Comments on: Hacking Obama’s black box budget http://blogs.reuters.com/james-pethokoukis/2011/04/19/hacking-obama%e2%80%99s-black-box-budget/ Politics and policy from inside Washington Sun, 07 Apr 2013 21:23:48 +0000 hourly 1 http://wordpress.org/?v=3.4.2 By: seattlesh http://blogs.reuters.com/james-pethokoukis/2011/04/19/hacking-obama%e2%80%99s-black-box-budget/comment-page-1/#comment-11545 seattlesh Thu, 21 Apr 2011 15:32:55 +0000 http://blogs.reuters.com/james-pethokoukis/?p=6393#comment-11545 So what would you suggest Mr. Pethokoukis, Paul Ryan's version which is as dubious and is nothing more than a shell game.The reality is that the average wealthy person only pays an effective tax rate of 17% according to the Department of the Treasury and IRS. We have government run by the oligarchs for the oligarchs who demonize the average working person and tell them that they must sacrifice further to reduce the debt. Sorry but I already gave at the office. It is now pats due for the wealthiest 10% to give a little more. This is class warfare so get used to it. So what would you suggest Mr. Pethokoukis, Paul Ryan’s version which is as dubious and is nothing more than a shell game.The reality is that the average wealthy person only pays an effective tax rate of 17% according to the Department of the Treasury and IRS. We have government run by the oligarchs for the oligarchs who demonize the average working person and tell them that they must sacrifice further to reduce the debt. Sorry but I already gave at the office. It is now pats due for the wealthiest 10% to give a little more. This is class warfare so get used to it.

]]> By: alwanderer http://blogs.reuters.com/james-pethokoukis/2011/04/19/hacking-obama%e2%80%99s-black-box-budget/comment-page-1/#comment-11494 alwanderer Wed, 20 Apr 2011 16:27:08 +0000 http://blogs.reuters.com/james-pethokoukis/?p=6393#comment-11494 It seems some have no concept of economics which is why we are in this mess. Voters like andy are victims of charlatans who promise them anything to get elected. It seems some have no concept of economics which is why we are in this mess. Voters like andy are victims of charlatans who promise them anything to get elected.

]]> By: jeff54321 http://blogs.reuters.com/james-pethokoukis/2011/04/19/hacking-obama%e2%80%99s-black-box-budget/comment-page-1/#comment-11478 jeff54321 Wed, 20 Apr 2011 10:43:01 +0000 http://blogs.reuters.com/james-pethokoukis/?p=6393#comment-11478 @Andy - The top 1% wealthiest already pay 40% of all income taxes. That's your definition of them being undertaxed? @Andy – The top 1% wealthiest already pay 40% of all income taxes. That’s your definition of them being undertaxed?

]]> By: kenfry13 http://blogs.reuters.com/james-pethokoukis/2011/04/19/hacking-obama%e2%80%99s-black-box-budget/comment-page-1/#comment-11468 kenfry13 Wed, 20 Apr 2011 02:59:44 +0000 http://blogs.reuters.com/james-pethokoukis/?p=6393#comment-11468 Wealthy people being under taxed, and waste defense spending are the only two real financial problems we have in addition to Wall Street being a rigged Casino. That is the whole problem. You only pay taxes on your net profit. By the way, the Republican definition of a small business is based on the number of owners not net profit. They have a great way of lying about these tax cuts hurting small businesses. If your net profit (that is what is left after you pay all your expenses including payroll) is over $250k then I do not consider this a small business. If you made $250K annually would you consider yourself poor? Most Limited Corporations (those that do not have public shares) have an accountant that makes sure you keep your profit below a certain level to take advantage of the lower tax bracket. This includes paying yourself (an expense to the business) just enough so your personal taxes are in a lower tax bracket as well. That is how they take advantage of the tax code to keep more and more of their profits and not pay taxes. The GOP double talk is all smoke and mirrors. <a href="http://www.saxzilla.com/">Andy</a> Wealthy people being under taxed, and waste defense spending are the only two real financial problems we have in addition to Wall Street being a rigged Casino. That is the whole problem.

You only pay taxes on your net profit. By the way, the Republican definition of a small business is based on the number of owners not net profit. They have a great way of lying about these tax cuts hurting small businesses. If your net profit (that is what is left after you pay all your expenses including payroll) is over $250k then I do not consider this a small business. If you made $250K annually would you consider yourself poor?

Most Limited Corporations (those that do not have public shares) have an accountant that makes sure you keep your profit below a certain level to take advantage of the lower tax bracket. This includes paying yourself (an expense to the business) just enough so your personal taxes are in a lower tax bracket as well. That is how they take advantage of the tax code to keep more and more of their profits and not pay taxes.

The GOP double talk is all smoke and mirrors.

Andy

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