Who Pays the Most Income Taxes and the Impact of the Trump Tax Cuts

[mikegriffith1]

After 35 years of GOP give away to the rich, we already have a flat tax system if you count all taxes.

If that's true, why do the rich pay such a disproportionately large share of all federal income taxes, not to mention state and local taxes?

The rich pay at least 37% of all federal income taxes, yet their share of the national adjusted gross income (AGI) is only 20%. If the GOP has been "giving away" tax money to the rich, it's odd that rich are paying a larger and larger share of all income taxes and that the share they pay is much more than their share of the national AGI.

 

[Aponi]

Let us look at the FACTS about who pays the most taxes in America per capita and the impact of the Tax Cuts and Jobs Act ) (the TCJA) (aka the Trump tax cuts):

"The top 1% of tax payers pay 38% of all income taxes yet only have a 20% share of total AGI [adjusted gross income]. Furthermore, the top 50% of tax payers pay practically all of the nation’s federal taxes (97.3%) while commanding 87.25% of total AGI. " (How Much Money Do The Top Income Earners Make?)

"The IRS has recently released an analysis of the distribution of the income tax burden for Tax Year 2016. The new data shows that the top one percent of income earners bear the burden of 37 percent of all income taxes. This is nearly twice as much as their share of income (19.7 percent). The top 25 percent of earners shoulder nearly 86 percent of the income tax load. Combined, the top 50 percent of earners are responsible for 97 percent income taxes collected. The other half of filers pay just 3 percent of all income taxes." (Who Pays Income Taxes?)

"One of the least discussed parts of America’s income tax is how progressive it is, and the tax overhaul didn’t change that fact. In 2018, top earners will pay a higher share of income taxes." (Top 20% of Americans Will Pay 87% of Income Tax)

"Let’s say that John, a single taxpayer, earned $16,000 last year. That would have put him in a 15-percent tax bracket in 2017. He would have paid 10 percent in tax on his income up to $9,325 and 15 percent on the balance of his income up to $16,000. That’s a pretty significant tax bill of $1,933: $932 on the first $9,325, plus $1,001 of the $6,675 balance, for a total of $1,933.

"The TCJA provides for a new 12-percent bracket for incomes from $9,525 up to $38,700 for single filers. John would pay 10 percent in tax on his income up to $9,525, but only 12 percent on the balance. As a result, John's 2018 tax bill would come out to just $1,729 compared to $1,933: 10 percent of $9,525 or $952, plus 12 percent of the $6,475 balance or $777. That's $204 less, pretty significant for someone who earns just $16,000 a year." (The Tax Cuts and Jobs Act: What Does It Mean for You Personally?)

"A Pew Research Center analysis of IRS data from 2015, the most recent available, shows that taxpayers with incomes of $200,000 or more paid well over half (58.8%) of federal income taxes, though they accounted for only 4.5% of all returns filed (6.8% of all taxable returns).

"By contrast, taxpayers with incomes below $30,000 filed nearly 44% of all returns but paid just 1.4% of all federal income tax – in fact, two-thirds of the nearly 66 million returns filed by people in that lowest income tier owed no tax at all. (The IRS tax data used here are estimates based on a stratified probability sample of all returns.)" (Who pays U.S. income tax, and how much?)

"The effective tax rate for those earning less than $30,000 worked out to 4.9 percent. It’s anticipated that the Tax Cuts and Jobs Act(TCJA) will reduce the effective tax rate for the poorest 20 percent of Americans by about 5.5 percent beginning in 2018." (How Much Do the Wealthy Pay in Taxes Each Year?)

"The child tax credit was $1,000 per child under age 17 in 2017. The TCJA pushes this up to $2,000 per child, an increase of $1,000. The first $1,400 is refundable. This means that a parent with zero tax liability would receive a refund from the IRS for $1,400 for each dependent child he can claim.

"If John’s tax bill was $400 and he could claim the child tax credit for one child, the tax credit would wipe out his tax debt so John would end up not owing the IRS anything at all. That leaves $1,600 remaining of the $2,000 credit, of which $1,400 is refundable. So John would actually receive a $1,400 refund." (The Tax Cuts and Jobs Act: What Does It Mean for You Personally?)​

And, of course, one does not need to be a math whiz to know that the TCJA's $10K cap on the deduction for state and local taxes (SALT) will hit the top 15% of income earners the hardest. The $10K SALT cap cost me about $500 this year in actual additional taxes paid compared to last year. But, if I made, say, $300K per year and owned a home worth $600K, the $10K SALT cap would have cost me about $4,000 in actual additional taxes paid!

Great post to bad we cant get democrats to comprehend it.

 

[Aponi]

Cool then a flat tax with zero expenditures for all would be a fair and just system don't you think?

A flat tax on income or on purchases?

"Zero expenditures"? Do you mean zero deductions?

Yes zero deductions, and I really do not know enough about purchases because in my mind you could not do it for food and things like that. But yes on income, all income.

Then, no, that would not be fair, because it would place a heavy burden on low-income earners--unless the flat tax rate were around 1-2%. Otherwise, it would hit people in the two lowest tax brackets very hard.

Flat tax is fair because we all pay the same thats fair and equal to all.
But as you said the lower income people would be hit much harder .

 

[francoHFW]

After 35 years of GOP give away to the rich, we already have a flat tax system if you count all taxes.

If that's true, why do the rich pay such a disproportionately large share of all federal income taxes, not to mention state and local taxes?

The rich pay at least 37% of all federal income taxes, yet their share of the national adjusted gross income (AGI) is only 20%. If the GOP has been "giving away" tax money to the rich, it's odd that rich are paying a larger and larger share of all income taxes and that the share they pay is much more than their share of the national AGI.

