Tax Time

[pacerfan]

Millions of Americans Don't Pay Federal Taxes
Thursday, April 15, 2004

WASHINGTON ? Everyone paid taxes on April 15, right? Wrong. Tens of millions of Americans will pay no federal taxes this year.


Americans will file about 132 million tax returns this year and all will pay less in federal taxes due to three Bush tax cuts. But 44 million people will pay no federal taxes at all ? that's the highest number in U.S. history and it translates to 33 percent of all tax filers.

Before the Bush cuts were implemented the number of filers who paid no federal taxes was 30 million, or 23 percent of all tax filers. These numbers are much larger than those from 1980 when the revolt against federal income tax rates began.

Who are the zero tax filers? They are the ones who have enough deductions and credits to erase their federal liability. That means after taking all legal credits and deductions, they will receive back every penny of federal income taxes withheld.

In addition to these 44 million zero-tax filers there are another 14 million whose incomes are so low, $20,000 or less, they are off the tax roles entirely. Add to that the dependents, children, family members and those who aren't taxed at all ? it equals 122 million Americans who live completely outside the federal tax system.


:thefinger Just sent mine in 12 hours ago.

 

[toastonastick]

And they wonder why when they put out polls where 40% of Americans are happy with their tax bill in 04!

Thats because they didnt have one!

 

[BobbyBlueChip]

That's the federal income tax system. You have no adjusted gross income, you pay no tax.

I think the WSJ referred to these people as the "lucky ducks." In case anyone wants to join them, there's pretty easy ways to do it.

 

[ctownguy]

And this is the same tax code the liberals want to keep, so the elite highest 1 per cent do not pay anything and the rest of us pay through the nose.

Of course under the republicans many different plans offerred over the years all income earners would pay, even the top 1 per cent of the very rich which now pay nothing.

But i guess that would expose all those nasty extreme rich to paying and which side of the aisle do you think most of them are from

 

[BobbyBlueChip]

Ctown,

If you're going to get all of your information from Rush and take that information without so much as a question, don't flip the channels when he's in the middle of a discussion. That way, at some point, you will be able to make a cohesive point.

 

[kosar]

Bluechip,

You've changed email addresses so often over the last year and I have no idea which of the eight of them to use. If possible, shoot me something from the one you're currently using. Thanks bro.

 

[homedog]

And this is the same tax code the liberals want to keep, so the elite highest 1 per cent do not pay anything and the rest of us pay through the nose.

Of course under the republicans many different plans offerred over the years all income earners would pay, even the top 1 per cent of the very rich which now pay nothing.

Are you really that dumb :shrug: You need to do a little homework.

 

[ctownguy]

and please tell me how dumb I am you moron

 

[ctownguy]

bobbie the boob again speaks out of his ass.

This info did not come from Rush albeit it is the type of facts he does put out.

I have given the book to a client of my wife's so I can't quote the exact numbers but i will get them.

The upper 1 percent falls between $300,000 and up with people making over 10 million not paying any tax at all. Those making between 300,000 and 8 million pay 31 per cent of all federal income tax paid.

That is what was meant by my post, you gutless liberal hypocrites. This tax code is all about letting those very very extreme rich get away with no tax bill and guess who tops the lists Gates & Buffet sp two top democrats, and don't shoot back that buffett is a republican, he is one of the biggest elittists in this country.

Under any plan suggested by the republicans over the last 20 years these loop holes would have been closed but they were shut down in votes all stopped by the democrats or not even allowed votes by democratic filibusters.

 

[homedog]

the elite highest 1 per cent do not pay anything and the rest of us pay through the nose.

Maybe I misunderstood. The top 1% are the ones paying the most.

 

[BobbyBlueChip]

Gates and Buffett pay no tax? Please get to the book. Honestly, listening to right wing media - scary. listening to a little - dangerous.

 

[bubbas1]

Is this the book written by NY Times Reporter David Cay Johnston???

Caught part of an interview of him on tv. Gates not paying taxes has something to do with never having to pay a gift tax.

Cant remember the name of the book.

 

[DOGS THAT BARK]

No Bubba It's typical liberal spin of half truths.
They throw out the spin but omit the facts of "WHY"

1st I believe I am correct in saying no one pays taxes on unearned income,some one correct me if I am wrong.
Now lets get to tax basis of earned income.

Warren Buffet:
Has only taken 100,000 salary a year and donates much more to charity (which is 100% write off).

in fact----

"In terms of his personal life he is famously frugal. Through the Buffett Foundation he makes charitable donations, usually around $12 m a year in total. He has stated his intention to disburse 99% of his wealth after his death to good causes"


and on taxes I'd say his company pays their share
"In his annual letter to shareholders of his Berkshire Hathaway Inc. holding company, released on Saturday, the 73-year-old Buffett said Berkshire's taxes rose more than eleven-fold to $3.3 billion from 1995 to 2003, as profits rose ten-fold to $8.15 billion."

Bill Gates:
Salary from 2003 from Microsoft $865,114
Charitble donations

"Report: Bill Gates tops list of charitable givers
NEW YORK (Reuters) ? Microsoft founder and chairman Bill Gates and his wife Melinda are the most generous charitable donors in America, Business Week magazine said on Thursday, as the couple gave away or pledged a staggering $23 billion ? more than half of their net worth"

So Bubba you can see how misleading liberal spin can be. They try to impress apon the minions that these people paid no tax on collectively less than 2 million salaries but fail to tell you it is because they give billions to charity. It's the liberal way you know.

 

[DOGS THAT BARK]

Ctown wasn't dissing your statement--just making reflection on rich paying no taxes. I believe Gates is Rep and Buffet Dem but would put both in middle of the road.

 

[ctownguy]

Dog no problem, as far as no tax for Gates it was tied to a $50,000 gift for his start up on the corp, I believe. I know I don't explain everything as well as I could, but I do try and get the gist of what is going on. I know aholes like Bobbie and eddie will spin this as being misinformed, but we all know they are devout liberals and the truth never figures into the equation with them.

As far as Buffet goes, your right on about his charity donations and gates also, but I admit I did not know his (Buffet) Berkshire corp paid so much in tax. Think what that money could do in the hands of anyone but the fed govt.

I do think Gates at was a deomcrat until billy blow job had the irs and the attorney general come down on him, which in my opinion was caused by Gates not tallying up big time money for billy's reelection, so you may be right he might be a republican now.