Joint Tax Committee: Top 1% makes 19% of income and pays....
- Thread starter 86Hawkeye
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Methinks the Committee's words are very carefully parsed.
I would still bet those in the "1%" pay less % of a tax on their income than I do. I pay 10-11% of my "gross" to the Fed...about 3% of my gross to the State and right at 3% to the County, city and schools. Screw the "adjusted" income...that is pure BS meant to confuse. I am talking taxes as a percentage of what I am paid.
I would still bet those in the "1%" pay less % of a tax on their income than I do. I pay 10-11% of my "gross" to the Fed...about 3% of my gross to the State and right at 3% to the County, city and schools. Screw the "adjusted" income...that is pure BS meant to confuse. I am talking taxes as a percentage of what I am paid.
Do you think you ought to be able to pay for everything as a percentage of your income? Big Macs should be 50c for you but 10 dollars for someone who makes more money? You pay a couple of grand and you think it's not fair that some rich guy only paid a few million? Do you realize how pathetic your post is?
I don't have enough of a background to interpret these kinds of studies, but I did look at the chart that the author of this article included in the link, but I also looked at what he did not include, which was the footnotes at the bottom. It looks as though they included a number of items that would serve to inflate the noncash income numbers for the lower and middle tax brackets, specifically, healthcare benefits, in order to improve their income numbers. Again, I could be off in this.
(1) The income concept used to place tax returns into income categories is adjusted gross income (AGI) plus: [1] tax-exempt interest,
[2] employer contributions for health plans and life insurance, [3] employer share of FICA tax, [4] worker's compensation,
[5] nontaxable Social Security benefits, [6] insurance value of Medicare benefits, [7] alternative minimum tax preference items,
[8] individual share of business taxes, and [9] excluded income of U.S. citizens living abroad. Categories are measured at 2015 levels.
(2) Includes nonfilers, excludes dependent filers and returns with negative income.
(3) Federal taxes are equal to individual income tax (including the outlay portion of the EIC), social insurance tax (attributed to employees),
business taxes (attributed to capital owners and labor) and excise taxes (attributed to consumers).
Individuals who are dependents of other taxpayers and taxpayers with negative income are excluded from the analysis.
Does not include indirect effects.
(1) The income concept used to place tax returns into income categories is adjusted gross income (AGI) plus: [1] tax-exempt interest,
[2] employer contributions for health plans and life insurance, [3] employer share of FICA tax, [4] worker's compensation,
[5] nontaxable Social Security benefits, [6] insurance value of Medicare benefits, [7] alternative minimum tax preference items,
[8] individual share of business taxes, and [9] excluded income of U.S. citizens living abroad. Categories are measured at 2015 levels.
(2) Includes nonfilers, excludes dependent filers and returns with negative income.
(3) Federal taxes are equal to individual income tax (including the outlay portion of the EIC), social insurance tax (attributed to employees),
business taxes (attributed to capital owners and labor) and excise taxes (attributed to consumers).
Individuals who are dependents of other taxpayers and taxpayers with negative income are excluded from the analysis.
Does not include indirect effects.
Kiting...it is percentages that tend to level the playing field. If McDonald's wants to charge based on income, so be it. It's their choice, as a business. I know several wealthy cats who do this already. They will never eat a McDonald's quarter pounder for $5.....Instead they will eat the burger and fries at the local country club for $15. That's America my friend....the land of opportunity and choice in the marketplace........It needs to become a land 'f "fair" as far as taxes go, too. I have thought this thing through...moreso than you.
And the CBO says the Top 1%'s average federal tax rate, total amount paid as % of total federal tax collected, and as percentage of GDP, have all steadily declined since 1994. There is no dispute that, right now, the Top 1% have it as good as they have had it in a generation when it comes to minimizing their payments to the U.S. Treasury.
This is, in part, a significant cause of the deficit (not saying we also don't need to work on the other side of the problem).
This is, in part, a significant cause of the deficit (not saying we also don't need to work on the other side of the problem).
Looks like they were erring on the side of including things in income for everyone, thus making the tax as a % of income look smaller. For example, they include tax exempt interest in income (presumably a bigger item for "rich" folks).
Did I read it correctly?
Before I retired, I was probably in this 1% group for a number of years. If I just looked at what my combination of W2s and 1099s added up to every year, in other words, the "gross" amount as you describe it, I paid between 30-32% of this amount to federal income tax every single year.
