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When liberals take deductions on their income tax returns do they call those "government subsidies"?
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9 Answers
- ?Lv 78 years agoFavorite Answer
My medical practice grossed more than a million last year, and after deductions such as staff wages and operating costs I paid tax on four hundred and sixty thousand. Are you suggesting that only Conservatives are entitled to legitimate business expenses?
I want to see the system reformed, but I am required to operate in it until it is, just as a fish might want to see the pollution stop but must still swim in the water.
The question is whether luxuries like corporate jets and yachts are legitimate business expenses. Republicans say yea, but I say no. We need to reduce the graft that multinationals are able to get away with while protecting valid deductions like wages, benefits and plant maintenance.
- ?Lv 45 years ago
As a working guy, i will attest to the certainty that I pay a extra robust Federal Tax fee than Mitt Romney paid final 12 months, I have not got any deductions - different than the known deduction and my substantial different as a based. the only "government subsidy" I see on my return is a write-off for a capital loss that I suffered in 2009. definite - even center type liberals make investments interior the industry - and understand the "intricacies" of the economic markets. i do no longer take oil depletion allowances - those are Republican subsidies i do no longer take any direct farm subsidies - those are Republican subsidies i do no longer take any S corporation or commercial progression can provide - those are Republican subsidies. I did pay tax on my unemployment repayment some years in the past- it extremely is a very taxable "entitlement"
- Anonymous8 years ago
Let's ask big corporations about government subsidies.
- Anonymous8 years ago
Sure they do. Most Americans do not itemize deductions, however. Most Americans use the standard deduction.
Taxpayers may either claim a standard deduction or itemize deductions separately. In 2010 the standard deduction was $5,700 for single filers and $11,400 for married filers. More taxpayers claim the standard deduction than itemize: Tax Policy Center estimates that about 70 percent of taxpayers will claim the standard deduction on their 2010 tax returns.
Taxpayers in higher tax brackets are more likely to itemize than those in lower brackets (see table). Just 3.9 percent of taxpayers in the 0 percent bracket and 16.2 percent of taxpayers in the 10 percent bracket itemize. In sharp contrast, 70.9 percent of taxpayers in the 33 percent bracket and 89.4 percent of taxpayers in the 35 percent bracket itemize. Almost all taxpayers on the alternative minimum tax itemize.
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- Anonymous8 years ago
They dont know what they think until they are told. Your question confuses them
- markLv 78 years ago
When Conservative governors that signed onto Obamacare over the past few months, Are they considered sellouts?
- 8 years ago
What do you know about income tax returns? Can you claim foodstamps now or somthing?