TYT: Sean Hannity Makes It Rain On Lincoln Chafee

[WhoIsNumberNone]

At last night’s debate, Lincoln Chafee had a very forced, awkward performance. Sean Hannity aimed to outdo him during this interview. Cenk Uygur and John Iadarola (Think Tank), hosts of the The Young Turks, break it down. Tell us what you think in the comment section below.

"During an awkward interview with former Rhode Island governor and senator Lincoln Chafee about the Democratic presidential candidate's tax proposal, Fox News host Sean Hannity grew so frustrated with Chafee's plan that he threw a wad of cash in the air.

After the CNN debate, Hannity asked Chaffee what he considers fair when it comes to taxing the "rich." When Chafee asked for Hannity's definition of "rich," the Fox host said to include the top five percent of wage earners.

After estimating that Hannity's category may include people earning $200,000 or more, Chafee said they should have to give about 60 percent of their income.”*

Read more here: http://talkingpointsmemo.com/livewire/sean-hannity-lincoln-chafee-taxes-cash

[randys1]

1. Hannit said "why should I work?" god I wanna slap the prick

a. you dont work

b. you dont deserve to make anymore than any uneducated asshole, maybe $20 an hour washing cars

c. you see in my world, I think even total ass punk clowns like you deserve to make enough to live on

god i hate that prick

all that cheerleading for the Iraq War that he REFUSED to fight in

[Plucketeer]

3. LOL !!!!

If there were a tax threshold that would shut hate-ity up, there'd be a SUNAMI of push and support to institute that threshold!

[maddiemom]

2. Sixty percent tax on incomes over $750,000?

That tax rate only kicks in on amount OVER $750.000, right? The FIRST $750,000 is taxed at a LOWER rate, isn't it? That's what I always thought, but am starting to get confused. Republicans are beginning to convince me that all income is taxed at that rate, leaving only forty percent of all income to live on. I know this isn't clear to a lot of people, and is rarely explained.

[Spitfire of ATJ]

4. Not in Right Wing World....

They believe once you go over a certain amount from your "hard work" you go into a higher tax bracket and your take home goes DOWN.

It wasn't always this way.

People used to know how it worked back when there were multiple brackets. I remember in the 70s being thrilled to get into bracket #4 out of the 25 brackets.

[Tafiti]

5. Yes, you have it right.

Everyone's income is taxed at the same rate within every bracket. The brackets go (for individuals):

0 - 9,225 = 10%
9,226 - 37,450 = 15%
37,451 - 90,750 = 25%
90,751 - 189,300 = 28%
189,301 - 411,500 = 33%
411,501 - 413,200 = 35%
413,201 + = 39.6%

So if you make, say, 75,000 a year, you'll be taxed the full 10% at the first bracket (922.50), the full 15% at the second bracket (4,233.60), then 25% on the amount of income over 37,450 (75,000-37,450 = 37,550 x .25 = 9,387.25). Add the taxes from each bracket together and that's a total of 14,543.75, which all in all represents a 19.4% "effective" tax rate.

Everyone who makes over $413,201 is paying the same exact tax on the first $413,200 of income, and the same marginal tax rate of 39.6% on all income above that number.

So here, I guess Chafee's plan is to make that last tax bracket 413,201 - 750,000, then create another where 750,001 + = 45%.

[maddiemom]

7. Thanks for the details!

That is how I always understood it worked, having ( like most of us), never reached the highest bracket. Over the years, I realized more and more people I talked to thought that those in the highest brackets paid that amount on All their income. Proof that a if a lie (or misconception) is repeated often enough... Due the implication the right wingers push, I was beginning to doubt my own understanding.

[Enrique]

6. sarcastically throwing money at people

remember the Terrible Teabagger?