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Author Topic: Who Pays Almost All Federal Income Tax?  (Read 11905 times)
Fury
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« Reply #150 on: July 13, 2011, 02:59:25 PM »

From your link:  "With more millionaires making rather than inheriting their wealth, there is a false conceit that they haven't received outside support, a new report says."

This does not support your claim.  It actually supports what I said about most American millionaires earning, rather than inheriting their wealth:




Can you just ban this stupid fucking gimmick? Everyone knows it's Blacken. Make that twat stick to one account like the rest of us.

I'm also in favor of a national sales tax like you said. That would be the logical solution. Instead what we'll get is something 1000x worse.
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« Reply #151 on: July 13, 2011, 03:02:53 PM »

Can you just ban this stupid fucking gimmick? Everyone knows it's Blacken. Make that twat stick to one account like the rest of us.

I'm also in favor of a national sales tax like you said. That would be the logical solution. Instead what we'll get is something 1000x worse.

He's not spamming the board.  I do some gimmick patrol and cleanup, but banning them is really up to Ron. 

You know what would happen if we went to a national sales tax with these corrupt politicians?  We'd probably wind up with BOTH a sales tax and an income tax.   
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Fury
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« Reply #152 on: July 13, 2011, 03:03:53 PM »

He's not spamming the board.  I do some gimmick patrol and cleanup, but banning them is really up to Ron. 

You know what would happen if we went to a national sales tax with these corrupt politicians?  We'd probably wind up with BOTH a sales tax and an income tax.   

Yup. That's the problem.  Undecided
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« Reply #153 on: August 02, 2011, 04:27:49 PM »

Heard the president say this morning that the "wealthiest Americans" are not paying their fair share of taxes.  Unreal.  The top 1 percent of wage earners paid 38 percent of federal taxes in 2008; the top 5 percent paid 58 percent of federal taxes; the bottom 50 percent paid 2.7 percent of federal taxes.  http://ntu.org/tax-basics/who-pays-income-taxes.html
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« Reply #154 on: August 02, 2011, 04:41:46 PM »

He keeps talking about that commission raising taxes. As far as I know, one of the stipulations of its creation was that it couldn't raise taxes.

Either way, a "super congress" is a nice totalitarian move. Couple in the reports saying that no Tea Party fiscal conservatives will be on it and it's just more totalitarian bullshit being shoved down our throats. A complete farce.
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« Reply #155 on: November 19, 2014, 09:39:19 AM »

Whenever You Hear Someone Complain the Rich Don’t Pay Their ‘Fair Share,’ Show Them This Handy Chart
BY MICHAEL HAUSAM (16 HOURS AGO) | EDITOR'S CHOICE, NATION, POLITICS

How many times have you heard some version of “the wealthiest Americans should be paying their fair share?” But does anyone actually know what that means and, more importantly, what the highest-earning Americans are currently paying in taxes?

Now, thanks to the American Enterprise Institute and the Congressional Budget Office’s latest report on income and taxes, we know whom is paying what. And the picture painted by reality is very different than what one would expect.

You can decide for yourself if they are already paying “their fair share.”

The top 1% of households earned 15% of income but paid 35% of federal income taxes.
The top 20% of households earned 52% of income but paid 69% in federal income taxes.
The bottom 20% of households income tax rates dropped from 9% to 1.9% since 1984.
40% of households get more than half their income from federal transfer programs.
When government transfers are included, 60% of Americans had net negative tax rates — meaning they received more than they paid in.
The most interesting statistic is best shown by this graph:

who pays whatIt’s basically saying this: the highest quintile (top 20% of households) paid an average $46,500, far and away the greatest in percentage and dollars.

In other words, when federal income taxes are reduced by the amounts those households received from the federal government, only the top 20% contributed any meaningful amount. Bottom line: the top fifth of households basically paid for everyone else, in addition to everything else.

While there is certainly disagreement over what things the government should be paying for, it’s clear that as of right now, it’s the top 20% of households that are putting in the vast majority of the money.

Furthermore, when it comes to whom should be paying their fair share and whether the highest earners should be paying more, perhaps a better question might be to ask if the rest of Americans are paying theirs?

http://www.ijreview.com/2014/11/203641-2-chart-new-definition-fair-share-20-americans-pay-almost-100-everything/
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« Reply #156 on: November 19, 2014, 01:40:28 PM »

Whenever You Hear Someone Complain the Rich Don’t Pay Their ‘Fair Share,’ Show Them This Handy Chart
BY MICHAEL HAUSAM (16 HOURS AGO) | EDITOR'S CHOICE, NATION, POLITICS

How many times have you heard some version of “the wealthiest Americans should be paying their fair share?” But does anyone actually know what that means and, more importantly, what the highest-earning Americans are currently paying in taxes?

