More than 1,400 millionaires paid no U.S. income taxes in 2009, according to the IRS

[DontBeStupid]

so why do we let the majority of lower income people decide that the upper income should be taxed at a different rate?

We don't. What you're describing doesn't happen. We're not mob rule.

Are you afraid to quote my entire post?
What I described is exactly what is happening, that's why we have a graduated tax code.

I quote parts that are relevant. It keeps posts from becoming a wall of texts.

As for what you described, no. It does not happen. When was the last time we voted on the tax code?

 

[merrill]

When sources of taxes are eliminated how will these tax dollars be replaced? Best have that resolved in a fiscal responsible manner.

The cost of government goes on and on and on....

 

[DontBeStupid]

You won't be able to convince any "conservatives" here of needed changes to the tax code. "Conservatives" incorrectly believe that taxes on capital gains are double taxation, that that money was earned first and they refuse to acknowledge capital loss.

They simply don't understand what's going on.

Actually conservatives around here are for changing the tax code. No taxes on corporations at all, and a flat income tax of zero for everyone. Maybe 1% for everyone.

Doing away with the system and replacing it with something else is not the same as changing.

 

[Soggy in NOLA]

When sources of taxes are eliminated how will these tax dollars be replaced? Best have that resolved in a fiscal responsible manner.

The cost of government goes on and on and on....[/QUOTE]

Thanks to useless fucks such as yourself.

 

[Inthemiddle]

Since you rent instead of owning the property

And you base this on??? Nevermind, better question: Are you a dwarf?

 

[Soggy in NOLA]

Since you rent instead of owning the property

And you base this on??? Nevermind, better question: Are you a dwarf?

What a retard.

 

[eflatminor]

So you're for a flat income tax? Excellent. No loopholes, everyone pays the same percentage. Otherwise, you're just bitching about people following the tax code.

Eliminating loopholes =/= flat tax.

Never said it was. They're two different things...I advocate both the elimination of loopholes and a flat tax with the same rate applied to all.

Maybe you're cuckoo for not realizing the obvious???

 

[DontBeStupid]

So you're for a flat income tax? Excellent. No loopholes, everyone pays the same percentage. Otherwise, you're just bitching about people following the tax code.

Eliminating loopholes =/= flat tax.

Never said it was. They're two different things...I advocate both the elimination of loopholes and a flat tax with the same rate applied to all.

Maybe you're cuckoo for not realizing the obvious???

So ... fuck the poor?

 

[eflatminor]

"Conservatives" incorrectly believe that taxes on capital gains are double taxation, that that money was earned first...

Not following you here. If you invest your money in, say, the stock market, did you not first have to earn that money? And was it not taxed when you earned it? And if you make a profit off of your already taxed investment, is it not taxed again at the cap gains rate?

 

[eflatminor]

Eliminating loopholes =/= flat tax.

Never said it was. They're two different things...I advocate both the elimination of loopholes and a flat tax with the same rate applied to all.

Maybe you're cuckoo for not realizing the obvious???

So ... fuck the poor?

Is this your argument for taxing some and not others? That's some retort! Articulate and well reasoned...

 

[Charles_Main]

The top 400 earners in the U.S. paid an average tax rate of 18 percent, according to a Bloomberg TV report noticed by Think Progress. And though that's a far lower rate than the 26.5 percent that many families making less than $100,000 pay annually in taxes, some of America's super-rich have been able to whittle their tax bill down even more, paying a tax rate as low as one percent, according to Bloomberg.

How? Many of the super rich take advantage of a variety of tax loopholes to lower their tax burden. For some of America's rich, most of their wealth comes from stock appreciation, according to Bloomberg, which some billionaires don't end up defining as taxable income.

These findings echo earlier reports, which suggest that the super rich may not be paying their full share in taxes. More than 1,400 millionaires paid no U.S. income taxes in 2009, according to an August report from the Internal Revenue Service.

In addition, 25 percent of all millionaires pay a smaller percentage of their income taxes than millions of middle class households.

But billionaires aren't the only ones that use loopholes to pay lower taxes. Thirty of America's most profitable corporations used rules like the "active financing exception" -- allowing corporations to sidestep paying taxes on overseas profits if they were derived by "actively financing" some activity or deal -- to pay less than zero in income taxes, according to a recent report from the Center for Tax Justice.

Though many super wealthy Americans and very rich corporations use loopholes to lower their tax burden, some have advocated for raising taxes on themselves. Warren Buffett became the most prominent advocate for raising taxes on the rich when he wrote an op-ed in The New York Times in August encouraging lawmakers to raise taxes on millionaires so that they pay the same or higher rate as middle class earners.

