I've meet people with downs syndrome that have more intelligence and compassion than many of you lib s.

[101A]

BTW:

The cost to to run the Federal Budget is 2.7 Trillion.

There are 301 Million citizens of these here United States:

The family of 4's share: $35,948.

[Wild Cobra]

He said 95% of working families. And pardon my confusion but where in your link does it show that 50% of the population pays zero taxes?

The link in the first posting has the following:




Notice, of all the filers for 2005 that 32.6% of the filers do not pay taxes. Most of them in fact get money back that they didn't pay because of both Earned income Cedit and the various tax credits.

I may be wrong about nearly 50% not paying taxes. I saw the IRS data before to support this, but it may have been calculated differently rather than these AGI calculations.

The point is, you cannot give 95% of the tax filers a tax break when only 67.4% pay taxes.

[boo_radley]

won't even make a dent in welfare.

Welfare does not cost the US a trillion dollars

[2centsworth]

Welfare does not cost the US a trillion dollars

I should have said en lements. thanks for the correction.