maybe you should research "alternative minimum tax loopholes" dumb ass. :rotf2:

Likwid -

"Nobody who makes $250k pays that much in taxes, no matter how hard you spin it."

As RIJIMMY said, that's so absurd it's hard to describe.

Just for ha-ha's, here is a link to a CNN website that says that Pres Bush paid over $220,000 in federal income taxes in 2007.

Bush earned $719,000 in 2007 - CNN

Is that just "spin"?

Jimmy is drinking the strong coffee this morning :jump1:

duhhh,,,,,


Under the AMT, no deduction is allowed for personal exemptions, nor is the standard deduction.[7] State, local, and foreign taxes are not deductible. However, most other itemized deductions apply at least in part. Significant other adjustments to income and deductions apply.

Individuals must file IRS Form 6251 and corporations must file Form 4626 if they have any net AMT due. The form is also filed to claim the credit for prior year AMT.

Other individual adjustments in computing AMT include:[8]

Status Single Married Joint Married Separate Trust Corporation
Tax Rate: Low 26% 26% 26% 26% 20%
Tax Rate: High 28% 28% 28% 28% 20%
High Rate Starts $175,000 $175,000 $87,500 $87,500 n/a
Exemption 2009 $46,700 $70,950 $35,475 $22,500 $40,000
Exemption 2010 $33,750 $45,000 $22,500 $22,500 $40,000
Exemption phase out starts at $112,500 $150,000 $75,000 $75,000 $150,000
Zero 2009 exemption at $299,300 $433,800 $216,000 $165,000 $310,000
Zero 2010 exemption at $247,500 $330,000 $165,000 $165,000 $310,000
Capital gain rate 25% 25% 25% 25% 20%


Miscellaneous itemized deductions are not allowed. These include all items subject to the 2% "floor", such as employee business expenses, tax preparation fees, etc.
The deduction for charitable contributions of property is limited to the basis of the property.
The home mortgage interest deduction is limited to interest on purchase money mortgages for a first and second residence.
Medical expenses may be deducted only if they exceed 10% of Adjusted Gross Income, as compared to 7.5% for regular tax.
Many AMT adjustments apply to businesses operated by individuals or corporations.[9] The adjustments tend to have the effect of deferring certain deductions or recognizing income sooner. These adjustments include:

You pick the most scrutinized people in the country as examples?
Really?

YOU need the strong coffee this morning.

Johnny, I never said I'd rather be the guy making $20,000 than the guy making $250,000. I said the guy making $20,000 got a bigger tax decrease than the guy making $250k.

If I said the guy making $20,000 is better off than the guy making $250,000, that would indeed be "nonsense". If I say the guy making $20,000 got a bigger tax decrease, I am stating mathematical fact. Again, that fact may not serve you lefty agenda, but it's a fact nonetheless.

Put down the Kool-Aid and think clearly for two seconds...

Likwid, you said no one making that much pays that much in taxes. You never said anything about scrutinized people. Your changing your arguments afetr I refute them.

Im wating for likwids brilliant rebuttle to my AMT FACTS.
Whats the matter, reality doesnt figure into your liberal talking points?
PS - My degree is in acctg and I passed the CPA exam.

Here - read up some more. See how people making 200-500k get screwed. See how people with kids get screwed and also since ther parents make good moeny, they'll get screwed on finacial aid for college too! Screw, screw, screw the people who work hard, take chances and want to provide for their families! Millionaires actuall benefit! How about closing THAT loophole! But its not big headlines, it wont make Dems look good with the F the Rich crowd.

Who pays the AMT?

Likwid, you whine that the rich use loopholes to avoid paying tax, then you admit you do the same thing. I'm confused...what is your beef, exactly, and who is it with?

I take it you don't get invited to too many MENSA picnics...

the 99 grand that Jim stated as the amount he paid in taxes is so much more $$$ than Likwid can imagine earning that it's much easier for him to call Jim a liar and refuse to accept that someone actually has to hand that much of their hard earned income over to the government...:uhuh:

need one of those Tim Geitner tax preparation programs...

All I've read of your posts are you scutinizing others posts with one sentence questions and no answers or opinions with substance. Why not provide some substance instead of one line questions?

Would you like to point out where I 'whined' about the loopholes that rich people use? Please.

Why not ask the OP to provide some backup to his original statement that every single democrats has said that the tax cuts only benefit the rich.

B/c if he doesn't, he has no credibility in anything he ever posts.

Scott:
I think somethings would surprise you.

Fair question Paul S. I watch Foxnews, CNN, and MSNBC regularly, and I've heard that claim a zillion times. I don't work in a TV studio, so I don't have access to years' worth of video footage. I googled it, and found a ton of sites that said "despite the fact that liberals claim the Bush tax cuts only benefit the rich, here is the proof that's not true...". Alas, I couldn't find a site that listed all of the people who have told that lie.

So my opinion (I can't prove it with physical evidence) is that the liberals invented that lie to further their cause. If you say you never heard anyone say that, I can't do anything about it.

