Archive for September 20th, 2011
Eat The Rich!–Vote Obama In 2012 For More Spending, More Taxes, More Deficits, More Debt, More Unemployment, More Recession–No Hope–No Change–No Deal!–Videos
Posted on September 20, 2011. Filed under: Banking, Blogroll, Books, Business, Communications, Economics, Employment, Fiscal Policy, Macroeconomics, Microeconomics, Monetary Policy, Money, Video, War, Wealth, Weapons, Wisdom | Tags: Barack Obama, Class Warfare, Collectivists, debt, deficits, Eat The Rich, Marxist, Millionaire Tax, No Change, No Deal, No Hope, President Obama, Propaganda, Recession, Socialist, Spending, Taxes, The FairTax, unemployment |
EAT THE RICH!
Obama sets the record straight: It’s not class warfare …It’s MATH
President Obama – It’s Not Class Warfare to Ask Millionaire to Pay Same Tax Rate as Secretary
Obama the Socialist wants to spread YOUR money around
Obama – Taxes, Capital Gains
President Barack Obama, September 19, 2011
“…So I am ready, I am eager, to work with Democrats and Republicans to reform the tax code to make it simpler, make it fairer, and make America more competitive. But any reform plan will have to raise revenue to help close our deficit. That has to be part of the formula. And any reform should follow another simple principle: Middle-class families shouldn’t pay higher taxes than millionaires and billionaires. That’s pretty straightforward. It’s hard to argue against that. Warren Buffett’s secretary shouldn’t pay a higher tax rate than Warren Buffett. There is no justification for it.
It is wrong that in the United States of America, a teacher or a nurse or a construction worker who earns $50,000 should pay higher tax rates than somebody pulling in $50 million. Anybody who says we can’t change the tax code to correct that, anyone who has signed some pledge to protect every single tax loophole so long as they live, they should be called out. They should have to defend that unfairness — explain why somebody who’s making $50 million a year in the financial markets should be paying 15 percent on their taxes, when a teacher making $50,000 a year is paying more than that — paying a higher rate. They ought to have to answer for it. And if they’re pledged to keep that kind of unfairness in place, they should remember, the last time I checked the only pledge that really matters is the pledge we take to uphold the Constitution. …”
2011 Tax Rates & 2011 Tax Brackets
Here are the federal income tax rates for 2011 from the IRS:
2011 Tax Rates & 2011 Tax Brackets
Here are the federal income tax rates for 2011 from the IRS:
Tax Rate | Single | Married Filing Joint | Married Filing Separate | Head of Household |
---|---|---|---|---|
10% | Up to $8,500 | Up to $17,000 | Up to $8,500 | Up to $12,150 |
15% | $8,501 – $34,500 | $17,001 – $69,000 | $8,501 – $34,500 | $12,151 – $46,250 |
25% | $34,501 – $83,600 | $69,001 – $139,350 | $34,501 – $69,675 | $46,251 – $119,400 |
28% | $83,601 – $174,400 | $139,351 – $212,300 | $69,676 – $106,150 | $119,401 – $193,350 |
33% | $174,401 – $379,150 | $212,301 – $379,150 | $106,151 – $189,575 | $193,351 – $379,150 |
35% | Over $379,150 | Over $379,150 | Over $189,575 | Over $379,150 |
In addition to the tax brackets above, you may owe tax under the alternative minimum tax. You can review the 2011 AMT exemption to see if it will apply to you.
Proposed 2012 Tax Rates & Tax Brackets
Tax Rate | Single | Married Filing Joint | Head of Household |
---|---|---|---|
10% | Up to $8,600 | Up to $17,200 | Up to $12,250 |
15% | $8,601 – $34,900 | $17,201 – $69,800 | $12,251 – $46,750 |
25% | $34,901 – $84,500 | $69,801 – $140,850 | $46,751 – $120,700 |
28% | $84,501 – $195,950 | $140,851 – $237,700 | $120,701 – $216,800 |
36% | $195,951 – $383,350 | $237,701 – $383,350 | $216,801 – $383,350 |
39.6% | Over $383,350 | Over $383,350 | Over $383,350 |
Married Filing Separate was not included in the release. I’ll update the 2012 federal tax tables for all filing statuses as soon as the information is available.
2012 Tax Rates vs 2011 Tax Rates
Want to compare the proposed 2012 tax brackets to the current year to see the changes?