Federal income taxes are our only progressive tax, super duper, Google the only tax graph you need to know.so of course what you say is absolutely wrong they pay exactly the same in taxes as you do percentage wise, which is why our country and middle-class are falling apart. You appear to know nothing like most GOP voters....

 

[francoHFW]

Cool then a flat tax with zero expenditures for all would be a fair and just system don't you think?

A flat tax on income or on purchases?

"Zero expenditures"? Do you mean zero deductions?

Yes zero deductions, and I really do not know enough about purchases because in my mind you could not do it for food and things like that. But yes on income, all income.

Then, no, that would not be fair, because it would place a heavy burden on low-income earners--unless the flat tax rate were around 1-2%. Otherwise, it would hit people in the two lowest tax brackets very hard.

Flat tax is fair because we all pay the same thats fair and equal to all.
But as you said the lower income people would be hit much harder .

You GOP voters appear to have been born yesterday. The upper tax rate under Eisenhower and was 90%, Kennedy cut it to 70 Reagan cut it to 50% and had some success. as he was leaving he cut it to 28% and ever since our infrastructure and Non Rich have been going to hell. average wages go up because the richest are so rich now it's ridiculous LOL. Great job.

 

[mikegriffith1]

You know those solid middle-class jobs that liberals always say they want for more people? Who do liberals think creates those kinds of jobs--you know, jobs with paid time off, sick leave, maternity leave, matching 401Ks, health insurance, dental plans, etc.? The majority of those jobs are found in big companies, companies owned and run by rich people, companies that make huge profits and that can afford to pay good salaries and benefits. Most of the rest of those jobs are found in successful middle-sized and small businesses, companies that are striving to get bigger and richer, and nearly all of the owners of those mid-sized and small businesses are in the top 25% of income earners, whom most liberals view as being among the "rich."

 

[francoHFW]

Let us look at the FACTS about who pays the most taxes in America per capita and the impact of the Tax Cuts and Jobs Act ) (the TCJA) (aka the Trump tax cuts):

"The top 1% of tax payers pay 38% of all income taxes yet only have a 20% share of total AGI [adjusted gross income]. Furthermore, the top 50% of tax payers pay practically all of the nation’s federal taxes (97.3%) while commanding 87.25% of total AGI. " (How Much Money Do The Top Income Earners Make?)

"The IRS has recently released an analysis of the distribution of the income tax burden for Tax Year 2016. The new data shows that the top one percent of income earners bear the burden of 37 percent of all income taxes. This is nearly twice as much as their share of income (19.7 percent). The top 25 percent of earners shoulder nearly 86 percent of the income tax load. Combined, the top 50 percent of earners are responsible for 97 percent income taxes collected. The other half of filers pay just 3 percent of all income taxes." (Who Pays Income Taxes?)

"One of the least discussed parts of America’s income tax is how progressive it is, and the tax overhaul didn’t change that fact. In 2018, top earners will pay a higher share of income taxes." (Top 20% of Americans Will Pay 87% of Income Tax)

"Let’s say that John, a single taxpayer, earned $16,000 last year. That would have put him in a 15-percent tax bracket in 2017. He would have paid 10 percent in tax on his income up to $9,325 and 15 percent on the balance of his income up to $16,000. That’s a pretty significant tax bill of $1,933: $932 on the first $9,325, plus $1,001 of the $6,675 balance, for a total of $1,933.

"The TCJA provides for a new 12-percent bracket for incomes from $9,525 up to $38,700 for single filers. John would pay 10 percent in tax on his income up to $9,525, but only 12 percent on the balance. As a result, John's 2018 tax bill would come out to just $1,729 compared to $1,933: 10 percent of $9,525 or $952, plus 12 percent of the $6,475 balance or $777. That's $204 less, pretty significant for someone who earns just $16,000 a year." (The Tax Cuts and Jobs Act: What Does It Mean for You Personally?)

"A Pew Research Center analysis of IRS data from 2015, the most recent available, shows that taxpayers with incomes of $200,000 or more paid well over half (58.8%) of federal income taxes, though they accounted for only 4.5% of all returns filed (6.8% of all taxable returns).

"By contrast, taxpayers with incomes below $30,000 filed nearly 44% of all returns but paid just 1.4% of all federal income tax – in fact, two-thirds of the nearly 66 million returns filed by people in that lowest income tier owed no tax at all. (The IRS tax data used here are estimates based on a stratified probability sample of all returns.)" (Who pays U.S. income tax, and how much?)

"The effective tax rate for those earning less than $30,000 worked out to 4.9 percent. It’s anticipated that the Tax Cuts and Jobs Act(TCJA) will reduce the effective tax rate for the poorest 20 percent of Americans by about 5.5 percent beginning in 2018." (How Much Do the Wealthy Pay in Taxes Each Year?)

"The child tax credit was $1,000 per child under age 17 in 2017. The TCJA pushes this up to $2,000 per child, an increase of $1,000. The first $1,400 is refundable. This means that a parent with zero tax liability would receive a refund from the IRS for $1,400 for each dependent child he can claim.

"If John’s tax bill was $400 and he could claim the child tax credit for one child, the tax credit would wipe out his tax debt so John would end up not owing the IRS anything at all. That leaves $1,600 remaining of the $2,000 credit, of which $1,400 is refundable. So John would actually receive a $1,400 refund." (The Tax Cuts and Jobs Act: What Does It Mean for You Personally?)​

And, of course, one does not need to be a math whiz to know that the TCJA's $10K cap on the deduction for state and local taxes (SALT) will hit the top 15% of income earners the hardest. The $10K SALT cap cost me about $500 this year in actual additional taxes paid compared to last year. But, if I made, say, $300K per year and owned a home worth $600K, the $10K SALT cap would have cost me about $4,000 in actual additional taxes paid!

