Tax Protests and the Tea Party- Why Now?

[scooterbug44]

Desso, I don't know your financial particulars, but I can definitively tell you that most of the people I know benefited in some way from the various credits and deductions and that per my CPA I did too.

 

[30ashopper]

Not sure why I am bothering but,
Desso, I am fairly certain that if you took your current income and calculated your tax liability under the rates used for each president in the last 60 years that you would gain new appreciation for what you currently pay.

Depends on how much he makes. His highest effective rate would definitely be before and including Carter. His lowest effective rate would be under Reagan. From there, slightly higher under Bush Sr., higher still under Clinton's first term, slightly lower under Clinton's second, lower again under Bush Jr., and then back up above Clinton levels starting next year. Tax rates will be higher starting next year than they have been in over 30 years. In 2014, he'll have to start the Obamacare tax, which will bump it up even further.

 

[30ashopper]

So, what do you think about financial reform?

I think we're going to get bi-partisan support on this once we strip all the hidden tax increases out of it.

 

[Geo]

Thx for injecting some fact, Shopper.

 

[Geo]

Hey Desso, u said for me not to bother. Fair enough. But last I checked this is a thread I started and it was about most people- not Desso until you bothered.

 

[30ashopper]

Thx for injecting some fact, Shopper.

That's primarily for middle to upper middle income folks.

Below around ~40K a year (not inflation adjusted), effective rates have been dropping for 30 years. Top marginal rates -

Carter - 44%
Reagan - 28%
Bush Sr. - 28%
Clinton 1st term - 28%
Clinton 2nd term - 25%
Bush Jr. - 15%
Obama - 15%

 

[Desso]

You own the thread, Geo. Congratulations and good evening.

 

[Lynnie]

Wonder why my returns are being scrutinized for 2009? The year I made a penance. And, someone's income is all relative. Can the IRS just not phathom that I have more going out than I have coming in? Really? They think I fabricated this? I thought they questioned you when you made a lot more money.....like you were going to hide it or something? Laughable!

 

[Geo]

Hey Desso,
I'll admit- I got snarky before u did and then I reacted to something u said with the whole- "it's my ball" move. I'm genuinely sorry. Truce?

 

[30ashopper]

Wonder why my returns are being scrutinized for 2009? The year I made a penance. And, someone's income is all relative. Can the IRS just not phathom that I have more going out than I have coming in? Really? They think I fabricated this? I thought they questioned you when you made a lot more money.....like you were going to hide it or something? Laughable!

The federal government's broke.

Not sure if you're doing your own returns Lynie, but if you are, FYI I haven't been audited since I started using a tax professional to do my returns. Using national preparation firms like H&R Block can help avoid scrutiny as well.