New study tells us what we already knew

[Dadoalex]

More like $12.40. The other $7.20 is taken out before the employee earns it. The employee is paid less, to cover the taxes.

As for the Capitalist, he pays the full 12.4% tax on his covered earning. There is no tax break.

...

Capitalists pay nothing on Capital Gains beyond the CG tax.

You are confusing the self employed with the capitalist.

Thus showing you don't really understand the topic.

 

[Couchpotato]

It rebuts the theme "the poor don't pay taxes," because they certainly do.

The thread is about income taxes and specifically federal income taxes not taxes in general. No one has made the argument that people don't pay any taxes only the taxes being discussed.

I think anyone with an AGI less than $100,000 should not pay federal or state income taxes.

That is a completely absurd take. The people utilize the services provided by taxes are made up disproportionately by people in the lower end of the earning spectrum. 40% of households already have a free ride in that regard you want to move it to above 60?

 

[Crepitus]

Almost half of wage earners pay zero income tax. Is that really even controversia?

More than 40% of U.S. households will owe no federal income tax, down from last year, according to a new analysis

More than 72 million American households will pay no federal income taxes this year, marking a large decline from last year, the Tax Policy Center said.

www.cnbc.com

I guess CNBC is lying again. Fucking media.….

No Federal income tax because they are so poorly paid. State tax, sales tax, gas tax. etc...

 

[Couchpotato]

No Federal income tax because they are so poorly paid. State tax, sales tax, gas tax. etc...

But they dont pay FIC tax correct? Regardless of the reason. The OP has nothing to do with sales tax, gas tax, state taxes.

 

[Crepitus]

But they dont pay FIC tax correct? Regardless of the reason. The OP has nothing to do with sales tax, gas tax, state taxes.

Neither does it have anything to do with how so many folks are so poor they don't pay federal taxes. That in fact reinforces my point that trickle down doesn't work.

 

[Couchpotato]

Neither does it have anything to do with how so many folks are so poor they don't pay federal taxes. That in fact reinforces my point that trickle down doesn't work.

No it doesnt. It just shows that you don't understand economics.....

 

[John Edgar Slow Horses]

The thread is about income taxes and specifically federal income taxes not taxes in general. No one has made the argument that people don't pay any taxes only the taxes being discussed.

That is a completely absurd take. The people utilize the services provided by taxes are made up disproportionately by people in the lower end of the earning spectrum. 40% of households already have a free ride in that regard you want to move it to above 60?

The thread is about poor who do not pay taxes (false) and the poor picked on richies who pay too much (false).

 

[Couchpotato]

The thread is about poor who do not pay taxes (false) and the poor picked on richies who pay too much (false).

No it’s really not. Read the OP.

 

[John Edgar Slow Horses]

No it’s really not. Read the OP.

Yes, it is really and you don't get to specify.

 

[Couchpotato]

Yes, it is really and you don't get to specify.

The OP does though. You should try reading it. Though to be fair the original poster seems to be struggling with that as well so….

 

[John Edgar Slow Horses]

The OP does though. You should try reading it. Though to be fair the original poster seems to be struggling with that as well so….

I am right, as usual, and that's the end of it.

 

[Couchpotato]

I am right, as usual, and that's the end of it.

lol. Sure champ. You clearly have a reading comprehension problem.

 

[Care4all]

Every single time you say that, and you make up these charges, it turns out they are fabricated and not true.

Your credibility on this claim is zero.

This claim remains to be seen, I do have my leanings, but the trial and evidence needs to be shown.

What I am speaking about involves previous crookedness....

Trump University Scam, libel for $25 million

Trump Charity Foundation Scam, Trump fined and banned from any charity

Trump business fraud and tax evasion conviction...Alan Weisselberg convicted felon. Trump Org. restrained.

Trump Casino Bankruptcies

Trump mob involvement

Trump shorting and not paying contractors...

The list really does go on and on..and on....even without all the recents...

It's in his character, to cheat, lie, or steal.... that's not me making it up...

 

[Care4all]

H

Without the "wealthy elite" business owners the employees wouldnt produce anything and why arent you taking it the next logical step that the employees arent actually paying the tax revenue it's the consumer.... We can play this silly game all day.

How did the business owners get their money to open a business?

 

[Couchpotato]

H

How did the business owners get their money to open a business?

There are a lot of ways a person might raise the capital to start a business. It depends on how much they need to start it. Most have to take out a loan. Or if you are like my wife and I you invest your life savings in it. I fail to see how that’s relevant to this discussion though.

 

[Toddsterpatriot]

Why has the financial gap between the rich and poor grown greater after tax cuts for the wealthy?

Technology allows the rich to get richer.
Look at the richest Americans.

Bezos-Amazon
Musk-Tesla
Zuckerberg-Facebook
Ellison-Oracle
Buffett-Berkshire Hathaway
Page-Google
Gates-Microsoft
Brin-Google
Ballmer-Microsoft

7 of the top 9 are computers or internet related. And Musk got his start with PayPal.

How much more is the guy flipping burgers going to make because of a tax cut?
He doesn't make enough to even pay federal income taxes.

 

[Toddsterpatriot]

I'm not a full believer supply sider....

Demand comes first....

When you mail out checks to stimulate demand, you get inflation.

 

[Toddsterpatriot]

So then why is the owner hiring labor when it's so easy just to do the work by himself. Everyone is better off when the owner doesn't hire.

Obviously, the unemployed guy is better off when he isn't hired.......DURR

 

[Toddsterpatriot]

Really?

Did you volunteer?
Where does one sign up?

Every time you voluntarily exchange your money for a good or service.

 

[Toddsterpatriot]

The reason "the rich" do not "pay the vast majority of the taxes" is because there are so few of them, and they have caused so many loopholes the tax regulations.

While it is true the poor do not pay much or anything in taxes, the middle class does and they pay the majority of the taxes, not "the rich". If "the rich" pay a lot of taxes, they have to either be very ignorant, or philanthropic.

While it is true the poor do not pay much or anything in taxes, the middle class does and they pay the majority of the taxes,

What's the income range for the middle class? The percentile range?