How much of the total federal tax revenues should be paid by the top 1% and the top 5%

[Seymour Flops]

For those who think they are not paying enough now, how much of the total annual federal income tax should they be paying?

Here is what they have been paying, according to the IRS:

42.3 and 62.7%.

How much is their fair share?

 

[leftwinger]

To make Socialists happy, 100% of every Taxable income dollar over a certain level, say $250K?

$100K- $250K pay 10%.

0-$100K pay zero Federal income tax.

Also Capital Gains must rise to 75% to make them happy. Inheritance tax to 95%.

Property Tax can also be adjusted on homes >$500K to 10%? 1% on homes below $500K.

Next target: Business tax currently 21%. How much do they want to confiscate there?


See what that does to GDP.

 

[MaryL]

I have no answer, but so far, this question leans to punitive taxes by liberals. What do we do about Money flooding our political system by wealthy investors like George Soros and China manipulating our political system? That seems a more important point. This might be off topic. But far more important.

 

[Dogmaphobe]

I am not in the top 5 % much less 1%. I'm actually very much in the middle.

What gets me is how all the Stalinist children here rant endlessly about "corporations" not paying their fair share, but guess what folks -- I am the head of a corporation. Like millions of small business owners, I am the ceo of a corporation, which is simply the way of separating my business belongings from my personal.

As a business owner, nobody is giving me health coverage. I don't get paid holidays or vacations, and I don't have a nice pension. What I eke out each year is what I make, and although I am middle class, I am hardly rich. Under Obama, my taxes were high. Under Trump, they were lower, and under Biden they have risen a LOT.

Small businesses are under attack, folks. The Democrat party is spearheading this attack. All this crap about taxing this and taxing that and playing class warfare is just a smokescreen. The Democrat party is all about the great reset, and are just whipping people into doing their bidding where they pretend to be after the big cats while actually putting the screws to people like me.

 

[Baron Von Murderpaws]

I think there should be a "one system for all" law.

You pay ONE tax for every $10,000 income you make over $50,000 per year, and that should be 5%, but no more than 30% total.
For example:

Personal wages
$50,000 per year = 5%
$60,000 per year = 10%
$70,000 per year = 15%
$80,000 per year = 20%
$90,000 per year = 25%
$100,000 per year = 30%
$100,000 plus per year = 30%

Anybody making under $50,000 per year does not pay taxes.
One flat tax for everybody, except those making under $50k a year.
And these can only be changed by public vote, and only every 10 years.

EVERYBODY else pays taxes as well, including religious organizations and charities.

Businesses would have to pay a percentage of taxes based on what they make, how much waste they produce, how many legally filed complaints they have against them, and how much of their business is NOT located in the USA. THESE taxes would be the generators of not only honest and ethical business practices in this country, these taxes would also fund schools, medical care, and any and all humanity based programs coming from the government.

Product taxes would be obliterated and erased. Taxes on death would be obliterated and erased.
Medical taxes, home taxes, and basically all other taxes would be obliterated and erased.

Government can run efficiently and economically on these taxes as is.

LEGAL immigrants would have to pay double taxes for their first 5 years of legal citizenship, until their 5 year evaluation period.

 

[Baron Von Murderpaws]

I am not in the top 5 % much less 1%. I'm actually very much in the middle.

What gets me is how all the Stalinist children here rant endlessly about "corporations" not paying their fair share, but guess what folks -- I am the head of a corporation. Like millions of small business owners, I am the ceo of a corporation, which is simply the way of separating my business belongings from my personal.

As a business owner, nobody is giving me health coverage. I don't get paid holidays or vacations, and I don't have a nice pension. What I eke out each year is what I make, and although I am middle class, I am hardly rich. Under Obama, my taxes were high. Under Trump, they were lower, and under Biden they have risen a LOT.

Small business are under attack, folks. The Democrat party is spearheading this attack. All this crap about taxing this and taxing that and playing class warfare is just a smokescreen. The Democrat party is all about the great reset, and are just whipping people into doing their bidding where they pretend to be after the big cats while actually putting the screws to people like me.

So are you a small business or are you a corporation? There's a huge difference.

 

[Dogmaphobe]

So are you a small business or are you a corporation? There's a huge difference.

I am both.

I am an S corp.

What Is an S Corp?

An S corp meets IRS rules to be taxed under Chapter 1, Subchapter S of the Internal Revenue Code. Learn if an S corp is better than an LLC and more.

www.investopedia.com

 

[Winston]

So are you a small business or are you a corporation? There's a huge difference.

Probably has a small business that he "incorporated" in order to gain the corporate shield, from his post-- Like millions of small business owners, I am the ceo of a corporation, which is simply the way of separating my business belongings from my personal.

Problem is, most the people they do that think they should be able to do it for free. Eliminate all corporate income taxes, and drop the shield.

