Pay your fair share is Leftist BS propaganda

[dblack]

Yes, the tax laws have to be changed .. PRONTO. In the meantime, a billionaire tax is apropos

If you don't clean it up first, any tax increases are just pissing in the wind.

 

[DrLove]

Cut spending, and I‘d be all for Congress voting out deductions and tax credits and other ways to reduce a tax load. Then we can raise taxes all across the board at 20% for everyone.

Okay, I could support that but not for those with an income of less than 50k and especially if they are attempting (and ecomonically failing) to raise a family.

Health care is still the top reason for bankruptcy in this country. Address that if you can. Thanks.

 

[dblack]

So if laws need to be changed why isn't Congress changing them? They have the majority. Why is this blame falling on the GOP when the Democrats control Congress and the WH? Please explain why they aren't changing the laws this second?

The same reason Republicans failed to do it when there were in charge.

 

[DrLove]

So if laws need to be changed why isn't Congress changing them? They have the majority. Why is this blame falling on the GOP when the Democrats control Congress and the WH? Please explain why they aren't changing the laws this second?

You know the answer to your dumb question. For most things they need sixty votes. Is this Mitch McConnell? You sure sound like him!

 

[EvilEyeFleegle]

The top earners do pay the most taxes..as expressed as a percentage of the total amount paid. Now, If one were to look at taxes paid as a percentage of wealth..one would come to a very different conclusion, eh?

New OMB-CEA Report: Billionaires Pay an Average Federal Individual Income Tax Rate of Just 8.2% | OMB | The White House

For far too long, our economy has rewarded wealth instead of work—catering to the richest Americans and biggest corporations at the expense of ordinary people. At the center of that system is a tax code that allows the wealthy to avoid paying their fair share. And while we have long known that...

www.whitehouse.gov

New OMB-CEA Report: Billionaires Pay an Average Federal Individual Income Tax Rate of Just 8.2%​

For far too long, our economy has rewarded wealth instead of work—catering to the richest Americans and biggest corporations at the expense of ordinary people. At the center of that system is a tax code that allows the wealthy to avoid paying their fair share. And while we have long known that billionaires don’t pay enough in taxes, the lack of transparency in our tax system means that much less is known about the income tax rate that they do pay.
Today, we’re releasing a new analysis that draws on a range of publicly available data to shed light on this question. The analysis from OMB and CEA economists estimates that the wealthiest 400 billionaire families in America paid an average of just 8.2 percent of their income—including income from their wealth that goes largely untaxed—in Federal individual income taxes between 2010 and 2018. That’s a lower rate than many ordinary Americans pay.
This disparity is driven largely by the way our tax code treats income generated from wealth—that is, income from assets like stocks that increase in value over time. When a middle class American earns a dollar of wages, that dollar is taxed immediately. But when a billionaire makes a dollar because their stocks increase in value, that dollar is taxed at a preferred rate—if it’s ever taxed at all. If a wealthy investor never sells an asset that has increased in value, those investment gains are entirely ignored for income tax purposes when the assets are passed on to an heir, thanks to stepped-up basis. And while untaxed capital gains income is dramatically smaller than wage income for most families—for example, about half of all Americans don’t own any stock, including in retirement accounts—it looms large for the wealthiest 400 families, who according to the Forbes 400 had at least $2.1 billion in wealth in 2018, the final year of this analysis. Analyses that ignore this type of income from wealth for billionaires will necessarily overstate their real income tax rates.

Which Taxpayers Pay the Most Taxes?

Federal income tax brackets are progressive, so higher earners pay higher rates. Learn more about who pays taxes, how much they pay, and who pays the most.

www.thebalance.com

Wealthy individuals do indeed pay more in taxes than low-income or even middle-income individuals. It's just basic math.
Even if the tax system were not progressive and everyone paid the same percentage of their incomes, 15% of $30,000 is a great deal less than 15% of $300,000. But we do have a progressive system, so high-income individuals pay higher effective tax rates, even after all those tax credits and deductions are taken into consideration. Those deductions won’t reduce $300,000 to $30,000
The Pew Research Center indicates that taxpayers with AGIs in excess of $200,000 paid more than half of all taxes collected in 2015—58.9%, to be exact.3
Those with incomes over $2 million paid a 27.5% effective tax rate, triple that of taxpayers who earned less than six figures annually, although the effective rate drops to 25.9% for the super-wealthy who earned $10 million a year or more.3
The Tax Foundation’s study concluded that 96.9% of all 2017 income taxes were paid by the higher-earning 50% of taxpayers.1

 

[AzogtheDefiler]

The same reason Republicans failed to do it when there were in charge.

