Nothing ever gets done with eliminating loopholes and shelters in the tax codes. Why??? Ask yourself who benefits from those tax loopholes and shelters? Hmmm, let's think about it...... I got it...the WEALTHY!
Chevron profits quadruple in first quarter
- Thread starter Veer2Eternity
- Start date
That's a different subject....but most people don't pay taxes at all, so of course the loopholes are for those who make bank.
Some years Trump didn't pay Income tax based on massive losses others years like in 2005 he paid 38 million in income taxes.
Veer2E saw it on CNBC and the NYT and bought it hook line and sinker as gospel.
Why is that shocking? But public opinion shouldn't have anything to do with a private or public traded companies pay to CEO's.
I think they are Paid to much and perform rather poorly but it's none of my business and to over tax them based on jealousy or thinking they make to much is rather boorish.
'Most' people don't pay taxes at all?!! Must be a lot more rich folks with all the deductions you can make up than I thought. Where does all the money come from to run a country?
The top 50% of earners pay almost all the taxes....the Bottom 50% paid 3 percent of taxes.....The top 1% paid a greater share of income taxes 38% and the bottom 90% paid 29% share.
Summary of the Latest Federal Income Tax Data, 2023 Update
The latest IRS data shows that the U.S. federal individual income tax continued to be progressive, borne primarily by the highest income earners.
taxfoundation.org
If you get a return from state or federal taxes you are not paying any income taxes at all.
I now this doesn't fit your the Rich are screwing America belief system, but it's the math and numbers not rigged by Biden Cronies to smear those who actually make the system work.
“If you get a return from state or federal taxes you are not paying any income taxes at all.”
What? Bahahahahaha Tell me you completely don’t understand taxes without tell me you completely don’t understand taxes.
I have paid in thousands and gotten a very small amount that “I OVERPAID” refunded every year since around 1981.
What? Bahahahahaha Tell me you completely don’t understand taxes without tell me you completely don’t understand taxes.
I have paid in thousands and gotten a very small amount that “I OVERPAID” refunded every year since around 1981.
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You sir are just plain nuts! X amount of dollars was withheld from my paycheck every month and I received some if it back because I paid in more than my share according current tax laws. I didn't get a dime of interest on that money while the state kept it for me. What makes you think I got back more than I paid in? I've heard of people doing that but I have NEVER had that happen to me and don't personally know anyone that has.The top 50% of earners pay almost all the taxes....the Bottom 50% paid 3 percent of taxes.....The top 1% paid a greater share of income taxes 38% and the bottom 90% paid 29% share.
Summary of the Latest Federal Income Tax Data, 2023 Update
The latest IRS data shows that the U.S. federal individual income tax continued to be progressive, borne primarily by the highest income earners.
If you get a return from state or federal taxes you are not paying any income taxes at all.
I now this doesn't fit your the Rich are screwing America belief system, but it's the math and numbers not rigged by Biden Cronies to smear those who actually make the system work.
I understand how the code works....tax payers below 30k filed 44% of all returns and pay 1.4% of income taxes which is nothing. I assumed as a teacher who averages between 30k and 75k that you fell into the bracket of around 9% income tax payment...if you over pay and get a refund in reality you end up paying basically nothing compared to the upper 50%. Let's not act like you are getting the shaft income tax wise. Yes paying nothing was a bit hyperbolic but LOL I was channeling my inner toots with over the top statements.
Here is VeerE go to source of information.....CNBC if it's good enough for him it should be good enough for you as his comrade.
Earn less than $75,000? You may pay nothing in federal income taxes for 2021
A recent report shows that on average, taxpayers with income under $75,000 will have no 2021 tax liability after deductions and credits.
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You are freakin clueless! How much folks pay and or get back is much different as a percentage of their income than it is for top tax bracket folks and they never pay what their bracket says they pay.I understand how the code works....tax payers below 30k filed 44% of all returns and pay 1.4% of income taxes which is nothing. I assumed as a teacher who averages between 30k and 75k that you fell into the bracket of around 9% income tax payment...if you over pay and get a refund in reality you end up paying basically nothing compared to the upper 50%. Let's not act like you are getting the shaft income tax wise. Yes paying nothing was a bit hyperbolic but LOL I was channeling my inner toots with over the top statements.
Here is VeerE go to source of information.....CNBC if it's good enough for him it should be good enough for you as his comrade.
Earn less than $75,000? You may pay nothing in federal income taxes for 2021
A recent report shows that on average, taxpayers with income under $75,000 will have no 2021 tax liability after deductions and credits.www.cnbc.com
Now now 3R. You know if you pay $10,000 in Federal Income tax and get a refund of $350 that means you didn’t pay any taxes….
Maybe you your should have. I have PAID federal and state income tax every year since I was 18, even during retirement.
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