Thursday, January 20, 2011

Taxes

Tax brackets in it`s simplest form. A guy is EARNING $1 Million a year and the top tax bracket is 35%. On paper (that`s before the horrid 13,000 pages of IRS tax code kicks in) he will pay about $300,000 a year in taxes thanks to our progressive tax formula. Think sports, ok. Now this other guy stays up all night smoking dope and pretty much is an outlaw or a thug and he does just enough to get by in life. He makes $18,000 a year. The bottom tax bracket is set at 10% (thanks to Bush - it was 15% but W gave this guy a tax break). Stoner pays $1,800 a year in income taxes yet he is the Obama supporter who is screaming for Obama to raise taxes on the evil rich guy because he needs to pay his fair share. The guy is already paying over $300,000 a year and the guy screaming at him is only paying $1,800. Go figure. And Stoner will qualify for tax credit after tax credit and not only will he pay zero in income taxes, he`ll most likely get a check - money taken by force from somebody who actually earned this money and given to him... Disgusting!

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