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Debt Ceiling


DownSyndrome

What is your opinion about the Debt Ceiling?  

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This debt ceiling "crisis" is a symptom of a larger problem within the government as a whole. The government solution to 90% of our social, economic, and infrastructure problems is to blindly throw piles of cash at it. All the while tacking "earmarkes" in the spending bills to help keep their political bed buddys pockets stuffed. This isnt a problem exclusive to the GOP or the dems, its across the board. The government should never be run like a business, but there needs to be greater accountability and transparency in the process.

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I heard some of that shit last night. Wish I knew more about politican because I gather from

NPR this morning that shit could look real extra ugly after the Times up for a decision depending On what it is. But my thoughts on the matter are simple. I HATE ALL THESE NIGGAS WITH EXTRA BILLIONS LYING THE FUCK AROUND. revolution, Niggas.

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I've been an avid supporter of Obama - I understand his reasoning behind his "Gandhi" like

approach to politics. He is after all a student of Law just like Gandhi. If you use logic you begin

to realize that Obama has been collecting evidence for the American people to see that

Washington is corrupt and in need of change - Washington does not care for the welfare of

the poor or ordinary but only looks out for the big corporation. In time I think Americans will

realize who has been trying to fight for the greater good in Washington - you can't deny the

fact that the establishment has been shelling out a lot of money for the talking heads to do

they're evil bidding.

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Congress will care for big business until the day that the role of big business is removed. Plain.

 

There must be a fundamental restructuring and consolidation of government cash expenditures, outflows, and social programs. At the same time, tax code must similarly be restructured. If taxes for the rich go up, everyone's taxes need to go up. Don't tax the rich simply cause "they rich an' i'm not yo fuck them niggas!!" Nonsensical. Creating a totally inhospitable environment for the wealthy will cause them to leave; they pay a large amount of the country's ax revenue already. Don't believe me? Read for yourself. These reforms go together. I am anti-earmark as well. Constituency-pleasers and not much else.

 

The entire country will suffer to get through these times. That's the political poison noone's mentioning. Solving, or improving, our nation's situation will require great sacrifice by all.

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All Obama is asking for is the Top 1% - 5% to pay more. People who make more than $250,000 a year.

 

Who Pays Income Taxes and how much?

 

 

 

Tax Year 2008

Percentiles Ranked by AGI

AGI Threshold on Percentiles

Percentage of Federal Personal Income Tax Paid

Top 1%

$380,354

38.02

Top 5%

$159,619

58.72

Top 10%

$113,799

69.94

Top 25%

$67,280

86.34

Top 50%

$33,048

97.30

Bottom 50%

<$33,048

2.7

Note: AGI is Adjusted Gross Income



Source: Internal Revenue Service

 