GOP did change the laws. Corp. Tax rates were lowered.

What are you talking about?

 

[AzogtheDefiler]

You know the answer to your dumb question. For most things they need sixty votes. Is this Mitch McConnell? You sure sound like him!

They may use the nuclear option. Trump and the House lowered corp. tax rates. How did they do it?

 

[dblack]

GOP did change the laws. Corp. Tax rates were lowered.

LOL - yeah, just like Dems want to raise them. We need structural changes to the tax code - primarily getting rid of all the loopholes and "incentives".

 

[Papageorgio]

Okay, I could support that but not for those with an income of less than 50k and especially if they are attempting (and ecomonically failing) to raise a family.

Health care is still the top reason for bankruptcy in this country. Address that if you can. Thanks.

I’m concerned about a bigger issue and that is the debt, fix that and everything else will get better. We can’t begin to fix health care with such an unhealthy economy.

 

[AzogtheDefiler]

The top earners do pay the most taxes..as expressed as a percentage of the total amount paid. Now, If one were to look at taxes paid as a percentage of wealth..one would come to a very different conclusion, eh?

New OMB-CEA Report: Billionaires Pay an Average Federal Individual Income Tax Rate of Just 8.2% | OMB | The White House

For far too long, our economy has rewarded wealth instead of work—catering to the richest Americans and biggest corporations at the expense of ordinary people. At the center of that system is a tax code that allows the wealthy to avoid paying their fair share. And while we have long known that...

www.whitehouse.gov

New OMB-CEA Report: Billionaires Pay an Average Federal Individual Income Tax Rate of Just 8.2%​

For far too long, our economy has rewarded wealth instead of work—catering to the richest Americans and biggest corporations at the expense of ordinary people. At the center of that system is a tax code that allows the wealthy to avoid paying their fair share. And while we have long known that billionaires don’t pay enough in taxes, the lack of transparency in our tax system means that much less is known about the income tax rate that they do pay.
Today, we’re releasing a new analysis that draws on a range of publicly available data to shed light on this question. The analysis from OMB and CEA economists estimates that the wealthiest 400 billionaire families in America paid an average of just 8.2 percent of their income—including income from their wealth that goes largely untaxed—in Federal individual income taxes between 2010 and 2018. That’s a lower rate than many ordinary Americans pay.
This disparity is driven largely by the way our tax code treats income generated from wealth—that is, income from assets like stocks that increase in value over time. When a middle class American earns a dollar of wages, that dollar is taxed immediately. But when a billionaire makes a dollar because their stocks increase in value, that dollar is taxed at a preferred rate—if it’s ever taxed at all. If a wealthy investor never sells an asset that has increased in value, those investment gains are entirely ignored for income tax purposes when the assets are passed on to an heir, thanks to stepped-up basis. And while untaxed capital gains income is dramatically smaller than wage income for most families—for example, about half of all Americans don’t own any stock, including in retirement accounts—it looms large for the wealthiest 400 families, who according to the Forbes 400 had at least $2.1 billion in wealth in 2018, the final year of this analysis. Analyses that ignore this type of income from wealth for billionaires will necessarily overstate their real income tax rates.

Which Taxpayers Pay the Most Taxes?

