top 5 % own more than half of the wealth

[Truthmatters]

Historical Top Tax Rate


Look at that chart.

for 40 of Americas best years the tax on the top 5 % was 70 % or more.


You people dont seem to own your own brains

 

[boedicca]

Historical Top Tax Rate

Adjust those top tax rates for inflation, and then get back to us.

Inflation Calculator | Find US Dollar's Value from 1913-2011

 

[Truthmatters]

Its percentages silly one

 

[boedicca]

Leave it to a moron like you to post rates without the break points at which they apply.

Here's a proper table.

National Taxpayers Union - History of Federal Individual Income Bottom and Top Bracket Rates

 

[Truthmatters]

How do you adjust percentages to inflation?


you have lost your mind

 

[Truthmatters]

Heres an idea why not make those who own 50% of the countrys wealth pay 50% of the taxes?

 

[boedicca]

How do you adjust percentages to inflation?


you have lost your mind

Try adjusting the income levels at which the percentages apply.

For example, the 73% rate in 1920 applied to incomes over $1 million, which in today's dollars is over $11 million.

Danged few people earned that much money. And yet, our current tax debate is how to increase taxes on those who make $250 thousand per year (the equivalent of $22,593 in 1920).

Your tossing out rates without understanding how they were applied is specious nonsense, but typical.

 

[boedicca]

Heres an idea why not make those who own 50% of the countrys wealth pay 50% of the taxes?

Because wealth is often not liquid, it's tied up in things like houses.

Do you want old retired people on fixed incomes to lose their homes because they don't have the cash to pay a FEDERAL PROPERTY TAX (cuz that's what you are suggesting)?

 

[Truthmatters]

It shows that in 2009, the top 5% of wealth holders claimed 63.5% of the country’s wealth.


Opps Im wrong they should be paying 63.5 % of the taxes in this country

 

[Ernie S.]

Make them pay their fair share of taxes.

They already pay more than their fair share! A single man with no children who makes $250,000 will end up over $100,000 grand in taxes, but a janitor with 6 kids making 25 grand pays nothing? Maybe even qualifies for EITC, and you want the guy who uses nearly no government services other than the highway to pay more? Fair would be a regressive tax structure, not progressive with a yearly bonus for underachievers.

 

[Truthmatters]

Heres an idea why not make those who own 50% of the countrys wealth pay 50% of the taxes?

Because wealth is often not liquid, it's tied up in things like houses.

Do you want old retired people on fixed incomes to lose their homes because they don't have the cash to pay a FEDERAL PROPERTY TAX (cuz that's what you are suggesting)?

Bullshit.

they are not the top 5% and you know it

 

[boedicca]

Yes, you are wrong.

Wealth is not income.

 

[Truthmatters]

Make them pay their fair share of taxes.

They already pay more than their fair share! A single man with no children who makes $250,000 will end up over $100,000 grand in taxes, but a janitor with 6 kids making 25 grand pays nothing? Maybe even qualifies for EITC, and you want the guy who uses nearly no government services other than the highway to pay more? Fair would be a regressive tax structure, not progressive with a yearly bonus for underachievers.

So you think the poor can kick in more instead?

 

[Truthmatters]

Yes, you are wrong.

Wealth is not income.

They dont have to have an income when they own everything outright.

You do understand that is what the wealthy do right?

 

[Truthmatters]

People who work for a living should not have to pay more taxes than those who are independently wealthy.

What you are suggesting is only workers should be taxed and that concentrated wealth should be given a pass.

 

[Ernie S.]

why do you pretend they are paying more than they have in the past?

What the hell does how much they paid in the past have to do with what is fair?

 

[RadiomanATL]

People who work for a living should not have to pay more taxes than those who are independently wealthy.

What you are suggesting is only workers should be taxed and that concentrated wealth should be given a pass.

No, what you are suggesting is that people who do work that you don't agree with be taxed more.

I say go to a flat tax, or a national sales tax. Both have their pitfalls. And I am certainly no economist or tax whiz. But to me it seems that it would actually be more fair than the current system.

People just don't *poof* become wealthy. They work at it. Usually very hard. And then you wish to punish them at a disproportional amount for working their asses off.

Screw you. And screw your class warfare bullshit.

 

[Ernie S.]

Historical Top Tax Rate


Look at that chart.

for 40 of Americas best years the tax on the top 5 % was 70 % or more.


You people dont seem to own your own brains

When the >70% rates were lowered, many tax code loop holes were closed up yielding more revenue despite lower marginal rates

 

[Truthmatters]

The top five % did fine and so did the country for the 4 decades they paid 70% or more.


It was what the cons always say was our great years

 

[Truthmatters]

Historical Top Tax Rate


Look at that chart.

for 40 of Americas best years the tax on the top 5 % was 70 % or more.


You people dont seem to own your own brains

When the >70% rates were lowered, many tax code loop holes were closed up yielding more revenue despite lower marginal rates

Document your claims