I am like most of you on this board....

[Mac-7]

Why do you address income taxes and Social Security taxes in the same post. It is absolutely disingenuous to state that the top 50% of taxpayers paid 97% of the income taxes when income taxes only account for 49% of total government revenue. 35% of total revenue comes from the payroll taxes.

Nor is it even topical to make the statement that employers paid part of those Social Security taxes. You don't think they factor that in that when calculating compensation? Those employers no more pay those taxes than they pay corporate income taxes, which comes in at eleven percent of total revenue. How many times have we heard it, corporations just pass those taxes on to consumers. Not totally true, however, it is true, that employers simply reduce compensation to employees to cover their share of the payroll tax.

Finally, 93% of the population pays the payroll tax on 100% of their earnings. The other seven percent up against the cap. The top five percent, they might pay the payroll tax on a third of their income. The top one percent, not even a fifth.

Fiscal Data Explains Federal Revenue

Check out @FiscalService Fiscal Data’s new federal revenue page! #FederalRevenue

fiscaldata.treasury.gov

https://www.ssa.gov/policy/docs/chartbooks/fast_facts/2023/fast_facts23.pdf

What Kinds of Revenue Does the Government Collect? | Bipartisan Policy Center

In fiscal year (FY) 2024, the U.S. federal government collected approximately $5 trillion in revenue. Knowing from what sources the federal government generates its…

bipartisanpolicy.org

The payroll tax is a workers access to an EARNED retirement benefit

The idea is if they dont put in they cant take out

And the more they put in the more they get back when they retire

 

[leftwinger]

Why do you address income taxes and Social Security taxes in the same post. It is absolutely disingenuous to state that the top 50% of taxpayers paid 97% of the income taxes when income taxes only account for 49% of total government revenue. 35% of total revenue comes from the payroll taxes.

Nor is it even topical to make the statement that employers paid part of those Social Security taxes. You don't think they factor that in that when calculating compensation? Those employers no more pay those taxes than they pay corporate income taxes, which comes in at eleven percent of total revenue. How many times have we heard it, corporations just pass those taxes on to consumers. Not totally true, however, it is true, that employers simply reduce compensation to employees to cover their share of the payroll tax.

Finally, 93% of the population pays the payroll tax on 100% of their earnings. The other seven percent up against the cap. The top five percent, they might pay the payroll tax on a third of their income. The top one percent, not even a fifth.

Fiscal Data Explains Federal Revenue

Check out @FiscalService Fiscal Data’s new federal revenue page! #FederalRevenue

fiscaldata.treasury.gov

https://www.ssa.gov/policy/docs/chartbooks/fast_facts/2023/fast_facts23.pdf

What Kinds of Revenue Does the Government Collect? | Bipartisan Policy Center

In fiscal year (FY) 2024, the U.S. federal government collected approximately $5 trillion in revenue. Knowing from what sources the federal government generates its…

bipartisanpolicy.org

Your link and post loaded with BS.

Individual Income Taxes
Category
$1.14 T
Revenue Amount
51%
% of Total Revenue

Uh, $1T is not 51% of ~$4.9T govt revenue.

SS payout is based on cap top. You want Zuckerbergg to collect $50million per month at age 67? SHUP on it.

 

[Winston]

So what should the rich pay if they are already paying 97% of the taxes? Again I'm not making statements with out proof. What is your Proof that aren't paying their fair share, i.e. "WHAT EXACTLY IS THEIR FAIR SHARE??? Come on tell me!
They match your SS/Medicare payments. They actually pay double on dividends which you don't seem to understand less than know! Here are the facts regarding double taxation on dividends!
Double Taxation
This occurs because the corporation first pays taxes on its profits. Then, when dividends are distributed to shareholders, those dividends are taxed again at the shareholders' individual income tax rates. To avoid double taxation, one option is to structure the business as a “flow-through” or “pass-through” entity

What Double Taxation Is and How to Avoid It

If you own a business, the last thing you want is to get taxed on your income twice. We explain double taxation and how to avoid it.

smartasset.com

Now for your simple mind... Corporations pay taxes on profits. Then if there is $$ left over for dividends, the stockholders that receive the dividends... THEY HAVE TO REPORT THE DIVIDENDS AS TAXABLE INCOMEGGS

Your OP argument is severely flawed. You have in no way demonstrated that the wealthy pay 97% of the taxes, don't even pay 97% of the income taxes since you pegged that number to the top fifty percent. Is someone that makes $75,000 rich?