Here are some of these sites I described. None listed specific liberals who said that lie, but all address it in general...

AP Shocker: Bush Tax Cuts Didn't Just Help The Rich
Why do so many liberals say that Bush's tax cuts only helped the wealthy? - Yahoo! Answers
Aren't liberals ignoring facts when claiming that Bush tax cuts helped the rich? - Yahoo! Answers
Tax cuts "for the rich" - Living Lake Country
American Thinker: Lying About Bush's Tax Cuts
Letting The Bush Tax Cuts Expire Will Only Hurt The Rich, Right? | Right Wing News
The Absurd Report Income Taxes: Liberal vs. Present
Did The Bush Tax Cuts Favor The Wealthy | Media | National Center for Policy Analysis | NCPA

from the last link...

""It is politically popular to say that tax cuts benefit the wealthy," said Michael D. Stroup, a Stephen F. Austin University economist who authored the NCPA report. "The accusation does not match the reality."

There are a ton of sites out there that dispel the lie that the Bush tax cuts only benefitted the rich. It stands to reason that something motivated all those people to do the research...i.e., there were those that claimed that the cuts only benefitted the wealthy.

As I said, I can't get youtube clips. But I've heard a million people say it, and it always bothered me. Take it or leave it, your choice.

In my humble opinion, if yuo deny that the Democrats and the media have been making that claim for years, you have no credibility. Because it was everywhere, until the cuts were about to expire, causing 100 percent of us to see tax increases, and thus that myth was exposed as the lie it was.

If you say I have no credibility, I'll have to try and soldier on somehow...

Jim is right, its been all over the media for years

The Democrat Party has for years decried the Bush Tax Cuts as one of the most egregious acts against the middle class and the working poor. Democrat Progressive mouthpieces from Julian Epstein to Representative Anthony Weiner NY (D) have accused former President Bush’s tax cuts of being a benefit for the wealthy and a yoke for the rest of America. On January 1, 2011 those supposedly oppressive tax cuts are set to expire. The tax bill owed by every American will revert to rates that existed under those gloriously wonderful Clinton days. The difference between the tax rates during the Clinton Era and the Bush Era are highlighted below in a chart from the non-partisan Taxfoundation.org.

Thanks, it's nice to know someone else out there lives in the real world...

The pres. said it correctly hundred of times. If you can't back up your original statement you have no credibility. Seems your the only one lying in this post.

absolutely...like why you reply to my post after you so proudly put me on your "ignore list" :confused:

what a surprise!:bounce:

oooops...I think he got ya Jim...clearly only most single democrats and Barney Frank has said this....:rotf2:

was that classy??:confused:

Your problem is, I'm not lying. Thousands of sites are out there to dispel that lie. A professor of economics said that it's "politically popular" to suggest that the cuts only benefitted the wealthy (see the link I posted before). What do you think he meant by that?

I think Jim put up plenty of evidence.
Heres more....anyone remember the 2004 campaign

1. Senator John Kerry (D)
The following quotes are from the John Kerry for President web site unless otherwise indicated.
George W Bush has chosen tax cuts for the wealthy and special favors for the special interests over our economic future. John Kerry's priority will be middle class families who are working hard to cover the mortgage, pay the high cost of health care, child care and tuition, or just trying to get ahead.

2. Democratic presidential candidate John Kerry said tax cuts enacted under President George W. Bush have cost middle-income U.S. residents $3,500 in higher state and local taxes, health care costs and college tuitions.

``Rain or shine, surplus or deficit, George Bush's economic plan begins and ends with tax giveaways to the wealthiest Americans with special connections,'' Kerry said in remarks
3. Dateline: WASHINGTON Sen. John Edwards, in calling for a series of measures to keep the country safe, says the Bush administration's policy of favoring tax cuts for the wealthy over adequate funding for domestic security are "out of whack."

I could keep going but its tiresome. Jim is right on, you guys are whacked. Its been the democrats mantra for the past 6 years or so.

dangerous question:morons:

im bored today...

1. Ex-president Bill Clinton is blasting President Bush's economic policies as "immoral" and "unethical," saying he blames administration tax cuts for increasing hostility towards the U.S. around the world.

"I hear all this talk about family values and all this stuff," Clinton told an audience at the University of Minnesota on Saturday, before explaining how an old friend had been hurt by cuts in subsidies for Americans in need while the wealthy got tax cuts.

yawn....

I guess libs never heard that knowledge is power.

lol... never been the liberal's strong suit. They prefer picking a 'victim' to defend and then arguing like its a filibuster until everyone has left the room, then declare victory.

YouTube - Republicans Want to Tax YOU, But Breaks for the Rich!

YouTube - Pr. Obama - 'GOP WANTS YOU TO PAY THAT $700B TO RICH' - Congressional Black Caucus


and lastly!

Nothing to do with it, but god I love Selma! Happy Friday everyone!

YouTube - Salma Hayek - Dancing in 'From Dusk Till Dawn' [1996]

Salma.....:drool:

they're all on factcheck.org right now :gh: