Nearly half of all households in US, do not owe federal income tax - Page 2 - U2 Feedback

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Old 10-05-2009, 11:07 PM   #16
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A stor, you did you read the article? Again, even though one of the 47% might have fed taxes taken out of your pay check, at the end of the year, after filing taxes, the net loss to the gov is 0.
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Old 10-05-2009, 11:16 PM   #17
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I don't understand.
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Old 10-06-2009, 10:07 AM   #18
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Originally Posted by MadelynIris View Post
A stor, you did you read the article? Again, even though one of the 47% might have fed taxes taken out of your pay check, at the end of the year, after filing taxes, the net loss to the gov is 0.


what about the distribution of wealth in this country? if the top 5% (maybe even 1.5%) own 95% of the wealth, isn't that wealth what's available to be taxed?
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Old 10-06-2009, 10:33 AM   #19
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I don't understand.
You pay $100, you get $100, net $0.
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Old 10-06-2009, 12:09 PM   #20
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Yep, if your net is 0 then you should be getting back whatever you paid in all year. Or if you filled out your tax papers correctly you didn't have tax withheld at all (risky because if you end up owing, you have to pay, but if you're poor enough it's worth the risk).

It is a bit misleading because it's only looking at federal tax, and not all the flat rate tax we pay through the year (sales tax, gas tax etc)...but nobody talks about that.
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Old 10-06-2009, 01:22 PM   #21
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Yes, the headline (47% of households owe no tax - and their ranks are growing) is misleading. They should indicate that it's only income tax they are talking. But the article clearly states that.
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Old 10-06-2009, 08:14 PM   #22
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Irvine,

I understand what you're getting at, but this is about "income tax". The reality is, much of the wealth owned by those folks wasn't derived through income, and the interest they pay is usually capital gains tax.
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Old 10-06-2009, 10:11 PM   #23
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You pay $100, you get $100, net $0.
Not quite......I don't get back all of the taxes, which are paid.
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Old 10-06-2009, 10:19 PM   #24
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Irvine,

I understand what you're getting at, but this is about "income tax". The reality is, much of the wealth owned by those folks wasn't derived through income, and the interest they pay is usually capital gains tax.
How are you defining "income"? Haven't investments always been defined as "income"? If it's in coming shouldn't it be defined as "income"?
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Old 10-06-2009, 11:07 PM   #25
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It is a bit misleading because it's only looking at federal tax, and not all the flat rate tax we pay through the year (sales tax, gas tax etc)...but nobody talks about that.
i guess property taxes, sales tax, etc. don't count. i'll use my parents in this example since they own land and i don't. they get a decent chunk of their income tax back at the year, yet any time they even go grocery shopping, buying essential food, they have to pay 9.25% sales tax on everything. $100 a week seems to be average, so that's $9.25 in sales tax a week, or $481 a year. then there's property taxes, i don't even know how much they pay but we've got one of the highest tax rates in the country. then there's the gas taxes and such you mentioned...it's ridiculous. none of that gets reimbursed.

i'm not saying it should be reimbursed or anything. but obviously there are still taxes being paid.
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Old 10-07-2009, 01:58 AM   #26
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Not quite......I don't get back all of the taxes, which are paid.
No kidding. Well, of course you don't. Neither is it been said in the article. The article focuses on federal income tax only. Nothing else. So any other tax you pay doesn't count in the equation. It doesn't say these households get every cent back they paid in taxes, it says they get every cent back they paid in income taxes.
Still they are making a minus. In the opportunity cost. If they hadn't had to pay the tax in the first place they might have earned an interest or consumed more goods.
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Old 10-07-2009, 02:21 AM   #27
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Yes, the headline (47% of households owe no tax - and their ranks are growing) is misleading. They should indicate that it's only income tax they are talking. But the article clearly states that.
Did they change the title since this thread was first posted?

I clicked on the link and the title is:

Quote:
47% will pay no federal income tax


I think I need to hunt up some deductions! I'm in the group which according to this, the "vast majority" of doesn't pay any federal income tax, but I've had to pay some these last few years. In the grand scheme of things I'm not paying that much (because I don't make squat, that's why!), but if most other people making what I make (and even more) don't pay any federal income tax, I don't want to either, damn it!
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Old 10-07-2009, 06:31 AM   #28
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Did they change the title since this thread was first posted?

I clicked on the link and the title is:





I think I need to hunt up some deductions! I'm in the group which according to this, the "vast majority" of doesn't pay any federal income tax, but I've had to pay some these last few years. In the grand scheme of things I'm not paying that much (because I don't make squat, that's why!), but if most other people making what I make (and even more) don't pay any federal income tax, I don't want to either, damn it!
After you clicked the link as well as in the text it says federal income tax. But if you take a look at the link here in the forum it just says tax. And apparently after that the "federal income" part wasn't being read as well.
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Old 10-07-2009, 01:58 PM   #29
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i guess property taxes, sales tax, etc. don't count. i'll use my parents in this example since they own land and i don't. they get a decent chunk of their income tax back at the year, yet any time they even go grocery shopping, buying essential food, they have to pay 9.25% sales tax on everything. $100 a week seems to be average, so that's $9.25 in sales tax a week, or $481 a year. then there's property taxes, i don't even know how much they pay but we've got one of the highest tax rates in the country. then there's the gas taxes and such you mentioned...it's ridiculous. none of that gets reimbursed.

i'm not saying it should be reimbursed or anything. but obviously there are still taxes being paid.
Well, they're only looking at federal tax, which is going to just be income tax and things like capital gains etc. Property, sales, gas taxes is all going to be either city, county, or state. Not that the article is misleading at all, because they're saying up front that they're looking at federal tax, but it doesn't tell the whole story either.
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Old 10-07-2009, 02:29 PM   #30
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Well, it's federal income tax which narrows it down to just a single, specific tax. So in the sense of the federal income tax I would say the article tells the whole story.
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