Great post to bad we cant get democrats to comprehend it.

I am certainly not going through all that crap but you guys start out as idiots because all you can talk about is federal income taxes. As that is how you have been brainwashed. Get it?

 

[22lcidw]

There are thousands of taxes. That is why minimum wage is always discussed.

 

[francoHFW]

People learned pretty quickly that you need to tax the rich at a higher percentage to have a successful civilization. This is another gilded age now. Doesn't work. Read a book called the good old days, they were terrible! You could die from your apartment the food travel everything LOL. Country living was also dangerous and dreary.

 

[francoHFW]

You know those solid middle-class jobs that liberals always say they want for more people? Who do liberals think creates those kinds of jobs--you know, jobs with paid time off, sick leave, maternity leave, matching 401Ks, health insurance, dental plans, etc.? The majority of those jobs are found in big companies, companies owned and run by rich people, companies that make huge profits and that can afford to pay good salaries and benefits. Most of the rest of those jobs are found in successful middle-sized and small businesses, companies that are striving to get bigger and richer, and nearly all of the owners of those mid-sized and small businesses are in the top 25% of income earners, whom most liberals view as being among the "rich."

Brainwashed right-wing idiocy. They do a very poor job. Trickle-down doesn't work. You have to tax the rich more and give some benefits to the citizenry, you idiot. We are dying for cheap college and training and infrastructure spending.we have the world's greatest economy and now Trump is screwing it up with all his shenanigans & chaos. I wish he was a success but he is a disaster and always has been except on TV.

 

[Wyatt earp]

Let us look at the FACTS about who pays the most taxes in America per capita and the impact of the Tax Cuts and Jobs Act ) (the TCJA) (aka the Trump tax cuts):

"The top 1% of tax payers pay 38% of all income taxes yet only have a 20% share of total AGI [adjusted gross income]. Furthermore, the top 50% of tax payers pay practically all of the nation’s federal taxes (97.3%) while commanding 87.25% of total AGI. " (How Much Money Do The Top Income Earners Make?)

"The IRS has recently released an analysis of the distribution of the income tax burden for Tax Year 2016. The new data shows that the top one percent of income earners bear the burden of 37 percent of all income taxes. This is nearly twice as much as their share of income (19.7 percent). The top 25 percent of earners shoulder nearly 86 percent of the income tax load. Combined, the top 50 percent of earners are responsible for 97 percent income taxes collected. The other half of filers pay just 3 percent of all income taxes." (Who Pays Income Taxes?)

"One of the least discussed parts of America’s income tax is how progressive it is, and the tax overhaul didn’t change that fact. In 2018, top earners will pay a higher share of income taxes." (Top 20% of Americans Will Pay 87% of Income Tax)

"Let’s say that John, a single taxpayer, earned $16,000 last year. That would have put him in a 15-percent tax bracket in 2017. He would have paid 10 percent in tax on his income up to $9,325 and 15 percent on the balance of his income up to $16,000. That’s a pretty significant tax bill of $1,933: $932 on the first $9,325, plus $1,001 of the $6,675 balance, for a total of $1,933.

"The TCJA provides for a new 12-percent bracket for incomes from $9,525 up to $38,700 for single filers. John would pay 10 percent in tax on his income up to $9,525, but only 12 percent on the balance. As a result, John's 2018 tax bill would come out to just $1,729 compared to $1,933: 10 percent of $9,525 or $952, plus 12 percent of the $6,475 balance or $777. That's $204 less, pretty significant for someone who earns just $16,000 a year." (The Tax Cuts and Jobs Act: What Does It Mean for You Personally?)

"A Pew Research Center analysis of IRS data from 2015, the most recent available, shows that taxpayers with incomes of $200,000 or more paid well over half (58.8%) of federal income taxes, though they accounted for only 4.5% of all returns filed (6.8% of all taxable returns).

"By contrast, taxpayers with incomes below $30,000 filed nearly 44% of all returns but paid just 1.4% of all federal income tax – in fact, two-thirds of the nearly 66 million returns filed by people in that lowest income tier owed no tax at all. (The IRS tax data used here are estimates based on a stratified probability sample of all returns.)" (Who pays U.S. income tax, and how much?)

"The effective tax rate for those earning less than $30,000 worked out to 4.9 percent. It’s anticipated that the Tax Cuts and Jobs Act(TCJA) will reduce the effective tax rate for the poorest 20 percent of Americans by about 5.5 percent beginning in 2018." (How Much Do the Wealthy Pay in Taxes Each Year?)

"The child tax credit was $1,000 per child under age 17 in 2017. The TCJA pushes this up to $2,000 per child, an increase of $1,000. The first $1,400 is refundable. This means that a parent with zero tax liability would receive a refund from the IRS for $1,400 for each dependent child he can claim.

"If John’s tax bill was $400 and he could claim the child tax credit for one child, the tax credit would wipe out his tax debt so John would end up not owing the IRS anything at all. That leaves $1,600 remaining of the $2,000 credit, of which $1,400 is refundable. So John would actually receive a $1,400 refund." (The Tax Cuts and Jobs Act: What Does It Mean for You Personally?)​

And, of course, one does not need to be a math whiz to know that the TCJA's $10K cap on the deduction for state and local taxes (SALT) will hit the top 15% of income earners the hardest. The $10K SALT cap cost me about $500 this year in actual additional taxes paid compared to last year. But, if I made, say, $300K per year and owned a home worth $600K, the $10K SALT cap would have cost me about $4,000 in actual additional taxes paid!