And the double taxation argument is just stupid. I got paid today, I paid taxes. Then I went shopping, DAMMIT, I paid taxes again. Then I stroked a check to the county for my property taxes, DAMMIT, I paid taxes again. Paid my cellphone bill, excise taxes, DAMMIT, taxed again. The difference here, in your example the corporation paid taxes, then the shareholder paid taxes. In my example, I PAID ALL THE DAMN TAXES.

 

[Donald H]

Well at least they all have something to say about the rip-off they deny.

But at least they're all very aware of the reason for most of the problem that Trump's supposed to fix.

They all know that more income inequality is a good thing!

 

[citygator]

I make more than 99.5% of people. My taxes were hefty. I dont know how that makes a broke ass hourly employee able to pay for more of the country's expenses when they dont have 2 nickels to rub together. What is the point of this thread?

 

[DBA]

Finally, 93% of the population pays the payroll tax on 100% of their earnings. The other seven percent up against the cap. The top five percent, they might pay the payroll tax on a third of their income. The top one percent, not even a fifth.

Right, because there is a cap on the SS payout, therefore, there should be a cap on the contributions. That only makes sense.

 

[Winston]

Your link and post loaded with BS.

Individual Income Taxes
Category
$1.14 T
Revenue Amount
51%
% of Total Revenue

Uh, $1T is not 51% of ~$4.9T govt revenue.

SS payout is based on cap top. You want Zuckerbergg to collect $50million per month at age 67? SHUP on it.

You are making a mistake by believing Social Security is some earned retirement income. It is flippin Social Insurance, always has been.

Understanding Social Security Benefits

Social Security is the largest social insurance program in the United States, and most of us will fall within this safety net at some point in our lifetimes. When you think of Social Security beneficiaries, you probably imagine retirees enjoying their golden years. In reality, Social Security pay

www.forbes.com

 

[DBA]

I make more than 99.5% of people. My taxes were hefty. I dont know how that makes a broke ass hourly employee able to pay for more of the country's expenses when they dont have 2 nickels to rub together. What is the point of this thread?

They don't pay more, in fact, they pay much less. I'm not sure what you are talking about.

 

[healthmyths]

The corporate tax rate was 35% before Trump.

ABSOLUTELY and when Trump lowered that and reduced the taxes on repatriation, i.e. for simpleminded people like you that was lowering the taxes on the money coming back into the USA from offshore ) There are two tax-preferred rates for the foreign earnings deemed repatriated: foreign earnings held in cash and cash equivalents were taxed at 15.5 percent and those not held in cash or cash equivalents at only 8 percent. The TCJA permits a US corporation to pay any tax on the deemed repatriations in installments over eight years. The tax revenue raised by this transition tax on earnings accumulated abroad was estimated at $340 billion over the 10 years from 2018 to 2027.

What is the TCJA repatriation tax and how does it work?

taxpolicycenter.org

AS a result this is as of today the total additional tax revenue paid by companies bringing back estimated at $340 billion on the more than $1 trillion of overseas profits to the U.S. since Congress overhauled the international tax system and prodded companies to repatriate offshore funds, a report showed Thursday,

U.S. Companies' Repatriated Cash Hits $1 Trillion Under Tax Law

Corporations have brought back more than $1 trillion of overseas profits to the U.S. since Congress overhauled the international tax system and prodded companies to repatriate offshore funds, a report showed Thursday.

www.bloomberg.com

So dummies like you seem to ignore that possibly 3 if not more actions occurred with that $ 1 Trillion brought back!
A) Obviously taxes being paid to the government
B) Dividends (again taxed by government ) to shareholders.
C) Some went to hiring of new employees
D) Building offices, factories, drilling, mining, etc.
E) Buying back stock thus increasing share holding value.

Again all of this over your head I'm sure but not to more knowledgeable people...
ALL DONE BY Trump in his first term!

 

[Winston]

It's not like payroll taxes are funding other government spending today, right?

I don't think Social Security is upside down yet. Close for damn sure.

 

[DBA]

You are making a mistake by believing Social Security is some earned retirement income. It is flippin Social Insurance, always has been.

Understanding Social Security Benefits

Social Security is the largest social insurance program in the United States, and most of us will fall within this safety net at some point in our lifetimes. When you think of Social Security beneficiaries, you probably imagine retirees enjoying their golden years. In reality, Social Security pay

www.forbes.com

Ok, then why should a person that makes more pay more for this insurance? If the SS cap was removed and the benefit remained the same, how would that be fair to the person making 400k/yr? Right, it isn't.