The biggest changes in the proposal are expanding the 28% bracket and replacing the 33% and 35% brackets with 36% and 39.6% brackets.
http://www.mydollarplan.com/tax-brackets/
FACT CHECK: Are rich taxed less than secretaries?
“…This year, households making more than $1 million will pay an average of 29.1
percent of their income in federal taxes, including income taxes, payroll taxes
and other taxes, according to the Tax Policy Center, a Washington think
tank.
Households making between $50,000 and $75,000 will pay an average of 15
percent of their income in federal taxes.
Lower-income households will pay less. For example, households making between
$40,000 and $50,000 will pay an average of 12.5 percent of their income in
federal taxes. Households making between $20,000 and $30,000 will pay 5.7
percent.
The latest IRS figures are a few years older — and limited to federal income
taxes — but show much the same thing. In 2009, taxpayers who made $1 million or
more paid on average 24.4 percent of their income in federal income taxes,
according to the IRS.
Those making $100,000 to $125,000 paid on average 9.9 percent in federal
income taxes. Those making $50,000 to $60,000 paid an average of 6.3
percent.
Obama’s claim hinges on the fact that, for high-income families and
individuals, investment income is often taxed at a lower rate than wages. The
top tax rate for dividends and capital gains is 15 percent. The top marginal tax
rate for wages is 35 percent, though that is reserved for taxable income above
$379,150.
With tax rates that high, why do so many people pay at lower rates? Because
the tax code is riddled with more than $1 trillion in deductions, exemptions and
credits, and they benefit people at every income level, according to data from
the nonpartisan Joint Committee on Taxation, Congress’ official scorekeeper on
revenue issues.
The Tax Policy Center estimates that 46 percent of households, mostly low-
and medium-income households, will pay no federal income taxes this year. Most,
however, will pay other taxes, including Social Security payroll taxes. …”
Table 1. Summary of Federal Individual Income Tax Data, 2008(Updated October 2010)
Number of Returns with Positive AGI | AGI ($ millions) | Income Taxes Paid ($ millions) | Group’s Share of Total AGI | Group’s Share of Income Taxes | Income Split Point | Average Tax Rate | |
All Taxpayers | 139,960,580 | 8,426,625 | 1,031,512 | 100% | 100% | – | 12.24% |
Top 1% | 1,399,606 | 1,685,472 | 392,149 | 20.00% | 38.02% | $380,354 | 23.27% |
1-5% | 5,598,423 | 1,241,229 | 213,569 | 14.73% | 20.70% | 17.21% | |
Top 5% | 6,998,029 | 2,926,701 | 605,718 | 34.73% | 58.72% | $159,619 | 20.70% |
5-10% | 6,998,029 | 929,761 | 115,703 | 11.03% | 11.22% | 12.44% | |
Top 10% | 13,996,058 | 3,856,462 | 721,421 | 45.77% | 69.94% | $113,799 | 18.71% |
10-25% | 20,994,087 | 1,821,717 | 169,193 | 21.62% | 16.40% | 9.29% | |
Top 25% | 34,990,145 | 5,678,179 | 890,614 | 67.38% | 86.34% | $67,280 | 15.68% |
25-50% | 34,990,145 | 1,673,932 | 113,025 | 19.86% | 10.96% | 6.75% | |
Top 50% | 69,980,290 | 7,352,111 | 1,003,639 | 87.25% | 97.30% | >$33,048 | 13.65% |