 

[leftwinger]

After income. Business, property, capital gain & inheritance etc are settled, the next big Tax they want is an annual net worth tax or WealthTax on net worth >$1Million. Maybe 10% on that new Tax.

 

[Winston]

For those who think they are not paying enough now, how much of the total annual federal income tax should they be paying?

Here is what they have been paying, according to the IRS:

View attachment 769503

42.3 and 62.7%.

How much is their fair share?

I absolutely agree. The rich are paying far too much of total taxes. Obviously, we need to raise the marginal tax rate on the wealthy because when it was significantly higher, why holy shit, they shouldered less of the total tax burden. All the bitching about the stats you list is just noise. The wealthy have no interest whatsoever in reversing those numbers. They pay more of the total taxes because they make more of the total income, and even though they pay more of the total taxes, they pay less of their income in taxes than they did before. And that inherently demonstrates that when marginal tax rates were higher, THE POOR AND MIDDLE CLASS MADE MORE FLIPPIN MONEY.

 

[leftwinger]

Notice how Libstain puke can never answer this tax question? I know its complicated but come on? What do you want? No one to have high income? All high income should be confiscated and redistributed?

What is high income? $100K? $1million? $10million but for Black pro athletes exempt?

What the actual heck would you like to have implemented? I gave an example? I thought you wanted the dirty evil rich to pay up? Too extreme? Even for the Commeee?

 

[BULLDOG]

I am not in the top 5 % much less 1%. I'm actually very much in the middle.

What gets me is how all the Stalinist children here rant endlessly about "corporations" not paying their fair share, but guess what folks -- I am the head of a corporation. Like millions of small business owners, I am the ceo of a corporation, which is simply the way of separating my business belongings from my personal.

As a business owner, nobody is giving me health coverage. I don't get paid holidays or vacations, and I don't have a nice pension. What I eke out each year is what I make, and although I am middle class, I am hardly rich. Under Obama, my taxes were high. Under Trump, they were lower, and under Biden they have risen a LOT.

Small businesses are under attack, folks. The Democrat party is spearheading this attack. All this crap about taxing this and taxing that and playing class warfare is just a smokescreen. The Democrat party is all about the great reset, and are just whipping people into doing their bidding where they pretend to be after the big cats while actually putting the screws to people like me.

Would a business with cash and assets totaling 50 million be considered a small business? To save you the trouble of lookin that up, the answer is yes. An entity with cash and assets of 50 million or less, on an adjusted basis is considered a small business. How does your corporation compare to the 50 million limit?

 

[Dogmaphobe]

How does your corporation compare to the 50 million limit?

Less than 1% of that.

Thanks for playing, though.

 

[BULLDOG]

Less than 1% of that.

Thanks for playing, though.

So 99% of small businesses could pay more of their fair share without effecting anyone in your range, right?

 

[Dogmaphobe]

So 99% of small businesses could pay more of their fair share without effecting anyone in your range, right?

No.

I am not in the bottom 1 % of all small businesses. You have simply selected the UPPER end of small business here.

The word you are looking for, though, is "affecting", not "effecting".

 

[BULLDOG]

No.

I am not in the bottom 1 % of all small businesses. You have simply selected the UPPER end of small business here.

The word you are looking for, though, is "affecting", not "effecting".

So what percentage of small busineses do have 50 million? 50 million doesn't sound small to me.

 

[Seymour Flops]

I have no answer, but so far, this question leans to punitive taxes by liberals. What do we do about Money flooding our political system by wealthy investors like George Soros and China manipulating our political system? That seems a more important point. This might be off topic. But far more important.

Hmm. Interesting point. Good thinking!

I'd love to take a page out of the Democrats' play book and tax donations to U.S. pols by foreigners, foreign governments, and foreign businesses at 99%, i.e. Soros gives $100K to a New York prosecutor, the prosecutor gives $99K to pay down the debt brought about by Soros-funded policies. Hard to imagine a more fair system than that.

 

[Blues Man]

So 99% of small businesses could pay more of their fair share without effecting anyone in your range, right?

S corps do not pay corporate taxes. All the profits and losses are reported on the shareholders' individual tax returns via the form K 1

 

[Seymour Flops]

I absolutely agree. The rich are paying far too much of total taxes. Obviously, we need to raise the marginal tax rate on the wealthy because when it was significantly higher, why holy shit, they shouldered less of the total tax burden.

If true that is very interesting.

Can you provide any kind of quote and link that shows that raising the marginal tax rates on the wealthy leads to them paying less of the total tax burden?

 

[Harpy Eagle]

For those who think they are not paying enough now, how much of the total annual federal income tax should they be paying?

Here is what they have been paying, according to the IRS:

View attachment 769503

42.3 and 62.7%.

How much is their fair share?

What is their share of income?