Just before 10PM last night, on the final day of Pledge Week, a $100 contribution came in, just sliding the needle past our $6,000 target. A heartfelt thanks to all 119 contributors for your generosity and support.
When I announced the milestone at Drinking Liberally, a fellow blogger exclaimed that they thought I was smoking crack to set such an ambitious target, to which I replied that I wasn’t afraid to fail. Nothing ventured nothing gained, and all that. But I guess I also had faith that the HA community had my back. And you did. 119 donors contributed $6,015 dollars, at an average of over $50.00 per donation, a truly amazing show of support, and while some of the righties may have trouble understanding the sentiment, the simple fact that so many of my readers were willing to show their appreciation in such a generous manner is at least as gratifying as the money itself.
Of course, we didn’t quite reach our 150 donor target, so I’m going to leave up the pledge bar at the top of the right column a little while longer for those of you who still want to chip in five or ten bucks, but I’m done with the fundraising appeals for now. Your contributions have made it possible for me to continue my work improving and expanding HA, and that’s exactly what I’m going to get back to doing after a good night’s sleep. A lot of great new features are coming your way, and I can’t wait to get them out the door.
Again, thank you all for your generous support, and for making HA a regular part of your daily routine.
Congrats Goldy – well deserved.
15.4% Self-Employment Tax===
$6065 X 15.4%==$934.01
1.5% State B&O Tax(Service)
$6065 X 1.5%==$90.98
City B&O Tax ???? Assume 0
What is your Deferal Tax Bracket Goldy?
Let’s Assume you are Single and have Taxable Income over $32,550. That’s the 25% Tax Bracket.
Additional Taxable Income from Fund_raiser:
Gross 6065
LESS:
1/2 Self-Emp Tax (467)
B&O Tax ( 91)
________________________________________
Taxable income 5507
Fed Tax @ 25% (1377)
Your 1/2 SE Tax ( 467)
NET OF TAXES TO GOLDY $3663
Goldy,
Your Total Tax Burden of $2402 represents 39.6%.
The reason I go thru this exercise is to show all the Government Employee/Employee Types the Burden on Self-Employed People.
It’s staggering. And that doesn’t count all the hidden taxes on Gas, Electricity, Utilities etc.
Think about it Goldy.
The envy & jealousy of the KLOWNS on this Blog of self-employed folks who risk capital is disgusting.
New Data: Top 1% Pay Greater Dollar Amount in Income Taxes to Federal Government than Bottom 90%
Source: IRS
This Study was released in October, 2007 re: 2005 Tax Year:
http://www.taxfoundation.org/news/show/22652.html
The table shows that the top-earning 25 percent of taxpayers (AGI over $62,068) earned 67.5 percent of nation’s income, but they paid more than four out of every five dollars collected by the federal income tax (86 percent). The top 1 percent of taxpayers (AGI over $364,657) earned approximately 21.2 percent of the nation’s income (as defined by AGI), yet paid 39.4 percent of all federal income taxes. That means the top 1 percent of tax returns paid about the same amount of federal individual income taxes as the bottom 95 percent of tax returns.
The IRS data also shows increases in individual incomes across all income groups. Just as the highest earners lost the biggest percentage of their incomes during the recession of 2001, so they have prospered the most as the economy has continued to rebound. In sum, between 2000 and 2005, pre-tax income for the top 1 percent group grew by 19.1 percent. In the same time period, pre-tax income for the bottom 50 percent increased by 15.5 percent.
This pattern of income loss and growth at the top of the income spectrum is the same during every recession and recovery. The net result has also been a sharp rise in federal government tax revenue from 2003-2005 compared to previous years.
Including all tax returns that had a positive AGI, those taxpayers with an AGI of $145,283 or more in 2005 constituted the nation’s top 5 percent of earners. To break into the top 1 percent, a tax return had to have an AGI of $364,657 or more. These numbers are up significantly from 2003 when the equivalent thresholds were $130,080 and $295,495. Top incomes in 2005 are also continuing to surpass the peak they reached in 2000. At the height of the boom and bubble, $313,469 was the threshold to break into the top 1 percent, and then it fell to $285,424 in 2002 only to finally recover fully last year.
The IRS data includes all of the 132.6 million tax returns filed in 2005 that had a positive AGI, not just the returns from people who earn enough to owe taxes. From other IRS data, we can see that 90.6 million of the tax returns came from people who paid taxes into the Treasury. That leaves 42 million tax returns filed by people with positive AGI who used exemptions, deductions and tax credits to completely wipe out their federal income tax liability. Not only did they get back every dollar that the federal government withheld from their paychecks during 2005; but some even received more back from the IRS. This is a result of refundable tax credits like the Earned Income Tax Credit, which are not included in the aggregate percentile data here.
Great…My pledge to match Goldi’s begging proceeds means $6k to spread around Reichert and some 527s who can advertise the real truth about Burner.
Money well-spent.
re 2: You can thank Ronald Reagan for that double-digit SS withholding (which he said was to ensure that the baby boomers would get their SS) and that he promptly spent on killing Catholic priests and nuns and Indians in Central America (you know, the COMMUNISTS)in a secret and illegal war.
Reagan also started taxing waitress’ tips and declared that no one (except big insurance companies, of course) could call their employees independent contractors — thereby making it extremely difficult to grow a business as a bootstrap enterprise.
Don’t give me your ‘Mr. Cynical’ act.
“Those who say they know, don’t know and those who say they don’t know, do.” Robert Wagner
The trouble with you is, you’re not cynical enough. You’re as bright eyed a ‘True Believer’ as Eric Hoffer ever saw.
Mr. Irrelevant:
3 shows that the rich are getting richer despite your whining.
All anyone has proposed here is to let the Bush tax cuts expire while preserving the modest middle class breaks. The middle class has gone nowhere and the rich have done very, very well.
When we in the middle class start doing better, then we’ll step up.
Also – it wouldn’t hurt if capital gains and dividends were taxed at the same rate as wages as Roger has suggested.
I’d like to see them taxed a bracket higher but as usual Roger’s idea is more politically feasible.
It’s just fair.
You’re welcome. I am rather pleased with myself for having contributed. I guess I was just blessed with being generous, thoughtful, giving, and benevolent. Am I a hero? I supposed others may can call me that if they wish, but I was just doing the right thing. But I will be putting five stars next to my name from this day forward to designate me as being better than everyone who did not donate.
I wonder if Cynical – who probably never paid taxes in his life – is legally authorized to give tax advice – don’t you have to be a CPA for that? Goldy since you know who this turd really is – maybe you should report him to state licensing?
Cynical probably has one thing in common with Rossi – both of them don’t have the credentials they say they do.
9 – I believe Cynical is a retired CPA.
Cynical: You don’t say?
Well I wonder what “tax the rich correctnotright” will do since you used the Tax Foundation web site?
Did you all know today is Average Tax Freedom Day. Notice the average came earlier due to the dreaded hateful Bush Tax Cuts that correctnotright loves to rail upon? For WA State our day is April 29 because of the “usage fees” – read taxes charged here.
But if the Donkey have their way it will be in June 2009.
Puddy…
Average Tax Freedom Day??? Not after I just filled up the car with gas!!!! :)
Headless – Another PuddyHistory lesson. Bob Dole called for the Waitress Tax in 1986. Republicans lost the Senate…November 1986.
One reduces deficits by reducing spending. Instead it’s increase taxes…
Cynical @2,
I’ve started a business in WA state, and have been self-employed for most of my adult life, and am well aware of the regressive burden of the 15.3% FICA tax on folks like me. (And yes, I declare these contributions as income on the same Schedule C I declare my advertising revenues.)
But you know, if we would just remove the $100,000 cap we could lower these taxes for the rest us while extending Social Security’s liquidity a half century into the future.
Wow Robert Wagner quotes. Pretty Soon headless will deliver pee wee herman quotes too.
Goldy – 14 ..am well aware of the regressive burden of the 15.3% FICA tax on folks like me..
Stupid is as stupid does….Do people really believe that when only 1/2 of the FICA is deducted from a paycheck that someone else is paying the tax for them? The other half is part of your compensation and it is taken out before you even see it.