Earlier this week, a band of millionaires went to Capitol Hill to lobby Congress to raise their taxes. And they seem to have the support of millionaires around the country, nearly 70 percent of whom said in a survey last month that they support raising taxes on those making $1 million or more.


Some Billionaires Paying Less Than One Percent In Taxes [WATCH]

They are counting people that are Millionaires but have no Income annually other than Interest and Capital Gains which of course is not counted as income tax.

You guys never use all the facts do you.

 

[rdean]

What law is keeping those millionaires from voluntarily sending more of their own money to the government?

After they bought those Republican politicians to fix the law? Why should they pay more?

 

[PredFan]

The top 400 earners in the U.S. paid an average tax rate of 18 percent, according to a Bloomberg TV report noticed by Think Progress. And though that's a far lower rate than the 26.5 percent that many families making less than $100,000 pay annually in taxes, some of America's super-rich have been able to whittle their tax bill down even more, paying a tax rate as low as one percent, according to Bloomberg.

How? Many of the super rich take advantage of a variety of tax loopholes to lower their tax burden. For some of America's rich, most of their wealth comes from stock appreciation, according to Bloomberg, which some billionaires don't end up defining as taxable income.

These findings echo earlier reports, which suggest that the super rich may not be paying their full share in taxes. More than 1,400 millionaires paid no U.S. income taxes in 2009, according to an August report from the Internal Revenue Service.

In addition, 25 percent of all millionaires pay a smaller percentage of their income taxes than millions of middle class households.

But billionaires aren't the only ones that use loopholes to pay lower taxes. Thirty of America's most profitable corporations used rules like the "active financing exception" -- allowing corporations to sidestep paying taxes on overseas profits if they were derived by "actively financing" some activity or deal -- to pay less than zero in income taxes, according to a recent report from the Center for Tax Justice.

Though many super wealthy Americans and very rich corporations use loopholes to lower their tax burden, some have advocated for raising taxes on themselves. Warren Buffett became the most prominent advocate for raising taxes on the rich when he wrote an op-ed in The New York Times in August encouraging lawmakers to raise taxes on millionaires so that they pay the same or higher rate as middle class earners.

Earlier this week, a band of millionaires went to Capitol Hill to lobby Congress to raise their taxes. And they seem to have the support of millionaires around the country, nearly 70 percent of whom said in a survey last month that they support raising taxes on those making $1 million or more.


Some Billionaires Paying Less Than One Percent In Taxes [WATCH]

Really? You don't know the answer to this by now? After all the goofy threads you have started on this type of thing, and after all the times you've been corrected you still don't get it?

 

[Mustang]

The top 400 earners in the U.S. paid an average tax rate of 18 percent, according to a Bloomberg TV report noticed by Think Progress. And though that's a far lower rate than the 26.5 percent that many families making less than $100,000 pay annually in taxes, some of America's super-rich have been able to whittle their tax bill down even more, paying a tax rate as low as one percent, according to Bloomberg.

How? Many of the super rich take advantage of a variety of tax loopholes to lower their tax burden. For some of America's rich, most of their wealth comes from stock appreciation, according to Bloomberg, which some billionaires don't end up defining as taxable income.

These findings echo earlier reports, which suggest that the super rich may not be paying their full share in taxes. More than 1,400 millionaires paid no U.S. income taxes in 2009, according to an August report from the Internal Revenue Service.

In addition, 25 percent of all millionaires pay a smaller percentage of their income taxes than millions of middle class households.

But billionaires aren't the only ones that use loopholes to pay lower taxes. Thirty of America's most profitable corporations used rules like the "active financing exception" -- allowing corporations to sidestep paying taxes on overseas profits if they were derived by "actively financing" some activity or deal -- to pay less than zero in income taxes, according to a recent report from the Center for Tax Justice.

Though many super wealthy Americans and very rich corporations use loopholes to lower their tax burden, some have advocated for raising taxes on themselves. Warren Buffett became the most prominent advocate for raising taxes on the rich when he wrote an op-ed in The New York Times in August encouraging lawmakers to raise taxes on millionaires so that they pay the same or higher rate as middle class earners.

Earlier this week, a band of millionaires went to Capitol Hill to lobby Congress to raise their taxes. And they seem to have the support of millionaires around the country, nearly 70 percent of whom said in a survey last month that they support raising taxes on those making $1 million or more.


