Will Republicans end social security?

[AZrailwhale]

Tax receipts in 2022 would have been much higher if huge taxes were raised on the rich, and if tax evasion was punished severely.

History going back at least as far as JFK shows that tax-rate cuts INCREASE tax receipts. The rich already pay most of the taxes in the country.

 

[rightwinger]

The rich already pay most of the taxes in the country.

They used to pay more
You tax where the money is

 

[AZrailwhale]

They used to pay more
You tax where the money is

No they didn't. When the tax rates were higher, the rich paid a much smaller portion of the total tax revenues. There were literally tens of thousands of deductions and tax shelters available to hide their profits from the tax man. I will give you one corporate example that I was a minor part of. Pre-divestiture, Pacific Telephone NEVER made a profit. AT&T used it as a tax shelter to reduce AT&T's federal tax burden. That doesn't mean Pacific Telephone didn't make money, it just always lost money on the bottom line. On a personal level, when I was younger, I always filled short form on my income taxes. One year the IRS lost my return and forced me to refile despite my having the return receipt that they had received it. So being angry I went through the hassle of filing long form. I went from getting fifty bucks back to getting nearly five hundred (and this was in 1980 when five hundred bucks was a lot of money) bucks back just using the legal deductions listed in the 1040 package. The list of LEGAL deductions weas amazing, ALL interest was deductible, clothing required for my job was deductible, safety eyewear was deductible, mileage to doctor's visits was deductible, mileage when using my car on company business was deductible, the list seemed endless. The rich had specialists who did nothing but find or create deductions to legally avoid paying taxes.

 

[rightwinger]

No they didn't. When the tax rates were higher, the rich paid a much smaller portion of the total tax revenues. There were literally tens of thousands of deductions and tax shelters available to hide their profits from the tax man. I will give you one corporate example that I was a minor part of. Pre-divestiture, Pacific Telephone NEVER made a profit. AT&T used it as a tax shelter to reduce AT&T's federal tax burden. That doesn't mean Pacific Telephone didn't make money, it just always lost money on the bottom line. On a personal level, when I was younger, I always filled short form on my income taxes. One year the IRS lost my return and forced me to refile despite my having the return receipt that they had received it. So being angry I went through the hassle of filing long form. I went from getting fifty bucks back to getting nearly five hundred (and this was in 1980 when five hundred bucks was a lot of money) bucks back just using the legal deductions listed in the 1040 package. The list of LEGAL deductions weas amazing, ALL interest was deductible, clothing required for my job was deductible, safety eyewear was deductible, mileage to doctor's visits was deductible, mileage when using my car on company business was deductible, the list seemed endless. The rich had specialists who did nothing but find or create deductions to legally avoid paying taxes.

The bottom 40 percent owns 3/10 of a percent of the wealth

You need to tax where the money is

 

[Cellblock2429]

Tax receipts in 2022 would have been much higher if huge taxes were raised on the rich, and if tax evasion was punished severely.

/——/ The top earners already pay the most in taxes, try squeezing more and they will just off shore their money- you bitter, jealous little person.

How much income tax do the top earners pay?​

Most of the government’s federal income tax revenue comes from the nation’s top income earners. In 2021, the top 5% of earners — people with incomes $252,840 and above — collectively paid over $1.4 trillion in income taxes, or about 66% of the national total. If you include the top 10% — everyone who made at least $169,800 — that figure rises to $1.7 trillion, or 76% of the total.
The top 50% of earners contributed 97.7% of federal income tax revenue.

The top 1% of earners pay 45.8% of income taxes.​

Share of total individual income tax revenue paid by income percentile. Source IRS.

Who pays the most income tax? | USAFacts

In 2022, the top 5% of earners collectively paid over $1.3 trillion in income taxes, or about 61% of the national total.

usafacts.org

 

[Failzero]

The bottom 40 percent owns 3/10 of a percent of the wealth

You need to tax where the money is

If the Rich ( who pay almost 80% of the Taxes that are collected ) are taxed more ( say to point of paying 85%+ that would be an overcharge )

 

[John Edgar Slow Horses]

Tax where the money is.

 

[flack]

The bottom 40 percent owns 3/10 of a percent of the wealth

You need to tax where the money is

 

[rightwinger]

If the Rich ( who pay almost 80% of the Taxes that are collected ) are taxed more ( say to point of paying 85%+ that would be an overcharge )

The Golden Rule
He who has the Gold makes the rules

The tax code is written by the rich for the rich

 

[Cellblock2429]

No they didn't. When the tax rates were higher, the rich paid a much smaller portion of the total tax revenues. There were literally tens of thousands of deductions and tax shelters available to hide their profits from the tax man. I will give you one corporate example that I was a minor part of. Pre-divestiture, Pacific Telephone NEVER made a profit. AT&T used it as a tax shelter to reduce AT&T's federal tax burden. That doesn't mean Pacific Telephone didn't make money, it just always lost money on the bottom line. On a personal level, when I was younger, I always filled short form on my income taxes. One year the IRS lost my return and forced me to refile despite my having the return receipt that they had received it. So being angry I went through the hassle of filing long form. I went from getting fifty bucks back to getting nearly five hundred (and this was in 1980 when five hundred bucks was a lot of money) bucks back just using the legal deductions listed in the 1040 package. The list of LEGAL deductions weas amazing, ALL interest was deductible, clothing required for my job was deductible, safety eyewear was deductible, mileage to doctor's visits was deductible, mileage when using my car on company business was deductible, the list seemed endless. The rich had specialists who did nothing but find or create deductions to legally avoid paying taxes.

/—-/ Interest on credit cards and car loans were also deductible.
Today’s Gen Z and Gen X have no clue how things word back then.
All they do is regurgitate the 90% top tax bracket as if anyone actually paid that.
In addition, more earners were paying taxes when Reagan was president than now. 49.5% pay zero in tax.
They have no skin in the game.

 

[rightwinger]

Better to soak the poor Milton?

 

[flack]

Better to soak the poor Milton?

Typical liberal.

 

[AZrailwhale]

The bottom 40 percent owns 3/10 of a percent of the wealth

You need to tax where the money is

We already do.

 

[Unkotare]

The bottom 40 percent owns 3/10 of a percent of the wealth

You need to tax where the money is

The democrats think government's primary purpose is to tax people.

 

[flack]

The democrats think government's primary purpose is to tax people.

 

[rightwinger]

The democrats think government's primary purpose is to tax people.

Government provides services for the general welfare of….We the People

Taxes are a form of revenue for those services

 

[flack]

Government provides services for the general welfare of….We the People

Taxes are a form of revenue for those services

It says promote not provide.

 

[rightwinger]

It says promote not provide.

Read the Constitution Skippy
It says both

Article I, Section 8, Clause 1:

The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defence and general Welfare of the United States; but all Duties, Imposts and Excises shall be uniform throughout the United States; . . .

 

[Unkotare]

Government provides services for the general welfare of….We the People

Taxes are a form of revenue for those services

In other words, you DO think government's primary purpose is to tax people.

 

[initforme]

Do we need the dept of commerce? We could make big cuts there.