Padawanbater2
Well-Known Member
His work speaks for itself, he won the goddamn Nobel prize in economics. You people have no idea wtf you're talking about.
Some are more equal than others...
- Thread starter Padawanbater2
- Start date
Canna Sylvan
Well-Known Member
That doesn't mean shit. The government lies and tells us minimum wage is good for the people. The reality is minimum wage dilutes the effects of the debt. It gives the government more taxes, while paying back based on the old worth.
Government involvement in the economy is a fantasy. What actually happens is psychology fools people. Then reality sinks in.
SmokeyDan
Well-Known Member
Oh the Nobel prize?
I mean, Obama one their peace prize after a long hard battle ending violence nowhere.
Krugman had a impressive early career, most people are rather certain he had lost his mind about a decade ago.
SmokeyDan
Well-Known Member
Minimum wage earners do not pay taxes. Outside of state sales taxes.
Other than that your statement sounds brilliant.
Padawanbater2
Well-Known Member
"Most people".. Yeah, that's why he won it in 2008, huh...
To reiterate, you people have no idea wtf you're talking about.
Padawanbater2
Well-Known Member
Demonstrably false, every single minimum wage job I've ever worked took taxes out of my check for SSI, medicare & income tax
You don't know what the fuck you're talking about
SmokeyDan
Well-Known Member
7. 5%, compare that to the earned income tax credit you got the next year.
Every penny plus many more were returned to you.
You had a withholding, and got much more back.
UncleBuck
Well-Known Member
you can just reference the tax table and see how much you would owe on a hypothetical $14,500 income.
a single person making 14,500 gets a standard deduction of 10,000 and gets a big fat ZERO on the EIC, meaning they owe $453 every year in taxes. about 3% of their income to the feds, probably a similar amount to the state, along with 6.2% for SS and 1.45% for medicare.
grand whopping total is about 13% of their income. about as much as mitt romney pays on his $20 million, since he only has to pay the 6.2 + 1.45 = 7.65% on the first $108,000 of his income.
UncleBuck
Well-Known Member
nope.
if he signed up for no withholding and paid at the end of the year, the tax on $14,500 after standard deduction is $453.
$14,500 gets you nothing in the EIC arena, go check the tables, page 18 of the 1040ez instructions.
Canna Sylvan
Well-Known Member
I always hated that arguement. When I used to make shit money, they would take out a tad over $100 on a $600 check.
At the end of the year you get back up to about a little over $5,000. While the government kept that money for a year.
Then there's a whole bunch of consumption taxes. The fact that your living expenses equal about your take home.
That's why I got off my lazy ass and did something about. Being like Kenny sucks balls.
Padawanbater2
Well-Known Member
The fuck I ever got back $5,000. Not even close to that
Canna Sylvan
Well-Known Member
Smokey,
I learned all about economics in a class at special Olympics summer camp.
Consumption taxes are still taxes. The employer pays more in payroll tax.
Another problem is the psychological delusion tax. People think more money means you can spend more of what you don't really have. They will then celebrate their new fortune. To which they get into more debt. Then a creditor is more than willing to extend you a line of credit which ends up being 30% interest on your balance each year for the 5+ years to pay it back.
All that is extra tax money for Uncle Sam.
The moral, raising the minimum wage is good for the rich and government, not so good for the stupid and poor.
I learned all about economics in a class at special Olympics summer camp.
Consumption taxes are still taxes. The employer pays more in payroll tax.
Another problem is the psychological delusion tax. People think more money means you can spend more of what you don't really have. They will then celebrate their new fortune. To which they get into more debt. Then a creditor is more than willing to extend you a line of credit which ends up being 30% interest on your balance each year for the 5+ years to pay it back.
All that is extra tax money for Uncle Sam.
The moral, raising the minimum wage is good for the rich and government, not so good for the stupid and poor.
SmokeyDan
Well-Known Member
If you are a single male, but if you can check that dependent box, aand most do
UncleBuck
Well-Known Member
so my rough calculations were a bit off.
the person making $14,500 pays the 7.65% right off the top and can't be taxed again on it.
so let's recalculate.
$14,500 - (14,500 x .0765) = 14500 - 1109 = $13,391 adjusted gross income.
tax owed on $13,391 (less the $10k standard deduction) is $338.
$13,391 gets you a $74 EIC credit (it's trickling down, folks!).
$338 - $74 = $264 tax owed to the feds. about the same to the state.
so about 10% total for state, feds, ss and medicare.
romney probably pays a smaller percentage on his $20 million when he's not making a failed run at the presidency.
the person making $14,500 pays the 7.65% right off the top and can't be taxed again on it.
so let's recalculate.
$14,500 - (14,500 x .0765) = 14500 - 1109 = $13,391 adjusted gross income.
tax owed on $13,391 (less the $10k standard deduction) is $338.
$13,391 gets you a $74 EIC credit (it's trickling down, folks!).
$338 - $74 = $264 tax owed to the feds. about the same to the state.
so about 10% total for state, feds, ss and medicare.
romney probably pays a smaller percentage on his $20 million when he's not making a failed run at the presidency.
UncleBuck
Well-Known Member
maybe your parents can claim you as a dependent, bignbushy. at least until they find out about your proclivities with men.
only 2.5 Million net worth?
SmokeyDan
Well-Known Member
Got it.
When your opponent eviscerated the point you made as applying to only a small minority, call them gay.
UncleBuck
Well-Known Member
you cited nothing, you made an unsupported assertion, not a point.
show me that "most" single males file as dependent.
SmokeyDan
Well-Known Member
That's not what I said.
Most people over age 25 or so have a fuck trophy, aka a child.
Having a child gets a lot of money on the tax return.
If you file and don't have a child you don't get a hell of a lot on the eitc, but that isn't most people at age 30.
ChesusRice
Well-Known Member
Oh thank god
I knew eventually that money would trickle down