Our financial system is crumbling this week.

[slide_into_first]

Because he defeated the Nazi Communist Facists that bombed the Berlin Wall.

Obama killed GW Bush's childhood sweetheart, Osama bin Laden.

[wart57]

I don't see how thinking someone making millions should pay the same percentage of their income in taxes as someone making $50,000 a year is hating anyone. It is simply fair.

[TheoSqua]

I don't see how thinking someone making millions should pay the same percentage of their income in taxes as someone making $50,000 a year is hating anyone. It is simply fair.

I think they should pay a higher percentage, personally.

[Freed Roger]

what we think, doesn't matter.

[cpebbles]

GRBPAC. Let's start buying some Senators.

[Hungary Jack]

FWIW, I looked at our 2010 return and discovered that my effective federal tax rate was 16.5% on an AGI of about $250k. That is a bit lower than I expected. The main drivers were mortgage interest deductions (recent refi means more interest) and the $10k in property taxes. The state bite was 3% (now 4.5%).

The small "nonprofit" business Mrs. Jack and I generated about $38k in sales taxes and $14k in employment taxes (excluding federal and state withholding on income). We have 2 full-time employees, one making about $35k with bonus, another $25k with bonus. I was paying health insurance, but had to stop when our sales dropped about 25% due to the wonderful economy.

So between our labors and enterprise endeavors we generated over $100,000 for federal, state, and local coffers. It's fair, but I certainly don't feel like we collectively consumed $100,000 in public services.

[Popeye_Card]

It doesn't take much to rack up $100k worth of public service. That's a tiny fraction of a road construction project. Less than the cost of one police officer's salary plus benefits. Etc.

[TimeForGuinness]

FWIW, I looked at our 2010 return and discovered that my effective federal tax rate was 16.5% on an AGI of about $250k. That is a bit lower than I expected. The main drivers were mortgage interest deductions (recent refi means more interest) and the $10k in property taxes. The state bite was 3% (now 4.5%).

The small "nonprofit" business Mrs. Jack and I generated about $38k in sales taxes and $14k in employment taxes (excluding federal and state withholding on income). We have 2 full-time employees, one making about $35k with bonus, another $25k with bonus. I was paying health insurance, but had to stop when our sales dropped about 25% due to the wonderful economy.

So between our labors and enterprise endeavors we generated over $100,000 for federal, state, and local coffers. It's fair, but I certainly don't feel like we collectively consumed $100,000 in public services.

HJ, you aren't in the demographic most of us are looking at to raise taxes on...but you are in the demographic that gets stuck with most of the bills due to the larger earners above you.

EDIT: especially when figuring in cost of living.

[ghostrunner]

I didn't realize Elizabeth Warren had decided to run finally. I look forward to watching that play out.

[TimeForGuinness]

I didn't realize Elizabeth Warren had decided to run finally. I look forward to watching that play out.

Should be interesting.