Should billionaires pay taxes at a lower rate than the rest of us?

[Chris]

WASHINGTON, D.C.--The 400 highest-earning taxpayers in the U.S. reported a record $105 billion in total adjusted gross income in 2006, but they paid just $18 billion in tax, new Internal Revenue Service figures show. That works out to an average federal income tax bite of 17%--the lowest rate paid by the richest 400 during the 15-year period covered by the IRS statistics. The average federal tax bite on the top 400 was 30% in 1995 and 23% in 2002.

Richest 400 Earn More, Pay Lower Tax Rate - Forbes.com

 

[oreo]

WASHINGTON, D.C.--The 400 highest-earning taxpayers in the U.S. reported a record $105 billion in total adjusted gross income in 2006, but they paid just $18 billion in tax, new Internal Revenue Service figures show. That works out to an average federal income tax bite of 17%--the lowest rate paid by the richest 400 during the 15-year period covered by the IRS statistics. The average federal tax bite on the top 400 was 30% in 1995 and 23% in 2002.

Richest 400 Earn More, Pay Lower Tax Rate - Forbes.com

They don't--the top tax rate in the country is 35%--which is what millionaires and billionaires pay. In fact the top 1% in this country--(the over 350K crowd pays 45%) of the entire federal tax base.

This is on EARNED income--Capital gains tax is 15% for everyone.

There are 220K people in this country that make one million or more--out of 310 MILLION Americans.

 

[grunt11b]

They already pay 70% of the tax burden you fucking moron, class warfare obama bot.

 

[Dr Grump]

$18 billion? Is that all...are you sure?

 

[hortysir]

WASHINGTON, D.C.--The 400 highest-earning taxpayers in the U.S. reported a record $105 billion in total adjusted gross income in 2006, but they paid just $18 billion in tax, new Internal Revenue Service figures show. That works out to an average federal income tax bite of 17%--the lowest rate paid by the richest 400 during the 15-year period covered by the IRS statistics. The average federal tax bite on the top 400 was 30% in 1995 and 23% in 2002.

Richest 400 Earn More, Pay Lower Tax Rate - Forbes.com

They don't--the top tax rate in the country is 35%--which is what millionaires and billionaires pay. In fact the top 1% in this country--(the over 350K crowd pays 45%) of the entire federal tax base.

This is on EARNED income--Capital gains tax is 15% for everyone.

There are 220K people in this country that make one million or more--out of 310 MILLION Americans.

That is what most billionaires pay. Capital gains.
They're not working and drawing an income.

It's a shame that so many people negate the Income tax they DID pay on their way up to that level, though.

 

[MeBelle]

WASHINGTON, D.C.--The 400 highest-earning taxpayers in the U.S. reported a record $105 billion in total adjusted gross income in 2006, but they paid just $18 billion in tax, new Internal Revenue Service figures show. That works out to an average federal income tax bite of 17%--the lowest rate paid by the richest 400 during the 15-year period covered by the IRS statistics. The average federal tax bite on the top 400 was 30% in 1995 and 23% in 2002.

Richest 400 Earn More, Pay Lower Tax Rate - Forbes.com

Chris, you really need to read your source.
The 'rich' (a married couple earning over $250K a year, per our CIC) pays what % in taxes?
The ultra wealthy have already paid the higher % on their earned income. They pay a lower % on capital gains (investments).
The current top rate on long-term capital gains is 15%, and the top rate on ordinary (earned) income such as interest and salary is 35%.

I know you are smart enough to understand the differences.

Why would anyone in their right mind want to pay the earned income tax rate on money that was already earned??

 

[candycorn]

WASHINGTON, D.C.--The 400 highest-earning taxpayers in the U.S. reported a record $105 billion in total adjusted gross income in 2006, but they paid just $18 billion in tax, new Internal Revenue Service figures show. That works out to an average federal income tax bite of 17%--the lowest rate paid by the richest 400 during the 15-year period covered by the IRS statistics. The average federal tax bite on the top 400 was 30% in 1995 and 23% in 2002.