Bottom 50% | 69,980,290 | 1,074,514 | 27,873 | 12.75% | 2.70% | <$33,048 | 2.59% |
Source: Internal Revenue Service |
Total Income Tax Shares, 1980-2008 (Percent of federal income tax paid by each group) | |||||||||||
Year | Total | Top 0.1% | Top 1% | Top 5% | Between 5% & 10% | Top 10% | Between 10% & 25% | Top 25% | Between 25% & 50% | Top 50% | Bottom 50% |
1980 | 100% | 19.05% | 36.84% | 12.44% | 49.28% | 23.74% | 73.02% | 19.93% | 92.95% | 7.05% | |
1981 | 100% | 17.58% | 35.06% | 12.90% | 47.96% | 24.33% | 72.29% | 20.26% | 92.55% | 7.45% | |
1982 | 100% | 19.03% | 36.13% | 12.45% | 48.59% | 23.91% | 72.50% | 20.15% | 92.65% | 7.35% | |
1983 | 100% | 20.32% | 37.26% | 12.44% | 49.71% | 23.39% | 73.10% | 19.73% | 92.83% | 7.17% | |
1984 | 100% | 21.12% | 37.98% | 12.58% | 50.56% | 22.92% | 73.49% | 19.16% | 92.65% | 7.35% | |
1985 | 100% | 21.81% | 38.78% | 12.67% | 51.46% | 22.60% | 74.06% | 18.77% | 92.83% | 7.17% | |
1986 | 100% | 25.75% | 42.57% | 12.12% | 54.69% | 21.33% | 76.02% | 17.52% | 93.54% | 6.46% | |
Tax Reform Act of 1986 changed the definition of AGI, so data above and below this line not strictly comparable | |||||||||||
1987 | 100% | 24.81% | 43.26% | 12.35% | 55.61% | 21.31% | 76.92% | 17.02% | 93.93% | 6.07% | |
1988 | 100% | 27.58% | 45.62% | 11.66% | 57.28% | 20.57% | 77.84% | 16.44% | 94.28% | 5.72% | |
1989 | 100% | 25.24% | 43.94% | 11.85% | 55.78% | 21.44% | 77.22% | 16.94% | 94.17% | 5.83% | |
1990 | 100% | 25.13% | 43.64% | 11.73% | 55.36% | 21.66% | 77.02% | 17.16% | 94.19% | 5.81% | |
1991 | 100% | 24.82% | 43.38% | 12.45% | 55.82% | 21.46% | 77.29% | 17.23% | 94.52% | 5.48% | |
1992 | 100% | 27.54% | 45.88% | 12.12% | 58.01% | 20.47% | 78.48% | 16.46% | 94.94% | 5.06% | |
1993 | 100% | 29.01% | 47.36% | 11.88% | 59.24% | 20.03% | 79.27% | 15.92% | 95.19% | 4.81% | |
1994 | 100% | 28.86% | 47.52% | 11.93% | 59.45% | 20.10% | 79.55% | 15.68% | 95.23% | 4.77% | |
1995 | 100% | 30.26% | 48.91% | 11.84% | 60.75% | 19.62% | 80.36% | 15.03% | 95.39% | 4.61% | |
1996 | 100% | 32.31% | 50.97% | 11.54% | 62.51% | 18.80% | 81.32% | 14.36% | 95.68% | 4.32% | |
1997 | 100% | 33.17% | 51.87% | 11.33% | 63.20% | 18.47% | 81.67% | 14.05% | 95.72% | 4.28% | |
1998 | 100% | 34.75% | 53.84% | 11.20% | 65.04% | 17.65% | 82.69% | 13.10% | 95.79% | 4.21% | |
1999 | 100% | 36.18% | 55.45% | 11.00% | 66.45% | 17.09% | 83.54% | 12.46% | 96.00% | 4.00% | |
2000 | 100% | 37.42% | 56.47% | 10.86% | 67.33% | 16.68% | 84.01% | 12.08% | 96.09% | 3.91% | |
2001 | 100% | 16.06% | 33.89% | 53.25% | 11.64% | 64.89% | 18.01% | 82.90% | 13.13% | 96.03% | 3.97% |
2002 | 100% | 15.43% | 33.71% | 53.80% | 11.94% | 65.73% | 18.16% | 83.90% | 12.60% | 96.50% | 3.50% |
2003 | 100% | 15.68% | 34.27% | 54.36% | 11.48% | 65.84% | 18.04% | 83.88% | 12.65% | 96.54% | 3.46% |
2004 | 100% | 17.44% | 36.89% | 57.13% | 11.07% | 68.19% | 16.67% | 84.86% | 11.85% | 96.70% | 3.30% |
2005 | 100% | 19.26% | 39.38% | 59.67% | 10.63% | 70.30% | 15.69% | 85.99% | 10.94% | 96.93% | 3.07% |
2006 | 100% | 19.56% | 39.89% | 60.14% | 10.65% | 70.79% | 15.47% | 86.27% | 10.75% | 97.01% | 2.99% |
