dolmar said:michal1980 said: But I geuss someone has to pay america's bills. All those freeloaders.

LOL small % of a big number is still a big number. So not sure how you can call people freeloaders. I paid well over $20k in taxes and more than likely paid more taxes than everyone who has posted so far except Scott. I receive $0 benefits as I did not qualify for low interest student loans from government when I went to college, I make too much to get a rebate check, I never get any benefits at all for my taxes and because I do not pay FICA I can not contribute to IRA or collect SS either.

But I guess with comments like that you consider people paying millions in taxes who effective tax rate is low freeloaders even tho pay more taxes than almost everyone.

all your assumptions about me and my post would be false.

I know that the 'rich' pay most of the taxes in the country, and get no brakes.

And just like I dont think its fair that people pay no taxes/ get money from the feds. I dont think its fair that your precent should decrease even if you pay a large total amount.

IMHO, Over a certain floor. I see no problems with everyone paying a fixed percentage.

TurboTax backs your 401-K and 125 Plan out of your income when it calculates the effective tax rate.

So while mine shows on the cover page of my federal return as 13.61% it is actually about 11% since I contributed $15K to my 401-K plan in 2007 and had $1,300 in 125 plan deductions.

lorcha said:dolmar said:I paid well over $20k in taxes and more than likely paid more taxes than everyone who has posted so far except Scott.This is definitely false.

54k in taxes
36k in taxes
Also, my tax liability will be way over 20k, but I have no idea what it is yet because I only just got all my stuff to my CPA on 3/31 (the deadline to get taxes filed by 4/15).

Again not giving the amount of my tax bill out so people can figure out my gross income. I did not catch the person with $54k in taxes. He beat me too. But I was above $36k and under $54k lets say. Like I said a small % of a big number is still a big number.

I'm going to go out on a limb and guess that you kind of ignored that pesky AMT worksheet? The case you describe is exactly why they created the Alternative Minimum Tax, so that people can't come up with all sorts of deductions to completely offset all income.

InterestedOnlooker said:Gross Income: $80K

Tax: $0

Effective Tax Rate: 0%

Yes, seriously. We had completely legitimate deductions coming out of our ears. The computer program showed when we reached zero & so DH stopped entering anymore of our deductions. We had more to put in but were already at zero. I was stunned.

It was a completely weird year. New baby with health issues meant our family shelled out nearly $10K in out-of-pocket medical expenses (even with decent, not good, but decent insurance). Big charitable contributions. Mortgage interest deduction because we are in a house that is too big for us that we can barely afford. Student loan interest deduction. And the list goes on.

The refund was nice. We try to get as close as possible to zero...not owing or getting a refund. But, DH is already claiming 14 exemptions at work. We're reluctant to stick out like a sore thumb by claiming more.

21% effective tax rate per TurboTax

3 children
+ high property tax
+ mortgage
+ student loans
+ long term capital gains

...but income of 290k, and no business deductions, so AMT of 4k.

chuzzlewit said:I'm going to go out on a limb and guess that you kind of ignored that pesky AMT worksheet? The case you describe is exactly why they created the Alternative Minimum Tax, so that people can't come up with all sorts of deductions to completely offset all income.InterestedOnlooker already said that he had big charitable contributions and mortgage interest--both of which are allowed under AMT. But don't let that stop you from making your smug commentaries.

I paid just about 3500 in taxes on income of 70000 for a rate of 5%. Would have done significantly better if my daughter was born 8 days earlier

michal1980 said:10k in taxes to someone making 50k is a greater burden, then 15k in taxes to someone making 100k.

But the person paying $10k on $50k of income is more than likely getting some benefits while the person paying $15k on $100k is getting no benefits at all. Did you ever think of that? People paying large amounts of taxes are subsidizing the other people. Regardless of the % of there income that tax burden is. If you want to make it fair then make it a flat tax. Everyone pays 20% of there income no matter if you make $10k or $10 million. Everyone gets the same benefits ie rebate check, subsidized student loans, home loans, child care, etc. The fact 1 person works harder and makes more money does not mean it is ok for that person to subsidize other people or should pay a higher % of his income because he can afford.

dolmar said:michal1980 said:10k in taxes to someone making 50k is a greater burden, then 15k in taxes to someone making 100k.

But the person paying $10k on $50k of income is more than likely getting some benefits while the person paying $15k on $100k is getting no benefits at all. Did you ever think of that? People paying large amounts of taxes are subsidizing the other people. Regardless of the % of there income that tax burden is. If you want to make it fair then make it a flat tax. Everyone pays 20% of there income no matter if you make $10k or $10 million. Everyone gets the same benefits ie rebate check, subsidized student loans, home loans, child care, etc. The fact 1 person works harder and makes more money does not mean it is ok for that person to subsidize other people or should pay a higher % of his income because he can afford.

I do agree with just about everything you said there. And I did think about the fact that someone that makes less gets more from the goverment...

But I also thought it wrong that only some people get this new take pre-bate thats coming in a month.

lorcha said: First of all, even if you make $100k/yr, you still get plenty of benefits: the highways, the military (you may not like what they're doing in Iraq, but it's their job to protect the homeland as well), the FBI, the Coast Guard, the National Guard, the National Parks Service, and many, many, many more. Way too many to list.

Then I think I should get better benefits since Between Fed and State I paid about $107k, Do I use any more services than someone who paid $20k? No, I just get to lose a lot of the benefits that the person paying less gets. Rebate check? NO, Child tax credit? NO, Use the Hope/Lifetime deduction for College? NO, I just get to pay 100% of bill with no loans or subsidies. I don't mind paying my fair share of taxes, Problem is I am paying way more than my fair share.