Click me
Transcribed

Are Taxes the Ticket? Take 2

| 1040 2011 4 the METHOD can taxing the wealthy fix our debt? For years the U.S. has had an unfortunate habit of spending far more than we can afford, sending us trillions into debt. Some have suggested we should tax our way out of it. Before Tax Day 2012, we go beyond the question of whether we should, and ask a more important question: can we? taxing the wealthy at a minimum rate ..just a drop in the bucket according to experts. "THE which would only lower the debt by .2% BUFFETT RULE" of 30% (over 10 yrs.) 1 (over 10 yrs.) SOURCE: Reuters, Joint Committee on Taxation ARE TAXES THE TICKET? 5 the EXEMPTIONS some bizarre (failed) attempts at deductions WRITE-OFF DESCRIPTION 2 the BRACKETS *; amount taxes would have to increase to keep up with spending "consulting fee" A business owner paid arsonist $10,000 to torch his furniture store marijuana A drug dealer worked with his CPA to list his crop as a deductable expense. family wedding One parent tried to deduct a daughter's wedding expenses as business entertainment. rate to 88% SOURCE: Turba tax: 8 of the craziest tax deductions ever claimed 88% keep up 63% 6 the BREAKDOWN where your money is spent 25% current :* 35% 35% E FE DERALRESERV ENOTE rate 25% 10% TIHE UNII ED STATES O FAMERICA CORPORATE** HIGHEST MIDDLE LOWEST THIS NOTE IS LEGAL TENDI R DR ALL DEBTS. PUBLIC AND PI IVATE K03040506 H WASHINGTON, DA SOURCES : Congressional Budget Office, Bloomberg News H. 11 * 2008 numbers " This is the ghest statutory porate tax rate in the world (K 3 the SOURCES i where the revenue comes from 20 ¢ Soc, SEC 15 ¢ INCOME SEC. 13 ¢ 9 ¢ 19 ¢ 18 ¢ social insurance & MEDICARE MEDICAID DEFENSE NON-DEFENSE retirement receipts ONEDOLL OVERALL, TAX RATES WOULD 36% HAVE TO MORE THAN DOUBLE excise tax other yes, double! 47% individual income taxes corporate income tax mandatory spending discretionary spending 8% SOURCE: Office Management & Budget SOURCE: Office of Management & Budget Tables 8.5 & 8.7; Numbers calculated by dividing expenditure by total outlays. PUBLIC NOTICE L.----------

Are Taxes the Ticket? Take 2

shared by PublicNotice on Jun 06
515 views
3 shares
0 comments
In our second installment of "Are taxes the ticket?" we bring you an updated breakdown of the tax brackets, a look at the "Buffett Rule," and more! Check it out.

Publisher

Public Notice

Category

Economy
Did you work on this visual? Claim credit!

Get a Quote

Embed Code

For hosted site:

Click the code to copy

For wordpress.com:

Click the code to copy
Customize size