2007 | 100% | 20.19% | 40.41% | 60.61% | 10.59% | 71.20% | 15.37% | 86.57% | 10.54% | 97.11% | 2.89% |
2008 | 100% | 18.47% | 38.02% | 58.72% | 11.22% | 69.94% | 16.40% | 86.34% | 10.96% | 97.30% | 2.70% |
Source: IRS |
Average Tax Rate, 1980-2008 (Percent of AGI paid in income taxes) | |||||||||||
Year | Total | Top 0.1% | Top 1% | Top 5% | Between 5% & 10% | Top 10% | Between 10% & 25% | Top 25% | Between 25% & 50% | Top 50% | Bottom 50% |
1980 | 15.31% | 34.47% | 26.85% | 17.13% | 23.49% | 14.80% | 19.72% | 11.91% | 17.29% | 6.10% | |
1981 | 15.76% | 33.37% | 26.59% | 18.16% | 23.64% | 15.53% | 20.11% | 12.48% | 17.73% | 6.62% | |
1982 | 14.72% | 31.43% | 25.05% | 16.61% | 22.17% | 14.35% | 18.79% | 11.63% | 16.57% | 6.10% | |
1983 | 13.79% | 30.18% | 23.64% | 15.54% | 20.91% | 13.20% | 17.62% | 10.76% | 15.52% | 5.66% | |
1984 | 13.68% | 29.92% | 23.42% | 15.57% | 20.81% | 12.90% | 17.47% | 10.48% | 15.35% | 5.77% | |
1985 | 13.73% | 29.86% | 23.50% | 15.69% | 20.93% | 12.83% | 17.55% | 10.41% | 15.41% | 5.70% | |
1986 | 14.54% | 33.13% | 25.68% | 15.99% | 22.64% | 12.97% | 18.72% | 10.48% | 16.32% | 5.63% | |
Tax Reform Act of 1986 changed the definition of AGI, so data above and below this line not strictly comparable | |||||||||||
1987 | 13.12% | 26.41% | 22.10% | 14.43% | 19.77% | 11.71% | 16.61% | 9.45% | 14.60% | 5.09% | |
1988 | 13.21% | 24.04% | 21.14% | 14.07% | 19.18% | 11.82% | 16.47% | 9.60% | 14.64% | 5.06% | |
1989 | 13.12% | 23.34% | 20.71% | 13.93% | 18.77% | 12.08% | 16.27% | 9.77% | 14.53% | 5.11% | |
1990 | 12.95% | 23.25% | 20.46% | 13.63% | 18.50% | 12.01% | 16.06% | 9.73% | 14.36% | 5.01% | |
1991 | 12.75% | 24.37% | 20.62% | 13.96% | 18.63% | 11.57% | 15.93% | 9.55% | 14.20% | 4.62% | |
1992 | 12.94% | 25.05% | 21.19% | 13.99% | 19.13% | 11.39% | 16.25% | 9.42% | 14.44% | 4.39% | |
1993 | 13.32% | 28.01% | 22.71% | 14.01% | 20.20% | 11.40% | 16.90% | 9.37% | 14.90% | 4.29% | |
1994 | 13.50% | 28.23% | 23.04% | 14.20% | 20.48% | 11.57% | 17.15% | 9.42% | 15.11% | 4.32% | |
1995 | 13.86% | 28.73% | 23.53% | 14.46% | 20.97% | 11.71% | 17.58% | 9.43% | 15.47% | 4.39% | |
1996 | 14.34% | 28.87% | 24.07% | 14.74% | 21.55% | 11.86% | 18.12% | 9.53% | 15.96% | 4.40% | |
1997 | 14.48% | 27.64% | 23.62% | 14.87% | 21.36% | 12.04% | 18.18% | 9.63% | 16.09% | 4.48% | |
1998 | 14.42% | 27.12% | 23.63% | 14.79% | 21.42% | 11.63% | 18.16% | 9.12% | 16.00% | 4.44% | |
1999 | 14.85% | 27.53% | 24.18% | 15.06% | 21.98% | 11.76% | 18.66% | 9.12% | 16.43% | 4.48% | |
2000 | 15.26% | 27.45% | 24.42% | 15.48% | 22.34% | 12.04% | 19.09% | 9.28% | 16.86% | 4.60% | |
2001 | 14.23% | 28.20% | 27.50% | 23.68% | 14.89% | 21.41% | 11.58% | 18.08% | 8.91% | 15.85% | 4.09% |
2002 | 13.03% | 28.49% | 27.25% | 22.95% | 13.87% | 20.51% | 10.47% | 16.99% | 7.67% | 14.66% | 3.21% |
2003 | 11.90% | 24.64% | 24.31% | 20.74% | 12.22% | 18.49% | 9.54% | 15.38% | 7.12% | 13.35% | 2.95% |
2004 | 12.10% | 23.09% | 23.49% | 20.67% | 12.28% | 18.60% | 9.26% | 15.53% | 7.01% | 13.51% | 2.97% |
2005 | 12.45% | 22.52% | 23.13% | 20.78% | 12.37% | 18.84% | 9.27% | 15.86% | 6.93% | 13.84% | 2.98% |
