This topic is now archived and is closed to further replies.


Taxes drop to lowest level in 60 years

98 posts in this topic

Uncle Sam's take this year will be the lowest since 1950, when the Korean War was just getting under way

How many American actually know this statistic?

Share this post

Link to post
Share on other sites

I didn't. If true, that's f*cking stupid.

Share this post

Link to post

staggering unemployment and bankruptcies, forecloseures will do that.

1 person likes this

Share this post

Link to post
Share on other sites

I thought Obama was gonna raise taxes :icon_bs:

Share this post

Link to post
Share on other sites

taxes dropping and revenue FROM tax are two different things per se. i know there was some taxes lowered and some raised.

Share this post

Link to post
Share on other sites

Having to pay taxes on my Unemployment is the suck.

Share this post

Link to post
Share on other sites

percentage of income

i don't think i get your angle.

you talking about tax brackets or what?

the brackets are essentially the same right now from 2003.

Share this post

Link to post
Share on other sites

here is a tax chart if you are filing.

To take an example, suppose your taxable income (after deductions and exemptions) was exactly $100,000 in 2008 and your status was Married filing separately; then your tax would be calculated like this:

( $ 8,025 minus 0 ) x .10 : $ 802.50

( 32,550 minus 8,025 ) x .15 : 3,678.75

( 65,725 minus 32,550 ) x .25 : 8,293.75

( 100,000 minus 65,725 ) x .28 : 9,597.00

Total: $ 22,372.00

This puts you in the 28% tax bracket, since that's the highest rate applied to any of your income; but as a percentage of the whole $100,000, your tax is about 22.37%.

This next calculator lets you try it out with your own numbers:

Tax Year: 200020012002200320042005200620072008200920102011

Filing Status: SingleMarried filing jointlyMarried filing separatelyHead of household

Taxable Income: $

Tax: $ a percentage of income: %

Tax Bracket: %

"Taxable Income" here is really Regularly Taxed Income minus Adjustments, Deductions, and Exemptions.

Payroll Tax (Social Security and Medicare), and Qualified Dividends and Long Term Capital Gains are separate calculations.

See this Tax Calculator for more.

Tax Hikes, Tax Cuts

1993 saw a tax hike on the wealthy (via two new brackets at the top), and then 2001 through 2003 saw a series of tax cuts that lowered the tax brackets as follows:

1992 1993 -

2000 2001 2002 2003 -

2010 2011 -

2012 2013


15% 15% 15% 10% 10% Same


2010 10%

15% 15% 15%

28% 28% 27.5% 27% 25% 25%

31% 31% 30.5% 30% 28% 28%

36% 35.5% 35% 33% 36%

39.6% 39.1% 38.6% 35% 39.6%

From 2000 to 2002 most brackets dropped by one percent, and there was a new low bracket added for the "lucky duckies" at the very bottom. In 2003 most brackets got an additional cut of two percent with a special gift for the "other" lucky duckies, the ones at the top. But note that the rich still paid more in 2003, and everybody else paid less, than was the case in 1992. Now if we could just balance the budget...

Future Tax Rates

As of early 2009, the plan for the future was to leave the lower tax brackets alone, and raise the top two brackets to where they were during the 1990s. The cutoffs for the top brackets were to be raised, so that singles making above $200,000 annually, or families making above $250,000, would be the ones affected by the higher rates.

As of August 2010, Congress still hasn't made those changes legal. If Congress doesn't act before New Year's, all brackets will automatically revert to where they were in 2000, meaning a big tax increase for everybody. But hopefully Congress won't really do nothing, they'll just follow the path of least political resistance, and temporarily freeze all brackets at their current levels until after the 2012 elections. (You heard it here first!)

(Update, December 2010: The prediction above came true! All tax brackets will be frozen through 2012.)

Share this post

Link to post
Share on other sites

i did a mock on 100k for 2008 and for this tax year(2010). here is the overall difference as % of income goes.

married filing sep- 100k puts you in the 28% bracket. a % of that 100k for tax is 22.37.

same scenario for 2010= 22.12.

Share this post

Link to post
Share on other sites

  • Topics

  • Posts

    • IMO, it is obvious, to me anyhow, that the kid has matured. He has taken heat for standing up for what he believes, and has done it the right way. No snarky comments to the press. Keeping his head down, and working toward a goal. He has brought to light injustices not only in our country, but in others as well. His foundation just contributed over a million and a half dollars to the Simolian relief effort.   All that is admirable to be sure. And he can play football as well, or better, than enough QBs to earn himself a shot at a job.   It is not the football side of his life that is keeping him off teams. Almost every team hates distractions. It is just how it is. And Kaep is a walking distraction at this point in time.   I would like to add that another thought could be that at this point in FA, no one is being signed. OK, maybe a better way to put that is, FA spending has slowed considerably.   If teams head to Training Camp and he is still unemployed. Then I may start believing in conspiracies.
    • lol lol lol fahey watched every snap of every game and graded the quarterbacks as he saw it. kaepernick is a fine game manager who was let down repeatedly by perhaps the shittiest set of skill position players in the league and oh yeah he can run like the wind. you've got to be pretty stupid to think this is anything but a quarterback starved league blackballing a serviceable quarterback all because he had the audamndacity to protest racism in america and tbh i've not seen one post itt that would cause me to even begin to question that.
    • Smaller and slower. I'd prefer Howard but this guy could be more likely after our first pick