Tax Year 2007

Percentiles Ranked by AGI

AGI Threshold on Percentiles

Percentage of Federal Personal Income Tax Paid

Top 1%

$410,096

40.42

Top 5%

$160,041

60.63

Top 10%

$113,018

71.22

Top 25%

$66,532

86.59

Top 50%

$32,879

97.11

Bottom 50%

<$32,879

2.89

Note: AGI is Adjusted Gross Income

Source: Internal Revenue Service

Tax Year 2006

Percentiles Ranked by AGI

AGI Threshold on Percentiles

Percentage of Federal Personal Income Tax Paid

Top 1%

$388,806

39.89

Top 5%

$153,542

60.14

Top 10%

$108,904

70.79

Top 25%

$64,702

86.27

Top 50%

$31,987

97.01

Bottom 50%

<$31,987

2.99

Note: AGI is Adjusted Gross Income

Source: Internal Revenue Service

For Tax Year 2005

Percentiles Ranked by AGI

AGI Threshold on Percentiles

Percentage of Federal Personal Income Tax Paid

Top 1%

$364,657

39.38

Top 5%

$145,283

59.67

Top 10%

$103,912

70.30

Top 25%

$62,068

85.99

Top 50%

$30,881

96.93

Bottom 50%

<$30,881

3.07

Note: AGI is Adjusted Gross Income

Source: Internal Revenue Service

For Tax Year 2004

Percentiles Ranked by AGI

AGI Threshold on Percentiles

Percentage of Federal Personal Income Tax Paid

Top 1%

$328,049

36.89

Top 5%

$137,056

57.13

Top 10%

$99,112

68.19

Top 25%

$60,041

84.86

Top 50%

$30,122

96.70

Bottom 50%

<$30,122

3.30

Note: AGI is Adjusted Gross Income

Source: Internal Revenue Service

For Tax Year 2003

Percentiles Ranked by AGI

AGI Threshold on Percentiles

Percentage of Federal Personal Income Tax Paid

Top 1%

$295,495

34.27

Top 5%

$130,080

54.36

Top 10%

$94,891

65.84

Top 25%

$57,343

83.88

Top 50%

$29,019

96.54

Bottom 50%

<$29,019

3.46

Note: AGI is Adjusted Gross Income

Source: Internal Revenue Service

For Tax Year 2002

Percentiles Ranked by AGI

AGI Threshold on Percentiles

Percentage of Federal Personal Income Tax Paid

Top 1%

$285,424

33.71

Top 5%

$126,525

53.80

Top 10%

$92,663

65.73

Top 25%

$56,401

83.90

Top 50%

$28,654

96.50

Bottom 50%

<$28,654

3.50

Note: AGI is Adjusted Gross Income

Source: Internal Revenue Service

For Tax Year 2001

Percentiles Ranked by AGI

AGI Threshold on Percentiles

Percentage of Federal Personal Income Tax Paid

Top 1%

$292,913

33.89

Top 5%

$127,904

53.25

Top 10%

$92,754

64.89

Top 25%

$56,085

82.90

Top 50%

$28,528

96.03

Bottom 50%

<$28,528

3.97

Note: AGI is Adjusted Gross Income

Source: Internal Revenue Service

For Tax Year 2000

Percentiles Ranked by AGI

AGI Threshold on Percentiles

Percentage of Federal Personal Income Tax Paid

Top 1%

$313,469

37.42

Top 5%

$128,336

56.47

Top 10%

$92,144

67.33

Top 25%

$55,225

84.01

Top 50%

$27,682

96.09

Bottom 50%

<$27,682

3.91

Note: AGI is Adjusted Gross Income

Source: Internal Revenue Service

For Tax Year 1999

Percentiles Ranked by AGI

AGI Threshold on Percentiles

Percentage of Federal Personal Income Tax Paid

Top 1%

$293,415

36.18

Top 5%

$120,846

55.45

Top 10%

$87,682

66.45

Top 25%

$52,965

83.54

Top 50%

$26,415

96.00

Bottom 50%

<$26,415

4.00

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To bring the dollar, the US, and a large chunk of the world into a depression, because the rich's free ride should end, where they have a lessor tax burden in decades is a fucking selfish move, ecspecially when motherfuckers say that we all have to share the burden equally. Motherfuckers saying that are paticularlly retarded. The burden will not be shared, but will be held by the middle class and below.

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I agree that tax loopholes need to be filled and penalties for tax, income, and other fraud need to be higher and easier to enforce ... that doesn't make me feel any better though. Businesses are, sadly, businesses, and anything that can be done to hide numbers will be done. GE paid zero taxes recently due to accounting acrobatics. Do i like that? Not at all. But it's still our law. The law needs to change before people start opening fire on businesses who are taking advantages of blatant holes. They're "coming up," in rap speak. You'd do the same if you found a way to not pay income taxes, don't lie.

 

The bailout of the banks made me feel awful, nothing changed and, for the most part, those responsible weren't punished and many retained their jobs. Fuck that. They came up through many of the same loopholes. Change them, make american markets and businesses a little more liable.

 

What I am also saying is that rich doesn't equal evil. The majority of us aren't rich... myself included ... that doesn't mean we hate them.

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I do not hate them, but to give them a break with the bush tax cuts and for alot of them to be paying less right now then they have in decades is bullshit. Ecspecially when you take into the lower rates on capital gains.

 

They do not need the break anymore and it is not raising taxes, it is restoring them to the low rates they had before bush.

 

No matter what, this whole thing is about the US paying their bills that were legal when we incurred them. Not tax breaks or anything else. The rest of the shot is add ons from both sides.

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