Senate Budget Vote Rejects Bush Tax Cut Extension

[Bubba]

Of course they should be held on high by the breaking backs of the middle class and the poor.

[Army_of_One]

Originally Posted by Bubba

Of course they should be held on high by the breaking backs of the middle class and the poor.

I'm not going to go down this road again. How does Bill Gates (a wealthy man) break YOUR back Bubba? How does he impact you?

[Highwayman]

You got some real intelligent discussion going on here Army.

What happens when they run out of sound bites?

[Bubba]

OK, Army. Tell me how much taxes come out of your clothing allowance, your food allowance, your housing allowance? When I was in the Army you paid taxes on your base pay, which is pretty low by civilian standards. All the clothing, food, housing and other allowances were tax-exempt. How much of your monthly pay is taxed and how much is tax-exempt?

I can tell you now that 100% of my pay is taxed.

[ksgrainman]

ANYONE in our Military, protecting me, should be TOTALLY tax exempt

[Highwayman]

Originally Posted by Bubba

....I can tell you now that 100% of my pay is taxed.

Since the thread is about income tax rates and therefore income tax I’m calling BS on that. If you pay tax on 100% of your income you ain’t doing it right.

There are exemptions (yourself, dependants) and deductions (standard and itemized) that is untaxed income. The range of income in the lowest bracket (10%) is taxed at 10%. What falls into the 25% bracket is taxed at 25% and so on. All income below that 10% bracket isn’t taxed and it’s calculated into the tax tables.

It would be nice if we could think that you understood a tax system that you are so intent on changing.

[Bubba]

Originally Posted by Highwayman

Since the thread is about income tax rates and therefore income tax I’m calling BS on that. If you pay tax on 100% of your income you ain’t doing it right.

There are exemptions (yourself, dependants) and deductions (standard and itemized) that is untaxed income. The range of income in the lowest bracket (10%) is taxed at 10%. What falls into the 25% bracket is taxed at 25% and so on. All income below that 10% bracket isn’t taxed and it’s calculated into the tax tables.

It would be nice if we could think that you understood a tax system that you are so intent on changing.

I understand just fine, you are the one on training wheels here. I was talking to Army about his base pay being taxed and his allowances are tax-exempt. Since I have no tax-exempt status, 100% of my income is taxable. Any deductions and exemptions are subtracted from the taxable income, which again, in my case is 100%.

[Highwayman]

Originally Posted by Bubba

..I can tell you now that 100% of my pay is taxed.

Originally Posted by Bubba

...Since I have no tax-exempt status, 100% of my income is taxable. Any deductions and exemptions are subtracted from the taxable income, which again, in my case is 100%.

Taxable income isn’t the same thing as taxed income. Nice backpedal.

It doesn’t change the fact that the Democrats want a bigger piece of that taxable income that is taxed.

[Bubba]

Whatever, I knew what I meant and I'm sure you knew what I meant too. You just wanted to knit-pick. There is no pedaling going on, back or otherwise.

[Highwayman]

Originally Posted by Bubba

...You just wanted to knit-pick....

True enough.

Back to the original point of the thread, with all the talk from Democrats about taxing the wealthy and taking the burden off of the middle class, how does anyone consider the 25% tax bracket as part of the wealthiest of taxpayers?

Pay attention to what they do, not what they say.