Some Billionaires Paying Less Than One Percent In Taxes [WATCH]

They don't give campaign contributions and hire tax accountants and lobbyists just for philosophical reasons, you know?

Whatever else may be true, these upper income folks must LOVE middle class conservatives who fight their public battles for them with little or no reward for themselves. Middle class conservatives are like a mercenary army that fights in the trenches for no pay.

 

[PredFan]

So you're for a flat income tax? Excellent. No loopholes, everyone pays the same percentage. Otherwise, you're just bitching about people following the tax code.

And by the way, the 18% paid by the top earners was due to the fact they tend to make their money off capital gains....money that is invested and may be lost entirely (not the case with regular wage-earned income) and that was already taxed when it was originally earned (also not the case with regular income). It's double taxation.

Of course, the wealthy still pay the vast majority of the taxes, but don't let that stop your little class war.

The funny thing is that these wealthy lefties come forward and tell the press and the empty-headed sheeple on the left that they wat to pay more in income taxes knowing full well that they won't have to pay another cent. you don't see those guys asking for increases in capital gains taxes.

 

[PredFan]

You won't be able to convince any "conservatives" here of needed changes to the tax code. "Conservatives" incorrectly believe that taxes on capital gains are double taxation, that that money was earned first and they refuse to acknowledge capital loss.

They simply don't understand what's going on.

Oh the irony of your screen name!

 

[PredFan]

You won't be able to convince any "conservatives" here of needed changes to the tax code. "Conservatives" incorrectly believe that taxes on capital gains are double taxation, that that money was earned first and they refuse to acknowledge capital loss.

They simply don't understand what's going on.

You are mistaken.
This conservative thinks the tax code needs a complete overhaul and rewrite.
Far too many pay zero federal taxes and that needs to change.
We don't let the majority of whites decide that the black or Hispanic minority should be taxed at a higher rate, we don't let the majority of heterosexuals decide that the minority of homosexuals should be taxed at a different rate, so why do we let the majority of lower income people decide that the upper income should be taxed at a different rate?

Edit to add---
Silly me, I think everybody should be treated the same.

In this election, conservatives are the only ones talking about changing the tax codes. The ignorance of the lefties never ceases to amaze. they believe any damn fool thing they are told to believe.

 

[PredFan]

So you're for a flat income tax? Excellent. No loopholes, everyone pays the same percentage. Otherwise, you're just bitching about people following the tax code.

Eliminating loopholes =/= flat tax.

no one said it did.

 

[DontBeStupid]

"Conservatives" incorrectly believe that taxes on capital gains are double taxation, that that money was earned first...

Not following you here. If you invest your money in, say, the stock market, did you not first have to earn that money? And was it not taxed when you earned it? And if you make a profit off of your already taxed investment, is it not taxed again at the cap gains rate?

No. You did not have to earn it first. It could have been a gift or an inheritance. But lets say you did it earn it and paid taxes on it. Fine. Then you invest, say, $10,000 of your after tax income and it turns in to $15,000. Congrats.

Now, do you pay taxes on the full $15,000? Or just the $5,000 in gains? That's right, just the $5,000 because the other $10,000 has already been taxed.

Hence, no double taxation.

 

[eflatminor]

You did not have to earn it first. It could have been a gift or an inheritance.

Money given as a gift or through inheritance can also be taxed.

But lets say you did it earn it and paid taxes on it. Fine. Then you invest, say, $10,000 of your after tax income and it turns in to $15,000. Congrats.

Now, do you pay taxes on the full $15,000? Or just the $5,000 in gains? That's right, just the $5,000 because the other $10,000 has already been taxed.

Hence, no double taxation.

You're missing the double taxation. The value of that stock equals the discounted present value of all of the company’s future proceeds. If the company is expected to earn $100,000 a year for the next twenty years, the sales price of the stock will reflect those returns. The “gain” the seller realizes from the sale of the stock will reflect those future returns, and thus the seller will pay capital gains tax on the future stream of income. But the company’s future $100,000 annual returns will also be taxed when they are earned. So the $100,000 in profits is taxed twice—when the owners sell their shares of stock and when the company actually earns the income.

Another lovely feature of the cap gains tax is that individuals are permitted to deduct only a portion of the capital losses they incur, whereas they must pay taxes on all of the gains. When taxpayers undertake risky investments, the government taxes fully any gain they realize if the investment has a positive return. But the government allows only partial tax deduction (of up to three thousand dollars per year) if the venture results in a loss. That introduces a bias in the tax code against risk-taking