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Re: What would happen with 1965-80 tax brackets?

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Message 21 of 40

@rker321 wrote:

So  what is the answer to the 2018 taxes and the fact that no medical deduction under 26,000 would be allowed?


 

The IRS allows you to deduct qualified medical expenses that exceed 7.5% of your adjusted gross income for 2017 and 2018. Beginning Jan. 1, 2019, all taxpayers may deduct only the amount of the total unreimbursed allowable medical care expenses for the year that exceeds 10% of their adjusted gross income.

 

https://turbotax.intuit.com/tax-tips/health-care/can-i-claim-medical-expenses-on-my-taxes/L1htkVqq9

 

This rule is for those that itemize otherwise take the standard deduction.

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Re: What would happen with 1965-80 tax brackets?

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Message 22 of 40

@rk9152 wrote:

@Olderscout66 wrote:

@ChasKy53 wrote:

Scout, you will never sell this to greedy self seeking idiots.


True, but fortunately we don't have to. All we need is for Millennials to recognize why they've been screwed over and how they can fix that situation by removing Republicans from Government at all levels. Look what happened in 2018 when just a few more Millennials showed up to vote than usual!

 

Also, we can probably sell it to the rich Seniors who managed very nicely paying those same rates AND MUCH HIGHER and watched as America became a veritable Eden while their own fortunes increased every year as well. Unless they're so rich they endowed the futures of their Grandkids they have a stake in ending the redistribution of income via the Reagan taxscam which leads to the residtribution of wealth as those ruined by Republican policies have to liquidate their assets to survive. Those 8,000,000 homes lost to foreclosure are now rental properties owned by the ones who orchestrated the financial disaster that brought about the foreclosures and will NOT provide any inheritence for the heirs of the Middle Class folks who lost them.

 

It's really only those who have no concept of Christian Cherity or the evils that Government was created to oppose who refuse to tax the rich.


I would suggest that Christian "Cherity" involves individual responsibility not the collective concept of using the government to seize the property of others.


I can't help but laugh....so many are confused by the false teachings of Christian teachings and are really giving the true Christians a bad name.  Really.....I laugh because on the USA dollar they still have "In God We Trust".  Nah, I don't think so, but that is just my dumb opinion.

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Re: What would happen with 1965-80 tax brackets?

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Message 23 of 40

So  what is the answer to the 2018 taxes and the fact that no medical deduction under 26,000 would be allowed?

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Re: What would happen with 1965-80 tax brackets?

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Message 24 of 40

Again, I ask, didn't the continual war at all over the world contribute to most of the revenues being eat up for the cause, when it could have gone toward the social-economic crisis that has been brewing?

 


@rk9152 wrote:

@Olderscout66 wrote:

Here’s what 2016 (most recent data I could locate with necessary level of detail) would’ve looked like if we had repealed the Reagan taxscam and returned to the 1980 tax rates, adjusted for inflation, and everyone filed as “married, filing jointly”.

 


To see how you might fare, the AIG include the Standard Deduction of $12,400 and personal/dependent deductions of $4,050. This would give the average (2.4 person) household deductions of at least $22,120.00 This makes the AGI for the average worker making $58,000 no more than $35,880 and total taxes owed $4,390 for an effective tax rate of 7.57% of income. How’s that compare with what you actually paid in 2016?

 

Under the Reaganscam, the amount collected was only $1,444,098,882,000, the 1980 rates would’ve brought in an additional $2,178,468,564,000, erasing the deficit and leaving $1.8Trillion for Revenue Sharing and improving our infrastructure – that’s about TWICE the amount collected for State and local Income taxes, so the funds available for your local services will DOUBLE while the taxes you now pay go away.