The tax FICA on ALL workers is 15.3%.
YLB – 7…Also – it wouldn’t hurt if capital gains and dividends were taxed at the same rate as wages as Roger has suggested.
Roger is too stupid to realize that he has already paid income taxes once before he gets the dividend. And that his gains would be larger if his part of the company had not already paid income taxes.(Or was not obligated to pay taxes in the future.) Roger only thinks the portion he pays after getting the check is taxed.
Maybe Goldy could set up a tip jar for collections to send Roger to ECON 101. He could then educate all the neolib dweebs who visit this site.
By&bygoober@9 once again shows his ignorance to facts.
Three weeks ago Cynical challenged HAs clueless idiot to a taxes paid comparison. Cynical said he paid almost $100K in taxes while we’re still waiting to read what HAs clueless idiot paid. It will stay an unanswered question, since we all know Has clueless idiot still sucks off his momma’s teat.
Now by&bygoober forgot that conversation. Butt, Of course. Being donkey means your attention span for details and facts is less than 24 hours.
Hey Puddy, did BBG ever show up at DL?????
Yes Puddydick most republicans are goobers and if you think for a second I believe one word you, cynical or any other right wing traitor on this blog says you’re a bigger idiot than I thought. Cynical is probably a janitor at the men’s prison in Walla Walla who earns minimum wage.
How can he PROVE he paid 100k in taxes? And how bout you Puddy? You pay any taxes on all that income your wife earns turning tricks? HE HE!
Puddydick by the way – make sure you don’t screw up and post as Hannah too close to your Puddy posts – it gives you away – AGAIN. Have you sought help for pretending to be a woman Puddy?
Congrats Goldy on the surpassing fund raising!!!! Hope it helps you in your quest of HA! :)
@14 Goldy
Raising the FICA limit os one more of those proposals by Obama the Hillarites claim do not exist.
One reason I think her health plan is a hoax is that it does not alter the FICA rarte .. in effect taxing the poor to pay health care for the wealthy.
18 – Hi Puddybud. Haven’t seen you for a while. It’s actually been kind of nice.
A person’s income and taxes are none of anyone else’s business.
My response to your silly inquiries: go fuck yourself.
17 – The double taxation arguments are bankrupt.
If you think your taxes are too high then send people to Congress and the White House who’ll make the government run better instead of ladling out pork to special interests.
The Defense Department should be able to pass a GAO audit. There’s a start.
“The tax FICA on ALL workers is 15.3%.”
That certainly explains why I actually paid less than 15.3% of my AGI in FICA. Want to try that again, sport?
YoLittleBitch -25 – The double taxation arguments are bankrupt.
Wow, did you compose this feeble response all by yourself? Bowl me over with an intellectual knat…..
Don Joe 26 – That certainly explains why I actually paid less than 15.3% of my AGI in FICA. Want to try that again, sport?
What does AGI have to do with it? Your compensation includes any benefits, whether you see anything for them or not. The other half of FICA is part of your compensation. You just think someone else actually pays the tax, when it is the fruits of your labor diverted before you realize it.
@17 “Roger is too stupid to realize that he has already paid income taxes once before he gets the dividend.”
Bullshit. That argument is bogus because I’m not the corporation. In law, a corporation is a person. The transfer of dividends from the corporation to me is a transaction between two distinct taxable entities, and therefore a taxable event. This is no more double taxation than a corporation which has paid corporate income taxes paying wages to an employee who then pays individual income taxes.
But let’s say, arguendo, you’re right. Then, by your logic, wages shouldn’t be taxed at all because the corporation has already paid income taxes.
But Republicans aren’t proposing eliminating taxes on wages. They only propose to eliminate taxes on dividends. Most dividends are collected by rich Republicans. Interesting how that works.
Fucking hypocrites.
The problem with Mr C’s claim to having paid $100K in taxes is that no one really knows whether he’s bragging or complaining.
27 – pwned by 29.
You may now return to your Limbaugh, O’Reilly and Cavuto.
