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View Diary: Do YOU understand how tax brackets work??? (124 comments)

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  •  Bracket ignorance is the least of the problem (8+ / 0-)

    I recall a complaint from a winger Congressflunky who owned a few franchises that grossed several million in sales.

    This idiot said that a 2% tax rate increase would cost him 2% of that several million. He would instantly have to file for bankruptcy.

    He said this on the floor of Congress and nobody ever corrected him. Not even the WSJ or any business journal.

    These fools don't even understand about deductable business expenses, depreciation, tax credits, etc. Not even the basics. I can't imagine that could understand the concept of investment vs. cost vs. expense.

    I've asked a few simple questions of some of my wealthier friends and it became apparent that most of them have no clue about their effective tax rate or even their gross income. Most of them said that they just signed the tax forms prepared by their tax guy, usually an employee. They literally hve no idea about their personal finances!

    Willard has no clue, either. He just wanted to have his accountant come up with an answer that didn't look as bad as the actual 9% (or less) that he theoretically paid. That's before filing an adjusted return to undo the fakery.

    Odds are high that Willard actually can't read a balance sheet like he says. I'd love to ask him about a couple of fundamental ratios. Anyone who is competent in the financial industry and understands the basics of financial analysis has always been able to come up with the important measurements instantly. I bet Willard couldn't balance a checkbook.

    Then there's the moran who had to shut down his topless car wash because his state passed a law that banned this. Nobody can get him to understand that Obama didn't do this to him. His Republican state legislature, the ones he voted for, did this. He insists that this is a lie.

    Because freedom.
    Because Merika.
    Because gunns.
    Because blah!

    "Never wrestle with a pig: you get dirty and the pig enjoys it"

    by GrumpyOldGeek on Mon Nov 19, 2012 at 05:42:40 PM PST

    •  Wow. What a chilling collection of teabagger (2+ / 0-)
      Recommended by:
      Brainwrap, GrumpyOldGeek


      That topless car wash moran sounds like the sort of idiot we have right here in North Carolina. Our Republican legislature would be the first to shut down topless car washes if we had 'em, and members of our state's teabagger faction would be the first to say "Obama did it!"

      It must be true that you can't fix stupid, because this level of stupid has an eerie persistence.

      "Bernie Madoff's mistake was stealing from the rich. If he'd stolen from the poor he'd have a cabinet position." -OPOL

      by blue in NC on Tue Nov 20, 2012 at 04:34:52 AM PST

      [ Parent ]

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