Richest 400 Earn More, Pay Lower Tax Rate - Forbes.com

They don't--the top tax rate in the country is 35%--which is what millionaires and billionaires pay. In fact the top 1% in this country--(the over 350K crowd pays 45%) of the entire federal tax base.

This is on EARNED income--Capital gains tax is 15% for everyone.

There are 220K people in this country that make one million or more--out of 310 MILLION Americans.

That is what most billionaires pay. Capital gains.
They're not working and drawing an income.

It's a shame that so many people negate the Income tax they DID pay on their way up to that level, though.

Theres a reason why you hear about the heads of organizations taking a very small salary and loading up on stock....they aren't doing it for the reasons they say they are (performance = more pay for higher stock prices); they do it to avoid paying higher income tax. Meanwhile, they are creating no jobs at all with their capital gains.

It isn't class warfare; it's mathematics.

 

[oreo]

WASHINGTON, D.C.--The 400 highest-earning taxpayers in the U.S. reported a record $105 billion in total adjusted gross income in 2006, but they paid just $18 billion in tax, new Internal Revenue Service figures show. That works out to an average federal income tax bite of 17%--the lowest rate paid by the richest 400 during the 15-year period covered by the IRS statistics. The average federal tax bite on the top 400 was 30% in 1995 and 23% in 2002.

Richest 400 Earn More, Pay Lower Tax Rate - Forbes.com

They don't--the top tax rate in the country is 35%--which is what millionaires and billionaires pay. In fact the top 1% in this country--(the over 350K crowd pays 45%) of the entire federal tax base.

This is on EARNED income--Capital gains tax is 15% for everyone.

There are 220K people in this country that make one million or more--out of 310 MILLION Americans.

That is what most billionaires pay. Capital gains.
They're not working and drawing an income.

It's a shame that so many people negate the Income tax they DID pay on their way up to that level, though.

In my 58 years I don't remember any President--(republican or democrat) that centered his entire campaign around class warfare.

Obviously--a lot of democrats don't remember it either.

"I'm saying it bluntly, that this administration is the greatest wet blanket to business, progress and job creation in my lifetime. A lot of people don't want to say that. They'll say, 'Oh God, don't be attacking Obama.' Well, this is Obama's deal, and it's Obama that's responsible for this fear in America."

"The guy [Obama] keeps making speeches about redistribution, and maybe 'we ought to do something to businesses that don't invest or hold too much money.' We haven't heard that kind of talk except from pure socialists."

"Business is being hammered. The business community in this country is frightened to death of the weird political philosophy of the president of the United States. Until he's gone, everybody's going to be sitting on their thumbs."

Steve Wynn--DEMOCRAT and CEO of Wynn's resort and Casino.

Steve Wynn's Anti-Obama Rant - Is He Right? - CBS News

 

[hortysir]

They don't--the top tax rate in the country is 35%--which is what millionaires and billionaires pay. In fact the top 1% in this country--(the over 350K crowd pays 45%) of the entire federal tax base.

This is on EARNED income--Capital gains tax is 15% for everyone.

There are 220K people in this country that make one million or more--out of 310 MILLION Americans.

That is what most billionaires pay. Capital gains.
They're not working and drawing an income.

It's a shame that so many people negate the Income tax they DID pay on their way up to that level, though.

Theres a reason why you hear about the heads of organizations taking a very small salary and loading up on stock....they aren't doing it for the reasons they say they are (performance = more pay for higher stock prices); they do it to avoid paying higher income tax. Meanwhile, they are creating no jobs at all with their capital gains.

It isn't class warfare; it's mathematics.

How much money in taxes have they already paid, in their lifetime, before they got to be that "head of an organization"?

And so what if somebody gets to keep more of what they EARNED?

And now taking stock options is a bad thing??

Taking stocks saves the company cash money that can be re-invested.
The stocks hitting the market creates demand (which, according to the most liberal talking points, THAT is what creates jobs).

And, ya know what else?


YES.
Yes it is "class warfare".
It's class envy, plain and simple

 

[MeBelle]

They don't--the top tax rate in the country is 35%--which is what millionaires and billionaires pay. In fact the top 1% in this country--(the over 350K crowd pays 45%) of the entire federal tax base.

