Question by Don M: Why do people continue to believe the lie that President Bush only cut taxes for the wealthy?
President Bush’s tax cuts reduced the taxes of all who pay income taxes. This includes the middle class. The lower half of income earners only pay 2.9% of income taxes, but those who do pay got a cut. So let’s quit this class baiting demagoguery that says only the rich got a tax cut under Bush.
Bostonia…The rich got the most in tax cuts because they PAY the most. Pretty obvious, and certainly fair.

Best answer:

Answer by C F
Don’t confuse them with the facts

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Question by billp: what percentage of income are paid in taxes? the super wealthy compared to the middle class?
example: every payday i pay about 30% in taxes out of my check for state and federal (20 fed & 10 state). so i pay 30% a year in income tax. what percent a year do the super wealthy pay? i heard it was like 15% by the time they get thru loopholes and tax breaks. if so why do they complain they pay more overall? i guess so!! theyre rich!

Best answer:

Answer by Tom
app. 30% is taken when you get your check. when you spend it the state takes between 5 to 12% in sales tax. if you buy 10 gallon of gas you pay app. 4 to 5 dollars in tax. personal property tax is another. when you add it all up and you make app. 60,000 a year you pay app. 65% in taxes.

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Question by someguy: Would taxes be necessary if your local, state, or federal government were incuring yearly surpluses?
When total government revenues (taxes, investments, tolls, fees, etc.) are considered, taxes make up only one third of the income stream.

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Answer by CarVolunteer
“When total government revenues (taxes, investments, tolls, fees, etc.) are considered, taxes make up only one third of the income stream.”

I don’t believe that. Which government are you talking about and what is the source for that statement?

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Question by nitsrek: what’s going to happen if i don’t file my income taxes on time?
i haven’t filed an extension, but i do live overseas (i think there’s an automatic extension for that). if i’m just a week or two late, what’s going to happen?

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Answer by jeff
the irs is gonna hunt you down and eat you alive

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Question by Jane: In the United States, income taxes and transfer payments:?
In the United States, income taxes and transfer payments:

a) Are the source of most of the operational lag with fiscal policy
b) Act as automatic stabilizers for fluctuations in income
c) Decrease interest rates and the net export effect
d) Destabilize the economy

Best answer:

Answer by SDD
B would be the conventional answer.

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by SS&SS

Question by HIM N: Income taxes are an automatic stabilizer because when income rises, ceteris paribus, tax receipts:?
A)Fall since automatic stabilizers work against the cyclical movements of the GDP.
B) Fall as taxpayers experience bracket creep.
C) Fall since income taxes are regressive.
D) Rise since taxes are computed on the basis of income.

Best answer:

Answer by SDD
D

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