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How Does the President Keep a Straight Face...

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  • fishingcomicfishingcomic Senior Member Posts: 25,971 Senior Member
    Steven wrote: »
    I don't care more or less. The point I was making was that just because a family makes $250k doesn't mean that the will become millionaires, hence taxing them like they will be one is absurd.

    No we are taxing them like they are making $250k and actually much less than they were taxed in the 90's.
    'I've spoken of the Shining City all my political life. …In my mind it was a tall, proud city built on rocks stronger than oceans, windswept, God-blessed, and teeming with people of all kinds living in harmony and peace; a city with free ports that hummed with commerce and creativity. And if there had to be city walls, the walls had doors and the doors were open to anyone with the will and the heart to get here. That's how I saw it, and see it still.'" Ronald Reagan
  • JulietJuliet Posts: 0
    Never give a Republican a Cookie.
  • JulietJuliet Posts: 0
    greenman wrote: »
    Ignore my last Kanola lenght post.

    Illinois is 5% of Adjusted Gross income Federal with modifications and is not even close to the highest in the nation.


    http://www.taxfoundation.org/taxdata/show/228.html

    Not the tax shelter that Florida is but not the highest in the nation.

    Remember, the comment was about Chicago. What happens once are sales taxes are added in?
  • fishingcomicfishingcomic Senior Member Posts: 25,971 Senior Member
    Steven wrote: »
    I'm pretty sure that salaries weren't cut in Wisconsin, nor was that ever proposed.

    My involvement was pretty much limited to 1) showing Wet Dog that his wife's benefits were vested; and 2) arguing the general impropriety of government unions in general and their participation in the electoral process.

    There take-home as Wetdog explained was going to be reduced by near 15% when their benies were reduced. You seemed to think that was more fair than increasing taxes by 3%.
    'I've spoken of the Shining City all my political life. …In my mind it was a tall, proud city built on rocks stronger than oceans, windswept, God-blessed, and teeming with people of all kinds living in harmony and peace; a city with free ports that hummed with commerce and creativity. And if there had to be city walls, the walls had doors and the doors were open to anyone with the will and the heart to get here. That's how I saw it, and see it still.'" Ronald Reagan
  • JulietJuliet Posts: 0
    No we are taxing them like they are making $250k and actually much less than they were taxed in the 90's.

    I already showed you that this isn't true. The effective tax rates have gone down but less than for a number of other groups. What did I say earlier, 140bps?
  • JulietJuliet Posts: 0
    Steven wrote: »
    Remember, the comment was about Chicago. What happens once are sales taxes are added in?

    Sorry even Mississippi beats you on state sales tax. How about doing your own research if your gonna say things you're not sure about.

    http://www.money-zine.com/Financial-Planning/Tax-Shelter/State-Sales-Tax-Rates/

    Sales Tax Rates Throughout the United States

    Listed below are the state sales tax rates that were in effect starting in January 2010. Don't worry too much about this list being outdated. Sales tax rates, like their counterpart state income tax rates, don't change very often - so this list will probably be good for the year 2011 too.
    Alabama

    The state of Alabama has a 4.0% sales tax, with an exemption for prescription medications.
    Alaska

    The state of Alaska has no sales tax.
    Arizona

    The state of Arizona has a 5.6% transaction privilege tax, with an exemption for prescription medications, and food.
    Arkansas

    The state of Arkansas has a 6.0% sales tax, with an exemption for prescription medications, and a 2.0% tax on food items.
    California

    The state of California has an 8.25% sales tax, with an exemption for food and prescription medications. This includes a statewide local tax of 1.0% in California. California's tax rate may be adjusted annually according to a formula based on balances in a general fund and the school fund.
    Colorado

    The state of Colorado has a 2.9% sales tax, with exemptions for food and prescription medications.
    Connecticut

    The state of Connecticut has a 6.0% sales tax with exemptions for food, prescription medications, and over-the-counter medications.
    Delaware

    The state of Delaware has no state sales tax, but has a Gross Receipts Tax of 2.07% for some business activities.
    District of Columbia

    The District of Columbia has a 6.0% sales tax with an exemption for food, prescription medications and over-the-counter medications.
    Florida

    The state of Florida has a 6.0% sales tax with exemptions for food, prescription medications and over-the-counter medications.
    Georgia

    The state of Georgia has a 4.0% sales tax with exemptions for food and prescription medications. However food sales may be subject to local sales taxes.
    Hawaii

    The state of Hawaii has a 4.0% sales tax with an exemption for prescription medications. An income credit to compensate poor households may apply.
    Idaho

    The state of Idaho has a 6.0% sales tax with an exemption for prescription medications. An income credit to compensate poor households may apply.
    Illinois

