A challenge for the "Tax the rich more" crowd.

[kyzr]

Capital gains is only income once’s it’s realized. So, no tax on CG until you cash it out.

True for "Capital Gains". If you made money on a stock, that money is new "unearned (investment) income".

A "Wealth Tax" is not what I'm suggesting.
We need to start paying down the $39T Debt.
I'm open to suggestions.

I like these to start:
Financial transaction Tax (2% on all financial transactions, gains ~$150b a year)
Remove Capital Gains Tax loop-hole ( gains ~$100b/yr)
Fix SS & Medicare
Change the top IRS income tax rate from 37% to 40%. (gains $400b a year)

So these revenue "enhancers" would gain about $650b a year to start paying down the $39T debt.

 

[kyzr]

So you want a tax cut for the rich. Got it.
Top 10% already pay 72% of the total tax bill.
Top 50% already pay 97% of the total tax bill.

Wrong. Your chart is based on "income tax" not "wealth".

 

[LAUGHatLEFTISTS]

Because they make the most money, duh. Funny how that works.

One more bone to pick, "that tax cuts generate more tax revenue". It is true that tax cuts spur the economy and generate more tax revenue, BUT what you also need to look at is that the national debt increases because those tax cuts are paid for with borrowed money. If tax cuts generated more tax revenue we wouldn't need to borrow more.

Trump-45 and Mnuchin cut taxes saying that the economy would grow at 5%, it did not, it grew at 2% and Trump-45 exploded the national debt.

The only thing that needs looked at is politicians spending problem.

 

[citygator]

What a complete moron. You really suck at math. Ok, lets roll with your lunacy....

You claim the top 10% doesn't include the top 1%.

Ok, let's separate them:

Top 1% pays 40% of the total income tax bill.

The top 10% pays 72%.

If they don't include the top 1% in the top 10%, between the two they pay 112% of the total tax bill.



Using your "math" all tax brackets pay 360% of the total tax bill. See how stupid you are now?

View attachment 1225692

Mucking moron. You do get the concept of distinct buckets of people? You can’t be in both groups. That is the definition of distinct.

If you don’t want to debate fine. But quit being an ass hole. I put 4 distinct groups and the specific amount they should pay. Don’t say no one answers it.

 

[my2¢]

This is how I see the middle class being screwed.

Those that have fallen for the crap spouted by Democrats believe that income is wealth. It isn't.

Wealth is accumulated fortunes. The closest we come to regarding taxing wealth is the federal estate tax which exempts $15 million per individual.

Conditionally I'm in favor of a single tax rate for everyone. But don't forget that there is another side to the equation. That side is what that rate is applied to. In conjunction with that single rate, I favor a tax code in which all money is treated equally, regardless of its source.

 

[Nostra]

Wrong. Your chart is based on "income tax" not "wealth".

no shit, moron. this thread is about income taxes.

I never said anything about wealth

Holy shit you are stupid.

 

[Nostra]

Mucking moron. You do get the concept of distinct buckets of people? You can’t be in both groups. That is the definition of distinct.

If you don’t want to debate fine. But quit being an ass hole. I put 4 distinct groups and the specific amount they should pay. Don’t say no one answers it.

The top 1% can't be in the top 10%?

Are you really this stupid?

 

[citygator]

The top 1% can't be in the top 10%?

Are you really this stupid?

You are just trolling. Later. If you want to debate. Hit me up. Otherwise youre just fujcking around.

I put four groups.

bottom 50%
51-89%
90-99%
1%

 

[my2¢]

no shit, moron. this thread is about income taxes.

I never said anything about wealth

Holy shit you are stupid.

Well excuse me for calling out your belief in the Democrats asinine view of being "rich" and equating that with income.

 

[Care4all]

Because the government is so efficient and disciplined with all the taxpayers money they already control.

Let's give them more!

Brilliant!

How do you expect to reduce or in the least, stop adding to the national debt? The tooth fairy will contribute?

 

[Chuz Life]

How do you expect to reduce or in the least, stop adding to the national debt? The tooth fairy will contribute?

Now there's a question I wasn't prepared to get.

My own solution?

My answer would require some research on my part but great question and challenge!

I like the tough ones.

 

[Mashmont]

Good for you. You should be grateful that your business succeeded. Many people don't have the resources to start a business. Many people start a business only to see it fail. Many people get jobs and work their asses off every day for minimum wage.
My post was not a "non sequitur". The real answer is "fairness".
The people who own the wealth should pay taxes based on their wealth.
The people barely surviving should only pay minimum taxes.

In America, the avenue of wealth is open to everyone. The template is readily available for all to learn. Anybody with reasonable intelligence can become reasonably wealthy. I'm sick of the constant excuses from the left. The NEVER encourage their people. The just tell them why they can't do it. Always negative.

 

[kyzr]

no shit, moron. this thread is about income taxes.
I never said anything about wealth
Holy shit you are stupid.

Read the thread title again "moron"....do you see the word "income" in it?

The issue is that we owe $39T for the national debt.

The upper half owns $200T of wealth, the bottom half of owns no wealth.

So who should pay down the $39T national debt?

Trends in the Distribution of Family Wealth, 1989 to 2022

At a Glance In this report, the Congressional Budget Office examines changes in the distribution of family wealth (a family’s assets minus its debts) from 1989 to 2022. Building on earlier work, CBO used an expanded measure of wealth that includes families’ projected Social Security retirement...

www.cbo.gov

 

[kyzr]

Well excuse me for calling out your belief in the Democrats asinine view of being "rich" and equating that with income.

It could be related to "deductions".
company car, tax write-offs for everything, expense accounts, perks, stock options, etc.
Capital gains is a tax break for "income".

If you look at how all the percentiles advanced, only the upper 50% made significant gains, when the bottom half of incomes need the help.

 

[citygator]

In America, the avenue of wealth is open to everyone. The template is readily available for all to learn. Anybody with reasonable intelligence can become reasonably wealthy. I'm sick of the constant excuses from the left. The NEVER encourage their people. The just tell them why they can't do it. Always negative.

most republicans are poor as shit.

 

[Thinker101]

most republicans are poor as shit.

 

[citygator]

View attachment 1225811

Most Democrats are poor as shit too.

 

[Mashmont]

View attachment 1225811

So.. more than twice as many Democrats to Republicans have received food stamps. That matches up. Thanks.

 

[Mashmont]

Read the thread title again "moron"....do you see the word "income" in it?

The issue is that we owe $39T for the national debt.

The upper half owns $200T of wealth, the bottom half of owns no wealth.

So who should pay down the $39T national debt?

Trends in the Distribution of Family Wealth, 1989 to 2022

At a Glance In this report, the Congressional Budget Office examines changes in the distribution of family wealth (a family’s assets minus its debts) from 1989 to 2022. Building on earlier work, CBO used an expanded measure of wealth that includes families’ projected Social Security retirement...

www.cbo.gov

View attachment 1225775

Looks like pretty much the same ratio between the groups for the past 37 years. Was there a point to this?

 

[Mashmont]

Um... Spend less?