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View Diary: Eric Cantor says it's time to tax the poor (162 comments)

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  •  Curious. what IS the current income level (2+ / 0-)
    Recommended by:
    tb mare, OleHippieChick

    below which one owes no Federal income tax?

    I remember back in the day, when I was a starving grad student with a tiny fellowship, and at the end of the year I was stunned to find I owed hundreds in taxes.  I could no more have paid them than I could have flown to the moon.   A good friend had to bail me out.

    "The extinction of the human race will come from its inability to EMOTIONALLY comprehend the exponential function." -- Edward Teller

    by lgmcp on Thu Apr 19, 2012 at 10:58:35 AM PDT

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    •  Let's see for 2011 . . . (1+ / 0-)
      Recommended by:
      lgmcp

      At $9500 per person without children, your entire earnings will be swallowed up by the standard deduction, so you would owe $0 in federal taxes at that point. Of course, at that income and above, you would also qualify for the Earned Income Credit, which maxes out at around $500, so adding that in will get us verrrry roughly to $10K.
      For those with children, you start with $5800 to get to zero tax owed and add $3700/child. (As far as I can tell, there is no maximum limit on children, making for a theoretically infinite high maximum income to which you can still get to zero tax owed.)
      As should be obvious, though, I am not a tax attorney or accountant!

      "Lone catch of the moon, the roots of the sigh of an idea there will be the outcome may be why?"--from a spam diary entitled "The Vast World."

      by bryduck on Thu Apr 19, 2012 at 12:48:59 PM PDT

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      •  Thanks. So all these free-loaders the R's worry (1+ / 0-)
        Recommended by:
        bryduck

        so much about are making $10,000 per year or less.

        That's $833/mo, or less.  That's a minimum-wage job  25 hours per week or less.   The grungiest 1-room apartment in town is at least $400/mo.   A bus pass is $30.   Eat mostly beans, don't get sick, and you might just barely keep it together.  

        THESE are the folks who are getting away with something?  Who aren't carrying their fair share?   THESE are the folks Paul Ryan thinks needs to help out with "tax fairness"?   Wow.

        "The extinction of the human race will come from its inability to EMOTIONALLY comprehend the exponential function." -- Edward Teller

        by lgmcp on Thu Apr 19, 2012 at 01:17:38 PM PDT

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        •  They might make a bit more, (1+ / 0-)
          Recommended by:
          lgmcp

          given they probably have kids, but yeah, it's not much more, if at all. Yes, these are the people responsible for the destruction of America. Not those other guys; you know, the ones with the elephant lapel pins and nearly all the money in the nation . . .

          "Lone catch of the moon, the roots of the sigh of an idea there will be the outcome may be why?"--from a spam diary entitled "The Vast World."

          by bryduck on Thu Apr 19, 2012 at 04:46:11 PM PDT

          [ Parent ]

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