Tax Burden of Top 1% Now Exceeds That of Bottom 95%

[midcan5]

Myth: There is no empirical evidence that the poor get poor by their own lack of merit. Oh wait there is... Drop out rates, out of wedlock births, drugs...

I imagine that for every dollar that the govt steals from the rich, they give about 20 cents to the poor. Does anyone have any stats on that? They redistribute wealth into waste.

You repeat the same nonsense and you know no rich as they often do the same. But they have advantages, they hide their vices better and connections matter. Money buys support and shelter. And society's monies are distributed to waste, up and down. But up starts up. Grow up or wake up.

 

[Annie]

Those who argue that the rich earn their money, do you know any rich people? I will agree that some in the lower wealth regions work hard in sales, law, or private business but the majority inherited businesses, married money, or simply got lucky. But then consider ceo's and high level executives who make millions yearly. Probably most educated people could do this job, especially considering their poor performance. Then consider actors, entertainers, TV producers, or sports figures, do they work hard playing a game or singing a song or producing the nonsense that passes for entertainment? Hardly.

The only reason they make this kind of money is because our system of economic reward is setup this way. If you have the power you reward money with money. Both Reagan and Bush hurt the nation reducing taxes - that is fact given what happened. Now consider most school teachers who do more than most of the people above and have a harder job. They make little and get lots of flak from the same buffoons who praise the rich.

The values of many Americans and especially those who cry for the wealthy are distorted or just plain stupid. Again give them some of your hard earned money. They'll be able to fill their Bentley with your goodness and laugh all the way to the bank at fools who praise an unfair system.

"On moral grounds, then, we could argue for a flat income tax of 90 percent to return that wealth to its real owners. In the United States, even a flat tax of 70 percent would support all governmental programs (about half the total tax) and allow payment, with the remainder, of a patrimony of about $8,000 per annum per inhabitant, or $25,000 for a family of three. This would generously leave with the original recipients of the income about three times what, according to my rough guess, they had earned."

UBI and the Flat Tax

Myth: The rich get rich because of their merit.
The rich get rich because of their merit.

"There is no historical evidence that tax cuts spur economic growth. The highest period of growth in U.S. history (1933-1973) also saw its highest tax rates on the rich: 70 to 91 percent. During this period, the general tax rate climbed as well, but it reached a plateau in 1969, and growth slowed down five years later. Almost all rich nations have higher general taxes than the U.S., and they are growing faster as well."

Tax cuts spur economic growth

"What improves the circumstances of the greater part can never be regarded as an inconveniency to the whole. No society can surely be flourishing and happy, of which the far greater part of the members are poor and miserable." Adam Smith 'The Wealth of Nations,' Book I Chapter VIII

The Decline of Inherited Money - The Wealth Report - WSJ

JANUARY 14, 2008, 2:41 PM ET
The Decline of Inherited Money
My Krugman post brought a lot of emails asking about my assertion that “the vast majority of today’s rich didn’t inherit their money, but made it themselves.”

For the sake of brevity, I didn’t cite the research behind the statement. But since many of you have asked, and we aim to please here at the Wealth Report, here are my three main data points:

1. According to a study of Federal Reserve data conducted by NYU professor Edward Wolff, for the nation’s richest 1%, inherited wealth accounted for only 9% of their net worth in 2001, down from 23% in 1989. (The 2001 number was the latest available.)

2. According to a study by Prince & Associates, less than 10% of today’s multi-millionaires cited “inheritance” as their source of wealth.

3. A study by Spectrem Group found that among today’s millionaires, inherited wealth accounted for just 2% of their total sources of wealth.

Each of these stats measures slightly different things, yet they all come to the same basic conclusion: Inheritance is not the main driver of today’s wealth. The reason we’ve had a doubling in the number of millionaires and billionaires over the past decade (even adjusted for inflation) is that more of the non-wealthy have become wealthy.

So it’s not just that the same old rich folks are getting richer. The more-important shift is that the rich are getting more numerous.

 

[ozzmdj]

Just look at the graphic shown above

 

[Dr Grump]

translation! we are lazy azzed people who would rather steal from others than earn our own.. parasites.

