OFF THE CLIFF!

[Gaspar]

I am going to Washington DC this summer to show my kids where my money went.

Don't drink the water!

[Red Arrow]

I am going to Washington DC this summer to show my kids where my money went.

You can show the kids where the money went but the money moved on.  The money isn't there anymore.   

[TulsaRufnex]

I was just wondering if you understand the difference between "who don't pay "federal taxes"" and "who pay no income tax".

Yes.  I do.  Romney was whining about 47% who technically did not pay federal income tax last year... to say they have no "skin in the game" is disingenuous and condescending.
I was wondering if you understand the difference between "who pay no income tax" and "who pay no federal income tax."

Fact Check: Mitt Romney's '47 Percent' Claims Wildly Inaccurate
http://www.huffingtonpost.com/2012/09/18/fact-check-mitt-romney-47-percent_n_1893537.html

Romney's 47 percent figure lumped together separate groups that have little relation to one another. Most Americans do pay taxes: The poorest fifth of Americans paid an effective tax rate of 17 percent last year, and the second-poorest fifth paid an effective tax rate of 21 percent, when factoring in payroll taxes, sales taxes and property taxes, among others, according to Citizens for Tax Justice.

It is true that 46 percent of American households did not pay federal income taxes last year, according to the Tax Policy Center. But that number is unusually high, in part because of the recession -- and a majority of that 46 percent still paid payroll taxes. Only 18 percent of American households paid no income taxes and no payroll taxes last year. It is largely low-income seniors and very poor people that legally don't pay federal income taxes or payroll taxes, according to the Center on Budget and Policy Priorities and the Tax Policy Center.

It was also inaccurate for Romney to claim that those who don't pay federal income taxes would vote for President Obama "no matter what." Nearly all states with a high percentage of Americans that don't pay federal income taxes vote Republican in presidential elections, according to the Washington Post.

Moreover, Republican policy -- on the part of Ronald Reagan and George W. Bush -- has pushed to move poorer people off of the federal income tax rolls, as noted by the Washington Post's Ezra Klein and Newsweek's Matt Zeitlin.

As for entitlements, contrary to Romney's portrayal, more than 90 percent of entitlement benefits go to the elderly, seriously disabled or members of working households, according to the Center on Budget and Policy Priorities.

[Red Arrow]

Yes.  I do.  Romney was whining about 47% who technically did not pay federal income tax last year...

Is not the same as:

The only way conservatives can come up with the "47%" figure for those who don't pay "federal taxes" is to leave out the working poor who have always had payroll taxes withheld from every paycheck

[heironymouspasparagus]

Just calculated my payroll change. The elimination of the payroll benefit means $227 less a month to my paycheck.  That's a car payment, or electric bill, or grocery bill, or gas for the cars.

Curious how this affects female law students?

Or, considering that the median annual wage fell in 2010 (couldn't find 2011) to a little over $26,000 - and based on an increase of the payroll tax by 2%, that would put you at about 5.4 times that median wage.  That would put you where...somewhere in the top 3% or so of income in the US...??  Not too shabby.  When one looks at the cup, and tries to decide whether it is half full or half empty - that would have to be completely full - by any measure.  Well,... except when comparing to guido...


I guess all these 1 or 2 or 3%ers could move to Australia or Canada, like there was talk of a couple months ago....that would make them feel all better!  LOL!!







 

[Gaspar]

Yes.  I do.  Romney was whining about 47% who technically did not pay federal income tax last year... to say they have no "skin in the game" is disingenuous and condescending.
I was wondering if you understand the difference between "who pay no income tax" and "who pay no federal income tax."

Fact Check: Mitt Romney's '47 Percent' Claims Wildly Inaccurate
http://www.huffingtonpost.com/2012/09/18/fact-check-mitt-romney-47-percent_n_1893537.html

You might want to use their updated map and note their disclaimer. "we're looking only at the percentages of households filing a return and don't account for the "non-filers."


There is some good data on that site!

[Teatownclown]

A Tax Protester Left This Infuriating Note Instead Of Giving The Server A Tip


http://www.businessinsider.com/tax-protest-tip-note-2013-1

warning! Tarantino's content!

[Gaspar]

It's been about a month now.  We should start seeing the retail sales reports rolling in, and realize the effects of the payroll tax increase.

Should hit the jobs numbers in March.

[heironymouspasparagus]

It's been about a month now.  We should start seeing the retail sales reports rolling in, and realize the effects of the payroll tax increase.

Should hit the jobs numbers in March.

Well, just in case they aren't falling off the cliff like you hope, here is the suicide hotline to help you with your grief and disappointment - they can help you through it!!

1-800-SUICIDE
1-800-784-2433

[Townsend]

Wal-Mart Stocks Crash

http://www.thedailybeast.com/cheats/2013/02/15/wal-mart-stocks-crash.html

"Where are all the customers? And where is all their money?" That was the plaintive tone struck by a Wal-Mart executive concerned about the giant retailer's early February results, which he called "a total disaster" in a memo leaked by Bloomberg News. Investor panic caused the stock of America's largest retailer to drop 3.8 percent at its low-point Friday, and led other retailers' stocks to fall in sympathy. The obvious answer: the people at the lower rungs of the income ladder who constitute Wal-Mart's customer base have been hit disproportionately by the increase in the payroll tax that took effect on January 1.

[dbacks fan]

I don't think I would call it a panic as the beast does, and Wally World is not the only discount retailer that lost ground today.

http://www.youtube.com/watch?v=i0GW0Vnr9Yc

Wal-Mart: is it really "the worst start to a month I have seen in my seven years with the company," as Jerry Murray, Wal-Mart's VP of Finance and Logistics is reported to have said in an email?

Whether the Wal-Mart emails were accurate or not, it does reflect a concern: that retail sales have been tougher thanks in part to the two percent payroll tax increase.

Reported January Retail sales were tepid at best.

There are other issues facing Wal-Mart:

1.Higher energy prices
2.Tougher comps: sales were pulled forward last year due to warm weather
3.Tax refund checks are late this year; that could be a major factor for customers



There were a couple of other issues affecting retail stocks this morning:

First, traders tell me that Cleveland Research was out with a comment this morning saying Wal-Mart same-store sales were negative for February so far; this is why Wal-Mart gapped down at the open while the overall market was up;

http://www.cnbc.com/id/100464833