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

[initforme]

How about we have the rich pay nothing? Then let's give them more of our money that way they can control everything? For some reason some of you believe that they make great leaders.

 

[Seymour Flops]

What is their share of income?

1% and 5%.

 

[Mr Natural]

Let’s bring back the tax rates of the 1950s when America was as Great.

 

[Care4all]

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?

FYI

When the IRS income tax was first created in 1913, and the next 30 years following, the top 1% to 5% income earners paid 100% of all income taxes.

There was a single personal exemption of $3000 and married at $4000, which is equivalent to about $92000 - $122000 before the lowest tax rate bracket of 1% tax was applied to their taxable income.

https://www.google.com/url?q=https://www.irs.gov/pub/irs-soi/02inpetr.pdf&sa=U&ved=2ahUKEwiwzJDS2Pn9AhXfk4kEHbQbAx0QFnoECAUQAw&usg=AOvVaw1PHpbzj6uEOh55RW7ojmS3

 

[Harpy Eagle]

1% and 5%.

The truly sad part is I think you are actually serious.

 

[BULLDOG]

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

Corporations and businesses are not the same thing. Even if they were, should 50 million in cash and assets be considered small?

 

[saveliberty]

Corporations don't pay taxes. I don't care how you change the tax rate on them, they add it to their costs and pass it on to the consumer. Citizens pay all the taxes in the end.

Taxes aren't paying the bills any more. The government spends far beyond what they collect. This is the bigger problem. Fix that first, then figure out what the "fair" percentages are once we have a balanced budget.

 

[Care4all]

Corporations don't pay taxes. I don't care how you change the tax rate on them, they add it to their costs and pass it on to the consumer. Citizens pay all the taxes in the end

Citizens and non citizens alike pay the corporation's taxes, only if they consume/purchase their product, be it service or widget, saveliberty.

It is a consumption tax of sorts, in my humble opinion... similar in the sense that if you don't buy the corporation's gadget, then you are not paying for that corporation's corporate tax.

 

[Seymour Flops]

The truly sad part is I think you are actually serious.

Actually, I misunderstood your question. My fault.

I don't know what percent of income the top 1% and top 5% make.

What is your point, other than to never answer a question?

 

[initforme]

Let’s bring back the tax rates of the 1950s when America was as Great.

I lived thru the 50s. Nothing at all great during that era. NOTHING

 

[Harpy Eagle]

Actually, I misunderstood your question. My fault.

I don't know what percent of income the top 1% and top 5% make.

What is your point, other than to never answer a question?

How much they pay should be based on how much they make.

Without knowing that, the 42% and 62% are pretty meaningless.

 

[initforme]

Make more pay more is fair.

 

[saveliberty]

Citizens and non citizens alike pay the corporation's taxes, only if they consume/purchase their product, be it service or widget, saveliberty.

It is a consumption tax of sorts, in my humble opinion... similar in the sense that if you don't buy the corporation's gadget, then you are not paying for that corporation's corporate tax.

None of your post addresses my statements at all.

 

[Winston]

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?

 

[Seymour Flops]

Interesting.

To what do you attribute that?

 

[presonorek]

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 don't know what their share should be. I think you could split everything into two tax brackets.

$0-$149,999 per year pay 1% income tax
$150,000 - up per year pay 22% income tax

You can tweak the numbers a little but everybody should feel like they are pitching in. The lowest income earners in the United States should pay some taxes.

 

[Winston]

Interesting.

To what do you attribute that?

Rather you are an individual, or a corporation, your marginal tax rate is the price you pay to take money OUT OF THE BUSINESS. Say you are a sole proprietor of a grocery store. And just for an example, let's say you do about twenty million a year in business and your income is sitting at around half a million dollars. Reasonable numbers because I know the grocery business intimately. Now, you could reinvest that money, maybe hire some additional people to expand your business, maybe buy some new cases for the fresh meat. Those expenses would be a deduction from your income. Spend $200,000 on four new employees, marginal tax rate of 30%, well it would cost you $140,000--you save sixty grand from the deduction in tax liability. But, if your tax rate is 60%, those four employees only cost you $80,000.

There is your answer. Because that $200,000 that would have been taxed to YOU, is taxed to those employees when you hire them. Would you be more likely to hire them at a cost of $35,000 per employee, or at a cost of $20,000 per employee?

I am old enough, and experienced enough, to have seen this play out first hand. Back in the day, companies actually hired and trained people, some companies even had "schools" in which they taught employees a trade. Now, few companies even have training programs, they just want to poach employees from other companies.

 

[themirrorthief]

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?

WHO IS ,MORE LIKELY TO GIVE YOU A JOB some dude with lots of money or some druggie liviing in a tent in san fran

 

[Winston]

I don't know what their share should be. I think you could split everything into two tax brackets.

$0-$149,999 per year pay 1% income tax
$150,000 - up per year pay 22% income tax

You can tweak the numbers a little but everybody should feel like they are pitching in. The lowest income earners in the United States should pay some taxes.

What you are ignoring is that the lowest income earners do pay taxes, they pay Social Security taxes from the very first dollar. Those with higher incomes eventually "cap out" that Social Security tax and don't have to pay it anymore.

It is a scam. Every single year, for decades now, Congress has taken those Social Security receipts and spent them, depositing an IOU with the Social Security Administration. Granted, those IOU's are paid interest, but that does not take away from the fact that the Social Security tax revenues were spent just like the income tax revenues. So, the Social Security tax is not some retirement savings plan. Hell, it ain't even a social insurance premium. It is a FAWKING TAX. Time it was treated as such and the cap removed.

 

[Winston]

WHO IS ,MORE LIKELY TO GIVE YOU A JOB some dude with lots of money or some druggie liviing in a tent in san fran

Who is more likely to give you a job. Some dude that has to pay you seventy cents on the dollar or the dude that has to pay you forty cents on the dollar?