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True or False? Over 50% Do Not Pay Income Taxes

Click here to view this media [h/t Heather ] True. Earlier this week I had a little tussle with Pastor Rick Warren because he made a statement (later acknowledged to be mean-sounding) about how the 50% who paid no taxes were perfectly ok with having the 50% who did pay more. I jumped on his claim because it’s one Fox News likes to make all the time too, and it’s without justification. However, a new study does prove that less than 50% of taxpayers pay federal income tax, and shows why. I’ll bet the answer won’t surprise anyone here. Donald Marron: Low incomes (or, if you prefer, the standard deduction and personal exemptions) account for fully half of the people who pay no federal income tax. The second reason is that for many senior citizens, Social Security benefits are exempt from federal income taxes. That accounts for about 22% of the people who pay no federal income tax. Tax Policy Center (PDF): About 46 percent of American households will pay no federal individual income tax in 2011, roughly half of them because of structural features of the income tax that provide basic exemptions for subsistence level income and for dependents. The other half are nontaxable because tax expenditures— special provisions of the tax code that benefit selected taxpayers or activities—wipe out tax liabilities and, in the case of refundable credits, result in net payments from the government. Most important of those tax expenditures are provisions that benefit senior citizens and low-income working families with children. While those factors particularly affect lower-income households, different provisions eliminate taxes for other households. Itemized deductions and credits for children and education are more important for middle-income households, while the relatively few high-income nontaxable households benefit most from above-the-line and itemized deductions and reduced tax rates on capital gains and dividends. The next time you hear someone sneer about all the deadbeats in this country who don’t pay income taxes, you might want to suggest that if they earned more, they’d pay more. Oh, and with regard to Rick Warren….We’re going to be having a more extensive discussion about the whole thing in a couple of weeks. Stay tuned.

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Second-hand Gold Business Booming

Shops dealing in second-hand gold are doing a roaring trade in some struggling European countries. (July 29)

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Haynesworth

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Haynesworth

Patriots trade for Albert Haynesworth, Chad Ochocinco (VIDEO) Chad Ochocinco Reportedly Traded To Patriots (NEWS) 2 Big Guys Delt to Pats PatsLatest says: Patriots take chance on Haynesworth (Wicked Local Fall River) http://bit.ly/qXJate

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Jeret ‘Speedy’ Peterson Dead: Olympic Skier Commits Suicide, Police Say

