What is the purpose for income tax?

[classicman]

Wow this seems strangely familiar.... yeh that's it it looks like a thread, any thread from PD.
:yawn:

[Sir_Simpletoon]

Originally Posted by classicman

Wow this seems strangely familiar.... yeh that's it it looks like a thread, any thread from PD.
:yawn:

Quite the little expert now, aren't you?

[TGRR]

Originally Posted by Sir_Simpletoon

Quite the little expert now, aren't you?

You think he's a troll from PD? I have my suspicions.

[Sir_Simpletoon]

Originally Posted by TGRR

You think he's a troll from PD? I have my suspicions.

Everyone's a troll from PD nowadays. It's the new craze, like Big Brother, or scene kids.

[TGRR]

Originally Posted by Sir_Simpletoon

Everyone's a troll from PD nowadays. It's the new craze, like Big Brother, or scene kids.

Damn kids. Always drinking their bootleg hootch and listening to the rock and the roll.

[TGRR]

Originally Posted by classicman

Wow this seems strangely familiar.... yeh that's it it looks like a thread, any thread from PD.
:yawn:

Oh, that was an insult, yes?

Boo hoo hoo! Classicman doesn't like Peedee! I shall cry all night!

[lookout123]

Here's an interesting article from CNN discussing the spread of the tax burden.

A Tax Foundation survey found 56% of Americans think the amount of federal income tax they pay is too high. Those most likely to feel that way, according to the survey, include those making between $35,000 and $50,000.

But once the various tax breaks to which they're entitled are counted, the burdens of low- and middle-income tax filers as a group has been fairly low.

The Tax Policy Center estimates that for 2009, 43% of tax units (most of which are lower income households that may or may not file a return) will have no income tax liability or will have a negative income tax liability, meaning the government will actually pay them.

When measuring the tax burdens from income tax and payroll tax combined, the Tax Policy Center estimates nearly 12% of tax units will have zero or negative liability.

As for everyone else, it's likely their net income tax burden will not be high.

For example, in 2005, just under one in 10 filers owed more than 15% of their income in federal income tax, said Roberton Williams, senior fellow at the Tax Policy Center. Virtually all of them had incomes over $100,000. To top of page

CNN

[TheMercenary]

The Tax Tea Party was big around here. Atlanta apparently had a huge turn out.

[lookout123]

I heard Phoenix did too. I exercised my right to be completely ignored by my government at home. I saved on gas and I got to watch Arsenal win their Champions' League quarter final.

[xoxoxoBruce]

For example, in 2005, just under one in 10 filers owed more than 15% of their income in federal income tax, said Roberton Williams, senior fellow at the Tax Policy Center. Virtually all of them had incomes over $100,000.

I must be the exception.

[classicman]

me too. Anyone else get surprised by the "Alternative Minimum Tax" this year.

[TheMercenary]

Originally Posted by classicman

me too. Anyone else get surprised by the "Alternative Minimum Tax" this year.

I have gotten hammered by it for the last 5 or 6 years in a row. I have just come to accept it as another way for them to steal money from me.

[classicman]

Well I was under the impression it was for "rich people" to pay. I am certainly not one of them, yet I had to pay it.

[lookout123]

The problem is that AMT was not moved with inflation so more and more taxpayers are caught in this net every year.

[classicman]

I'm not even CLOSE to being in the "rich" Hell I'm much much closer to the bottom than the top.