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Joint Tax Committee: Top 1% makes 19% of income and pays....

Originally posted by *33*:

Originally posted by What Would Jesus Do?:
Originally posted by timinatoria:
Originally posted by naturalmwa:


Originally posted by 22*43*51:

Originally posted by naturalmwa:



Originally posted by 22*43*51:

I agree with Joel.

We need a flat tax.
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%?
Works for me.
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.
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
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.
I think you are confused as usual
Fail.

Like many, you aren't even slightly concerned with paying the bills. Only with who pays what.

What could be more flat or more fair than everyone paying his or her per capita share of the bill?

If you think it makes sense to deviate from that, then you had better have some pretty convincing reason why your preferred deviation makes more sense than someone else's preferred deviation.
 
You'd certainly see a helluva lot less people born in this country, that much is certain. Probably the best form of birth control ever devised.
 
Originally posted by bagdropper:

You'd certainly see a helluva lot less people born in this country, that much is certain. Probably the best form of birth control ever devised.
Probably solves immigration as well. "You want to live here? No problem, the fee is $20k per year."
 
Originally posted by KitingHigh:
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.
"Henry, last fall, every time your boss got on the stump and said, "It's time for the rich to pay their fair share," I hid under a couch and changed my name. I left Gage Whitney making $400,000 a year, which means I paid 27 times the national average in income tax. I paid my fair share, and the fair share of 26 other people. And I'm happy to, 'cause that's the only way it's gonna work. And it's in my best interest that everybody be able to go to schools and drive on roads. But I don't get 27 votes on Election Day. The fire department doesn't come to my house 27 times faster and the water doesn't come out of my faucet 27 times hotter. The top one percent of wage earners in this country pay for 22 percent of this country. Let's not call them names while they're doing it, is all I'm saying."
 
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Originally posted by coffhawk:
Joel knows this because he relates to a fellow robber. Like most liberals, he is too lazy and cowardly to do it himself, and prefers to have the government do it from him. Must make a fellow proud.
coff....joel knows about Willie Sutton the old fashioned way...." LEARNED IT. I never worked for a bank. I never studied or practiced the law....therefore I know next to nothing about theft and larceny.
Please advise what I am to lazy to do myself? You might be correct though, as I am retired. Government has not done a lot "for me"....but starting in about 50 days, they will be sending me a check monthly for about $1600.
So coff....keep up your fine work as a ........are you one of those thieves I mentioned in the last sentence? Well anyway, for me, please keep paying those Social Security and MediCare fees. Make this the great country I know it can be coff.......pay up! (For a man of your success and repute, it ain't much more than "walkin' around money" any how.)
 
Originally posted by What W...us Do?:
Originally posted by timinatoria:


Originally posted by naturalmwa:






Originally posted by 22*43*51:




Originally posted by naturalmwa:







Originally posted by 22*43*51:



I agree with Joel.



We need a flat tax.
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%?

Works for me.
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.

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
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.
Vote for people who will spend less than 3.8 trillion per year for starters.
Posted from Rivals Mobile
 
Originally posted by joelbc1:
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.

You sound poor w those effective tax rates...do you need a handout?
 
Originally posted by coffhawk:
Originally posted by St. Louis Hawk:

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).
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.
He went back to 1994 for his stat, not just 6 years ago, so I don't know what you're arguing. Capital gain rates were higher in 1994 than they are now at the 20/23.8% rate.
 
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?

Some real solid logic applied here. The kind of logic expected from a hillbilly nitwit with confederate flag avatar.
 
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......49% of all income taxes.



JTC Report

Just one note. After looking at the report, keep in mind: "the 49%" is only federal income taxes" Other taxes, state , property, gas, sales, etc etc , are all regressive taxes. Also long term capital gains are divided in half for federal income taxes purposes. Many wealthy follow tax schemes (legal) to take their income as capital gains, basically cutting their true income in half.

And your numbers are off here; Top 1% is $500k on up.
Per the link that's 18.7% of income; and paying 29.1% of the tax.

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IF we include the "disclaimer post" IN YOUR LINK that they under-report income by 50% (which is accurate), then they're ACTUALLY making more like 38% of the income and only paying 29% of the tax. Because Cap Gains are taxed WAY BELOW the rates listed for the other high earners.
 
Makes sense when you consider 50%+/- of households pay no federal income tax and given tax rates get higher the more you earn.
 