This is on EARNED income--Capital gains tax is 15% for everyone.

There are 220K people in this country that make one million or more--out of 310 MILLION Americans.

That is what most billionaires pay. Capital gains.
They're not working and drawing an income.

It's a shame that so many people negate the Income tax they DID pay on their way up to that level, though.

Theres a reason why you hear about the heads of organizations taking a very small salary and loading up on stock....they aren't doing it for the reasons they say they are (performance = more pay for higher stock prices); they do it to avoid paying higher income tax. Meanwhile, they are creating no jobs at all with their capital gains.

It isn't class warfare; it's mathematics.

But...but...but...
Chris was talking about averages, a combo of earned income and capital gains.
Board Chairman, many times, hold ore than one position.

What would you do if faced with such a financial 'dilemma'?

 

[theliq]

WASHINGTON, D.C.--The 400 highest-earning taxpayers in the U.S. reported a record $105 billion in total adjusted gross income in 2006, but they paid just $18 billion in tax, new Internal Revenue Service figures show. That works out to an average federal income tax bite of 17%--the lowest rate paid by the richest 400 during the 15-year period covered by the IRS statistics. The average federal tax bite on the top 400 was 30% in 1995 and 23% in 2002.

Richest 400 Earn More, Pay Lower Tax Rate - Forbes.com

Chris you will find that they have excellent accountants and tax lawyers and many will be paying less than 10% tax.........of course they should pay more compared to a low wage earner.theliq

 

[hortysir]

WASHINGTON, D.C.--The 400 highest-earning taxpayers in the U.S. reported a record $105 billion in total adjusted gross income in 2006, but they paid just $18 billion in tax, new Internal Revenue Service figures show. That works out to an average federal income tax bite of 17%--the lowest rate paid by the richest 400 during the 15-year period covered by the IRS statistics. The average federal tax bite on the top 400 was 30% in 1995 and 23% in 2002.

Richest 400 Earn More, Pay Lower Tax Rate - Forbes.com

Chris you will find that they have excellent accountants and tax lawyers and many will be paying less than 10% tax.........of course they should pay more compared to a low wage earner.theliq

TheLickerofAsses,

They DO pay more.
If they only pay 2% it's still a shitload more money than 50% of your WalMart greeter's paycheck



Not that you understand shit that's going on around you anyway

 

[Remodeling Maidiac]

I'm flattered your trying to emulate my thread Chris. It's just a shame that your ability to be original was lost like your common sense when you voted for Obama.

 

[Avatar4321]

Of course not. All men and women everywhere should be paying the exact same tax rate! All men are created equally.

 

[auditor0007]

WASHINGTON, D.C.--The 400 highest-earning taxpayers in the U.S. reported a record $105 billion in total adjusted gross income in 2006, but they paid just $18 billion in tax, new Internal Revenue Service figures show. That works out to an average federal income tax bite of 17%--the lowest rate paid by the richest 400 during the 15-year period covered by the IRS statistics. The average federal tax bite on the top 400 was 30% in 1995 and 23% in 2002.

Richest 400 Earn More, Pay Lower Tax Rate - Forbes.com

Chris, you really need to read your source.
The 'rich' (a married couple earning over $250K a year, per our CIC) pays what % in taxes?
The ultra wealthy have already paid the higher % on their earned income. They pay a lower % on capital gains (investments).
The current top rate on long-term capital gains is 15%, and the top rate on ordinary (earned) income such as interest and salary is 35%.

I know you are smart enough to understand the differences.

Why would anyone in their right mind want to pay the earned income tax rate on money that was already earned??

You do realize that the vast majority of wealthy do not take their earnings as earned income, but rather work things in such a way that the money is converted into long term capital gains, right?

 

[auditor0007]

That is what most billionaires pay. Capital gains.
They're not working and drawing an income.

It's a shame that so many people negate the Income tax they DID pay on their way up to that level, though.