Hey everyone . Let’s pretnds fed income taxes are the only taxes out there !

When people have that much money the whole tax thing is a shell game . Give me a real life example and you’d see how the tax code is rigged for the wealthy .

Hello everyone lets pretend all states have sales taxes and run by liberals!!!!!!!!



.

 

[Wyatt earp]

You know those solid middle-class jobs that liberals always say they want for more people? Who do liberals think creates those kinds of jobs--you know, jobs with paid time off, sick leave, maternity leave, matching 401Ks, health insurance, dental plans, etc.? The majority of those jobs are found in big companies, companies owned and run by rich people, companies that make huge profits and that can afford to pay good salaries and benefits. Most of the rest of those jobs are found in successful middle-sized and small businesses, companies that are striving to get bigger and richer, and nearly all of the owners of those mid-sized and small businesses are in the top 25% of income earners, whom most liberals view as being among the "rich."

Brainwashed right-wing idiocy. They do a very poor job. Trickle-down doesn't work. You have to tax the rich more and give some benefits to the citizenry, you idiot. We are dying for cheap college and training and infrastructure spending.we have the world's greatest economy and now Trump is screwing it up with all his shenanigans & chaos. I wish he was a success but he is a disaster and always has been except on TV.

Of course trickle down works, what dosen't work is your asinine trickle up poverty scheme.

$15 Minimum Wages Sparks A Jobs Recession In NYC| Investor's Business Daily


$15 Minimum Wage Sparks A Jobs Recession In New York

• 
  2/20/2019

Economics 101: When Amazon pulled out of New York, the loss of 25,000 future jobs made headlines. What isn't making headlines are the thousands of jobs being destroyed right now thanks to the city's new $15 minimum wage.

Over the past four years, the minimum wage for New York City restaurants that employ more than 10 workers went from $10.50 an hour to $15. That's a whopping 43% increase. Next year, every restaurant, big and small, will have to pay their workers at least $15 an hour.

A big victory for workers, right? That's how it's depicted by the "Fight for $15" crowd. And, yes, if you held a full-time minimum-wage job over those years, your gross income would have gone up by $9,360.

But those massive wage hikes come at a painful cost that backers refuse to acknowledge. They kill jobs. Just like they're doing right now in New York City.

In just the last three months of last year, 4,000 workers lost jobs at full-service restaurants, Bureau of Labor Statistics data show.
By the end of last year, there were fewer restaurant workers in the city than in November 2016. Even though overall employment climbed by more than 163,000.

Job Losses Coming
There will be more job losses this year.

A New York City Hospitality Alliance survey found that 47% of full-service restaurants expect to cut jobs this year to cope with the latest wage hike. Last year, 36% said they'd eliminated jobs. The picture is worse at limited-service restaurants. The survey found half reported cutting jobs last year. And 53% say they'll do so this year.

 

[francoHFW]

You know those solid middle-class jobs that liberals always say they want for more people? Who do liberals think creates those kinds of jobs--you know, jobs with paid time off, sick leave, maternity leave, matching 401Ks, health insurance, dental plans, etc.? The majority of those jobs are found in big companies, companies owned and run by rich people, companies that make huge profits and that can afford to pay good salaries and benefits. Most of the rest of those jobs are found in successful middle-sized and small businesses, companies that are striving to get bigger and richer, and nearly all of the owners of those mid-sized and small businesses are in the top 25% of income earners, whom most liberals view as being among the "rich."

Brainwashed right-wing idiocy. They do a very poor job. Trickle-down doesn't work. You have to tax the rich more and give some benefits to the citizenry, you idiot. We are dying for cheap college and training and infrastructure spending.we have the world's greatest economy and now Trump is screwing it up with all his shenanigans & chaos. I wish he was a success but he is a disaster and always has been except on TV.

Of course trickle down works, what dosen't work is your asinine trickle up poverty scheme.

$15 Minimum Wages Sparks A Jobs Recession In NYC| Investor's Business Daily


$15 Minimum Wage Sparks A Jobs Recession In New York

• 
  2/20/2019

Economics 101: When Amazon pulled out of New York, the loss of 25,000 future jobs made headlines. What isn't making headlines are the thousands of jobs being destroyed right now thanks to the city's new $15 minimum wage.

Over the past four years, the minimum wage for New York City restaurants that employ more than 10 workers went from $10.50 an hour to $15. That's a whopping 43% increase. Next year, every restaurant, big and small, will have to pay their workers at least $15 an hour.

A big victory for workers, right? That's how it's depicted by the "Fight for $15" crowd. And, yes, if you held a full-time minimum-wage job over those years, your gross income would have gone up by $9,360.

But those massive wage hikes come at a painful cost that backers refuse to acknowledge. They kill jobs. Just like they're doing right now in New York City.

In just the last three months of last year, 4,000 workers lost jobs at full-service restaurants, Bureau of Labor Statistics data show.
By the end of last year, there were fewer restaurant workers in the city than in November 2016. Even though overall employment climbed by more than 163,000.

Job Losses Coming
There will be more job losses this year.

A New York City Hospitality Alliance survey found that 47% of full-service restaurants expect to cut jobs this year to cope with the latest wage hike. Last year, 36% said they'd eliminated jobs. The picture is worse at limited-service restaurants. The survey found half reported cutting jobs last year. And 53% say they'll do so this year.

what kind of garbage propaganda is that, super duper? No link know nothing...

