"The wealthiest in this country do not pay their fair share." [Bernie Sanders]

[DennisPTate]

Reply in a meme:
"Actually the highest ten percent of all earners pay ninety percent of all taxes in America."

Is it true that the highest earning ten percent of Americans pay ninety percent of all taxes?

Or is that just ninety percent of all income tax paid?

If this is true then the idea of NO OVERTIME being free of income tax, could transform the USA economy rapidly.

I am guessing though that the USA Democratic Party will absolutely HATE this idea though?

"Do the highest earning ten percent of Americans pay ninety percent of income taxes in the USA?"

No, the top 10% of American earners do not pay 90% of federal income taxes. According to recent data, the top 10% paid approximately 75.8% of total federal income taxes in 2021. However, a broader group, the top 50% of income earners, is responsible for nearly all (roughly 97%) of the federal income tax collected.
Reddit +2
Key Income Tax Data (2021-2022):

• Top 1%: Paid approximately 45.78% of total federal income taxes in 2021.
• Top 5%: Accounted for 65.64% of federal income taxes in 2021.
• Top 10%: Contributed about 75.81% of federal income taxes in 2021.
• Top 50%: Paid 97.7% of federal income taxes, while the bottom 50% paid 2.3%.
  CBS News

Important Context:

• Income Concentration: The high share of taxes paid by top earners is largely because they hold a disproportionately large share of total income, as highlighted by Reddit users.
• Income Tax vs. Total Tax: These figures refer primarily to federal income taxes. They do not always include payroll taxes (FICA), which fund Social Security and Medicare, or state and local taxes, notes Oxfam.

Zone1 Thread 'No taxes on OVERTIME PLUS.... Unconditional but Taxable Basic Minimum Income Supplements?'

Tuesday at 5:37 PM

Here is my plan to pay off the national debts of Canada and the USA, [beginning this in Canada might be easier due to the fact that the foundation was laid in Bank of Canada policy from 1938 to 1974]?

Five hundred dollars per month...
for forty one million Canadian citizens and legal residents....
that is created in the same way as the Bank of Canada worked from
1938 to 1974.

Plus....NO INCOME TAX ON OVERTIME.... so that the twenty percent of our
population who do about eighty percent of the most valuable work in the economy have
an incentive to work extra!

No income tax on overtime...

• DennisPTate
• Replies: 12
• Forum: Clean Debate Zone

• 

 

[DGS49]

Most of the taxes paid are paid by the top earners, and the bottom half of the citizenry pay nothing or less than nothing (EITC). Nobody disputes that and few people care.

It is likely true that the top 5% or so pay a lower RATE of income tax, net of exclusions and deductions, than many working class people. But we don't pay taxes in percentages, we pay them in dollars. Hence that "Billionaire" is likely paying millions in taxes (Elon paid ELEVEN BILLION DOLLARS in FIT in 2021!), even as he pays at a rate significantly lower than the top marginal tax rate on the scale.

"Fair" is always in the eye of the beholder, but I challenge anyone to convince a neutral observer that there should not be a MAXIMUM TAX, expressed in dollars, signifying that at some point, that taxpayer has paid ENOUGH! For example, if you pay a hundred thousand dollars (or pick you own number), you are COVERED, and shouldn't have to pay any more, regardless of how much you earn. It is YOUR MONEY, after all.

 

[Marener]

If the rich pay so much in taxes, why doesn’t Trump pay taxes most years?

Trump paid no federal income taxes in 10 of past 15 years, New York Times reports | Fortune

A new New York Times investigation provides the fullest picture yet of the president's financial state.

fortune.com

 

[DennisPTate]

If the rich pay so much in taxes, why doesn’t Trump pay taxes most years?

Trump paid no federal income taxes in 10 of past 15 years, New York Times reports | Fortune

A new New York Times investigation provides the fullest picture yet of the president's financial state.

fortune.com

Probably because he created a lot of jobs and employed a lot of people and took advantages of the taxation loopholes that were give to people who hired workers, [as opposed to the companies that exported jobs to China or Mexico]?

 

[Mac1958]

I don't like his use of the term "fair". No, it's NOT fair. But we're beyond "fair" right now.

We're already a K-shaped economy, with a lion's share of the benefits going to the top while most of the rest struggle. We're either going to just continue getting worse, or we're going to end up with our own version of the French Revolution. Or both.

If we can't get the two parties to collaborate and work on this from both ends, we're not going to fix it. Those who don't want that don't understand the problem. They're letting their ideology get in the way of advancing.