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Makes sense when you consider 50%+/- of households pay no federal income tax and given tax rates get higher the more you earn.

Except, when they don't, for the uber-rich folks that can live off cap-gains income that is not "income tax rates".
 
Just one note. After looking at the report, keep in mind: "the 49%" is only federal income taxes" Other taxes, state , property, gas, sales, etc etc , are all regressive taxes. Also long term capital gains are divided in half for federal income taxes purposes. Many wealthy follow tax schemes (legal) to take their income as capital gains, basically cutting their true income in half.

And your numbers are off here; Top 1% is $500k on up.
Per the link that's 18.7% of income; and paying 29.1% of the tax.

6a00d8341c4eab53ef01b7c75788bb970b-800wi


IF we include the "disclaimer post" IN YOUR LINK that they under-report income by 50% (which is accurate), then they're ACTUALLY making more like 38% of the income and only paying 29% of the tax. Because Cap Gains are taxed WAY BELOW the rates listed for the other high earners.
Scheme?
Some capital gains are from dollars already reduced from income taxes.
 
Scheme?
Some capital gains are from dollars already reduced from income taxes.
Corporate taxes. Because corporations utilize and benefit from public resources, too.

The TRANSFER of those assets to shareholders is where the cap gains come in. Because we tax TRANSFERS of assets. All the time.
 
Corporate taxes. Because corporations utilize and benefit from public resources, too.

The TRANSFER of those assets to shareholders is where the cap gains come in. Because we tax TRANSFERS of assets. All the time.
Wtf?
It’s a tax on earnings from assets.
 
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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?

You seem to be viewing things backwards. Most taxes are regressive (an age old economic concept) specifically because most taxes are not based on income. So the OVERALL tax burden is regressive - that is, the poor pay a higher percentage of their income on taxes than the middle class, and the middle class pays more than the rich.

Yet some folks ignore all those regressive taxes and whine about the ONE tax that helps equalize the tax burden a little bit.
 
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 be in complete favor of getting rid of all deductions other than the standard deduction. It is the only lever we need. I am ok with Progressive or Flat tax, just keep the standard deduction and give it to everyone.
 
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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.
I thought the item in question was income taxes, not all taxes.

These kinds of articles can be slanted to show whatever you want to show. I don't give them much credence. For example, the top 19% probably pay the lowest percentage of their income in SSI. Do you agree with that?
 
I thought the item in question was income taxes, not all taxes.
Correct.

Folks who live off cap gains and similar pay WAY less, and that cap gains rate should be changed for them.

You get the cap gains rate UP TO the amount you earn in income (make it so you can sum up to 3-5 yrs of income for smaller investors)

Otherwise, you pay 40% on your cap gains. (Highest income bracket)
Small earners/investors benefit from the low cap gains; institutional investors do not.
 
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That's not fair for those in the top 1% of income earners, SHAME on the middle and lower class for not pulling their weight. Bunch of pansy ass freeloaders.
 
You seem to be viewing things backwards. Most taxes are regressive (an age old economic concept) specifically because most taxes are not based on income. So the OVERALL tax burden is regressive - that is, the poor pay a higher percentage of their income on taxes than the middle class, and the middle class pays more than the rich.

Yet some folks ignore all those regressive taxes and whine about the ONE tax that helps equalize the tax burden a little bit.

Yeah it's funny how laser focused the right is on the one progressive tax we have which is the income tax.

Gas taxes - Regressive, Sales Taxes Regressive, Excise Taxes - Regressive . . . All of these taxes they ignore and then scream about how the rich are the only one's paying taxes because the only tax they care about is the only one that actually makes the rich pay more.
 
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Seems to me we don’t need 80,000 more agents to make sure such a small number of people are paying their share.
Lol - it's 80,000 new reps over 10 years with 50,000 expected to retire. Many will be developing new systems and processes that have become antiquated due to lack of funding.

This is another example of the right wingers looking at a propaganda headline to fuel their faux outrage and then finding that they are woefully misinformed.
 
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So those dollars will be subject to tax again if invested and realize capital gains. 401k, sep, etc funds will be taxed once (at withdrawal).
capital gains, interest income and dividends should be federal tax free.

They aren’t subject to tax again. The gains are taxed because those are new untaxed earnings. If you have realized gains of $200 and it is taxed for a net profit of $180 and then you reinvest the $180, that $180 isn’t taxed again. The earnings on the $180 are because that is new untaxed income.
 
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