 

[francoHFW]

You know those solid middle-class jobs that liberals always say they want for more people? Who do liberals think creates those kinds of jobs--you know, jobs with paid time off, sick leave, maternity leave, matching 401Ks, health insurance, dental plans, etc.? The majority of those jobs are found in big companies, companies owned and run by rich people, companies that make huge profits and that can afford to pay good salaries and benefits. Most of the rest of those jobs are found in successful middle-sized and small businesses, companies that are striving to get bigger and richer, and nearly all of the owners of those mid-sized and small businesses are in the top 25% of income earners, whom most liberals view as being among the "rich."

Brainwashed right-wing idiocy. They do a very poor job. Trickle-down doesn't work. You have to tax the rich more and give some benefits to the citizenry, you idiot. We are dying for cheap college and training and infrastructure spending.we have the world's greatest economy and now Trump is screwing it up with all his shenanigans & chaos. I wish he was a success but he is a disaster and always has been except on TV.

Of course trickle down works, what dosen't work is your asinine trickle up poverty scheme.

$15 Minimum Wages Sparks A Jobs Recession In NYC| Investor's Business Daily


$15 Minimum Wage Sparks A Jobs Recession In New York

• 
  2/20/2019

Economics 101: When Amazon pulled out of New York, the loss of 25,000 future jobs made headlines. What isn't making headlines are the thousands of jobs being destroyed right now thanks to the city's new $15 minimum wage.

Over the past four years, the minimum wage for New York City restaurants that employ more than 10 workers went from $10.50 an hour to $15. That's a whopping 43% increase. Next year, every restaurant, big and small, will have to pay their workers at least $15 an hour.

A big victory for workers, right? That's how it's depicted by the "Fight for $15" crowd. And, yes, if you held a full-time minimum-wage job over those years, your gross income would have gone up by $9,360.

But those massive wage hikes come at a painful cost that backers refuse to acknowledge. They kill jobs. Just like they're doing right now in New York City.

In just the last three months of last year, 4,000 workers lost jobs at full-service restaurants, Bureau of Labor Statistics data show.
By the end of last year, there were fewer restaurant workers in the city than in November 2016. Even though overall employment climbed by more than 163,000.

Job Losses Coming
There will be more job losses this year.

A New York City Hospitality Alliance survey found that 47% of full-service restaurants expect to cut jobs this year to cope with the latest wage hike. Last year, 36% said they'd eliminated jobs. The picture is worse at limited-service restaurants. The survey found half reported cutting jobs last year. And 53% say they'll do so this year.

what kind of garbage propaganda is that, super duper? No link know nothing...

 

[Timmy]

You know those solid middle-class jobs that liberals always say they want for more people? Who do liberals think creates those kinds of jobs--you know, jobs with paid time off, sick leave, maternity leave, matching 401Ks, health insurance, dental plans, etc.? The majority of those jobs are found in big companies, companies owned and run by rich people, companies that make huge profits and that can afford to pay good salaries and benefits. Most of the rest of those jobs are found in successful middle-sized and small businesses, companies that are striving to get bigger and richer, and nearly all of the owners of those mid-sized and small businesses are in the top 25% of income earners, whom most liberals view as being among the "rich."

Brainwashed right-wing idiocy. They do a very poor job. Trickle-down doesn't work. You have to tax the rich more and give some benefits to the citizenry, you idiot. We are dying for cheap college and training and infrastructure spending.we have the world's greatest economy and now Trump is screwing it up with all his shenanigans & chaos. I wish he was a success but he is a disaster and always has been except on TV.

Of course trickle down works, what dosen't work is your asinine trickle up poverty scheme.

$15 Minimum Wages Sparks A Jobs Recession In NYC| Investor's Business Daily


$15 Minimum Wage Sparks A Jobs Recession In New York

• 
  2/20/2019

Economics 101: When Amazon pulled out of New York, the loss of 25,000 future jobs made headlines. What isn't making headlines are the thousands of jobs being destroyed right now thanks to the city's new $15 minimum wage.

Over the past four years, the minimum wage for New York City restaurants that employ more than 10 workers went from $10.50 an hour to $15. That's a whopping 43% increase. Next year, every restaurant, big and small, will have to pay their workers at least $15 an hour.

A big victory for workers, right? That's how it's depicted by the "Fight for $15" crowd. And, yes, if you held a full-time minimum-wage job over those years, your gross income would have gone up by $9,360.

But those massive wage hikes come at a painful cost that backers refuse to acknowledge. They kill jobs. Just like they're doing right now in New York City.

In just the last three months of last year, 4,000 workers lost jobs at full-service restaurants, Bureau of Labor Statistics data show.
By the end of last year, there were fewer restaurant workers in the city than in November 2016. Even though overall employment climbed by more than 163,000.

Job Losses Coming
There will be more job losses this year.

A New York City Hospitality Alliance survey found that 47% of full-service restaurants expect to cut jobs this year to cope with the latest wage hike. Last year, 36% said they'd eliminated jobs. The picture is worse at limited-service restaurants. The survey found half reported cutting jobs last year. And 53% say they'll do so this year.

Please . You can still find plenty of min wage jobs in NYC. It didn’t kill anything other than workers having to depend on gov programs as a subsidy .

 

[Timmy]

Let us look at the FACTS about who pays the most taxes in America per capita and the impact of the Tax Cuts and Jobs Act ) (the TCJA) (aka the Trump tax cuts):

"The top 1% of tax payers pay 38% of all income taxes yet only have a 20% share of total AGI [adjusted gross income]. Furthermore, the top 50% of tax payers pay practically all of the nation’s federal taxes (97.3%) while commanding 87.25% of total AGI. " (How Much Money Do The Top Income Earners Make?)