Now, thanks to the American Enterprise Institute and the Congressional Budget Office’s latest report on income and taxes, we know whom is paying what. And the picture painted by reality is very different than what one would expect.

You can decide for yourself if they are already paying “their fair share.”

The top 1% of households earned 15% of income but paid 35% of federal income taxes.
The top 20% of households earned 52% of income but paid 69% in federal income taxes.
The bottom 20% of households income tax rates dropped from 9% to 1.9% since 1984.
40% of households get more than half their income from federal transfer programs.
When government transfers are included, 60% of Americans had net negative tax rates — meaning they received more than they paid in.
The most interesting statistic is best shown by this graph:

who pays whatIt’s basically saying this: the highest quintile (top 20% of households) paid an average $46,500, far and away the greatest in percentage and dollars.

In other words, when federal income taxes are reduced by the amounts those households received from the federal government, only the top 20% contributed any meaningful amount. Bottom line: the top fifth of households basically paid for everyone else, in addition to everything else.

While there is certainly disagreement over what things the government should be paying for, it’s clear that as of right now, it’s the top 20% of households that are putting in the vast majority of the money.

Furthermore, when it comes to whom should be paying their fair share and whether the highest earners should be paying more, perhaps a better question might be to ask if the rest of Americans are paying theirs?

http://www.ijreview.com/2014/11/203641-2-chart-new-definition-fair-share-20-americans-pay-almost-100-everything/

every time I get in a back and forth on tax I bring this issue to light.  they simply do not want to hear facts.  they'd rather believe innuendos and flat out fabrications from snarky liberals on TV.....who in fact...are also part of the top 20%.  funny how that works.
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« Reply #157 on: November 19, 2014, 01:44:58 PM »

40% of households get more than half their income from federal transfer programs.

you can call this statistic anything you'd like.  I call it fucking slavery.
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« Reply #158 on: November 19, 2014, 01:54:57 PM »

every time I get in a back and forth on tax I bring this issue to light.  they simply do not want to hear facts.  they'd rather believe innuendos and flat out fabrications from snarky liberals on TV.....who in fact...are also part of the top 20%.  funny how that works.

Just amazing how these false narratives get repeated by people up and down the government, including the president.  Then the minions just repeat this garbage as fact. 
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« Reply #159 on: November 19, 2014, 01:56:31 PM »

40% of households get more than half their income from federal transfer programs.

you can call this statistic anything you'd like.  I call it fucking slavery.


 Angry
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bears
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« Reply #160 on: November 19, 2014, 02:14:03 PM »

Just amazing how these false narratives get repeated by people up and down the government, including the president.  Then the minions just repeat this garbage as fact. 

that's American media.  say a lie enough times and it becomes truth. 
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« Reply #161 on: November 19, 2014, 02:18:10 PM »

Most millionaires arent self-made. You have a "romantic" wiev on this shit. All the shit Wall Street does, politicians etc. They are dirtbags and because they have had an easy life they dont have a personallity and is totally dis-connected from the real world.

67% of existing millionaires are self-made.

http://www.fa-mag.com/news/most-millionaires-self-made--study-says-14565.html
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whork
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« Reply #162 on: November 19, 2014, 02:21:56 PM »

Yes rich people pay the most taxes whats the problem?
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« Reply #163 on: November 19, 2014, 02:59:00 PM »

that's American media.  say a lie enough times and it becomes truth. 

Sad truth.  Happens all the time.
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« Reply #164 on: November 19, 2014, 02:59:35 PM »

Yes rich people pay the most taxes whats the problem?

How many of these gimmicks do you have? 

Quote
Do i really need a source that tell you Wall Street and politicians are corrupt scumbags that wants to rip us off Huh
You use 90% of your time on this board and post stories about this everyday. Well only when its democrats but still you know this shit
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whork
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« Reply #165 on: November 19, 2014, 03:05:13 PM »

How many of these gimmicks do you have? 


How many can you find with "whork" in it?
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« Reply #166 on: November 19, 2014, 03:08:26 PM »

How many can you find with "whork" in it?

I have no idea.  I just noticed it in this thread.  So only two?  Three?  More? 
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whork
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« Reply #167 on: November 19, 2014, 03:19:11 PM »

I have no idea.  I just noticed it in this thread.  So only two?  Three?  More? 