2006 | 12.60% | 21.98% | 22.79% | 20.68% | 12.60% | 18.86% | 9.36% | 15.95% | 7.01% | 13.98% | 3.01% |
2007 | 12.68% | 21.46% | 22.45% | 20.53% | 12.66% | 18.79% | 9.43% | 15.98% | 7.01% | 14.03% | 2.99% |
2008 | 12.24% | 22.70% | 23.27% | 20.70% | 12.44% | 18.71% | 9.29% | 15.68% | 6.75% | 13.65% | 2.59% |
Source: IRS |
http://en.wikipedia.org/wiki/Economy_of_the_United_States
Summary of Outlays, Revenues (Receipts), Deficits, Surpluses Fiscal Years 1980-2010(Nominal Dollars in Millions) | |||
Fiscal Year | Outlays | Revenues (Receipts) | Deficits (-), Surpluses |
1980 | 590,941 | 517,112 | -73,830 |
1981 | 678,241 | 599,272 | -78,968 |
1982 | 745,743 | 617,766 | -127,977 |
1983 | 808,364 | 600,562 | -207,802 |
1984 | 851,805 | 666,488 | -185,367 |
1985 | 946,344 | 734,037 | -212,308 |
1986 | 990,382 | 769,155 | -221,277 |
1987 | 1,004,017 | 854,288 | -149,730 |
1988 | 1,064,417 | 854,288 | -155,178 |
1989 | 1,143,744 | 991,105 | -152,639 |
1990 | 1,252,994 | 1,031,958 | -221,036 |
1991 | 1,324,226 | 1,054,988 | -269,238 |
1992 | 1,381,529 | 1,091,208 | -290,321 |
1993 | 1,409,386 | 1,154,335 | -255,051 |
1994 | 1,461,753 | 1,258,566 | -203,186 |
1995 | 1,515,742 | 1,351,790 | -163,392 |
1996 | 1,560,484 | 1,453,053 | -107,431 |
1997 | 1,601,116 | 1,579,232 | -21,884 |
1998 | 1,652,458 | 1,721,728 | 69,270 |
1999 | 1,701,842 | 1,827,452 | 125,610 |
2000 | 1,788,950 | 2,025,191 | 236,241 |
2001 | 1,862,846 | 1,991,082 | 128,236 |
2002 | 2,010,894 | 1,853,136 | -157,758 |
2003 | 2,159,899 | 1,782,314 | -377,585 |
2004 | 2,292,841 | 1,880,114 | -412,727 |
2005 | 2,471,957 | 2,153,611 | -318,346 |
2006 | 2,655,050 | 2,406,869 | -248,181 |
2007 | 2,728,686 | 2,567,985 | -160,701 |
2008 | 2,982,544 | 2,523,991 | -458,553 |
2009 | 3,517,677 | 2,104,989 | -1,412,688 |
2010 | 3,456,213 | 2,162,724 | -1,293,489 |
2011 Est. | 3,818,819 | 2,173,700 | -1,645,119 |
2012 Est. | 3,728,686 | 2,627,449 | -1,101,237 |
2013 Est. | 3,770,876 | 3,003,345 | -767,531 |
http://www.whitehouse.gov/sites/default/files/omb/budget/fy2012/assets/hist01z1.xls
http://www.taxfoundation.org/news/show/250.html#Data
Obama lied, it is Marxist class warfare as the above charts clearly show! Marxist Math!
The Story of Spending
Is Washington Bankrupting America?
Obama sets the record straight: It’s not class warfare …It’s MATH
President Obama – It’s Not Class Warfare to Ask Millionaire to Pay Same Tax Rate as Secretary
President Obama on Economic Growth and Deficit Reduction
Six Reasons Why the Capital Gains Tax Should Be Abolished
Saving Social Security with Personal Retirement Accounts
Keynesian Economics Is Wrong: Bigger Gov’t Is Not Stimulus
Eight Reasons Why Big Government Hurts Economic Growth
The Empirical Evidence Against Big Government
Background Articles and Videos
What We Believe, Part 1: Small Government and Free Enterprise
What We Believe, Part 2: The Problem with Elitism
What We Believe, Part 3: Wealth Creation
What We Believe, Part 4: Natural Law
What We Believe, Part 5: Gun Rights
What We Believe, Part 6: Immigration
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