SALT LAKE CITY — Olympic silver medalist Jeret “Speedy” Peterson was found dead in a remote canyon in Utah in what police are calling a suicide. One of the world’s most risk-taking and innovative freestyle skiers, the creator of the one-of-a-kind “Hurricane” called 911 before shooting himself, police said. The 29-year-old had been cited for drunken driving Friday in Hailey, Idaho and had pleaded not guilty. Officers found Peterson late Monday night between Salt Lake City and Park City in Lambs Canyon. Police said a suicide note was found near Peterson’s car; they declined to reveal what it said. “Regardless of the amazing stuff he did skiing, it was the stuff he did for other people that was incredible to me,” said Peterson’s longtime coach and friend, Matt Christensen. “A lot of people saw his story and said he must be a wild jackass and a cowboy. He was just the opposite.” He was one of the most colorful of athletes, and he wore his heart on his sleeve – never more than on Feb. 25, 2010, when he walked off the mountain with tears streaming down his face after taking the Olympic silver medal. “I know that a lot of people go through a lot of things in their life, and I just want them to realize they can overcome anything,” Peterson said that night. “There’s light at the end of the tunnel and mine was silver and I love it.” It was a poignant chapter to a career that, until then, had been filled with success on the smaller stages of his fringe sport but defined in the mainstream by his moment at the Turin Olympics where, after finishing seventh, he was sent home early after a minor scuffle with a buddy in the street. Over the next months and years, he began filling in the details of a life story replete with incredible highlights and crushing disappointments. While in Italy, he was still reeling from the suicide of a friend, who shot himself in front of Peterson only months before. Peterson also had problems with alcohol and depression and admitted he had his own thoughts of suicide, all stemming from a childhood in which he was sexually abused and lost his 5-year-old sister to a drunken driver. He picked up his nickname as a young boy because the big helmet he wore reminded his coaches of Speed Racer of cartoon fame. But as his career progressed, he became better known for his signature jump, the “Hurricane”_ five twists packed into three somersaults as he vaulted off the snowy ramp and flew 50 feet in the air. It was high-risk, high-reward, and once Peterson started working on it in 2004, he insisted he’d have it no other way. It was a sight to behold when he landed it, and the judges rewarded him for taking the chance. Helped by the huge difficulty marks for the jump, he still holds the two-jump scoring record of 268.70, set at Deer Valley in January 2007. “I’ve worked with amazing athletes who have taken a lot of calculated risks,” Christensen said. “One thing I admired about Speedy is he never gave up on me. From the time I first started talking to him about five twists, he never gave up on it. He just kept doing it.” On many days, it set him up to finish first – or last – but nowhere in between. He had seven wins on the World Cup circuit, was the 2005 World Cup champion and a three-time American champion. But the stats and the medals were only a fraction of the story. Born with the heart of a gambler, he took that passion to Las Vegas and won $550,000 playing blackjack one night in the pre-Turin days. But within years, he was virtually broke again after giving some of it away and losing even more in the tanking real estate market. Trying to decide whether he wanted to stay in the sport after Turin, he took time off and started working in the construction business – a place, he said, where he could see the effort of a hard day’s work without having to walk into the video room the next day and break it down on the screen. He also got sober and said last year that he had stopped drinking. It was all a precursor to his return to his passion – skiing. He recommitted leading up to Vancouver. And what a payoff. He came in second that night, but hardly felt like a runner-up. “I do it because I want to be the person I know I can be,” he said. “I’ve really changed things around in the last 3 1/2 years. This is my medal for everything I’ve overcome, and I’m ecstatic.” US Ski Team CEO Bill Marolt called Tuesday “a sad day in our sport.” “Jeret `Speedy’ Peterson was a great champion who will be missed and remembered as a positive, innovative force on not only his sport of freestyle aerials, but on the entire U.S. Freestyle Ski Team family and everyone he touched,” Marolt said. This year, Peterson was enrolled at Westminster College in Salt Lake City, working on a degree while he took some time off and decided if he wanted to re-up for 2014. He had signed a deal as a spokesman for the onion industry and was featured in a fun little video on YouTube cooking up a so-called “Hurricane Burger.” “He only has two speeds,” it says at the start of the video. “Stop and go.” Peterson’s message to almost anyone he talked to was to take chances, to never settle for ordinary. And in a sport known for its risk-takers and daredevils, Peterson still stood out. Maybe the most fitting tribute is that seven years after he first started trying to push his sport forward with the “Hurricane,” there are only a small handful of skiers who will try anything that risky. “Over the course of your career, you hope you get an athlete or maybe two athletes like him,” Christensen said, “and he was one of those guys.” ___ Associated Press reporter John Miller in Boise, Idaho contributed to this report.

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Raw Video: Protesters Gather in Tahrir Square

Protesters in Cairo’s Tahrir Square prepared on Friday to take part in a mass demonstration planned for later in the day. (July 29)

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Rosa Parks Details Attempted Rape As Teenager

Newly uncovered writings by Rosa Parks reveal how she was nearly raped as a teenager by a white employer. (July 29)

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Today in History for July 29th

Highlights of this day in history: Britain’s Prince Charles marries Lady Diana Spencer; Italy’s fascist dictator Benito Mussolini born; President Dwight Eisenhower signs an act creating NASA; Artist Vincent Van Gogh dies. (July 29)

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Woods to End 3-month Layoff at Firestone

Tiger Woods finally gets back to golf next week at the Bridgestone Invitational, ending an 11-week break to heal injuries to his left leg. Woods announced his return Thursday on his web site. (July 28)

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Bishop Eddie Long

NEWS: 5th Eddie Long Accuser GOT PAID; In Music Studio BLOWING THROUGH Money! 5th Man Accuses Bishop Eddie Long Of Gay Relationship Bishop Eddie Long’s 5th Accuser is a Transexual natedajuice says: RT @ n0swaGG4free : Bishop Eddie Long trendin….i ain’t touchin that #iknowmylimits

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‘Official-looking’ pic of white Galaxy S II leaks, unicorns right around the corner

Albino Nexus S , meet your better specced, bleached out, dual-core nemesis — the mythical white Samsung Galaxy S II . The leaked snap is certainly timely, coming in only one day after a UK retailer promised the colorless beast would go on sale August 15th. We can’t vouch for that, but we do know US peeps can now sign-up for “more info” on Sammy’s website, so stateside GSII fans should be hearing more from the company soon. Will word come of the LTE-toting , ivory dream phone we’ve been lusting after? Probably not, but getting the baddest black Android on the planet is still pretty darn good . ‘Official-looking’ pic of white Galaxy S II leaks, unicorns right around the corner originally appeared on Engadget on Thu, 28 Jul 2011 22:54:00 EDT. Please see our terms for use of feeds . Permalink

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