If  it got "whork" in it its mine.

Copyright.
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« Reply #168 on: November 19, 2014, 05:01:57 PM »

If  it got "whork" in it its mine.

Copyright.

Why?  You realize you have had conversations with yourself?   Undecided
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« Reply #169 on: February 25, 2016, 09:42:35 AM »

45 percent of Americans pay no federal income tax
By Catey Hill, Marketwatch
February 24, 2016

Many Americans don’t have to worry about giving Uncle Sam part of their hard-earned cash for their income taxes this year.

An estimated 45.3 percent of American households — roughly 77.5 million — will pay no federal individual income tax, according to data for the 2015 tax year from the Tax Policy Center, a nonpartisan Washington-based research group. (Note that this does not necessarily mean they won’t owe their states income tax.)

Roughly half pay no federal income tax because they have no taxable income, and the other roughly half get enough tax breaks to erase their tax liability, explains Roberton Williams, a senior fellow at the Tax Policy Center.

Despite the fact that rich people paying little in the way of income taxes makes plenty of headlines, this is the exception to the rule: The top 1 percent of taxpayers pay a higher effective income tax rate than any other group (around 23 percent, according to a report released by the Tax Policy Center in 2014) — nearly seven times higher than those in the bottom 50 percent.

On average, those in the bottom 40 percent of the income spectrum end up getting money from the government. Meanwhile, the richest 20 percent of Americans, by far, pay the most in income taxes, forking over nearly 87 percent of all the income tax collected by Uncle Sam.

The top 1 percent of Americans, who have an average income of more than $2.1 million, pay 43.6 percent of all the federal individual income tax in the US; the top 0.1 percent — just 115,000 households, whose average income is more than $9.4 million — pay more than 20 percent of it.

When it comes to all federal taxes — individual income, payroll, excise, corporate income and estate taxes — the distributions of who pays what is more spread out. This is partially because nearly everyone pays excise taxes, which include taxes on gasoline, alcohol and cigarettes.

http://nypost.com/2016/02/24/45-percent-of-americans-pay-no-federal-income-tax/
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« Reply #170 on: February 25, 2016, 10:15:34 AM »

So top 20% pay 87% of all income taxes and bottom 40% not only pay nothing but get money back and some politicians and getbiggers think that's fair???
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« Reply #171 on: October 04, 2017, 12:57:16 PM »

One societal sickness that we still can't eradicate: Political lies
By Thomas Sowell
Published May 2, 2017

One of the painful realities of our times is how long a political lie can survive, even after having been disproved years ago, or even generations ago.

A classic example is the phrase "tax cuts for the rich," which is loudly proclaimed by opponents, whenever there is a proposal to reduce tax rates. The current proposal to reduce federal tax rates has revived this phrase, which was disproved by facts, as far back as the 1920s -- and by now should be called "tax lies for the gullible."

How is the claim of "tax cuts for the rich" false? Let me count the ways. More important, you can easily check out the facts for yourself with a simple visit to your local public library or, for those more computer-minded, on the Internet.

One of the key arguments of those who oppose what they call "tax cuts for the rich" is that the Reagan administration tax cuts led to huge federal government deficits, contrary to "supply side economics" which said that lower tax rates would lead to higher tax revenues.

This reduces the whole issue to a question about facts -- and the hard facts are available in many places, including a local public library or on the Internet.

The hardest of these hard facts is that the revenues collected from federal income taxes during every year of the Reagan administration were higher than the revenues collected from federal income taxes during any year of any previous administration.

How can that be? Because tax RATES and tax REVENUES are two different things. Tax rates and tax revenues can move in either the same direction or in opposite directions, depending on how the economy responds.

But why should you take my word for it that federal income tax revenues were higher than before during the Reagan administration? Check it out.

Official statistics are available in many places. The easiest way to find those statistics is to go look at a copy of the annual "Economic Report of the President." It doesn't have to be the latest Report under President Trump. It can be a Report from any administration, from the Obama administration all the way back to the administration of the elder George Bush.

Each annual "Economic Report of the President" has the history of federal revenues and expenditures, going back for decades. And that is just one of the places where you can get this data. The truth is readily available, if you want it. But, if you are satisfied with political rhetoric, so be it.

Before we turn to the question of "the rich," let's first understand the implications of higher income tax revenues after income tax rates were cut during the Reagan administration.

That should have put an end to the talk about how lower tax rates reduce government revenues and therefore tax cuts need to be "paid for" or else there will be rising deficits. There were in fact rising deficits in the 1980s, but that was due to spending that outran even the rising tax revenues.

