Comments on: Bush’s Tax Cuts Are Unfair … To the rich.

By: Corey

Corey — Sun, 03 Apr 2005 04:27:33 +0000

bah, missed the standard deduction on everything too. this is why someone else does my taxes.

By: Jon D

Jon D — Fri, 01 Apr 2005 19:34:33 +0000

>The government is the single most powerful entity in the country,
>hands down. They have the guns, okay?

The church is the single most powerful entity in the country and in the world (God is better than guns), and we need to get off our ass and start taking seriously our responsibility to care of the poor, and stop waiting around for the Government to do it. If the church does not take this responsibility seriously, then there is no hope for a solution.

By: John Wilson

John Wilson — Fri, 01 Apr 2005 18:42:21 +0000

Well, Keir, this is too late for you, but everyone else, look up. I posed a huge update on what I think about Bush’s tax cuts (and quite a bit of other things too.)

By: keir

keir — Fri, 01 Apr 2005 15:53:56 +0000

Okay, I have to stop playing the tax game now. I’m off to the desert blooms for the next two months.
This site may give you an idea of where I may be:
http://www.desertusa.com/wildflo/wildupdates.html

By: Jon D

Jon D — Fri, 01 Apr 2005 08:00:39 +0000

THeres an individual execption plus a standard deduction 0 I think thats the discrepancy.
I’m confused by your numbers re: capital gains.
>the capital gains really did knock mine down to 4.5%
This is your real life example? What did you earn in normal income, what did you earn through cap. gains? and how much tax did you pay?

By: keir

keir — Fri, 01 Apr 2005 06:38:48 +0000

The capital gains didn’t have anything to do with it. Do the math! According to my calculations you should have paid 4.3%, but my calculations could be wrong.

By: Corey

Corey — Fri, 01 Apr 2005 06:04:10 +0000

so did you ever get your stock stuff figured out right? the capital gains really did knock mine down to 4.5%

By: keir

keir — Fri, 01 Apr 2005 03:03:18 +0000

In 2003 I made just above 18k gross and paid 6.7% federal income tax. That matches Jon’s. This year at almost 25k I paid 8%. I wish I had my older numbers from when I really was living at the poverty level. It would be interesting. Maybe this year I’ll be living in “poverty”. So far I only have a 3 month position.

By: Corey

Corey — Fri, 01 Apr 2005 01:42:33 +0000

oops forgot the personal exemption on all that. the numbers are a bit off I guess off

oh, by the way john, your math is messed up too. 18k/yr individual pays $1855 or ~10.3% and I got the exemption in it this time

By: Corey

Corey — Fri, 01 Apr 2005 00:53:59 +0000

here what my math says based on johns link

2005
individual
40k pays 16.6%
300k pays 28.6%
1 mil pays 33%

1999
40k pays 19.6%
300k pays 34.2%
1 mil 37.4%

thats the base line. I’m not sure how to add capital gains into that yet. here is an example of what might be possible though, imagine if that change follows through to the high brackets

14k pays 12%
14k + capital gains madness pays 4.5%

a 37.5% reduction that would put the 1 mil (the people that usually have capital gains) at paying 12.4%