The Bush Budget

Discussion in 'Politics & Current Events' started by GringoTex, Feb 5, 2008.

  1. GringoTex

    GringoTex Member

    Aug 22, 2001
    1301 miles de Texas
    Club:
    Tottenham Hotspur FC
    Nat'l Team:
    Bolivia
    Wouldn't want this one to get lost in the shuffle.

    The GOP is trying for a goodbye gift to the rich, because they know this is the last time they'll be in power for awhile.

    Average annual tax break for households making over $450,000/year: $67,000

    Average tax break for everybody else: $500

    Amount added to national debt: $400 billion

    BigSoccer users supporting a GOP candidate for President for fiscal reasons: priceless
     
  2. Foosinho

    Foosinho New Member

    Jan 11, 1999
    New Albany, OH
    Club:
    Columbus Crew
    Nat'l Team:
    United States
    My favorite part:
     
  3. Claymore

    Claymore Member

    Jul 9, 2000
    Montgomery Vlg, MD
    Club:
    DC United
    Nat'l Team:
    United States
    ...and that doesn't even take the war into account; throw in a few hundred billion for that.
     
  4. Kobranzilla

    Kobranzilla Member

    Sep 6, 2001
    NY F'in City
    Club:
    FC Barcelona
    Nat'l Team:
    United States
    And he is still sticking to his claims that the budget will balance by 2012...which the CBO says is false.

    from the WSJ...in order for the 2012 balanced budget to happen...

     
  5. Matt in the Hat

    Matt in the Hat Moderator
    Staff Member

    Sep 21, 2002
    Brooklyn
    Club:
    New York Red Bulls
    Nat'l Team:
    United States
    Thank god this is the last one. Bush is a joke.
     
  6. GringoTex

    GringoTex Member

    Aug 22, 2001
    1301 miles de Texas
    Club:
    Tottenham Hotspur FC
    Nat'l Team:
    Bolivia
    FYP.

    Bush and a GOP Congress had complete control and worked in total harmony on all of this, hence the record service without a veto.

    I know you plan on ignoring this fact when you pull the GOP lever for more of the same.
     
  7. Matt in the Hat

    Matt in the Hat Moderator
    Staff Member

    Sep 21, 2002
    Brooklyn
    Club:
    New York Red Bulls
    Nat'l Team:
    United States
    So what was the excuse last year? So what will be the excuse this year?

    And is the guy that I am voting for a fan of Bush's budgets or not?

    Thanks for playing.
     
  8. saosebastiao

    saosebastiao New Member

    May 22, 2005
    Excellent. Now tell us what the average tax payment is for someone that makes over $450,000, as well as the average tax payment of everybody else, and we can have a discussion.
     
  9. mintone

    mintone New Member

    Jul 7, 2007
    Seattle
    Well if they are in the highest tax bracket, I recall bush saying no one should have to pay more than 1/3 of their wages in taxes when he proposed his tax cuts, so that would be $148,500.

    How many people making $450,000 actually pay that much do you think? My bet is not many.

    If they actually do pay that much in taxes, the 67,000 would be an over 45% tax break.
     
  10. GringoTex

    GringoTex Member

    Aug 22, 2001
    1301 miles de Texas
    Club:
    Tottenham Hotspur FC
    Nat'l Team:
    Bolivia
    Every Fortune 500 CEO in the country pays a lower total tax rate than his/her secretary. That's a fact.

    Now where's your discussion?
     
  11. saosebastiao

    saosebastiao New Member

    May 22, 2005
    What is the total tax payment.

    Tax "breaks" are given to people that pay taxes. You pay a lot of money, you get a tax break and some of it comes back.
     
  12. Michael Russ

    Michael Russ Member

    Jun 11, 2002
    Buffalo, NY
    And how exactly do you know the detailed tax information about all of these individual secerataries?
     
  13. GringoTex

    GringoTex Member

    Aug 22, 2001
    1301 miles de Texas
    Club:
    Tottenham Hotspur FC
    Nat'l Team:
    Bolivia
    Warren Buffet has offered $1 million to anyone who can prove otherwise. Seriously.
     
  14. Matt in the Hat

    Matt in the Hat Moderator
    Staff Member

    Sep 21, 2002
    Brooklyn
    Club:
    New York Red Bulls
    Nat'l Team:
    United States
    Maybe it's not enough
     
  15. Kobranzilla

    Kobranzilla Member

    Sep 6, 2001
    NY F'in City
    Club:
    FC Barcelona
    Nat'l Team:
    United States

    after taxes that is like...what...$500k
     
  16. Michael Russ

    Michael Russ Member

    Jun 11, 2002
    Buffalo, NY
    That doesn't prove squat.