I reckon some of the super rich work hard, but a lot of them are just exploiting people and steal from others...take Helms for instance....or the fucktards and Enron and Tyco...nothing but Rip-off Merchants - sure you wanna put your hat in with those motherfuckers?

 

[ozzmdj]

translation! we are lazy azzed people who would rather steal from others than earn our own.. parasites.

I reckon some of the super rich work hard, but a lot of them are just exploiting people and steal from others...take Helms for instance....or the fucktards and Enron and Tyco...nothing but Rip-off Merchants - sure you wanna put your hat in with those motherfuckers?

Oh yeah Dr kook

 

[NYcarbineer]

The Statist is taught to divide people into class's......and the ignorant fall for it.

Is the OP a statist?

 

[NYcarbineer]

What percent of the country's total income do the top 1 percent get?

 

[NYcarbineer]

What percent of the country's total income do the top 1 percent get?

Ok I found it.

The top 1 percent according to the 2007 figures

1. Pay 40.4% of income taxes

2. Earned 22.8% of income.

So, if you believe that's unfair, I assume you believe we should shift about half of that tax burden to the middle class/working class/working poor etc.

Anyone support that?

 

[editec]

What percent of the country's total income do the top 1 percent get?

Ok I found it.

The top 1 percent according to the 2007 figures

1. Pay 40.4% of income taxes

2. Earned 22.8% of income.

So, if you believe that's unfair, I assume you believe we should shift about half of that tax burden to the middle class/working class/working poor etc.

Anyone support that?

Income doesn't even remotely begin to tell us how much money the SUPERWEALTHY really make, folks.

Most of their profits are not taken as incomes, so comparing their incomes to ours is silly.

 

[NYcarbineer]

What percent of the country's total income do the top 1 percent get?

Ok I found it.

The top 1 percent according to the 2007 figures

1. Pay 40.4% of income taxes

2. Earned 22.8% of income.

So, if you believe that's unfair, I assume you believe we should shift about half of that tax burden to the middle class/working class/working poor etc.

Anyone support that?

Income doesn't even remotely begin to tell us how much money the SUPERWEALTHY really make, folks.

Most of their profits are not taken as incomes, so comparing their incomes to ours is silly.

That's true. And it's also true that the wealthy disproportionately benefit from government spending.

 

[WillowTree]

What percent of the country's total income do the top 1 percent get?

Ok I found it.

The top 1 percent according to the 2007 figures

1. Pay 40.4% of income taxes

2. Earned 22.8% of income.

So, if you believe that's unfair, I assume you believe we should shift about half of that tax burden to the middle class/working class/working poor etc.

Anyone support that?

What I support is a flat tax, with no loopholes and no refunds, no tax credits and no parasites. Every single person living in the US of KKKA needs to pay federal income tax,, or they need to get the hell outta our schools, off our roads, and stay the hell outta our hospitals.. Every single American should pay income tax.

 

[editec]

Ok I found it.

The top 1 percent according to the 2007 figures

1. Pay 40.4% of income taxes

2. Earned 22.8% of income.

So, if you believe that's unfair, I assume you believe we should shift about half of that tax burden to the middle class/working class/working poor etc.

Anyone support that?

Income doesn't even remotely begin to tell us how much money the SUPERWEALTHY really make, folks.

Most of their profits are not taken as incomes, so comparing their incomes to ours is silly.

That's true. And it's also true that the wealthy disproportionately benefit from government spending.

Some of them (usually the same ones whining about government waste) make most of their money though cozy government spending.

Ironic isn't it?

 

[ozzmdj]

While the academic performance of white students is grossly inferior, that of black and Latino students is a national disgrace.....A MINORITY VIEW

 

[Sweet Willy]

What percent of the country's total income do the top 1 percent get?

Ok I found it.

The top 1 percent according to the 2007 figures

1. Pay 40.4% of income taxes

2. Earned 22.8% of income.

So, if you believe that's unfair, I assume you believe we should shift about half of that tax burden to the middle class/working class/working poor etc.

Anyone support that?

What I support is a flat tax, with no loopholes and no refunds, no tax credits and no parasites. Every single person living in the US of KKKA needs to pay federal income tax,, or they need to get the hell outta our schools, off our roads, and stay the hell outta our hospitals.. Every single American should pay income tax.

