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This one will really crack you up...

Wednesday, September 19, 2012 07:37 PM

DSF

Join Date: 09/04/2012

Posts: 1633

This one will really crack you up...

4,000 millionaires in Romney's '47%'

NEW YORK (CNNMoney) -- Nobody's really talking about this slice of the pie, but Mitt Romney's "47%" who pay no federal income tax include several thousand of the highest-income householdsin the country.

The Tax Policy Center estimates that 4,000 households with incomes over $1 million ended up with zero federal income tax liability in 2011. Another 14,000 made between $500,000 and $1 million.

Combined, those households represented just 0.025% of the more than 76 million who did not pay.

But their presence in the No Tax Club underlines the fact that the tax code is chock full of tax breaks and exceptions benefiting people up and down the income scale.

There are various reasons why a household booking more than $1 million in income could owe nothing in federal income tax, experts note.

Related: 6 of the richest owed no income tax in 2009

Among them, people who live off their investment income and report large investment losses in a given year may be able to offset the taxes owed on their investment gains.

Or they may have gotten a lot of their income from tax-free investments, such as municipal bonds.

Another possibility: a wealthy tax filer may report a lot of dividend income from foreign stocks on which he already paid tax to a foreign government. He would get a foreign tax credit on his U.S. return, to avoid double taxation. And if his foreign tax bill tops his U.S. tax bill, he wouldn't owe anything to the IRS on that dividend income.

Add in some charitable contributions and other tax breaks to any of these scenarios, and a tax filer could whittle down down his federal income tax bill to zip.

It's impossible to say how many households -- rich and otherwise -- would end up with zero federal income tax liability under Romney's tax reform proposals. There are still too many unknowns -- such as which tax breaks he'd be willing to curb to pay for his proposed tax rate reductions.

But it's a fair bet there will still be a notable number. The percent of non-payers fluctuates from year to year, but there has not been one year since 1916 in which there were no non-payers, according to the Tax Foundation.

Among the returns filed -- which excludes people who didn't have to file because their income was too low -- non-payers have ranged from a low of 7.5% in 1943 to a high of 56.1% in 1934. Since 2000, the group of non-payers has grown to more than 40% from 25%. To top of page

From CNN  Money

Wednesday, September 19, 2012 10:20 PM

Re Elect No One

Join Date: 05/10/2012

Posts: 886

This one will really crack you up...

The hits keep coming for the middle class, thanks obama!!!

Illegal aliens have no fear of non coverage, they are exempt!!!

 

CBO raises estimate of those hit by Obama health care tax

Six million Americans will pay the health care tax rather than obtain coverage under President Obama’s health care law, according to a new  Congressional  Budget Office estimate Wednesday — a 50 percent increase  over CBO’s  estimate of just two years ago.

CBO also said there will  be 30 million people without insurance, though  all but the 6 million will be  exempt from the tax. The exempt residents  are a combination of illegal immigrants and those with incomes too low  to pay income taxes.

The agency said the government will collect about $7 billion from the tax in  2016, and $8 billion a year thereafter.

The projections apply to 2016, the point at which most of President  Obama’s  health care law will be implemented and the penalty for failing  to buy coverage  will have risen to its full amount of $695 per person or  2.5 percent of  household income, whichever is greater.

The agency gave several reasons for revising its projections. For one  thing,  Congress has passed legislation requiring Americans to pay back  more health  insurance subsidies if they’re overpaid, making buying  coverage less  attractive.

The economy is also improving more slowly than expected, leading to  lower  wages and salaries that could make it harder to buy coverage.

And some low-income Americans may have less access to expanded Medicaid   programs than originally expected. Several states are expected to opt  out of  expanding Medicaid, after the Supreme Court ruled in June that  the government  can’t respond by stripping away all their funding for the  program.

The six million expected to pay the penalty is a relatively small  percentage  of the 30 million non-elderly residents who will be uninsured  in 2016

http://www.washingtontimes.com/news/2012/sep/19/cbo-raises-estimate-those-hit-obama-health-care-ta/

Thursday, September 20, 2012 01:41 PM

Know_Thy_Enemy

Join Date: 09/17/2012

Posts: 407

This one will really crack you up...

4,000 millionaire included in the 47% and some of you even think Romney is 1 of them (although a billionaire) according to what I've read here about him not giving up his tax records.

 

IMO, millionaires are somewhat intelligent. Most have the ability to reason. They typically look at the big picture rather than cherry picking words from a speech. I'm pretty sure they aren't reading into this tape any more than the fact that what Romney said was fairly accurate. They are able to see what he really meant rather than just see the "R" after his name and call foul.

 

But how does one explain this?

 

Available for purchase on barackobama.com (ironically there is way more red in this Obamaflag than blue)

 

IMO, this sends a very clear message that has a lot to do with the word patriotism or rather lack thereof.

I feel this "flag" should require much more explaining than some guy who was stating that he thinks 47% won't even consider voting for him. Even a few on this site fall into that 47%, that will absolutely NOT even consider voting for Romney. That was his point he was making, not that 47% don't pay taxes but rather that ~47% will just NOT consider voting for him. It appears to me that some folks just like picking the fly sh%# out of the pepper rather than listening to what was really said. JMO. Smile

Thursday, September 20, 2012 08:34 PM

DSF

Join Date: 09/04/2012

Posts: 1633

This one will really crack you up...

So what you're saying kte is that the millionaires that don't pay a dime in taxes are really bright and it's all good; while the guy trying to feed his family, working at a minimum wage job is a dummie. Brilliant.

Better yet, let's get after those folks who have nothing and really make em pay. And while we're at it, let's cut the taxes for those who have six houses, feed off the corporate welfare rolls and give em an atta boy.

Got it now.

Doc

Thursday, September 20, 2012 09:22 PM

Know_Thy_Enemy

Join Date: 09/17/2012

Posts: 407

This one will really crack you up...

"So what you're saying kte is that the millionaires that don't pay a dime in taxes are really bright and it's all good; while the guy trying to feed his family, working at a minimum wage job is a dummie."


No, DSF, you said that. 


If you read what I said, I make no mention of any "guy trying to feed his family, working at a minimum wage job is a dummie"....those are your words, so own them. Why do you have such a habit of "spinning" every word anyone else posts? Someone post an opinion then you regergitate some "spun" version that usually isn't remotely close to the persons opinion and proceed to insult them for something YOU said. That is kinda weird IMO.


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