MOBILE USERS: m.isthmus.com
Connect with Isthmus on Twitter · Facebook · Flickr · Newsletters 
Friday, July 11, 2014 |  Madison, WI: 68.0° F  Fair
Collapse Photo Bar

Who is the 47%?

Please limit discussion in this area to local and state politics.

Who is the 47%?

Postby HawkHead » Thu Sep 20, 2012 3:48 pm

Just to show an example of who doesn't pay income taxes.

I have a client who is a teacher and is making $45,000. His family has very modest investment income. He has a family of 4 and owns a small home in Madison.

After the deduction for education supplies and student loan interest his AGI is $45,000. With itemized deductions and personal exemptions his taxable income is $17,539 and the tax due is $1,791. Because he has two children his family receives a $2,000 credit and he actually gets money back.

Basically any family of 4 that owns a home and makes $50,000 or less doesn't pay income taxes. This family doesn't get food stamps, social security benfits, welfare or unemployment. This is the American Dream to a lot of Americans that want one spouse to stay at home and raise the kids.
HawkHead
Forum God/Goddess
 
Posts: 717
Joined: Tue Jun 05, 2012 1:29 pm

Re: Who is the 47%?

Postby Steve Vokers » Thu Sep 20, 2012 4:31 pm

What a moocher.
Steve Vokers
Forum God/Goddess
 
Posts: 1099
Joined: Tue Oct 07, 2003 11:58 am

Re: Who is the 47%?

Postby HawkHead » Mon Sep 24, 2012 7:37 am

I have a client who is retired at an early age. Just over 50. Family of 3.

He makes $85,000 in interest income, $70,000 of which is invested in muni bonds and not taxable to the feds. He makes $85,000 in dividend income. He has some other misc. income and some stock losses. Total income $190,000. His AGI is $120,000 because of the non-taxable municiple bonds.

He has $110,000 in itemized deductions. So his taxable income is zero and he pays $0 in income tax. This man is the 47%.

To this client's credit, a large portion of his itemized deductions are charitable contributions. But equally as large are the investment fees to manage has investments.
HawkHead
Forum God/Goddess
 
Posts: 717
Joined: Tue Jun 05, 2012 1:29 pm

Re: Who is the 47%?

Postby Henry Vilas » Mon Sep 24, 2012 8:58 am

HawkHead wrote:To this client's credit, a large portion of his itemized deductions are charitable contributions.

As are Romney's. But contributions to religious organizations go into a vaste hole, with no accounting as to how they are spend (unlike the many non-profits which report how they distribute the donations they receive).
Henry Vilas
Forum God/Goddess
 
Posts: 19512
Joined: Wed Sep 04, 2002 8:57 pm
Location: Name sez it all

Re: Who is the 47%?

Postby snoqueen » Mon Sep 24, 2012 10:00 am

Writing off charitable contributions is a well-established part of the tax code and not about to change, but it's hard to feel good about Romney's writing off millions of dollars donated to his church so it can send its suit-and-tie boys all over the world on recruitment missions. From my point of view, I wish they were doing that on their own dime.
snoqueen
Forum God/Goddess
 
Posts: 11265
Joined: Fri Feb 14, 2003 11:42 pm

Re: Who is the 47%?

Postby fisticuffs » Mon Sep 24, 2012 10:11 am

so it can send its suit-and-tie boys all over the world on recruitment missions.


Or spending millions in CA fighting gay marriage.
fisticuffs
Forum God/Goddess
 
Posts: 7778
Joined: Sat Jul 24, 2004 2:49 pm
Location: Slightly outside of Madison

Re: Who is the 47%?

Postby Meade » Mon Sep 24, 2012 11:16 am

Writing off charitable contributions is a well-established part of the tax code and not about to change, but it's hard to feel good about Romney's writing off millions of dollars donated to his church so it can send its suit-and-tie boys all over the world on recruitment missions. From my point of view, I wish they were doing that on their own dime.


“Everything in the State, nothing outside the State, nothing against the State”


[...] contemporary liberalism offers
religious groups a choice. They can try to serve the widest possible population, in which case a liberal administration will set rules that force them to violate their conscience. Or they can serve a narrower one, in which case liberal journalists will sneer at them (and their most generous benefactors) for only caring about their co-religionists.
Meade
Forum God/Goddess
 
Posts: 3341
Joined: Fri Apr 23, 2010 6:26 pm

Re: Who is the 47%?

Postby ilikebeans » Mon Sep 24, 2012 12:25 pm

This succinct series of images (click for bigger versions) answers the title of the thread. (NSFW language)

I want to buy the author a beer or twelve.
ilikebeans
Forum God/Goddess
 
Posts: 2789
Joined: Mon Nov 05, 2007 2:23 am

Re: Who is the 47%?

Postby HawkHead » Mon Sep 24, 2012 1:18 pm

Henry Vilas wrote:
HawkHead wrote:To this client's credit, a large portion of his itemized deductions are charitable contributions.

As are Romney's. But contributions to religious organizations go into a vaste hole, with no accounting as to how they are spend (unlike the many non-profits which report how they distribute the donations they receive).


I just want to note that you stated religious organizations and not me. Charitable giving can be done to the American Cancer Society, Boy Scouts, Madison Children's Museum and Agrace Hospice Care.

