Understanding Taxes

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Originally Posted by mduncan62

@wolfman, 30-40 may be inflated a little

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Probably not if you add all taxes paid, Federal, State and Local on every thing you buy and every bill you receive in the mail. Then add personal property taxes and taxes on insurance, gas, ect., ect., ect. 40% is close! :helpWhite Flag Icon

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Originally Posted by keeferfish

Probably not if you add all taxes paid, Federal, State and Local on every thing you buy and every bill you receive in the mail. Then add personal property taxes and taxes on insurance, gas, ect., ect., ect. 40% is close! :helpWhite Flag Icon

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Yeah, I love getting my Personal property tax bill every year!

I just tell em that I live in a cardboard box down by the river where the rest of us "millionaires" live.

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Originally Posted by mduncan62

Not sure what % of taxes you guys pay, but the republican candidate came out to say he paid at least 13% the last several years. I payed 30-40% the last several, and If I made millions I'd have been fine with it. Idiocy runs rampant, and in MO it appears to run 75% or more. Maybe we should keep ignorant posts to the "way off topic" board on crappie.com. Guess bob, fadaan, wolfman and a few others make millions a year and then bitch about paying less then a guy making 18-40K a year.

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Yes, he paid 14% personal income tax. His income was capital gains that is taxed at a rate of 15%. What the MSM and the McCaskill campaign fail to disclose is that the profits his company made are taxed at a rate of 35%. So he paid 35% at the corporate level and another 15% at the personal tax level. Add those together and you get 50% right off the top before any state or local taxes. I hate political ads, they are such lies. And, I posted it as a funny and a lesson in taxation, not to get a fight started.

Fadaan, you think there's no exemptions? Come on.

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Originally Posted by FAADAN

Yes, he paid 14% personal income tax. His income was capital gains that is taxed at a rate of 15%. What the MSM and the McCaskill campaign fail to disclose is that the profits his company made are taxed at a rate of 35%. So he paid 35% at the corporate level and another 15% at the personal tax level. Add those together and you get 50% right off the top before any state or local taxes. I hate political ads, they are such lies. And, I posted it as a funny and a lesson in taxation, not to get a fight started.

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At least you got sum activity goin on the lame azz board! U can always get people to come out of the woodwork with politics or religion:)

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Originally Posted by KCMO CRAPPIESLAYER

At least you got sum activity goin on the lame azz board! U can always get people to come out of the woodwork with politics or religion:)

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http://www.youtube.com/watch?v=cwvtxtZgnX0

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Originally Posted by mduncan62

exemptions?

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Boat, fuel, oil, entry fee, fishing equipment, truck, insurance and maybe lunch since I’m a professional fisherman in the Smithville Tourney tomorrow!:Rofl

Exemptions were put in by our government people should use every write off legally possible.:twocents

By the way IRS crappie fisherman/lurker I won’t be writing these items off if you’re wondering!:banghead

Audit?White Flag Icon

WHy do they get money back for paying in less than I do?? Why should I expect Mitt Romney to pay a "higher" tax rate than I do because he is a millionaire? Mitt Romney probably paid more in taxes than this entire Missouri board last year. Mitt Romney owes me NOTHING. This very scenario does get me worked up, it doesn't make sense. If you don't like making $15k per year, get up and do something about it. There are opportunities, fewer than there were even 4 years ago, but there are some. And starting this November there will be more.

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Originally Posted by mduncan62

People that make less then 14K a year and get a credit, that's who you have a problem with? Not the people making 400K and up that get exemptions and end up paying less then we do?

You could at least look up the qualifying numbers before you get all worked up.

Preview of 2012 Tax Year

Earned Income and adjusted gross income (AGI) must each be less than:

• $45,060 ($50,270 married filing jointly) with three or more qualifying children
• $41,952 ($47,162 married filing jointly) with two qualifying children
• $36,920 ($42,130 married filing jointly) with one qualifying child
• $13,980 ($19,190 married filing jointly) with no qualifying children

Tax Year 2012 maximum credit:

• $5,891 with three or more qualifying children
• $5,236 with two qualifying children
• $3,169 with one qualifying child
• $475 with no qualifying children

Investment income must be $3,200 or less for the year.

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We don't have to fight. We can talk like adults. It's not like were accusing another member of killing someone with cancer.:yikes

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Originally Posted by FAADAN

Yes, he paid 14% personal income tax. His income was capital gains that is taxed at a rate of 15%. What the MSM and the McCaskill campaign fail to disclose is that the profits his company made are taxed at a rate of 35%. So he paid 35% at the corporate level and another 15% at the personal tax level. Add those together and you get 50% right off the top before any state or local taxes. I hate political ads, they are such lies. And, I posted it as a funny and a lesson in taxation, not to get a fight started.

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