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The left's "Tax the Rich" mantra is actually a lie

JGalt

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This data can be downloaded from the IRS, yet the Democrats still ramble on about making the upper income earners pay their "fair share." According to the Tax Policy Center, 61% of Americans pay no federal income taxes. Guess who that 61% is?

"Incredibly, in 2020, approximately 61% of Americans paid no federal income taxes, according to the Tax Policy Center. Therefore, approximately 39% of Americans paid all federal income taxes. They are rewarded for this staggering largess by being told they need to "pay their fair share." Their "fair share," one might logically surmise, would be around 39% of the federal income taxes paid, not 100%. The top 20% of income earners pay about 67% of federal taxes..."

61% Of Americans paid no federal income taxes in 2020? Who's greedy?


But hang tight and don't worry folks. President Joe is gonna make sure you 61-percenters pay your fair share next year. :21:
 

Otis Mayfield

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Most working people pay "payroll taxes". They never see the money, it's taken out of their checks before they get their checks. It makes it hard for working people to cheat on their taxes.

A self employed person, like a plumber, would pay "income tax". A lot of them pay in one lump sum once per year.
 

Meister

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Most working people pay "payroll taxes". They never see the money, it's taken out of their checks before they get their checks. It makes it hard for working people to cheat on their taxes.

A self employed person, like a plumber, would pay "income tax". A lot of them pay in one lump sum once per year.
Quarterly for most
 

theHawk

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All of the left’s mantras are lies.
 

the other mike

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The transfer of wealth over the last 40 years from the bottom 90% to the top is well over $20 trillion, not even counting the national debt -now approaching $30 trillion.

Taxing that back would be impossible without major capital gains and estate taxes which will never pass through Congress.

It would be like removing all the fish from the ocean and then waiting for them to evolve back.

That money's gone.
 

BluesLegend

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The transfer of wealth over the last 40 years from the bottom 90% to the top is well over $20 trillion, not even counting the national debt -now approaching $30 trillion.
I think you are confusing transfer of wealth with creation of net new wealth moron. Why don't you start a business, take the risks and create your own wealth vs trying to mooch off the 'rich'.
 

the other mike

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I think you are confusing transfer of wealth with creation of net new wealth moron. Why don't you start a business, take the risks and create your own wealth vs trying to mooch off the 'rich'.
You completely misunderstood me or you have no idea what transfer of wealth means..

Fucking moron.
 

struth

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Most working people pay "payroll taxes". They never see the money, it's taken out of their checks before they get their checks. It makes it hard for working people to cheat on their taxes.

A self employed person, like a plumber, would pay "income tax". A lot of them pay in one lump sum once per year.
payroll taxes are income taxes taken out by their employer on that income.

this is about all income tax payers…even the self-employed…who actually typically pay quarterly
 

the other mike

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Actually, mine was a CONSERVATIVE estimate.
Price and Edwards calculate that the cumulative tab for our four-decade-long experiment in radical inequality had grown to over $47 trillion from 1975 through 2018. At a recent pace of about $2.5 trillion a year, that number we estimate crossed the $50 trillion mark by early 2020. That’s $50 trillion that would have gone into the paychecks of working Americans had inequality held constant—$50 trillion that would have built a far larger and more prosperous economy—$50 trillion that would have enabled the vast majority of Americans to enter this pandemic far more healthy, resilient, and financially secure.
 

BluesLegend

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You completely misunderstood me or you have no idea what transfer of wealth means..

Fucking moron.
I understood your fake news spin trust me. Soon you will also claim I'm not paying my fair share when those of us in the top 10% already pay 71% of the taxes. Isn't that MORE than fair? Why don't all the lazy moochers get off their ass and work a couple jobs and pay their share hmmm.
 

the other mike

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I understood your fake news spin trust me. Soon you will also claim I'm not paying my fair share when those of us in the top 10% already pay 71% of the taxes. Isn't that MORE than fair? Why don't all the lazy moochers get off their ass and work a couple jobs and pay their share hmmm.
Dude. Shut up before you embarrass yourself even more.
You don't know me.

