Fair Share?

[Gameface]

https://money.cnn.com/2013/03/12/news/economy/rich-taxes/

The rich pay majority of U.S. income taxes

Many people think that the rich are able to weasel their way out of taxes, but they actually pay an overwhelming majority of the taxes in the United States.

What's more, their share of the tax burden is increasing.
The top 10 percent of taxpayers paid over 70% of the total amount collected in federal income taxes in 2010, the latest year figures are available, according to the Tax Foundation, a right-leaning think tank. That's up from 55% in 1986.

So when will the rich have paid their fair share?

 

[franklin]

A) Can we get a graphic of their share of the pork?

B) This is income taxes only. Taxes are not progressive at this point, which gives the already advantaged even tighter control in restricting free markets. It also serves well to seize up the flow of money through the economy, which is a great way to cause collapse.

Raise taxes/cut welfare. Back to the Wealth of Nations.

 

[moevillini]

https://www.kiplinger.com/article/taxes/T054-C000-S001-where-do-you-rank-as-a-taxpayer.html

...ONE percent of taxpayers reported almost 19% of all taxable income. But that same tiny group also kicked in 37% of all the taxes paid. How much do you need to make to be in the top 50% of earners? Just $34,338.

Our income and tax-burden breakdowns come from information reported on 2010 individual income tax returns. Income categories are based on adjusted gross income.

(Note that these figures include only federal income taxes. According to one study, more than half of all wage earners pay more in Social Security and Medicare taxes than they do income tax. The percentage of those paying more payroll tax than income tax soars to nearly 90% if you count both the employer and employee share of those levies.)

For historical perspective, back in 1986, the top 1% of earners reported 11% of all income and paid 26% of the income taxes; the lower-earning 50% made 17% of the income and paid 6% of the nation’s individual income tax bill.
Read more at https://www.kiplinger.com/article/t...u-rank-as-a-taxpayer.html#EqipyrfMHDE0LBxE.99

and since SSI and Medicare taxes are capped once you've earned about $125,000 for the year, those with lower incomes pay disproportionately more than higher income wage earners

(don't recall the current cap off the top of my head but it means a nice bump in take-home pay once you've reached it)

 

[One Brow]

So when will the rich have paid their fair share?

https://www.motherjones.com/politics/2011/06/speedup-americans-working-harder-charts

Look at the change in income, compared to productivity changes. All the extra productivity not being paid as a wage is going to the owners of capital, primarily the top 1%.

 

[Stoked]

https://www.motherjones.com/politics/2011/06/speedup-americans-working-harder-charts

Look at the change in income, compared to productivity changes. All the extra productivity not being paid as a wage is going to the owners of capital, primarily the top 1%.

Mother Jones? Might as well use IHateTheRight.com...


Sounded like something you would say....

 

[Stoked]

https://www.kiplinger.com/article/taxes/T054-C000-S001-where-do-you-rank-as-a-taxpayer.html



and since Social Security (not SSI) taxes are capped once you've earned about $113,000 for the year, those with lower incomes pay disproportionately more than higher income wage earners

Medicare (Part A) has no limit on what is taxable.

(don't recall the current cap off the top of my head but it means a nice bump in take-home pay once you've reached it)

I fixed the bolded parts for you.

 

[One Brow]

Mother Jones? Might as well use IHateTheRight.com...


Sounded like something you would say....

I agree you should not take Mother Jones word that the data is correct, if you are interested in the conversation. Do the research. You'll find the data is correct, in this particular case.

 

[Stoked]

I agree you should not take Mother Jones word that the data is correct, if you are interested in the conversation. Do the research. You'll find the data is correct, in this particular case.

I am sure the data is fine. I was just messing with you about a comment on why I didn't use Brietbart or something like that.

 

[moevillini]

I fixed the bolded parts for you.

there's nothing like a nit-picker :/)


but thanks!

the point remains however...

 

[Stoked]

there's nothing like a nit-picker :/)


but thanks!

the point remains however...

I agree that the point does remain. I was just making it factual and reinforcing your claim. SSI is something you do not have to pay a dime of taxes to receive. It is Social Security's version of welfare.

 

[One Brow]

I am sure the data is fine. I was just messing with you about a comment on why I didn't use Brietbart or something like that.

The appropriate counterweight to Mother Jones would be The Wall Street Journal. The appropriate counterweight to Brietbart would be Ed Schultz. I agree that if t5he primary source is Breitbart or Ed Schultz, a very high degree of skepticism is warranted.

 

[franklin]

https://www.motherjones.com/politics/2011/06/speedup-americans-working-harder-charts

Look at the change in income, compared to productivity changes. All the extra productivity not being paid as a wage is going to the owners of capital, primarily the top 1%.

Well, what was wrong with the British Feudal system?