 

[Mac-7]

Your OP argument is severely flawed. You have in no way demonstrated that the wealthy pay 97% of the taxes, don't even pay 97% of the income taxes since you pegged that number to the top fifty percent. Is someone that makes $75,000 rich?

And the double taxation argument is just stupid. I got paid today, I paid taxes. Then I went shopping, DAMMIT, I paid taxes again. Then I stroked a check to the county for my property taxes, DAMMIT, I paid taxes again. Paid my cellphone bill, excise taxes, DAMMIT, taxed again. The difference here, in your example the corporation paid taxes, then the shareholder paid taxes. In my example, I PAID ALL THE DAMN TAXES.

Its a tough problem

Libs only want to take instead of give

The only way to go about deficit reduction is through the Penny Plan

End automatic spending increases

Freeze the next budget at current budget levels and then reduce that by 1% across the board

Next year reduce spending by an extra 1%

If big government libs insist we can raise taxes by the same 1%, also applied to everyone

 

[Mac-7]

I make more than 99.5% of people. My taxes were hefty. I dont know how that makes a broke ass hourly employee able to pay for more of the country's expenses when they dont have 2 nickels to rub together. What is the point of this thread?

The Treasury Dept accepts donations from rich libs like you

 

[Winston]

Ok, then why should a person that makes more pay more for this insurance? If the SS cap was removed and the benefit remained the same, how would that be fair to the person making 400k/yr? Right, it isn't.l

No, it is not fair. The wealthy have an expected life expectancy of 15 years more than the poor. That is 15 more years of monthly checks. What to keep the cap on income, cap the total benefit collectible, I might go for that.

For life expectancy, money matters — Harvard Gazette

A new study published in the Journal of the American Medical Association shows that income is closely correlated with life expectancy, with the richest Americans living as much as 15 years longer than the poorest — and even the poor living longer in wealthy areas.

news.harvard.edu

 

[healthmyths]

The corporate tax rate was 35% before Trump.

When Trump first 2 years the RATE was 35%!!!

Hey dummy! FACTS not guesses...!
America’s largest, consistently profitable corporations saw their effective tax rates fall from an average of 22.0 percent to an average of 12.8 percent after the Trump tax law went into effect in 2018.

The 296 largest and consistently profitable U.S. corporations in this study paid $240 billion less in taxes from 2018 to 2021 than if they had continued to pay the effective rates they’d paid before the Trump tax law.
While profits for the largest, continuously profitable U.S. corporations rose by 44 percent after passage of the Trump tax law, their federal tax bills dropped by 16 percent.
The number of these corporations paying tax rates of less than 10 percent increased from 56 to 95 after the Trump tax law went into effect.

Corporate Taxes Before and After the Trump Tax Law

The Trump tax law slashed taxes for America’s largest, consistently profitable corporations. These companies saw their effective tax rates fall from an average of 22.0 percent to an average of 12.8 percent after the Trump tax law went into effect in 2018.

itep.org

 

[my2¢]

We need to find a better way to finance our health costs. Corporations and other businesses bear too much of the cost of medical insurance.

 

[DBA]

No, it is not fair. The wealthy have an expected life expectancy of 15 years more than the poor. That is 15 more years of monthly checks. What to keep the cap on income, cap the total benefit collectible, I might go for that.

For life expectancy, money matters — Harvard Gazette

A new study published in the Journal of the American Medical Association shows that income is closely correlated with life expectancy, with the richest Americans living as much as 15 years longer than the poorest — and even the poor living longer in wealthy areas.

news.harvard.edu

Sure, I am ok with that as well. Perhaps give people the option to pay more if they prefer. My guess is most wouldn't do that and would invest that money on their own. Keep in mind, the current algorithm is already skewed to payout a higher percentage of benefits relative to contributions as you move down the income scale.

 

[citygator]

They don't pay more, in fact, they pay much less. I'm not sure what you are talking about.

More than they are. How can a broke person pay more than they are?

 

[citygator]

The Treasury Dept accepts donations from rich libs like you

I am not paying a dime more than my rich neighbor. I will pay what he pays.

 

[leftwinger]

Ok, then why should a person that makes more pay more for this insurance? If the SS cap was removed and the benefit remained the same, how would that be fair to the person making 400k/yr? Right, it isn't.

They know all of this repeated over and over to all of them over decades of nonsense. But they are taught to chirp by deep state. Many of them working in deep state, using expensive GOVT computers during work hours. Many of them private and paid by deep state.