Clinton campaign demonstrates repeated incompetence - Page 11

TheMercenary · 02-28-2008, 10:45 AM

Quote:

Originally Posted by Shawnee123

Nah, I specifically heard McCain say "no new taxes." I tried not to read his lips.

Although I never liked Huckabee I was really excited about bring the Fair Tax to the table. That would have been really great.

DanaC · 02-28-2008, 11:28 AM

Yeah, but bear in mind those taxes include health insurance. You pay your taxes and have health insurance on top.

TheMercenary · 02-28-2008, 11:29 AM

Quote:

Originally Posted by DanaC

Yeah, but bear in mind those taxes include health insurance. You pay your taxes and have health insurance on top.

I am ok with that because my overall tax basis would decrease significantly from what it is now.

Aliantha · 02-28-2008, 05:21 PM

Income Tax Rates 2007-08 - excluding Family Tax Benefit[3] Taxable income Tax on this income Effective Tax Rate

$0 – $6,000 Nil 0% $6,001 – $30,000 15c for each $1 over $6,000 0% – 12%

$30,001 – $75,000 $3,600 plus 30c for each $1 over $30,000 12% – 22.8%

$75,001 – $150,000 $17,100 plus 40c for each $1 over $75,000 22.8% – 31.4%

Over $150,000 $47,100 plus 45c for each $1 over $150,000 31.4% – 45%

The Medicare levy applies to certain thresholds[4]

So if you earn over $150,000, you don't pay 45% on the whole lot, just the amount over $75,000. If you look at the scale, you'll see that you pay certain amounts of tax on certain earnings. So the first $6k is tax free, then the next $24k is up to 12% then the next $44k is up to 22.8% etc.

Happy Monkey · 02-28-2008, 06:07 PM

Yeah, that's how it works here, too, with different numbers.

02-28-2008, 05:21 PM	#4
Aliantha trying hard to be a better person Join Date: Jan 2006 Location: Brisbane, Australia Posts: 16,493	Income Tax Rates 2007-08 - excluding Family Tax Benefit[3] Taxable income Tax on this income Effective Tax Rate $0 – $6,000 Nil 0% $6,001 – $30,000 15c for each $1 over $6,000 0% – 12% $30,001 – $75,000 $3,600 plus 30c for each $1 over $30,000 12% – 22.8% $75,001 – $150,000 $17,100 plus 40c for each $1 over $75,000 22.8% – 31.4% Over $150,000 $47,100 plus 45c for each $1 over $150,000 31.4% – 45% The Medicare levy applies to certain thresholds[4] So if you earn over $150,000, you don't pay 45% on the whole lot, just the amount over $75,000. If you look at the scale, you'll see that you pay certain amounts of tax on certain earnings. So the first $6k is tax free, then the next $24k is up to 12% then the next $44k is up to 22.8% etc. __________________ Kind words are the music of the world. F. W. Faber

02-28-2008, 06:07 PM	#5
Happy Monkey I think this line's mostly filler. Join Date: Jan 2003 Location: DC Posts: 13,575	Yeah, that's how it works here, too, with different numbers. __________________ _________________ \|...............\| We live in the nick of times. \| Len 17, Wid 3 \| \|_______________\| [pics]

02-28-2008, 11:28 AM	#2
DanaC We have to go back, Kate! Join Date: Apr 2004 Location: Yorkshire Posts: 25,964	Yeah, but bear in mind those taxes include health insurance. You pay your taxes and have health insurance on top.

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