I doubt that I was unique, so I don't believe your theory is correct.
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Joel,
First off if you think 1% of the population paying half of all taxes is fair I'm not sure what to think of your morals. Second if they make 19% of the income and pay 49% of the taxes then mathematically they have to be paying a higher percentage so I can assure you that you haven't thought this through very well.
First off if you think 1% of the population paying half of all taxes is fair I'm not sure what to think of your morals. Second if they make 19% of the income and pay 49% of the taxes then mathematically they have to be paying a higher percentage so I can assure you that you haven't thought this through very well.
Not only is there dispute, but you are flat wrong. Taxes for the top 1% have gone up significantly in the past 6 years. Top marginal rate has gone from 35% to 43%...liberals always forget about the 3.8% medicare/obamacare tax. Capital gain rates are higher. Deductions are phased out at lower incomes. 3.8% added to capital gains.
You are consistently wrong on this, but simply keep repeating a knowingly untrue narrative.
And here is the CBO estimate of the impact of expiration of 2001 and 2003 tax cuts on high earning individuals for 2011 through 2013.
2014 is not available yet.
How did expiration impact Top 1%?
2014 is not available yet.
How did expiration impact Top 1%?
Are we in agreement that if we went this path, 99% of people would pay more to give a tax break to the top 1%?
Thanks for the link.
Looking at Figure 3 (on page 4 of the report and page 8 as you scroll), it seems that the general reduction trend in federal tax rates between 1979 and 2010 for the top 1% was no more dramatic than that for the other income groups noted. In fact, it seems less dramatic than most of the other groups.
Well of course, we post on HROT after all. About time the rabble pay their share. I'm just constantly amazed at the number of the rabble who think they will pay less under this system.
The top 1% is fluid. I sold a home and cashed out some investments in 2010 and cracked into the 1% for a year. I hope to do it again many more times.
I paid a ton in taxes that year of money that I busted my ass to earn and grow. So, I don't like to be told that I didn't do my part.
If the 1% is paying 49% of the country's tax revenue and it is not enough, then there is no better example that we clearly have a spending issue in this country.
Holy hell where do I sign up? I absolutely will pay less. What flat % are we talking about? I want to make sure we're all speaking the same language
This is about all one needs to keep in mind. In fact, when these words are placed in that order, it is a foregone conclusion that the last 7 words are redundant.
Edited because I am also a dumbass (sometimes)
This post was edited on 3/3 4:10 PM by Pepperman
show me 22 where I said that?
I believe in a PROGRESSIVE tax rate...the more you earn, the higher % of income you pay. A "flat tax" is the most regressive tax rate you can have.
All I'm saying is that I know what % of income I pay for taxes. Those who make more...and I am sure there are millions who do, should pay a higher percentage than I....I also look as the "capital gains rate" as the most regressive feature of the current tax code. Income is income. None of it should be tax sheltered. I also believe that folks could be taxed on their "medical insurance" policy, if it (or a majority of it) is paid for by their employer. Plus...I think the ceiling from Social Security contributions should be repealed FULLY.
If the budget is $3.8 trillion, then everyone owes about $12,000 in federal taxes. That's per man, woman and child. So a family of 4 would owe $48,000.
What should happen to those who make under $12K per family member?
And don't forget the state taxes and such.
Lol...but "Warren Buffet's" secretary pays more I tads than he does is as true as can be, right?
Warren Buffet's claim was that his secretary paid an effective rate higher than his, which was quite likely true. However because the marginal rates as well as capital gains rates have increased, this may longer be true.
Slam friggin' dunk.
It's never enough, folks.
Was it John Dillinger who answered the question of why he robbed banks with "that's where they keep the money"?
This is all the dems are asking for. To be able to ROB them.
How is he confused? I think that is fairly accurate. The FY 2014 budget included 3.5 trillion dollars in all spending. There are 319 million in population. That gives us a total of about 11k per person, man/woman and child. If you account for all government spending of 6 trillion dollars, federal, state and local, that would come out to almost 19k per person. How many on this board pay total taxes of 19k per person per year. I know I do not.
We pay more than that.
I won't bitch too much about though, I am sitting poolside in Jamaica sipping a rum drink. The wifi is a bit spotty down here at times. 1 percenter problems amiright?
I won't bitch too much about though, I am sitting poolside in Jamaica sipping a rum drink. The wifi is a bit spotty down here at times. 1 percenter problems amiright?