"The IRS has recently released an analysis of the distribution of the income tax burden for Tax Year 2016. The new data shows that the top one percent of income earners bear the burden of 37 percent of all income taxes. This is nearly twice as much as their share of income (19.7 percent). The top 25 percent of earners shoulder nearly 86 percent of the income tax load. Combined, the top 50 percent of earners are responsible for 97 percent income taxes collected. The other half of filers pay just 3 percent of all income taxes." (Who Pays Income Taxes?)

"One of the least discussed parts of America’s income tax is how progressive it is, and the tax overhaul didn’t change that fact. In 2018, top earners will pay a higher share of income taxes." (Top 20% of Americans Will Pay 87% of Income Tax)

"Let’s say that John, a single taxpayer, earned $16,000 last year. That would have put him in a 15-percent tax bracket in 2017. He would have paid 10 percent in tax on his income up to $9,325 and 15 percent on the balance of his income up to $16,000. That’s a pretty significant tax bill of $1,933: $932 on the first $9,325, plus $1,001 of the $6,675 balance, for a total of $1,933.

"The TCJA provides for a new 12-percent bracket for incomes from $9,525 up to $38,700 for single filers. John would pay 10 percent in tax on his income up to $9,525, but only 12 percent on the balance. As a result, John's 2018 tax bill would come out to just $1,729 compared to $1,933: 10 percent of $9,525 or $952, plus 12 percent of the $6,475 balance or $777. That's $204 less, pretty significant for someone who earns just $16,000 a year." (The Tax Cuts and Jobs Act: What Does It Mean for You Personally?)

"A Pew Research Center analysis of IRS data from 2015, the most recent available, shows that taxpayers with incomes of $200,000 or more paid well over half (58.8%) of federal income taxes, though they accounted for only 4.5% of all returns filed (6.8% of all taxable returns).

"By contrast, taxpayers with incomes below $30,000 filed nearly 44% of all returns but paid just 1.4% of all federal income tax – in fact, two-thirds of the nearly 66 million returns filed by people in that lowest income tier owed no tax at all. (The IRS tax data used here are estimates based on a stratified probability sample of all returns.)" (Who pays U.S. income tax, and how much?)

"The effective tax rate for those earning less than $30,000 worked out to 4.9 percent. It’s anticipated that the Tax Cuts and Jobs Act(TCJA) will reduce the effective tax rate for the poorest 20 percent of Americans by about 5.5 percent beginning in 2018." (How Much Do the Wealthy Pay in Taxes Each Year?)

"The child tax credit was $1,000 per child under age 17 in 2017. The TCJA pushes this up to $2,000 per child, an increase of $1,000. The first $1,400 is refundable. This means that a parent with zero tax liability would receive a refund from the IRS for $1,400 for each dependent child he can claim.

"If John’s tax bill was $400 and he could claim the child tax credit for one child, the tax credit would wipe out his tax debt so John would end up not owing the IRS anything at all. That leaves $1,600 remaining of the $2,000 credit, of which $1,400 is refundable. So John would actually receive a $1,400 refund." (The Tax Cuts and Jobs Act: What Does It Mean for You Personally?)​

And, of course, one does not need to be a math whiz to know that the TCJA's $10K cap on the deduction for state and local taxes (SALT) will hit the top 15% of income earners the hardest. The $10K SALT cap cost me about $500 this year in actual additional taxes paid compared to last year. But, if I made, say, $300K per year and owned a home worth $600K, the $10K SALT cap would have cost me about $4,000 in actual additional taxes paid!

Hey everyone . Let’s pretnds fed income taxes are the only taxes out there !

When people have that much money the whole tax thing is a shell game . Give me a real life example and you’d see how the tax code is rigged for the wealthy .

Hello everyone lets pretend all states have sales taxes and run by liberals!!!!!!!!



.

Yeah . The winner states .

 

[Thinker101]

Treating the richest one percent as a monolithic fraction isn't consistent with our current reality as the billionaire tax dodger in the White House proves:

The moral—and economic—case for progressive taxation

"If you want to run for Congress, the implication is clear: Cut taxes on all but the top 1%, raise them enormously on the top 0.1%, 0.01%, and 0.001%, and leave the 1% the same.

"People will feel that you’ve made the taxes more fair, and you’ve also raised more revenue.

"In other words, make the tax system more progressive."

Ultimately, if you can raise about 20% of your revenue from one percent of taxpayers, you compensate for the "free lunch" the richest among us receive from their political contributions.

Ughh. . . . Sigh. . . . You didn't even bother to read the facts in the OP, did you? If you had, you would have discovered that the top 1% already pay more than 20% of all income taxes. Right now they pay 37%-38% of all federal incomes taxes. This has been the case for years.

Trump is a tax dodger??? Really??? Again, just sigh and ughh. . . . It is just hopeless trying to reason with you people. Would it do any good to point out that rich people who invest heavily in real estate development receive huge tax breaks because both parties have long approved tax breaks for real estate development because they recognize that such development comes with enormous risks and costs? Would you care to talk about the billions that Trump has paid in state and local taxes, the hundreds of millions he has paid in salaries for his employees, the hundreds of millions he has paid as his share of his employees' payroll taxes?

I know: Your mind already shut down about 30 seconds ago. These facts went in one ear and out the other, and you will keep posting anti-rich nonsense because you rely on emotion, not reason and facts.

May have been 30 years ago, not 30 seconds.

 

[Wyatt earp]

You know those solid middle-class jobs that liberals always say they want for more people? Who do liberals think creates those kinds of jobs--you know, jobs with paid time off, sick leave, maternity leave, matching 401Ks, health insurance, dental plans, etc.? The majority of those jobs are found in big companies, companies owned and run by rich people, companies that make huge profits and that can afford to pay good salaries and benefits. Most of the rest of those jobs are found in successful middle-sized and small businesses, companies that are striving to get bigger and richer, and nearly all of the owners of those mid-sized and small businesses are in the top 25% of income earners, whom most liberals view as being among the "rich."

