The Rich Are *Not* Paying Their Fair Share? The Facts Say Otherwise

[AntonToo]

And, of course, my OP does not take into account all the state and local taxes (SALT) that the rich pay, i.e., state income taxes and county/city property taxes. Furthermore, under the Trump tax cuts, the SALT deduction is capped at $10K, which will hit the rich especially hard. For example, in Virginia, where I live, someone making $500K with a house worth $800K will pay at least $30K in SALT, but now they can only deduct $10K of that $30K.

What part of "all the other taxes are much more regressive" don't you get?

https://www.washingtonpost.com/news...-an-abuse-of-tax-data/?utm_term=.ad57eccba565

 

[Norman]

OP knows he is being disingenuous, it is proper for people who own the bulk of all money to pay the bulk of taxes.

Proper according to whom?

To you? Well yes, but according to you it's proper that boys are grown as girls. It's not saying much.

Instead of lecturing others what's proper while being unable to accomplish anything using said standards... how about focusing on getting a job so you can be part of the middle class one day?

 

[Lesh]

WHy in the hell do conservatives worry so much that mega billionaires have even MORE money while they live in squalor?

 

[Dragonlady]

The middle class has more money than it has ever had in history.
The middle class needs to stop spending more money than they earn.
You can't spend your way into the upper class.

The middle class is shrinking. They're not overspending, their incomes are declining, in real terms because they've have no meaningful raises for years. More and more of the middle class are falling into poverty, than are moving into wealth. This has to do with the tax code.

When Reagan was elected, the working class owned 5% of the wealth of the nation. Reagan's changed to the tax code, decreased taxes to the wealthy, and increased taxes paid by the middle and working class. That is WHY the middle class are struggling. And why the working class is now dependent on government assistance.

This inequity was exaserbated by Bush's tax cuts, increasing the rate at which the transfer of wealth to the top increased. Trump's tax cuts have made it much much worse. American won't have a middle class unless they start taxing the wealthy, and without a vibrant and fiscally healthy middle class, America is DONE.

 

[imawhosure]

Regarding the liberal claim that the rich are not paying their “fair share” of taxes, the following facts might be of interest:

* In 2017, the top 1% paid 39% of all federal income taxes.

* In 2017, the top 1%% paid a greater share of individual income taxes--39.0%--than the bottom 90% combined--29.4%.

* In 2017, the top 1%% paid an individual income tax rate of 27.1%, whereas the bottom 50% paid an individual income tax rate of 3.6%, i.e., a rate that is 700% higher than the rate paid by the bottom 50%.

* In 2016, the top 10% paid 70% of all federal income taxes.

Sources:

Summary of the Latest Federal Income Tax Data, 2017 Update

Do the Rich Pay Their Fair Share of Taxes? | SmartAsset

If they make 99% of the income shouldn’t they pay 99% of the tax ?

OK Timmy, show us that the RICH earn 99% of all income, and we will accept your premise. You can't because they don't! Not even close.

 

[imawhosure]

The math dictates that if the top 1 percent has 90 some percent of the income they are going to pay more. If the test of the working peasants only have a little tiny bit they won't be paying as much.

Again, show all of us that they earn 90% of the income, lol. You want to make a good point, then we are for it. If they earn 90% of all income, then we can agree that they pay 90% of the tax.

See, you people won the debate once you show us your statement is correct.

Sooooooooo, we are waiting-)

 

[Mikeoxenormous]

And, of course, my OP does not take into account all the state and local taxes (SALT) that the rich pay, i.e., state income taxes and county/city property taxes. Furthermore, under the Trump tax cuts, the SALT deduction is capped at $10K, which will hit the rich especially hard. For example, in Virginia, where I live, someone making $500K with a house worth $800K will pay at least $30K in SALT, but now they can only deduct $10K of that $30K.

And I think it is a wonderful idea. Why should states that have lower taxes, have to pick up the Federal Taxes that the rich states were avoiding paying taxes? This was a reason I moved from Virginia, to Flor E Da..

 

[Mikeoxenormous]

The middle class has more money than it has ever had in history.
The middle class needs to stop spending more money than they earn.
You can't spend your way into the upper class.

The middle class is shrinking. They're not overspending, their incomes are declining, in real terms because they've have no meaningful raises for years. More and more of the middle class are falling into poverty, than are moving into wealth. This has to do with the tax code.

When Reagan was elected, the working class owned 5% of the wealth of the nation. Reagan's changed to the tax code, decreased taxes to the wealthy, and increased taxes paid by the middle and working class. That is WHY the middle class are struggling. And why the working class is now dependent on government assistance.

This inequity was exaserbated by Bush's tax cuts, increasing the rate at which the transfer of wealth to the top increased. Trump's tax cuts have made it much much worse. American won't have a middle class unless they start taxing the wealthy, and without a vibrant and fiscally healthy middle class, America is DONE.

Pay gains during Trump's first year in office are the best since the Great Recession

• The Employment Cost Index, a measure of salary and benefit costs, registered a 2.6 percent gain for the full year, tied for the best since 2007.
• That gives President Donald Trump the best wage gains since the Great Recession, easily topping any during former President Barack Obama's entire term.
  

All you do is lie like a ******* Kuuuunt. Dont you ever get tired of it? Of course when you had QE forever by Obummer's Fed Janet Yellow and 4.5 trillion dollars of FAUX money created that did make the dollar that more weaker, so you can thank Obama for the inflation that wasn't..Dumbass.

Why Didn't Quantitative Easing Lead to Hyperinflation?

The first reason, then, why QE did not lead to hyperinflation is because the state of the economy was already deflationary when it began. After QE1, the fed underwent a second round of quantitative easing, QE2. Here the central bank undertook open market operations where it purchased assets from banks in return for dollars.

 

[BluesLegend]

The top 1/10 0f one per cent own 25% of the wealth of the nation.

Explain to me how they are paying their share?

The OP just told you they pay a huge chunk of the income taxes. Its not their fault you are a loser.

 

[Timmy]

Regarding the liberal claim that the rich are not paying their “fair share” of taxes, the following facts might be of interest:

* In 2017, the top 1% paid 39% of all federal income taxes.

* In 2017, the top 1%% paid a greater share of individual income taxes--39.0%--than the bottom 90% combined--29.4%.

* In 2017, the top 1%% paid an individual income tax rate of 27.1%, whereas the bottom 50% paid an individual income tax rate of 3.6%, i.e., a rate that is 700% higher than the rate paid by the bottom 50%.

* In 2016, the top 10% paid 70% of all federal income taxes.

Sources:

Summary of the Latest Federal Income Tax Data, 2017 Update

Do the Rich Pay Their Fair Share of Taxes? | SmartAsset

If they make 99% of the income shouldn’t they pay 99% of the tax ?

OK Timmy, show us that the RICH earn 99% of all income, and we will accept your premise. You can't because they don't! Not even close.

Shouldn’t that have been done in the OP? Instead of some misleading propaganda that the 1% ( of what exactly ) is getting hosed .