    The sate of Illinois has a 6.25% sales tax with a local tax of 1% on food, prescription medications and over-the-counter medications.
    Indiana

    The state of Indiana has a 7.0% sales tax with exemptions for food, prescription medications and over-the-counter medications.
    Iowa

    The state of Iowa has a 6.0% sales tax with exemptions for food and prescription medications.
    Kansas

    The state of Kansas has a 5.3% sales tax with an exemption for prescription medications. An income credit to compensate poor households may apply.
    Kentucky

    The state of Kentucky has a 6.0% sales tax with exemptions for food and prescription medications.
    Louisiana

    The state of Louisiana has a 4.0% sales tax with exemptions for food and prescription medications. Food sales may be subject to local sales taxes.
    Maine

    The state of Maine has a 5.0% sales tax with exemptions for food and prescription medications.
    Maryland

    The state of Maryland has a 6.0% sales tax with exemptions for food, prescription medications and over-the-counter medications.
    Massachusetts

    The state of Massachusetts has a 6.25% sales tax with exemptions for food and prescription medications.
    Michigan

    The state of Michigan has a 6.0% sales tax with exemptions for food and prescription medications.
    Minnesota

    The state of Minnesota has a 6.875% sales tax with exemptions for food, prescription medications and over-the-counter medications.
    Mississippi

    The state of Mississippi has a 7.0% sales tax with an exemption for prescription medications.
    Missouri

    The state of Missouri has a 4.225% sales tax with an exemption for prescription medications. Food is taxed at 1.225%.
    Montana

    The state of Montana has no state sales tax.
    Nebraska

    The state of Nebraska has a 5.5% sales tax with exemptions for food and prescription medications.
    Nevada

    The state of Nevada has a 6.85% sales tax with exemptions for food and prescription medications.
    New Hampshire

    The state of New Hampshire has no state sales tax.
    New Jersey

    The state of New Jersey has a 7.0% sales tax with exemptions for food, prescription medications and over-the-counter medications.
    New Mexico

    The state of New Mexico has a 5.0% sales tax with exemptions for food, prescription medications and over-the-counter medications.
    New York

    The state of New York has a 4.0% sales tax with exemptions for food, prescription medications and over-the-counter medications.
    North Carolina

    The state of North Carolina has a 5.75% sales tax with exemptions for food and prescription medications. Food may also be subject to local sales taxes.
    North Dakota

    The state of North Dakota has a 5.0% sales tax with exemptions for food and prescription medications.
    Ohio

    The state of Ohio has a 5.5% sales tax with exemptions for food and prescription medications - however, this varies by geography.
    Oklahoma

    The state of Oklahoma has a 4.5% sales tax with an exemption for prescription medications.
    Oregon

    The state of Oregon has no state sales tax.
    Pennsylvania

    The state of Pennsylvania has a 6.0% sales tax with exemptions for food, prescription medications and over-the-counter medications.
    Rhode Island

    The state of Rhode Island has a 7.0% sales tax with exemptions for food, prescription medications and over-the-counter medications.
    South Carolina

    The state of South Carolina has a 6.0% sales tax with an exemption for prescription medications.
    South Dakota

    The state of South Dakota has a 4.0% sales tax with an exemption for prescription medications. An income credit to compensate poor households may apply.
    Tennessee

    The state of Tennessee has a 7.0% sales tax with and exemption for prescription medications. Food is taxed at 5.50%.
    Texas

    The state of Texas has a 6.25% sales tax with exemptions for food, prescription medications and over-the-counter medications.
    Utah

    The state of Utah has a 4.7% sales tax with an exemption for prescription medications. Food is taxed at 1.75%.
    Vermont

    The state of Vermont has a 6.0% sales tax with an exemption for food, prescription medications and over-the-counter medications.
    Virginia

    The state of Virginia has a 5.0% sales tax with an exemption for prescription medications and over-the-counter medications. Food is taxed at 2.5% and includes a statewide local tax of 1.0%.
    Washington

    The state of Washington has a 6.5% sales tax with an exemption for food and prescription medications.
    West Virginia

    The state of West Virginia has a 6.0% sale tax with an exemption for prescription medications. Food is taxed at 3.0%.
    Wisconsin

    The state of Wisconsin has a 5.0% sales tax with exemptions for food and prescription medications.
    Wyoming

    The state of Wyoming has a 4.0% sales tax with an exemption for prescription medications. Wyoming's tax rate may be adjusted annually according to a formula based on balances in a general fund and a school fund. An income credit to compensate poor households may apply.