“You just think someone else actually pays the tax, when it is the fruits of your labor diverted before you realize it.”
I believe the point whizzed right past your ear, and smashed into the wall behind your head.
I paid exactly $6,045.00 in FICA last year. My employer paid exactly $6,045.00 in FICA last year. Add those two up, and the result is less than 15.3% of my AGI. In fact, it’s less than 10% of my AGI.
Don Joe 32
My mistake. You were not contesting that you pay all of the FICA, just that the percentage is only 15.3% up to where the SSI part drops off.
Of course, I believe the “original” point whizzed right past your ear, and smashed into the wall behind your head. Goldy was trying to give the impression that he pays 2X the FICA because he is self-employed.
By the way, congratulations on being “rich”.
Cynical is neither bragging nor complaining – he’s lying. He’s never EARNED $100,000 let alone paid those taxes. When he posts as Puddybutt – he says one thing – when he posts as Hannah another. GOP=Liar!
Roger Rabbit spews: 29
…That argument is bogus because I’m not the corporation.
No, you own part of the corporation, so it is not bogus.
..In law, a corporation is a person.
Irrelevant to the discussion. Looks like slavery is still legal. How many “people” do you own?
…The transfer of dividends from the corporation to me is a transaction between two distinct taxable entities, and therefore a taxable event.
Both entities are still you. If a law was enacted that taxed money your husband hands you to buy dope as a separate taxable event, is it not double taxation?
…This is no more double taxation than a corporation which has paid corporate income taxes paying wages to an employee who then pays individual income taxes.
Are you kidding? Now you really have two separate persons, both in the “legal” and real senses.
…But Republicans aren’t proposing eliminating taxes on wages.
Where have you been? There are repub proposals for national sales taxes, efforts to publicize the absence of any law obligating citizens to pay the income tax, not to mention the millions of low income filers knocked off the income tax rolls with the GW cuts.
…Most dividends are collected by rich Republicans.
Stuck in the 60s, are we?
You are a perfect case study for the old adage that if you hear something repeated enough it becomes true. Good luck with that.
“Of course, I believe the “original” point whizzed right past your ear, and smashed into the wall behind your head.”
Not entirely. If I understand you correctly, you’re claiming that my employer would gladly pay me all of its half of FICA as part of my salary were it not obliged to pay the tax, but that claim also fails based on the fact that we’re talking about a tax. Do you not recall, from Econ 101, why the magnitude of the effect of a tax on prices is less than 100% of the tax?
Don Joe -36…If I understand you correctly, you’re claiming that my employer would gladly pay me all of its half of FICA as part of my salary were it not obliged to do so..
No. I would say that if you did not work there the employer would pay zero % of your FICA tax. And, that when counting the cost of employing you, all of the costs beyond the visible “wages” figure into the total. And that if the workers paid all of their own taxes directly after getting paid, your employer would need to raise your pay to keep you from changing to a company that understands cost accounting and employee relations.
That is what I would be saying.
Goldy–
I believe you when you say you will report these proceeds as income….unlike some of the other cheatin’, complainin’ KLOWNS who don’t pay their taxes and then want “rich guys” to pay more.
When the Top 1% of Taxpayers pay more than the entire Bottom 90%….I think that is unfair. And you KLOWNS want to make it worse!
If you don’t think this scenario is the slippery slope of Socialism…WAKE UP!!
I look at the $100k I pay in property & income/SS taxes and feel blessed by so much many of you KLOWNS take for granted. Look at what you pay & what you get in Government Services??
You ought to be ashamed of yourselves!
How can anyone paying say $10k in taxes bitch about that???????????????????????
Typical MaMa’s boys where you need someone else to pay your way…and that is EXACTLY what the tax structure is doing already for the Bottom 90%!!
Don’t you feel better now Goldy that Cynical believes you? What an arrogant asshole. LOL! Who gives a fuck what you believe Cynical?
35 – So much dismissive right wing silliness. Too little time.
Progressivity is the fairest system I’ve ever seen. Get the brackets right and no one should have any complaints. The rich get what they want out of the government (a judicial system that protects their assets, national defense), the middle and working classes get what they want (ditto for the rich, social insurance, education). Everyone pays according to what they can afford. National sales tax? Sorry – a nightmare to implement and enforce and the rich pay less, everyone else pays more.