 

 

 

Tax Rate   at least   less than     TOT AGI $K     Effec Rate      REVENUE $K

0.00%           $1          $ 10,000        113,014,218           0.00%                - 0 -

14.00%   $ 10,000     $ 15,500        206,870,139           4.97%         10,276,775

16.00%   $ 15.500      $ 21,500        225.970,139         8.05%           18,159,087

18.00%   $ 21,500     $ 33,500         563,322,746       11.61%          65,421,701

21.00%   $ 33,500     $ 44,500         558,642,262       13.93%          77,833,304

24.00%   $ 44,500     $ 56,500         598,252,632       16.07%          96,143,963

28.00%   $ 56,500     $ 68,500         588,796,617       18,18%        106.928.904

32.00%   $ 68,500     $ 83,500         699,681,553        20.65%        144,461,197

37.00%   $ 83,500     $100,000        739,103,041        23.35%       172,543,605

43.00%  $100,000     $128,000        694,450,794       27.64%        191,977,667

49.00%  $128,000    $167,000        967,270,748        32.63%        315,637,242

54.00%  $167,000    $239,000     1,163,326,551       39.07%        454,500,488

59.00%  $239,000    $305,000        339,719.423       43.38%        147,376,969

64.00%  $305,000    $452,000        759,221,438       50.10%        380,390,913

68.00%  $452,000    $600,000       433,081,496        54.50%        236,040,242

70.00$   $600,000   and up         1,845,434,813        65.29%     1,204,884,389

 

                                             TOTAL REVENUE COLLECTED $3,622,567,446K


Wrong again. After the tax cuts took effect, collections by the Treasury increased but spending increased even more.

 

Again, the problem isn't tax collections, it's spending.


 

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Re: What would happen with 1965-80 tax brackets?

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Message 25 of 40

@Olderscout66 wrote:

@ChasKy53 wrote:

Scout, you will never sell this to greedy self seeking idiots.


True, but fortunately we don't have to. All we need is for Millennials to recognize why they've been screwed over and how they can fix that situation by removing Republicans from Government at all levels. Look what happened in 2018 when just a few more Millennials showed up to vote than usual!

 

Also, we can probably sell it to the rich Seniors who managed very nicely paying those same rates AND MUCH HIGHER and watched as America became a veritable Eden while their own fortunes increased every year as well. Unless they're so rich they endowed the futures of their Grandkids they have a stake in ending the redistribution of income via the Reagan taxscam which leads to the residtribution of wealth as those ruined by Republican policies have to liquidate their assets to survive. Those 8,000,000 homes lost to foreclosure are now rental properties owned by the ones who orchestrated the financial disaster that brought about the foreclosures and will NOT provide any inheritence for the heirs of the Middle Class folks who lost them.

 

It's really only those who have no concept of Christian Cherity or the evils that Government was created to oppose who refuse to tax the rich.


I would suggest that Christian "Cherity" involves individual responsibility not the collective concept of using the government to seize the property of others.

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Re: What would happen with 1965-80 tax brackets?

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Message 26 of 40

@ChasKy53 wrote:

Scout, you will never sell this to greedy self seeking idiots.


"Greedy self seeking idiots" are smart enough that the tax cuts resulted in increased revenues into the Treasury. 

 

BTW - I am not "self seeking", I found me a long time ago.

 

However, post insults and get a handfull of kudoes. Sorta defines the hate-filler left.

 

 

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Re: What would happen with 1965-80 tax brackets?

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Message 27 of 40

@Olderscout66 wrote:

Here’s what 2016 (most recent data I could locate with necessary level of detail) would’ve looked like if we had repealed the Reagan taxscam and returned to the 1980 tax rates, adjusted for inflation, and everyone filed as “married, filing jointly”.

 


To see how you might fare, the AIG include the Standard Deduction of $12,400 and personal/dependent deductions of $4,050. This would give the average (2.4 person) household deductions of at least $22,120.00 This makes the AGI for the average worker making $58,000 no more than $35,880 and total taxes owed $4,390 for an effective tax rate of 7.57% of income. How’s that compare with what you actually paid in 2016?

 

Under the Reaganscam, the amount collected was only $1,444,098,882,000, the 1980 rates would’ve brought in an additional $2,178,468,564,000, erasing the deficit and leaving $1.8Trillion for Revenue Sharing and improving our infrastructure – that’s about TWICE the amount collected for State and local Income taxes, so the funds available for your local services will DOUBLE while the taxes you now pay go away.