Yes, donations to religious organization can also be deducted.
HawkHead
Forum God/Goddess
 
Posts: 717
Joined: Tue Jun 05, 2012 1:29 pm

Re: Who is the 47%?

Postby jonnygothispen » Tue Sep 25, 2012 11:45 am

Except as occasional reference to right wing insanity, I don't think we should even use the "47%" figure. I think that drops to 22% when FICA taxes (that come out the same income check and go to the same general fund and spent on the same things) are included alone. Never mind other federal taxes...
jonnygothispen
Forum God/Goddess
 
Posts: 2884
Joined: Wed Jun 25, 2008 3:53 pm

Re: Who is the 47%?

Postby Meade » Tue Sep 25, 2012 12:04 pm

Yes, Romney needs to work on his analysis: As jonny go this pen points out, the percentage of the electorate who are truly dependent on government for their well-being and welfare is more like 22%.

Add the 25% who are collectivists and believers in the Holy Church of Government Redistribution, and you get to Romney's 47% number. The 22% with the 25% form a political coalition. Obama recognized their potential in 1998 and just how valuable they could be to him in his quest for power.

Too bad for the 25% as more and more of the 22% come to realize that it's the 25% who wants (and needs) to keep them down in the 22% in order to maintain power and authority.
Last edited by Meade on Tue Sep 25, 2012 12:13 pm, edited 2 times in total.
Meade
Forum God/Goddess
 
Posts: 3341
Joined: Fri Apr 23, 2010 6:26 pm

Re: Who is the 47%?

Postby O.J. » Tue Sep 25, 2012 12:10 pm

Meade wrote:Yes, Romney needs to work on his analysis: As jonny go this pen points out, the percentage of the electorate who are truly dependent on government for their well-being and welfare is more like 22%.

Add the 25% who are collectivists and believers in the Holy Church of Government Redistribution, and you get to Romney's 47% number. The 22% with the 25% form a political coalition.

Too bad for the 25% as more and more of the 22% come to realize that it's the 25% who wants (and needs) to keep them down in the 22% in order to maintain power and authority.


http://www.youtube.com/watch?v=5hfYJsQAhl0
O.J.
Forum God/Goddess
 
Posts: 2977
Joined: Mon Jul 02, 2007 10:13 am

Re: Who is the 47%?

Postby Stebben84 » Tue Sep 25, 2012 12:20 pm

Meade wrote:25% who wants (and needs) to keep them down in the 22% in order to maintain power and authority.


So it's the 25% that are keeping wounded veterans unable to work down? Please tell me more. I'd also like some links and analysis of these 25%. I'm sure you did your research, correct?

Meade wrote:Obama recognized their potential in 1998 and just how valuable they could be to him in his quest for power.


My question to you is if Obama has changed his mind somewhat. Because well,...

PELLEY: But what about you?
ROMNEY: Oh, so I...
PELLEY: People wonder, does Romney believe the things that
he says? You say what to those people?
ROMNEY: The principles I have are the principles I've had from the beginning of my -- of my political life. But have I learned? Have I found that some things I thought would be effective turned out not to be effective? Absolutely. If you don't learn from experience, you don't learn from your mistakes. Why, you know, you ought to be fired.


Read more: http://www.foxnews.com/politics/2012/09 ... z27VGOqLJx
Stebben84
Forum God/Goddess
 
Posts: 4725
Joined: Thu Mar 02, 2006 12:59 pm

Re: Who is the 47%?

Postby ilikebeans » Tue Sep 25, 2012 12:38 pm

O.J. wrote:
Meade wrote:Yes, Romney needs to work on his analysis: As jonny go this pen points out, the percentage of the electorate who are truly dependent on government for their well-being and welfare is more like 22%.

Add the 25% who are collectivists and believers in the Holy Church of Government Redistribution, and you get to Romney's 47% number. The 22% with the 25% form a political coalition.

Too bad for the 25% as more and more of the 22% come to realize that it's the 25% who wants (and needs) to keep them down in the 22% in order to maintain power and authority.

http://www.youtube.com/watch?v=5hfYJsQAhl0

And, for those that don't have access to speakers or headphones at the moment:
What you've just said is one of the most insanely idiotic things I have ever heard. At no point in your rambling, incoherent response were you even close to anything that could be considered a rational thought. Everyone in this room is now dumber for having listened to it. I award you no points, and may God have mercy on your soul.
ilikebeans
Forum God/Goddess
 
Posts: 2789
Joined: Mon Nov 05, 2007 2:23 am

Re: Who is the 47%?

Postby fennel » Tue Sep 25, 2012 1:48 pm

That would work, except for the word "dumber." Its too informal and incongruent with the rest of the sentence.
fennel
Forum God/Goddess
 
Posts: 3106
Joined: Thu Sep 28, 2006 4:24 pm
Location: Inside the Green Zone, Madison

Next

Return to Local Politics & Government

Who is online

Users browsing this forum: green union terrace chair and 0 guests

moviesmusiceats
Select a Movie
Select a Theater


FacebookcommentsViewedForum
  ISTHMUS FLICKR

cron
Promotions Contact us Privacy Policy Jobs Newsletters RSS
Collapse Photo Bar