    About the Author - State Sales Tax Rates

    Copyright © 2005 - 2011 Money-Zine.com

    Tax Resources on the Web



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  • fishingcomicfishingcomic Senior Member Posts: 25,971 Senior Member
    Maybe your definition of much less is different than mine since you seem to think that $250k is impoverished.

    BTW I don't know what 140bps means, I don't speak actuary.
    'I've spoken of the Shining City all my political life. …In my mind it was a tall, proud city built on rocks stronger than oceans, windswept, God-blessed, and teeming with people of all kinds living in harmony and peace; a city with free ports that hummed with commerce and creativity. And if there had to be city walls, the walls had doors and the doors were open to anyone with the will and the heart to get here. That's how I saw it, and see it still.'" Ronald Reagan
  • JulietJuliet Posts: 0
    monkeydoes wrote: »
    wasn't the expiration of the Bushie Benefit for Billionaires only going to affect income 'after' the first 250,000? if so then your hard pressed impoverished family in Cook County's situation wouldn't change at all

    [/shrugging emoticon]

    One more time. The question was whether making $250,000 per year made you a millionaire. You were pretty clear earlier that it didn't.
  • JulietJuliet Posts: 0
    Steven wrote: »
    Remember, the comment was about Chicago. What happens once are sales taxes are added in?

    shop in Beloit
  • JulietJuliet Posts: 0
    Maybe your definition of much less is different than mine since you seem to think that $250 is impoverished.

    BTW I don't know what 140bps means, I don't speak actuary.

    A) see above.

    B) Bps is the standard abbreviation of basis point. A point is equal to 1%. A basis point is equal to 1/100 of a point or of a percent.

    If the effective tax rate decreased from 21.4% to 20%, it is incorrect to say it decreased by 1.4% because a 1.4% decrease on 21.4 is 0.3. (.014 x 21.4). It is appropriate to say that the rate decreased by 1.4 points or 140 basis points.
  • JulietJuliet Posts: 0
    Always stop for gas in Beloit. It's about 80 cents less per gallon.
  • JulietJuliet Posts: 0
    There take-home as Wetdog explained was going to be reduced by near 15% when their benies were reduced. You seemed to think that was more fair than increasing taxes by 3%.

    I believe the proposal was that Wis teachers put up 5.8%.

    Again, my issue wasn't one of fairness, but the propriety of government union spending money to elect the people that would ultimately negotiate with them.
  • JulietJuliet Posts: 0
    See ya tomorrow people.
  • fishingcomicfishingcomic Senior Member Posts: 25,971 Senior Member
    That was not all that you argued. When people said that people should pay more in taxes so that teachers did not have to take a hit, you jumped on your soap box about how burdened the wealthy were already and that they couldn't afford a 3% increase in taxes to avoid the teachers having to survive on less.

    In fact there was the wonderful quote about how they might not be able to make their Lexus payments.
    'I've spoken of the Shining City all my political life. …In my mind it was a tall, proud city built on rocks stronger than oceans, windswept, God-blessed, and teeming with people of all kinds living in harmony and peace; a city with free ports that hummed with commerce and creativity. And if there had to be city walls, the walls had doors and the doors were open to anyone with the will and the heart to get here. That's how I saw it, and see it still.'" Ronald Reagan
  • JulietJuliet Posts: 0
    Oh my god not the lexus!
  • JulietJuliet Posts: 0
    Time for a reality check, Steven. If I was able to bring home in excess of $250k year after year, you're dam right I'd end up a millionaire. Would probably take me about 30 years, but at the end of that period my net worth would definitely be in excess of $1 million, with possible exception for catastrophic events.

    Now that reality has been resolved, let's get back to the issue. I see no problem with using $250k per year as a cut off for making our tax structure even more progressive. I'd be willing to consider other lines as well, such as $280k, $300k. But I'd also be willing to take a different approach. The problem is that ANY approach which increases tax revenues will be criticized by you and the tea baggers, regardless of what formula is used. So you're pretending to be defending the "common man" with his miserable $250k a year just doesn't play. You're just plain opposed to making our tax structure more progressive. Can you justify this ideological stance without trying to play "man of the six-figure people?"
  • JulietJuliet Posts: 0
    Don't forget that the kids must have private schooling. What the hell I thought Republicans were all for home schooling as to keep their kids away from Socialist thoughts.
  • GoldenladleGoldenladle Super Moderator Posts: 3,928 Senior Member
    The state of Minnesota has a 6.875% sales tax with exemptions for food, prescription medications and over-the-counter medications.

    The state of Wisconsin has a 5.0% sales tax with exemptions for food and prescription medications.

    I think your list is a little out of date. I can't speak for states other than MN and WI, but MN has an exemption for clothes as well and I think your sales tax is closer to 7.5% - no? Wisconsin's sales tax is 5.5% and has no exemptions, not for food and not for prescription medicines.

