Why is it shocking that the top 1% of Americans pay 40% of the income tax?

[theDoctorisIn]

Conservatives on this site (and others) love to quote the statistic that says 40% of the income tax revenues come from the richest 1% of Americans. This statistic is true.

What these same posters ignore is that the top 1% of Americans control 40% of America's wealth. Seems to me that they pay exactly the percentage they should.

 

[Tank]

Lets pay a flat tax, to treat all equal.

 

[Iowa10000]

They will stop when they get to the finish line. The finish line is when the top 5% owns 100% of everything and there will be nothing left to argue over. Right now they own 84% of everything so it's only a matter of time. But what I can't wait to see is all those folks in the next 15% will be crying when they find out that their share is also gone to that 5% at the top.
The bottom 50% already understand that owing .03% of america does allows them to do, survive.

It just really makes me step back and look at what is happening, as I used to wonder what will be enough for these greedy people, but now understand that it is everything. As they keep making more and owning more and now hanging onto more as a family with the assult on Inheritance tax they are in the process of setting up a hiarchy in the usa that has never been thought of before.

 

[Iowa10000]

we would all like that idea as long as we get rid of all the payroll taxes and all the state and sales taxes and fees that are put on the backs of those who are least able to pay them.

But income is income and if you make it working with your hands or on wall street in the stock markets or saving it in banks, it is income and need to be treated the same.

And what you own for your life is yours, but thats as far as it goes, it doesn't mean that you can give it away to family to make sure they will have it all to work with. Give it to charity or forever lose it when one or both parties leave this crule world.

 

[martybegan]

we would all like that idea as long as we get rid of all the payroll taxes and all the state and sales taxes and fees that are put on the backs of those who are least able to pay them.

But income is income and if you make it working with your hands or on wall street in the stock markets or saving it in banks, it is income and need to be treated the same.

And what you own for your life is yours, but thats as far as it goes, it doesn't mean that you can give it away to family to make sure they will have it all to work with. Give it to charity or forever lose it when one or both parties leave this crule world.

You last point is one of the dumbest ideas I have ever heard. So basically all you are working for your whole life is to give away what you make or see it taken by the government?

There is nothing wrong with people leaving something for thier children to inherit.

 

[asterism]

Conservatives on this site (and others) love to quote the statistic that says 40% of the income tax revenues come from the richest 1% of Americans. This statistic is true.

What these same posters ignore is that the top 1% of Americans control 40% of America's wealth. Seems to me that they pay exactly the percentage they should.

Except taxes are on income, not wealth. Stored wealth has already been taxed once (or twice). The top 1% of income earners pay way more than their corresponding share of total income.

 

[MarcATL]

Lets pay a flat tax, to treat all equal.

That's not equal by a long shot.

That's just simple.

VASTLY different.

 

[asterism]

The top 20% of income earners pay between 70-80% of the total income taxes but earn just over 50% of the total income.

 

[Claudette]

Imagine if that top 1% wasn't there.

Who do you think would be paying the percentage of taxes that they are now paying?? Keep in mind that the 40-50% who pay nothing now, wouldn't be paying anything in that scenario either.

Drum roll please. The middle class of course. We would get taxed to death.

I like those wealthy people. They save me bucko bucks in taxes every year and I could care less how much money they make. Let em keep makin it.

 

[Mini 14]

Lets pay a flat tax, to treat all equal.

That's not equal by a long shot.

That's just simple.

VASTLY different.

How is it "not equal?"

Everyone pays 15%, regardless of their income.

So a wealthy person pays more as their wealth increases.

 

[Big Black Dog]

Conservatives on this site (and others) love to quote the statistic that says 40% of the income tax revenues come from the richest 1% of Americans. This statistic is true.

What these same posters ignore is that the top 1% of Americans control 40% of America's wealth. Seems to me that they pay exactly the percentage they should.

I don't understand the logic. Is a person who makes 20 million a year and pays 40% of the income tax more of an American then the person who makes $19,500 a year and doesn't pay any income tax, or at the least, very very little? I don't think so. We are all Americans and as a result, we should pay our fair share - equally. Regardless of income or station in life, we all scream for equality in this country but it seems that some people are required to be more "equal" than others by the tax burden. Everybody in America has the potential to make the type of income they would like to make. You shouldn't be forced to pay a penalty for success. I think 10% of total income per individual is a fair tax for everybody - regardless of income. No loopholes or special exemptions. A flat 10%. Then we would all be "equal" Americans.