The real argument should be how big should government be. 15 percent of gdp? 20 percent? and why? Surrounded by two huge oceans do we really need a defense sector that’s larger than the rest of the world combined or some such abomination? If we do need it, can we do it better and cheaper so joe right winger can get a tax cut? Is there a cheaper way to deter nutjob Salafists who want to blow themselves up other than invading and occupying a country that posed almost no threat to us? Why are 40 some million people in this country without health insurance and of those that do have HI, why can’t they get sick without losing everything? Why are bridges falling and sink holes forming?
Really, your typical non-right wing taxpayer wants to know.
I look at the $100k I pay in property & income/SS taxes and feel blessed by so much many of you KLOWNS take for granted.
You should be feeling good. You’re probably paying a lower percentage of your income to taxes than a working class person. Must be nice.
Did you make good money in the 90’s? Then you shouldn’t have a problem with a return to the rates of that time. And by the way, they are needed – it’s better to pay down the debt of Bush’s folly sooner than later – don’t you think?
GWB toppled Saddam with Clinton’s military and you got rich off of Clinton’s economy. You can handle it.
Damn! I paid $8700 in Prop taxes alone last year, for a freakin’ townhouse!
And Clinton’s military? If I recall others here explained to me, Clinton downsized the military and cut defense spending and GWB built it up because he knew (without telling us) he was planning a war.
42 – I own a 2700 sq ft. house and I pay less than half that – in Seattle.
You should sell those fancy digs and join the rest of us.
Sorry Hannah. Larger defense establishments aren’t built overnight. GWB was inaugurated Jan 2001, 9/11 happened on his watch the following September, and he toppled the Taliban in Afghanistan a couple months later.
He used CLINTON’s military. For all intents and purposes he used the same in Iraq less than 18 months later.
Thanks for the correct YLB, seems most the hard core group here has it in their heads that Clinton reduced the military and defense spending, in turn creating a surplus in the government and that GWB blew it all by building a much larger military and stopping all the defense budget cuts. I tried arguing that point that it was “Clintons” military but I was told how wrong I was. So I guess I really can’t believe most people on here without getting the full pic! Thanks for pointing out the inaccuracy.
@43 – I live in Issaquah and amazing enough very little goes to the city, most goes to King County (we have that CAO law out here in Issy) and a huge chunk to state.
45 – I’m skeptical about how much the CAO impacts your property tax.
If you want lower property and sales taxes, urge your legislators to support a progressive State income tax like in 43 other states.
And if like these other right wingers you’re afraid of WA becoming “another California” just tell your legislators not to pass California’s Prop 13 here in WA.
“I would say that if you did not work there the employer would pay zero % of your FICA tax.”
It’s not clear whether you’re implying something particular about that fact that I do this job rather than someone else or you’re implying some circumstance under which my job would not exist. In either case, this strikes me as completely irrelevant to the issue.
“And, that when counting the cost of employing you, all of the costs beyond the visible “wages” figure into the total.”
Yup. That’s the demand curve.
“And that if the workers paid all of their own taxes directly after getting paid, your employer would need to raise your pay to keep you from changing to a company that understands cost accounting and employee relations.”
And, however clumsily you’ve worded it, that’s the supply curve.
Neither of which is substantively different from the circumstances I posited above, which is, essentially, that, in the absence of a FICA tax obligation, my employer would pay me more than what they’re paying me now yet less than the magnitude of their portion of the FICA tax.
You still haven’t addressed the Econ 101 point as to why the magnitude of the effect of any tax is always less than 100% of the tax. Hint: it depends on the shape (which includes “slope”) of the demand and supply curves.
@46 I have written my local legislators for years to drop the sales tax and property taxes and incorporate a state income tax….but the responses I have gotten have been pretty ANTI state income tax as a whole.
YLB spews:
“You should be feeling good. You’re probably paying a lower percentage of your income to taxes than a working class person. Must be nice.”