Brainwashed right-wing idiocy. They do a very poor job. Trickle-down doesn't work. You have to tax the rich more and give some benefits to the citizenry, you idiot. We are dying for cheap college and training and infrastructure spending.we have the world's greatest economy and now Trump is screwing it up with all his shenanigans & chaos. I wish he was a success but he is a disaster and always has been except on TV.

Of course trickle down works, what dosen't work is your asinine trickle up poverty scheme.

$15 Minimum Wages Sparks A Jobs Recession In NYC| Investor's Business Daily


$15 Minimum Wage Sparks A Jobs Recession In New York

• 
  2/20/2019

Economics 101: When Amazon pulled out of New York, the loss of 25,000 future jobs made headlines. What isn't making headlines are the thousands of jobs being destroyed right now thanks to the city's new $15 minimum wage.

Over the past four years, the minimum wage for New York City restaurants that employ more than 10 workers went from $10.50 an hour to $15. That's a whopping 43% increase. Next year, every restaurant, big and small, will have to pay their workers at least $15 an hour.

A big victory for workers, right? That's how it's depicted by the "Fight for $15" crowd. And, yes, if you held a full-time minimum-wage job over those years, your gross income would have gone up by $9,360.

But those massive wage hikes come at a painful cost that backers refuse to acknowledge. They kill jobs. Just like they're doing right now in New York City.

In just the last three months of last year, 4,000 workers lost jobs at full-service restaurants, Bureau of Labor Statistics data show.
By the end of last year, there were fewer restaurant workers in the city than in November 2016. Even though overall employment climbed by more than 163,000.

Job Losses Coming
There will be more job losses this year.

A New York City Hospitality Alliance survey found that 47% of full-service restaurants expect to cut jobs this year to cope with the latest wage hike. Last year, 36% said they'd eliminated jobs. The picture is worse at limited-service restaurants. The survey found half reported cutting jobs last year. And 53% say they'll do so this year.

Please . You can still find plenty of min wage jobs in NYC. It didn’t kill anything other than workers having to depend on gov programs as a subsidy .

So I am supposed to take the word of a dumbass libtard on here instead of investors daily?


.

 

[Wyatt earp]

Let us look at the FACTS about who pays the most taxes in America per capita and the impact of the Tax Cuts and Jobs Act ) (the TCJA) (aka the Trump tax cuts):

"The top 1% of tax payers pay 38% of all income taxes yet only have a 20% share of total AGI [adjusted gross income]. Furthermore, the top 50% of tax payers pay practically all of the nation’s federal taxes (97.3%) while commanding 87.25% of total AGI. " (How Much Money Do The Top Income Earners Make?)

"The IRS has recently released an analysis of the distribution of the income tax burden for Tax Year 2016. The new data shows that the top one percent of income earners bear the burden of 37 percent of all income taxes. This is nearly twice as much as their share of income (19.7 percent). The top 25 percent of earners shoulder nearly 86 percent of the income tax load. Combined, the top 50 percent of earners are responsible for 97 percent income taxes collected. The other half of filers pay just 3 percent of all income taxes." (Who Pays Income Taxes?)

"One of the least discussed parts of America’s income tax is how progressive it is, and the tax overhaul didn’t change that fact. In 2018, top earners will pay a higher share of income taxes." (Top 20% of Americans Will Pay 87% of Income Tax)

"Let’s say that John, a single taxpayer, earned $16,000 last year. That would have put him in a 15-percent tax bracket in 2017. He would have paid 10 percent in tax on his income up to $9,325 and 15 percent on the balance of his income up to $16,000. That’s a pretty significant tax bill of $1,933: $932 on the first $9,325, plus $1,001 of the $6,675 balance, for a total of $1,933.

"The TCJA provides for a new 12-percent bracket for incomes from $9,525 up to $38,700 for single filers. John would pay 10 percent in tax on his income up to $9,525, but only 12 percent on the balance. As a result, John's 2018 tax bill would come out to just $1,729 compared to $1,933: 10 percent of $9,525 or $952, plus 12 percent of the $6,475 balance or $777. That's $204 less, pretty significant for someone who earns just $16,000 a year." (The Tax Cuts and Jobs Act: What Does It Mean for You Personally?)

"A Pew Research Center analysis of IRS data from 2015, the most recent available, shows that taxpayers with incomes of $200,000 or more paid well over half (58.8%) of federal income taxes, though they accounted for only 4.5% of all returns filed (6.8% of all taxable returns).

"By contrast, taxpayers with incomes below $30,000 filed nearly 44% of all returns but paid just 1.4% of all federal income tax – in fact, two-thirds of the nearly 66 million returns filed by people in that lowest income tier owed no tax at all. (The IRS tax data used here are estimates based on a stratified probability sample of all returns.)" (Who pays U.S. income tax, and how much?)

"The effective tax rate for those earning less than $30,000 worked out to 4.9 percent. It’s anticipated that the Tax Cuts and Jobs Act(TCJA) will reduce the effective tax rate for the poorest 20 percent of Americans by about 5.5 percent beginning in 2018." (How Much Do the Wealthy Pay in Taxes Each Year?)

"The child tax credit was $1,000 per child under age 17 in 2017. The TCJA pushes this up to $2,000 per child, an increase of $1,000. The first $1,400 is refundable. This means that a parent with zero tax liability would receive a refund from the IRS for $1,400 for each dependent child he can claim.