 

[Skull Pilot]

It's not so shocking. The top 5% pay 70% of all income taxes.

The shocking part is that the sheep want them to pay more.

 

[8537]

Imagine if that top 1% wasn't there.

Who do you think would be paying the percentage of taxes that they are now paying??

The next 1%

Keep in mind that the 40-50% who pay nothing now, wouldn't be paying anything in that scenario either.

Every working American pays between 7.65% and 15.3% of their income in federal taxes, on income below $106,000 - a perfectly regressive tax. There are not "30-50% who pay nothing"

In addition to that 7-15%, every American pays a variety of other taxes.

 

[Skull Pilot]

Imagine if that top 1% wasn't there.

Who do you think would be paying the percentage of taxes that they are now paying??

The next 1%

Keep in mind that the 40-50% who pay nothing now, wouldn't be paying anything in that scenario either.

Every working American pays between 7.65% and 15.3% of their income in federal taxes, on income below $106,000 - a perfectly regressive tax. There are not "30-50% who pay nothing"

In addition to that 7-15%, every American pays a variety of other taxes.

Social security and medicare taxes are NOT income taxes.

There are plenty of people who pay no income tax after deductions and after some claim the ridiculous "earned income tax credit" they actually get more back than they paid in

 

[martybegan]

Imagine if that top 1% wasn't there.

Who do you think would be paying the percentage of taxes that they are now paying??

The next 1%

Keep in mind that the 40-50% who pay nothing now, wouldn't be paying anything in that scenario either.

Every working American pays between 7.65% and 15.3% of their income in federal taxes, on income below $106,000 - a perfectly regressive tax. There are not "30-50% who pay nothing"

In addition to that 7-15%, every American pays a variety of other taxes.

Ever hear of the Earned Income Tax Credit? What about the standard deduction?

The first part of your income is basically tax free, If you are below a certain amount, doesnt this often negate the majority of the federal taxes you owe?

 

[theDoctorisIn]

It's not so shocking. The top 5% pay 70% of all income taxes.

The shocking part is that the sheep want them to pay more.

The top 5% have about 70% of the income as well, not to mention more than 70% of the wealth.

 

[Skull Pilot]

It's not so shocking. The top 5% pay 70% of all income taxes.

The shocking part is that the sheep want them to pay more.

The top 5% have about 70% of the income as well, not to mention more than 70% of the wealth.

And they pay 70% of income taxes so they are paying their share.

 

[8537]

Imagine if that top 1% wasn't there.

Who do you think would be paying the percentage of taxes that they are now paying??

The next 1%

Keep in mind that the 40-50% who pay nothing now, wouldn't be paying anything in that scenario either.

Every working American pays between 7.65% and 15.3% of their income in federal taxes, on income below $106,000 - a perfectly regressive tax. There are not "30-50% who pay nothing"

In addition to that 7-15%, every American pays a variety of other taxes.

Social security and medicare taxes are NOT income taxes.

Huh? They are a tax of 7.65% on every working person's income from labor, and they contribute to the general fund of the federal government.

If that's not an income tax, what is it?

 

[Cuyo]

Lets pay a flat tax, to treat all equal.

These silly statistics would still exist, even with a flat tax.

If the economy is only me and you, and there's a flat 10% tax:

I make a million; Pay $100k.
You make $100k; pay $10k.

Total tax collected; $110k.

I could then say "The top 50% paid 91% of the taxes!" and it would be true.

The statistic is intended to be misleading; to make wealthier citizens appear unduly burdened.

 

[Skull Pilot]

The next 1%



Every working American pays between 7.65% and 15.3% of their income in federal taxes, on income below $106,000 - a perfectly regressive tax. There are not "30-50% who pay nothing"

In addition to that 7-15%, every American pays a variety of other taxes.

Social security and medicare taxes are NOT income taxes.

Huh? They are a tax of 7.65% on every working person's income from labor, and they contribute to the general fund of the federal government.

If that's not an income tax, what is it?

The fact that one usually gets more back in benefits than they pay in makes SS taxes different than income tax.

SS is based on income but they are not called income taxes.

When one speaks of income taxes, SS is not what is being referred to.