I should be feeling good??
You & I both take up the same amount of space, breathe the same amount of air and use essentially the same services.
I pay more in taxes than you….and I should be feeling good???
Typical KLOWN.
YOU should be feeling good knowing the top 1% of Taxpayers are SUBSIDIZING yer sorry ass.
I pay way more for the same services….and just because I am more successful and make more money, I pay MORE for those services and should feel GOOOOOOOOOOOOOOOOOOD?!!
You drank the Kool-aid KLOWN-
49 – CynIrr.. Tsk.. Tsk.. You’re avoiding the issue with your namecalling.
What percentage of your income are you paying to the government? I know it’s none of my business but do you think a struggling working stiff making a little over thirty grand is going to feel sorry for you if you pay 100k on a 1 million dollar income or even a 500k income?
Especially when he’s paying 4 to 5k in combined taxes on his paltry income?
Look at what a success you’ve become! You apparently haven’t been careful about what you’ve wished for in life. As you’ve built up your assets you’ve in turn have given the government more to protect! You now have an obligation to pay more in taxes to support our bloated defense establishment. Isn’t it fair that a larger share of those missiles and bombs should be allocated to the defense of Mr. Cynical than Job Blow 30k negative net worth?
If I were you Cyn, I’d be lobbying against all that pork spending going to all those defense outfits.
See usaspending.gov – fascinating website.
And by the way, just up above you said you were feeling “blessed”!
I don’t feel blessed because I have kids and they aren’t going to have it as good as many people of my generation have had it exactly because of the disastrous policies of right wingers.
“When the Top 1% of Taxpayers pay more than the entire Bottom 90%….I think that is unfair.”
If the top 1% of tax payers made an average of $1MM each and the bottom 90% of taxpayers made an average of $30K each, then the top 1% of taxpayers would, essentially, pay all of the taxes that are collected.
If this is, indeed, unfair, then there are two ways to rectify the situation: charge lower income taxpayers a higher percentage of their incomes; or modify the system so that more than 1% of the population earns a reasonably taxable income.
Since no reasonable human being would be so obtuse as to think it fair to increase the percentage tax burden on people who already can’t afford the taxes we ask them to pay, and you do, indeed, think that the current circumstances are unfair, then we can only conclude that you would like to alter the system in such a way as to decrease the extent of the income gap.
Why, Mr. Cynical, no one knew you were such a socialist!
You KLOWNS continue to make a week case that folks who make more money should pay more for government services. WHY??
Another myth perpetuated by several of you is that Dividends & Capital Gains should be taxed at a higher rate even though the Corporations already pay tax on their income and Dividends are AFTER TAX DOLLARS.
If Corporations paid ZERO taxes, my stocks would be worth much more and maybe you would have an argument that Dividends should be taxed as Ordinary Income.
Jealousy & Greed abounds you KLOWNS!
Get a good job, invest well….start by spending less time on this Blog!! And more time working & investing.
“folks who make more money should pay more for government services”
No government, no property rights. No property rights, no wealth.
Or are you both a socialist and an anarchist?
clueless_idiot@43 barfed: “He used CLINTON’s military. For all intents and purposes he used the same in Iraq less than 18 months later.”
Then the roadside IED’s used to attack the Hummers and other personnel vehicles were Clinton’s military fault also. Why didn’t Clinton’s military have armored vehicles in their inventory clueless idiot?
Hannah – bybygoober is a no show even when he is in the room. He lost his brain upon birth.
To Cynical… It’s interesting you include FICA as a tax (self-empoyment) when it suits your purpose, but you don’t consider it a tax when you say the top 1%, which earned almost a quarter of all the income, pay such a high burden.
95% of Social Security taxes, which, I’m not goint to bother to look up, but are in the many hundreds of Billions of Dollars, I’m sure, are paid by people who make less than $97,000 per year! The marginal FICA tax for those that make triple digits in wages is ZERO. The FICA contributions for those whose income is entirely from investmenst is ZERO. The FICA burden for those whose income comes entirely from hard labor is 7.65%, and the margingal rate iw 7.65% for those that don’t make $100,000 or more.