Theres a reason why you hear about the heads of organizations taking a very small salary and loading up on stock....they aren't doing it for the reasons they say they are (performance = more pay for higher stock prices); they do it to avoid paying higher income tax. Meanwhile, they are creating no jobs at all with their capital gains.

It isn't class warfare; it's mathematics.

How much money in taxes have they already paid, in their lifetime, before they got to be that "head of an organization"?

And so what if somebody gets to keep more of what they EARNED?

And now taking stock options is a bad thing??

Taking stocks saves the company cash money that can be re-invested.
The stocks hitting the market creates demand (which, according to the most liberal talking points, THAT is what creates jobs).

And, ya know what else?


YES.
Yes it is "class warfare".
It's class envy, plain and simple

If you really buy into the class warfare thing, just wait until the middle class loses even more ground while the top ten % continue increasing their wealth. If it continues, then you are going to really see class warfare. Once the middle class has had enough, then you will really see class warfare. Truth is many of the wealthy are in real fear of this happening. It is probably the biggest reason some are starting to come out of the woodwork in favor of paying higher taxes.

 

[Mr.Nick]

WASHINGTON, D.C.--The 400 highest-earning taxpayers in the U.S. reported a record $105 billion in total adjusted gross income in 2006, but they paid just $18 billion in tax, new Internal Revenue Service figures show. That works out to an average federal income tax bite of 17%--the lowest rate paid by the richest 400 during the 15-year period covered by the IRS statistics. The average federal tax bite on the top 400 was 30% in 1995 and 23% in 2002.

Richest 400 Earn More, Pay Lower Tax Rate - Forbes.com

Which is more 10% of 40k or 10% of $380,000,000?

Why should rich folks pay $38,000,000 in taxes when the next guy pays a few grand and the next gets welfare??

How fair is that???

 

[auditor0007]

WASHINGTON, D.C.--The 400 highest-earning taxpayers in the U.S. reported a record $105 billion in total adjusted gross income in 2006, but they paid just $18 billion in tax, new Internal Revenue Service figures show. That works out to an average federal income tax bite of 17%--the lowest rate paid by the richest 400 during the 15-year period covered by the IRS statistics. The average federal tax bite on the top 400 was 30% in 1995 and 23% in 2002.

Richest 400 Earn More, Pay Lower Tax Rate - Forbes.com

Which is more 10% of 40k or 10% of $380,000,000?

Why should rich folks pay $38,000,000 in taxes when the next guy pays a few grand and the next gets welfare??

How fair is that???

Yea, everyone should just pay $4000 no matter how much they make. That should work well for us.

 

[Mr.Nick]

WASHINGTON, D.C.--The 400 highest-earning taxpayers in the U.S. reported a record $105 billion in total adjusted gross income in 2006, but they paid just $18 billion in tax, new Internal Revenue Service figures show. That works out to an average federal income tax bite of 17%--the lowest rate paid by the richest 400 during the 15-year period covered by the IRS statistics. The average federal tax bite on the top 400 was 30% in 1995 and 23% in 2002.

Richest 400 Earn More, Pay Lower Tax Rate - Forbes.com

Which is more 10% of 40k or 10% of $380,000,000?

Why should rich folks pay $38,000,000 in taxes when the next guy pays a few grand and the next gets welfare??

How fair is that???

Yea, everyone should just pay $4000 no matter how much they make. That should work well for us.

Not the point.. Who paid more?

If the rich paid 5% on millions it's still more than the dummy making 40k....

It seems the poor want the rich to fund the government so the government can redistribute that wealth to the "poor."

If you're poor who's fault is that??? since when is it the governments job to look out for you??

 

[theliq]

Which is more 10% of 40k or 10% of $380,000,000?

Why should rich folks pay $38,000,000 in taxes when the next guy pays a few grand and the next gets welfare??

How fair is that???

Yea, everyone should just pay $4000 no matter how much they make. That should work well for us.

Not the point.. Who paid more?

If the rich paid 5% on millions it's still more than the dummy making 40k....

It seems the poor want the rich to fund the government so the government can redistribute that wealth to the "poor."

If you're poor who's fault is that??? since when is it the governments job to look out for you??

You know its not that simple Nick.just sayin