 

[Marener]

Probably because he created a lot of jobs and employed a lot of people and took advantages of the taxation loopholes that were give to people who hired workers, [as opposed to the companies that exported jobs to China or Mexico]?

So Bernie was right.

 

[frigidweirdo]

Reply in a meme:
"Actually the highest ten percent of all earners pay ninety percent of all taxes in America."

Is it true that the highest earning ten percent of Americans pay ninety percent of all taxes?

Or is that just ninety percent of all income tax paid?

If this is true then the idea of NO OVERTIME being free of income tax, could transform the USA economy rapidly.

I am guessing though that the USA Democratic Party will absolutely HATE this idea though?

"Do the highest earning ten percent of Americans pay ninety percent of income taxes in the USA?"

Zone1 Thread 'No taxes on OVERTIME PLUS.... Unconditional but Taxable Basic Minimum Income Supplements?'

Tuesday at 5:37 PM

Here is my plan to pay off the national debts of Canada and the USA, [beginning this in Canada might be easier due to the fact that the foundation was laid in Bank of Canada policy from 1938 to 1974]?

Five hundred dollars per month...
for forty one million Canadian citizens and legal residents....
that is created in the same way as the Bank of Canada worked from
1938 to 1974.

Plus....NO INCOME TAX ON OVERTIME.... so that the twenty percent of our
population who do about eighty percent of the most valuable work in the economy have
an incentive to work extra!

No income tax on overtime...

• DennisPTate
• Replies: 12
• Forum: Clean Debate Zone

• 

If everyone has to pay taxes on thing, and these people are paying less than that, then they're not paying enough.

Even if they're paying 90% of the taxes in the country (according to their math), it doesn't matter. They need to be paying their FAIR SHARE. Not spending loads of money getting poor people to defend them because they present stats like "well, we pay 90% of all tax" when they're not paying enough.

 

[TroglocratsRdumb]

 

[TroglocratsRdumb]

 

[TroglocratsRdumb]

 

[Hafar1014]

If the rich pay so much in taxes, why doesn’t Trump pay taxes most years?

Trump paid no federal income taxes in 10 of past 15 years, New York Times reports | Fortune

A new New York Times investigation provides the fullest picture yet of the president's financial state.

fortune.com

Trump does pay taxes the NYT has no credibility

 

[TroglocratsRdumb]

 

[DennisPTate]

If everyone has to pay taxes on thing, and these people are paying less than that, then they're not paying enough.

Even if they're paying 90% of the taxes in the country (according to their math), it doesn't matter. They need to be paying their FAIR SHARE. Not spending loads of money getting poor people to defend them because they present stats like "well, we pay 90% of all tax" when they're not paying enough.

For the record....
Bill Gates pays essentially ZERO income tax because he uses the "Bill and Melinda Gates Foundation" for charitable work, [such as inventing new vaccines].

"How much income tax did Bill Gates pay in 2021 through his foundation?"

The Bill & Melinda Gates Foundation, as a tax-exempt 501(c)(3) private foundation, does not pay income tax on its charitable activities, nor does Bill Gates pay income tax through the foundation.
However, the foundation is required to pay a small federal excise tax on its net investment income.
Key 2021 Tax & Financial Details:

• Foundation Structure: The Gates Foundation has a two-entity structure: the foundation and the Gates Foundation Trust. Both are tax-exempt, but they pay federal excise taxes, usually at a rate of 1.39% on net investment income.
• Trustee Support: In 2021, the Bill & Melinda Gates Foundation Trust received massive grants of appreciated stock from Bill Gates and Melinda French Gates, which were used to fund the foundation, not to pay personal income taxes.
• Personal Taxes: While not through the foundation, ProPublica data indicated that Bill Gates paid an estimated average federal income tax rate of 18.4% on his income (dividends and stock sales) from 2013-2018, which equates to roughly $525 million annually during that period.
  Gates Foundation +6

In summary, the foundation pays taxes on its investment earnings, not income tax on the donations it receives, and it does not act as a vehicle for paying Bill Gates' personal income taxes.

 

[dblack]

Socialists socializing.

 

[TroglocratsRdumb]

 

[Marener]

Trump does pay taxes the NYT has no credibility

You have no credibility and neither does Trump.

Trump bragged about paying no taxes and his brain dead moron worshippers loved him for it.

 

[dblack]

Income tax was/is a pure power grab. The sooner we repeal it the better.

 

[TroglocratsRdumb]

The Racist Democrat Party's motto is
You Make It We Take It

 

[Hafar1014]

You have no credibility and neither does Trump.

Trump bragged about paying no taxes and his brain dead moron worshippers loved him for it.

How many hotels have you built

 

[TroglocratsRdumb]