Look at my date of joining USMB
 

andaronjim

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This data can be downloaded from the IRS, yet the Democrats still ramble on about making the upper income earners pay their "fair share." According to the Tax Policy Center, 61% of Americans pay no federal income taxes. Guess who that 61% is?

"Incredibly, in 2020, approximately 61% of Americans paid no federal income taxes, according to the Tax Policy Center. Therefore, approximately 39% of Americans paid all federal income taxes. They are rewarded for this staggering largess by being told they need to "pay their fair share." Their "fair share," one might logically surmise, would be around 39% of the federal income taxes paid, not 100%. The top 20% of income earners pay about 67% of federal taxes..."

61% Of Americans paid no federal income taxes in 2020? Who's greedy?


But hang tight and don't worry folks. President Joe is gonna make sure you 61-percenters pay your fair share next year. :21:
That 61% is already being taxed through inflation.. I hope they have a really bad time because of it, since most of that 61% voted for this shit..
 

andaronjim

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Quarterly for most
I have to pay my taxes quarterly because my dividends are paid that way. At $115,000 a quarter, i have to pay in around $25,000 a quarter in taxes.




Qualified dividends tax​

If you're looking for a sweet tax deal, then qualified dividends should be in your portfolio. Dividends with the status of being qualified are subject to lower capital gains tax rates, giving you access to the 0%, 15%, and 20% tax brackets.


This tax perk comes with a few rules to be aware of. Here are the three main ones to obtain qualified dividend status:

  1. The dividend must have been paid by a U.S. corporation or a qualifying foreign company.
  2. The dividend must meet the IRS definition of a qualified dividend.
  3. The stock paying the dividend must be held by you for more than 60 days during the 121-day holding period that begins 60 days before the ex-dividend date.
Take a look at the tax brackets below to calculate how much you'll save by adding qualified dividends to your portfolio.

FOR SINGLE FILERS WITH TAXABLE INCOME OF...FOR MARRIED JOINT FILERS WITH TAXABLE INCOME OF...FOR MARRIED COUPLES FILING SEPARATELY WITH TAXABLE INCOME OF...FOR HEADS OF HOUSEHOLDS WITH TAXABLE INCOME OF......THIS IS THE 2021 QUALIFIED DIVIDENDS TAX RATE
$0 to $40,400$0 to $80,800$0 to $40,400$0 to $54,1000%
$40,401 to $445,850$80,801 to $501,600$40,401 to $250,800$54,101 to $473,75015%
Over $445,850Over $501,600Over $250,800Over $473,75020%
Data source: IRS.
 

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the other mike

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Lisa558

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Most working people pay "payroll taxes". They never see the money, it's taken out of their checks before they get their checks. It makes it hard for working people to cheat on their taxes.

A self employed person, like a plumber, would pay "income tax". A lot of them pay in one lump sum once per year.
No self-employed person gets away with a lump sum once a year.
 

the other mike

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No self-employed person gets away with a lump sum once a year.
That's essentially what filing taxes is for a self employed individual.
 

BluesLegend

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You're barking up the wrong tree faggot. I'm just stating facts as always.
The 'rich' took nothing from the working class you fell for the Dems BS. Who destroyed the manufacturing base in American and gifted the jobs to CHINA? It wasn't the 'rich', politicians did that. If the working class is looking for their lost wealth go cry to the politicians.
 

Resnic

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All of the left’s mantras are lies.


I'd been saying it's a lie. The rich and powerful that have ever said tax the rich say it just because they honestly believe the masses will be dumb enough to cheer them on and say "yeah tax dem dare rich folks" and think they will just side with them.
 

the other mike

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The 'rich' took nothing from the working class you fell for the Dems BS. Who destroyed the manufacturing base in American and gifted the jobs to CHINA? It wasn't the 'rich', politicians did that. If the working class is looking for their lost wealth go cry to the politicians.
I didn't fall for anything boy.
I watched it unfold in my 60 years.

And again, you don't know shit about me.
 

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