    Moved to Montana, gonna be a dental floss tycoon.

  • JulietJuliet Posts: 0
    I'm done. Freaking lazy Republicans make claims with no back up. Typical.
  • TimDTimD Senior Member Posts: 906 Senior Member
    Hextall wrote: »
    Did you make this up?

    On average it would be average. They have an OK hockey team as well. Remember the original post used US government figures.

    Just to help, the median means ranking incomes from lowest to highest and selecting the middle value. Half the families earn more, half earn less.

    Cheers,

    Tim
  • JulietJuliet Posts: 0
    James,

    It's certainly possible that living in the sticks as you do, that a $250,000 annual income for a number of continuous years would lead to the Pio family becoming millionaires. Of course the point is that many people don't live in the hinterlands where costs are low, and the job opportunites to make such an annual income tend to be concentrated in high cost cities and surburbs.

    You're orginal assertion was that people making $250,000 a year WERE millionaires. I now note your argument is that they may become millionaires. So referring to these people as "millionaires" was an act of disingenuousness on the part of our President. How he made this statement without a "tell" is beyond me. I would have been giggling.

    Your statement that all increase in taxes would be anathema to me is, of course, wrong. For example, hedge fund carried interest is a joke (these are people btw, TimD, that make up some of my clientele) and should be done away with. There is no justification for it. However, a change should be phased in slowly to let people adjust.

    With regards to corporate taxation, the ethanol tax breaks should be done away with. I will continue to assert that raising corporate taxes, on the whole, will do nothing but lead to higher costs paid by consumers and a greater trade imbalance

    Of the OECD countries, the U.S. already has the most progressive system. Once again, the President's assertion that the "rich" don't contribute is disingenuous.

    http://www.taxfoundation.org/blog/show/23856.html

    How much more Progressive should our system be? (Interesting aside, who would have guessed that our GINI coefficient would not have been substantially different from that of the rest of the OECD? Well, besides me, of course).
  • JulietJuliet Posts: 0
    Steven wrote: »
    James,

    It's certainly possible that living in the sticks as you do, that a $250,000 annual income for a number of continuous years would lead to the Pio family becoming millionaires. Of course the point is that many people don't live in the hinterlands where costs are low, and the job opportunites to make such an annual income tend to be concentrated in high cost cities and surburbs.

    Gawd, you are so full of it. The world does not reolve around your city. Boise is not the sticks. We aren't "flyover country," you urban prig.
    You're orginal assertion was that people making $250,000 a year WERE millionaires.

    Ummm, NO! I neer made that argument. You keep claiming that other people are making that assumption, but nobody is doing so. Can you say, "strawman?"
    Your statement that all increase in taxes would be anathema to me is, of course, wrong. For example, hedge fund carried interest is a joke (these are people btw, TimD, that make up some of my clientele) and should be done away with. There is no justification for it. However, a change should be phased in slowly to let people adjust.

    With regards to corporate taxation, the ethanol tax breaks should be done away with. I will continue to assert that raising corporate taxes, on the whole, will do nothing but lead to higher costs paid by consumers and a greater trade imbalance

    Wow, so you won't oppose some minor tinkering on the edges of tax paolicy. That does a lot to convince that youare ab oslutely not some kind of anti-tax ideologue, really it does.
  • HextallHextall Senior Member Posts: 9,520 Senior Member
    Steven wrote: »
    Barnstead N.H. (reference anyone?)

    Obama's cardboard box living stepbrother?
  • JulietJuliet Posts: 0
    Right wing political camp hosted by the Manchester Leader?
  • JulietJuliet Posts: 0
    James,

    How else should one understand post 16 and your defense of the President's speech? It's too bad you didn't point out your opposition to this assertion in an earlier post.

    Urban prig? Boise may not be Ft. Smith, Montana, but it's not exactly like Skadden Arps has a flourishing practice there.

    Enjoy Trout Camp. It sounds amazing.
  • JulietJuliet Posts: 0
    Oh. Hex and Greenman are both so close!
  • HextallHextall Senior Member Posts: 9,520 Senior Member
    Steven wrote: »
    Oh. Hex and Greenman are both so close!

    I know the exact reference... but I guess my reference as an answer was too esoteric.
  • JulietJuliet Posts: 0
    Hextall wrote: »
    I know the exact reference... but I guess my reference as an answer was too esoteric.

    Not for me...but I went to the panel of judges...
  • JulietJuliet Posts: 0
    you should just call the president make a dinner date and get it over with

    don't forget the chocolate overlord likes chocolates and be mensch and send flowers

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