Federal income tax brackets are progressive, so higher earners pay higher rates. Learn more about who pays taxes, how much they pay, and who pays the most.

www.thebalance.com

Wealthy individuals do indeed pay more in taxes than low-income or even middle-income individuals. It's just basic math.
Even if the tax system were not progressive and everyone paid the same percentage of their incomes, 15% of $30,000 is a great deal less than 15% of $300,000. But we do have a progressive system, so high-income individuals pay higher effective tax rates, even after all those tax credits and deductions are taken into consideration. Those deductions won’t reduce $300,000 to $30,000
The Pew Research Center indicates that taxpayers with AGIs in excess of $200,000 paid more than half of all taxes collected in 2015—58.9%, to be exact.3
Those with incomes over $2 million paid a 27.5% effective tax rate, triple that of taxpayers who earned less than six figures annually, although the effective rate drops to 25.9% for the super-wealthy who earned $10 million a year or more.3
The Tax Foundation’s study concluded that 96.9% of all 2017 income taxes were paid by the higher-earning 50% of taxpayers.1

Do percentages matter more than absolute dollars? I am not arguing, I am asking. 8% of $100bn is $8bn. 40% of $300,000 is $120k. So while the billionaire paid less in terms of % he paid more in terms of absolute dollars. Significantly more.

 

[AzogtheDefiler]

LOL - yeah, just like Dems want to raise them. We need structural changes to the tax code - primarily getting rid of all the loopholes and "incentives".

You are moving the goal posts. You asked why didn't the GOP change the laws? They did. Democrats have a disparate belief system in terms of taxes so why aren't they changing the laws?

 

[initforme]

As my dad always said if you are middle class in america there's zero chance of getting ahead. Just make the best of it. Boy he was right in every way possible.

 

[DrLove]

GOP did change the laws. Corp. Tax rates were lowered.

What are you talking about?

Ya, Donnie's 2 trillion in tax cuts for Bezos, Musk, Buffett and Paris Hilton were really stupid.

 

[DrLove]

They may use the nuclear option. Trump and the House lowered corp. tax rates. How did they do it?

Talk to Manchin and Sinema .. Ain't gonna happen.

 

[AzogtheDefiler]

Ya, Donnie's 2 trillion in tax cuts for Bezos, Musk, Buffett and Paris Hilton were really stupid.

That isn't the fucking point. He had control of Congress and passed his agenda. You say you hate it. Democrats control Congress and the WH why aren't they changing the laws the way Trump did?

 

[excalibur]

Progressives sold America on the income tax via the 16th Amendment as a tax on the 1%.

Within 25-years Congress had increased the number of people paying the income tax and in 1942, 25 years later, enacted a withholding tax on the working man and that tax is still there.

 

[AzogtheDefiler]

Talk to Manchin and Sinema .. Ain't gonna happen.

Why? Are you saying they don't want to have billionaires pay their "fair share"? Link that WVA and AZ are against that. Manchin and Sinema aren't holding it up for that.

 

[EvilEyeFleegle]

Do percentages matter more than absolute dollars? I am not arguing, I am asking. 8% of $100bn is $8bn. 40% of $300,000 is $120k. So while the billionaire paid less in terms of % he paid more in terms of absolute dollars. Significantly more.

I'd say it matters..not really in terms of fairness..although there is that argument, but because we have to truncate the top of the pyramid--yes, balance the budget on the backs of the 1%. Yeah, I'm advocating that old bugaboo..redistribution of wealth---for the good of all. I'm sure I'm going to get call a few -isms here--but we cannot allow so much of our wealth to be hoarded.

 

[DrLove]

Do percentages matter more than absolute dollars? I am not arguing, I am asking. 8% of $100bn is $8bn. 40% of $300,000 is $120k. So while the billionaire paid less in terms of % he paid more in terms of absolute dollars. Significantly more.

Cool - and which billionaire or mega-corp is paying 8%?
Not a damn one!

 

[AzogtheDefiler]

I'd say it matters..not really in terms of fairness..although there is that argument, but because we have to truncate the top of the pyramid--yes, balance the budget on the backs of the 1%. Yeah, I'm advocating that old bugaboo..redistribution of wealth---for the good of all. I'm sure I'm going to get call a few -isms here--but we cannot allow so much of our wealth to be hoarded.

OK, thats fine but in my example the man paid $8bn!!! The man paying $300k will never get to even $10mil in his LIFE of paying taxes and our fist man paid $8Bn in one year. Why should they pay more and how much more? Honestly?