"If John’s tax bill was $400 and he could claim the child tax credit for one child, the tax credit would wipe out his tax debt so John would end up not owing the IRS anything at all. That leaves $1,600 remaining of the $2,000 credit, of which $1,400 is refundable. So John would actually receive a $1,400 refund." (The Tax Cuts and Jobs Act: What Does It Mean for You Personally?)​

And, of course, one does not need to be a math whiz to know that the TCJA's $10K cap on the deduction for state and local taxes (SALT) will hit the top 15% of income earners the hardest. The $10K SALT cap cost me about $500 this year in actual additional taxes paid compared to last year. But, if I made, say, $300K per year and owned a home worth $600K, the $10K SALT cap would have cost me about $4,000 in actual additional taxes paid!

Hey everyone . Let’s pretnds fed income taxes are the only taxes out there !

When people have that much money the whole tax thing is a shell game . Give me a real life example and you’d see how the tax code is rigged for the wealthy .

Hello everyone lets pretend all states have sales taxes and run by liberals!!!!!!!!



.

Yeah . The winner states .

You call broke ass states like illinois a winner state?


.

 

[francoHFW]

Let us look at the FACTS about who pays the most taxes in America per capita and the impact of the Tax Cuts and Jobs Act ) (the TCJA) (aka the Trump tax cuts):

"The top 1% of tax payers pay 38% of all income taxes yet only have a 20% share of total AGI [adjusted gross income]. Furthermore, the top 50% of tax payers pay practically all of the nation’s federal taxes (97.3%) while commanding 87.25% of total AGI. " (How Much Money Do The Top Income Earners Make?)

"The IRS has recently released an analysis of the distribution of the income tax burden for Tax Year 2016. The new data shows that the top one percent of income earners bear the burden of 37 percent of all income taxes. This is nearly twice as much as their share of income (19.7 percent). The top 25 percent of earners shoulder nearly 86 percent of the income tax load. Combined, the top 50 percent of earners are responsible for 97 percent income taxes collected. The other half of filers pay just 3 percent of all income taxes." (Who Pays Income Taxes?)

"One of the least discussed parts of America’s income tax is how progressive it is, and the tax overhaul didn’t change that fact. In 2018, top earners will pay a higher share of income taxes." (Top 20% of Americans Will Pay 87% of Income Tax)

"Let’s say that John, a single taxpayer, earned $16,000 last year. That would have put him in a 15-percent tax bracket in 2017. He would have paid 10 percent in tax on his income up to $9,325 and 15 percent on the balance of his income up to $16,000. That’s a pretty significant tax bill of $1,933: $932 on the first $9,325, plus $1,001 of the $6,675 balance, for a total of $1,933.

"The TCJA provides for a new 12-percent bracket for incomes from $9,525 up to $38,700 for single filers. John would pay 10 percent in tax on his income up to $9,525, but only 12 percent on the balance. As a result, John's 2018 tax bill would come out to just $1,729 compared to $1,933: 10 percent of $9,525 or $952, plus 12 percent of the $6,475 balance or $777. That's $204 less, pretty significant for someone who earns just $16,000 a year." (The Tax Cuts and Jobs Act: What Does It Mean for You Personally?)

"A Pew Research Center analysis of IRS data from 2015, the most recent available, shows that taxpayers with incomes of $200,000 or more paid well over half (58.8%) of federal income taxes, though they accounted for only 4.5% of all returns filed (6.8% of all taxable returns).

"By contrast, taxpayers with incomes below $30,000 filed nearly 44% of all returns but paid just 1.4% of all federal income tax – in fact, two-thirds of the nearly 66 million returns filed by people in that lowest income tier owed no tax at all. (The IRS tax data used here are estimates based on a stratified probability sample of all returns.)" (Who pays U.S. income tax, and how much?)

"The effective tax rate for those earning less than $30,000 worked out to 4.9 percent. It’s anticipated that the Tax Cuts and Jobs Act(TCJA) will reduce the effective tax rate for the poorest 20 percent of Americans by about 5.5 percent beginning in 2018." (How Much Do the Wealthy Pay in Taxes Each Year?)

"The child tax credit was $1,000 per child under age 17 in 2017. The TCJA pushes this up to $2,000 per child, an increase of $1,000. The first $1,400 is refundable. This means that a parent with zero tax liability would receive a refund from the IRS for $1,400 for each dependent child he can claim.

"If John’s tax bill was $400 and he could claim the child tax credit for one child, the tax credit would wipe out his tax debt so John would end up not owing the IRS anything at all. That leaves $1,600 remaining of the $2,000 credit, of which $1,400 is refundable. So John would actually receive a $1,400 refund." (The Tax Cuts and Jobs Act: What Does It Mean for You Personally?)​

And, of course, one does not need to be a math whiz to know that the TCJA's $10K cap on the deduction for state and local taxes (SALT) will hit the top 15% of income earners the hardest. The $10K SALT cap cost me about $500 this year in actual additional taxes paid compared to last year. But, if I made, say, $300K per year and owned a home worth $600K, the $10K SALT cap would have cost me about $4,000 in actual additional taxes paid!

Hey everyone . Let’s pretnds fed income taxes are the only taxes out there !

When people have that much money the whole tax thing is a shell game . Give me a real life example and you’d see how the tax code is rigged for the wealthy .

Hello everyone lets pretend all states have sales taxes and run by liberals!!!!!!!!



.

Yeah . The winner states .

You call broke ass states like illinois a winner state?
As opposed to poor backwater ignoramus idiot GOP States like Alabama Oklahoma Nebraska Arkansas etc, you bet.

.

as opposed to poor backwater ignoramus idiot GOP States like Alabama Oklahoma Nebraska Arkansas, you bet.