    Even if somone truly believed Buffet would pay (and I'm sure he would come up with some way to figgure the generic term "tax rate" so he would not have to pay), how exactly would anybody get the personal tax information necessary to prove it?

    One of these secretaries should take out a huge mortgage and then get the CEO to slash their salary, so their mortgage interest would wipe out their entire earnings and guarantee themselves the million from Buffet!
     
  17. GringoTex

    GringoTex Member

    Aug 22, 2001
    1301 miles de Texas
    Club:
    Tottenham Hotspur FC
    Nat'l Team:
    Bolivia
    Are you playing an idiot on purpose? It's pretty easy to do the numbers and determine that someone earning $50K/year pays a higher rate in total taxes than someone earning $1 million/year.
     
  18. Matt in the Hat

    Matt in the Hat Moderator
    Staff Member

    Sep 21, 2002
    Brooklyn
    Club:
    New York Red Bulls
    Nat'l Team:
    United States
    Is this including sales taxes and payroll taxes via their company?
     
  19. GringoTex

    GringoTex Member

    Aug 22, 2001
    1301 miles de Texas
    Club:
    Tottenham Hotspur FC
    Nat'l Team:
    Bolivia
    This includes all taxes, especially the capital gains tax.
     
  20. Matt in the Hat

    Matt in the Hat Moderator
    Staff Member

    Sep 21, 2002
    Brooklyn
    Club:
    New York Red Bulls
    Nat'l Team:
    United States
    So I'd assume it includes the other half of his secretary's and all of his other employees FICA and Medicare as well. It would be interesting to find out but I don't think the gap is as big as you assume it is or existant at all when ALL taxes are taken into account.

    Matter of fact, I would think that any F500 CEO is responsible for more taxes than they make in a year.
     
  21. GringoTex

    GringoTex Member

    Aug 22, 2001
    1301 miles de Texas
    Club:
    Tottenham Hotspur FC
    Nat'l Team:
    Bolivia
    This sentence doesn't even mean anything.
     
  22. Matt in the Hat

    Matt in the Hat Moderator
    Staff Member

    Sep 21, 2002
    Brooklyn
    Club:
    New York Red Bulls
    Nat'l Team:
    United States
    Sure it does. A CEO of a F500 comapny is responsible for the payment of half of the FICA and Medicare tax due to the IRS for each employee. In a 30,000 person company that could add up to more than that CEO's salary alone.
     
  23. GringoTex

    GringoTex Member

    Aug 22, 2001
    1301 miles de Texas
    Club:
    Tottenham Hotspur FC
    Nat'l Team:
    Bolivia
    No he isn't. He could die tomorrow and FICA and Medicare would get the exact same amount of taxes.
     
  24. Michael Russ

    Michael Russ Member

    Jun 11, 2002
    Buffalo, NY
    Well, as Matt points out this is no simple task. It will be completely dependent on the way the CEO and the Secretary behave, especially the CEO. They have lots of options to either invest in ways to shelter their money from taxes or go high risk and hope that the extra earnings will overcome the increased tax burden.

    If you just do income taxes (becaue the only thing you are seperating these two people on is their income), if a single taxpayer makes a million dollars and doesn't do anything to shelter their income from taxes their estemated income tax would be:

    $101,469.25 plus 35% of the amount over 349,700. or 32.9%

    The income tax on $50,000 would be:

    $4,386.25 plus 25% of the amount over 31,850 or 17.9&

    http://www.irs.gov/formspubs/article/0,,id=164272,00.html

    Of course the payroll taxes will hit the $50,000 a year earner harder on a percentage wise basis, but the benifits that they can potentially receive from these programs would also help them much more on a percentage wise basis.

    I'm sure if you asked the millionaire and the 50k earner which one would prefer to see you do away with these federal program, and the tax burden that comes along with them, the millionaire would say sure, and the 50K earner would say, no way.
     
  25. Matt in the Hat

    Matt in the Hat Moderator
    Staff Member

    Sep 21, 2002
    Brooklyn
    Club:
    New York Red Bulls
    Nat'l Team:
    United States
    And the secretary could die tomorrow and have no tax burden. Because she is dead.
     

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