 

 

 

Tax Rate   at least   less than     TOT AGI $K     Effec Rate      REVENUE $K

0.00%           $1          $ 10,000        113,014,218           0.00%                - 0 -

14.00%   $ 10,000     $ 15,500        206,870,139           4.97%         10,276,775

16.00%   $ 15.500      $ 21,500        225.970,139         8.05%           18,159,087

18.00%   $ 21,500     $ 33,500         563,322,746       11.61%          65,421,701

21.00%   $ 33,500     $ 44,500         558,642,262       13.93%          77,833,304

24.00%   $ 44,500     $ 56,500         598,252,632       16.07%          96,143,963

28.00%   $ 56,500     $ 68,500         588,796,617       18,18%        106.928.904

32.00%   $ 68,500     $ 83,500         699,681,553        20.65%        144,461,197

37.00%   $ 83,500     $100,000        739,103,041        23.35%       172,543,605

43.00%  $100,000     $128,000        694,450,794       27.64%        191,977,667

49.00%  $128,000    $167,000        967,270,748        32.63%        315,637,242

54.00%  $167,000    $239,000     1,163,326,551       39.07%        454,500,488

59.00%  $239,000    $305,000        339,719.423       43.38%        147,376,969

64.00%  $305,000    $452,000        759,221,438       50.10%        380,390,913

68.00%  $452,000    $600,000       433,081,496        54.50%        236,040,242

70.00$   $600,000   and up         1,845,434,813        65.29%     1,204,884,389

 

                                             TOTAL REVENUE COLLECTED $3,622,567,446K


Wrong again. After the tax cuts took effect, collections by the Treasury increased but spending increased even more.

 

Again, the problem isn't tax collections, it's spending.

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Re: What would happen with 1965-80 tax brackets?

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Message 28 of 40

@rker321 wrote:

Olderscout,  your post is great information. now would you please speak about the 2018 taxes?

I  just learned that the medical deductions has grown to 26,0000 a year. so in effect most Americans will not be able to deduct their medical and drug expenses,  so, now who else is going to get hurt?


This has been going on since Reagan who doubled the percent of income spent on medical BEFORE you could claim a deduction. The GOPerLords have no medical "expenses" - its all paid for by their "jobs" or other long term arrangements, like free family care and a private suite in exchange for building the hospital or adding a wing.

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Re: What would happen with 1965-80 tax brackets?

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Message 29 of 40

Olderscout,  your post is great information. now would you please speak about the 2018 taxes?

I  just learned that the medical deductions has grown to 26,0000 a year. so in effect most Americans will not be able to deduct their medical and drug expenses,  so, now who else is going to get hurt?

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Re: What would happen with 1965-80 tax brackets?

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Message 30 of 40

@easyed598 wrote:

Olderscout failed to mention that reagan tax cuts brought in more revenue than before his tax cuts by providing more spendible income to individuals and allowing corporations to expand  and also creating millions of more jobs for people who paid taxes. However ,the greedy Congress, manage to spend every extra dollar on their pet projects.


ed failed to check the data so he didn't mention the INCREASE came from Reagan's boost for Social Security tax rate and cap and the 47% increase in the effective rate  (amount you acutally pay) for the MIDDLE CLASS. Reagan didn't cut Federal Income taxes, he just changed WHO PAYS THEM. Adjusting the numbers for inflation (which was as high as it was under Carter) and population growth the revenue SHRANK during Reagan's term.  It wasn't until 1999 that we collected the same amount in real dollars, which is why the Debt TRIPLED under Reagan and the bottom 99% wound up paying out of pocket for a lot of things that Government had provided.

 

Revenue Sharing disappeared and had to be replaced with State Taxes OR reductions in services and Government support which is why college is no longer affordable and k-12 teachers have to use their own money to buy school supplies for their students. Today parents shell out hundreds of dollars for school supplies and activities that had been paid for by Revenue Sharing in the PUBLIC schools.

 

Then you may want to read all about the Reagan Recessions at the beginning and end of his term. And about that Debt:

 

Related image

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