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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: michael97123 who wrote (467701)	3/31/2009 2:58:15 PM
From: Tenchusatsu	Read Replies (1) \| Respond to of 1575549

Michael, > because the rich pay so much income tax doesnt mean poor dont pay Yes I understand that the poor have much less discretionary income than the rich do. How would you respond to what Bloomberg says? > Bloomberg said that if even a "handful" leave the city to flee the high taxes, the city would barely break even. "The question is what's fair. If 1 percent are paying 50 percent of the taxes, you want to make it even more? Anybody below that 1 percent, no taxes?" Tenchusatsu

To: michael97123 who wrote (467701)	3/31/2009 3:59:45 PM
From: Joe NYC	3 Recommendations Read Replies (1) \| Respond to of 1575549

michael, Take a family that makes 50K per year and lets say they dont pay fed income tax, they do pay $7,000 fica/medicare They (in theory) are accruing benefits for themselves, not paying for anything. And don't forget that Earned Income Tax credit can wipe out up to $4,824 of various taxes. So we can have a person paying effectively $0 FICA and still accrue benefits for himself. So a working poor family is a net liability even from FICA point of view, never mind income tax. and since they spend all of it they pay roughly $6,000 in NYS/NYC sales tax. Most of the expenses (housing, food, health insurance) do not have a sales tax associated with it. So this amount is grossly inflated. And what about health care...lets say another 3k for the average family out of pocket How exactly does a purchase of adult diaper pay for paving the roads, welfare, the judiciary? Now its 20k out of $50K. Thats 40%. Its just not fair to say working poor pay no taxes. That was a good exercise in creativity. Unfortunately, it has almost no relation to reality. Joe