Highway tax is collected through fuel sales. Has nothing to do with Federal Income tax.

Schools do recieve some Federal $$ but are mostly funded by your county and state.

And hospitals? I'm not sure what you mean by that one. I'm not aware of any federal hospitals except for Veterans hospitals.


If these are your actual complaints, well, you don't really have any regarding federal taxes.

 

[WillowTree]

Ok I found it.

The top 1 percent according to the 2007 figures

1. Pay 40.4% of income taxes

2. Earned 22.8% of income.

So, if you believe that's unfair, I assume you believe we should shift about half of that tax burden to the middle class/working class/working poor etc.

Anyone support that?

What I support is a flat tax, with no loopholes and no refunds, no tax credits and no parasites. Every single person living in the US of KKKA needs to pay federal income tax,, or they need to get the hell outta our schools, off our roads, and stay the hell outta our hospitals.. Every single American should pay income tax.

Highway tax is collected through fuel sales. Has nothing to do with Federal Income tax.

Schools do recieve some Federal $$ but are mostly funded by your county and state.

And hospitals? I'm not sure what you mean by that one. I'm not aware of any federal hospitals except for Veterans hospitals.


If these are your actual complaints, well, you don't really have any regarding federal taxes.

all hospitals receive federal aid, ie medicare and medicaid don't be dull!

 

[Sweet Willy]

What I support is a flat tax, with no loopholes and no refunds, no tax credits and no parasites. Every single person living in the US of KKKA needs to pay federal income tax,, or they need to get the hell outta our schools, off our roads, and stay the hell outta our hospitals.. Every single American should pay income tax.

Highway tax is collected through fuel sales. Has nothing to do with Federal Income tax.

Schools do recieve some Federal $$ but are mostly funded by your county and state.

And hospitals? I'm not sure what you mean by that one. I'm not aware of any federal hospitals except for Veterans hospitals.


If these are your actual complaints, well, you don't really have any regarding federal taxes.

all hospitals receive federal aid, ie medicare and medicaid don't be dull!

No, patients recieve medicare and medicaid. Hospitals do not qualify to recieve any Medicare or Medicaid benefits.

 

[Care4all]

But hey lets raise taxes on these people even more


The Tax Foundation - Tax Burden of Top 1% Now Exceeds That of Bottom 95%

Tax Burden of Top 1% Now Exceeds That of Bottom 95%

by Scott A. Hodge

Newly released data from the IRS clearly debunks the conventional Beltway rhetoric that the "rich" are not paying their fair share of taxes.

Indeed, the IRS data shows that in 2007—the most recent data available—the top 1 percent of taxpayers paid 40.4 percent of the total income taxes collected by the federal government. This is the highest percentage in modern history. By contrast, the top 1 percent paid 24.8 percent of the income tax burden in 1987, the year following the 1986 tax reform act.

Remarkably, the share of the tax burden borne by the top 1 percent now exceeds the share paid by the bottom 95 percent of taxpayers combined. In 2007, the bottom 95 percent paid 39.4 percent of the income tax burden. This is down from the 58 percent of the total income tax burden they paid twenty years ago.

To put this in perspective, the top 1 percent is comprised of just 1.4 million taxpayers and they pay a larger share of the income tax burden now than the bottom 134 million taxpayers combined.

Some in Washington say the tax system is still not progressive enough. However, the recent IRS data bolsters the findings of an OECD study released last year showing that the U.S.—not France or Sweden—has the most progressive income tax system among OECD nations. We rely more heavily on the top 10 percent of taxpayers than does any nation and our poor people have the lowest tax burden of those in any nation.

We are definitely overdue for some honesty in the debate over the progressivity of the nation's tax burden before lawmakers enact any new taxes to pay for expanded health care.

i wonder what percentage the top 1% pays of the social security taxes? we do collect nearly as much in social security taxes as we do in income taxes each year and use up to $300 billion a year of its surpluses to balance the budget in which income taxes should be funding....?

 

[Sweet Willy]

But hey lets raise taxes on these people even more


The Tax Foundation - Tax Burden of Top 1% Now Exceeds That of Bottom 95%

Tax Burden of Top 1% Now Exceeds That of Bottom 95%

by Scott A. Hodge

Newly released data from the IRS clearly debunks the conventional Beltway rhetoric that the "rich" are not paying their fair share of taxes.

Indeed, the IRS data shows that in 2007—the most recent data available—the top 1 percent of taxpayers paid 40.4 percent of the total income taxes collected by the federal government. This is the highest percentage in modern history. By contrast, the top 1 percent paid 24.8 percent of the income tax burden in 1987, the year following the 1986 tax reform act.

Remarkably, the share of the tax burden borne by the top 1 percent now exceeds the share paid by the bottom 95 percent of taxpayers combined. In 2007, the bottom 95 percent paid 39.4 percent of the income tax burden. This is down from the 58 percent of the total income tax burden they paid twenty years ago.

To put this in perspective, the top 1 percent is comprised of just 1.4 million taxpayers and they pay a larger share of the income tax burden now than the bottom 134 million taxpayers combined.

Some in Washington say the tax system is still not progressive enough. However, the recent IRS data bolsters the findings of an OECD study released last year showing that the U.S.—not France or Sweden—has the most progressive income tax system among OECD nations. We rely more heavily on the top 10 percent of taxpayers than does any nation and our poor people have the lowest tax burden of those in any nation.

We are definitely overdue for some honesty in the debate over the progressivity of the nation's tax burden before lawmakers enact any new taxes to pay for expanded health care.

i wonder what percentage the top 1% pays of the social security taxes? we do collect nearly as much in social security taxes as we do in income taxes each year and use up to $300 billion a year of its surpluses to balance the budget in which income taxes should be funding....?

Of course, there is a cap on SS taxes. The wealthy pay a much smaller percentage.

It would also be interesting if there are any estimates on the dollar amount that the wealthy evade taxes on.

 

[Care4all]

But hey lets raise taxes on these people even more


The Tax Foundation - Tax Burden of Top 1% Now Exceeds That of Bottom 95%

Tax Burden of Top 1% Now Exceeds That of Bottom 95%

by Scott A. Hodge

Newly released data from the IRS clearly debunks the conventional Beltway rhetoric that the "rich" are not paying their fair share of taxes.

Indeed, the IRS data shows that in 2007—the most recent data available—the top 1 percent of taxpayers paid 40.4 percent of the total income taxes collected by the federal government. This is the highest percentage in modern history. By contrast, the top 1 percent paid 24.8 percent of the income tax burden in 1987, the year following the 1986 tax reform act.

Remarkably, the share of the tax burden borne by the top 1 percent now exceeds the share paid by the bottom 95 percent of taxpayers combined. In 2007, the bottom 95 percent paid 39.4 percent of the income tax burden. This is down from the 58 percent of the total income tax burden they paid twenty years ago.

To put this in perspective, the top 1 percent is comprised of just 1.4 million taxpayers and they pay a larger share of the income tax burden now than the bottom 134 million taxpayers combined.

Some in Washington say the tax system is still not progressive enough. However, the recent IRS data bolsters the findings of an OECD study released last year showing that the U.S.—not France or Sweden—has the most progressive income tax system among OECD nations. We rely more heavily on the top 10 percent of taxpayers than does any nation and our poor people have the lowest tax burden of those in any nation.

We are definitely overdue for some honesty in the debate over the progressivity of the nation's tax burden before lawmakers enact any new taxes to pay for expanded health care.

i wonder what percentage the top 1% pays of the social security taxes? we do collect nearly as much in social security taxes as we do in income taxes each year and use up to $300 billion a year of its surpluses to balance the budget in which income taxes should be funding....?

Of course, there is a cap on SS taxes. The wealthy pay a much smaller percentage.

It would also be interesting if there are any estimates on the dollar amount that the wealthy evade taxes on.

billions in tax dollars are evaded or postponed, until the inheritance tax captures some of it.

the top 1% pays on average in 2007, 17.6% in income taxes....obviously by that number alone it shows how well they are in avoiding the 35% income tax bracket, they are in.

 

[Sweet Willy]

How Common Is Offshore Tax Evasion? - The Wealth Report - WSJ



We are looking for 52,000 criminal millionaires.