Congress does the spending, and there is no amount of money that Congress cannot outspend.

As for "the rich," higher-income taxpayers paid more -- repeat, MORE tax revenues into the federal treasury under the lower tax rates than they had under the previous higher tax rates.

That happened not only during the Reagan administration, but also during the Coolidge administration and the Kennedy administration before Reagan, and under the G.W. Bush administration after Reagan. All these administrations cut tax rates and received higher tax revenues than before.

More than that, "the rich" not only paid higher total tax revenues after the so-called "tax cuts for the rich," they also paid a higher percentage of all tax revenues afterwards. Data on this can be found in a number of places, including documented sources listed in my monograph titled "'Trickle Down' Theory and 'Tax Cuts for the Rich.'"

As a source more congenial to some, a front-page story in the New York Times on July 9, 2006 -- during the Bush 43 administration -- reported, "An unexpectedly steep rise in tax revenues from corporations and the wealthy is driving down the projected budget deficit this year." Expectations, of course, are in the eye of the beholder.

Thomas Sowell, a National Humanities Medal winner, is an American economist, social theorist, political philosopher and author. He is currently Senior Fellow at the Hoover Institution, Stanford University.

http://jewishworldreview.com/cols/sowell050217.php3#y1Bkdto2QVoapZII.99
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« Reply #172 on: October 04, 2017, 02:42:59 PM »

Thanks for pointing out the obvious Mr. Sewell.  Of course tax revenue can go up even if tax rates are lower.   Revenue is based on the size of the economy and if the economy is larger now than ten years ago that tax revenue will likely be higher

The BIG LIE is that cutting tax on the wealthy stimulates the economy/creates jobs, etc...

Tax cuts don't create demand

If you need any proof of this just take a look at what happened in Kansas when they did massive tax cuts which their governor said would be a real live experiment to prove once and for all that tax cuts create demand and job growth and instead he torpedoed his states economy and created huge budget deficits
It was stunning failure and all self inflicted.

This is what Republicans now want to do to the country
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« Reply #173 on: October 27, 2017, 07:44:01 PM »

Once again proving that "fair share" is an absolute lie.  Why shouldn't the people who actually pay most of the taxes in this country get tax cuts?  Rhetorical question. 

OMB: Top 20% pay 95% of taxes, middle class 'single digits'
by Paul Bedard | Oct 27, 2017

Any tax cut for middle income earners will also provide a benefit for those further up the income scale, including the top 20 percent who now pay 95 percent of all income taxes, according to the director of the Office of Management and Budget.

In explaining the complicated tax system the administration and congressional Republicans are trying to simplify, Mick Mulvaney played the role of professor at Georgetown University Wednesday night and dished the eye-popping numbers and impact of a middle class tax cut.

Related: Are Trump's border wall prototypes all for nothing?

It came in a discussion before students of the school's Institute of Politics and Public Service at the McCourt School of Public Policy. The discussion was directed by Cathy Koch, a tax expert and former Senate aide.

When the two turned to the taxes the rich pay, Mulvaney declared, "The top 20 percent of folks who file a tax return, the top 20 percent, pay 95 percent of the taxes."

OMB later cited internal data to the Washington Examiner that said the top 20 percent of people to pay income taxes account for 94.8 percent of those taxes in 2016.

That appears to be a jump from just a few years ago. In 2015, the Wall Street Journal reported that the top 20 percent of income earners paid 84 percent of income taxes.

Mulvaney explained:

If you break the income tax universe into what we call quintiles, so equal sized 20 percent columns, the first two columns, the first quintile and the lower quintile, don't pay any taxes at all. In fact they net positive. We pay them when they file a tax return.

That middle quintile, which you might describe, some people do, as middle class, pays an effective rate in the low single digits. And all of the taxes are paid by folks in the top two quintiles, and that last quintile pays almost fully, 95 percent I think, of the taxes.

People always ask all the time, ‘Why do you want to give a tax cut to the rich?' Here's the math. We have a progressive tax system, which means that if you make $1 million and I make $50,000, we both pay the exact same rate on the first, let's say, $20,000. And then, from the next $20,000 up to my $50,000, and her next $20,000 to her next $50,000, we pay the same, I think it's 12 percent of 15 percent, I can't remember where the brackets are right now. And then she goes on to pay her higher rate on the stuff that she makes and I stop.

Well, if you want to give me, the middle class, a cut, take my 15 percent rate down to say 10 percent, and that gives the middle class a cut. Guess who else benefits from that, she does. She pays that same rate on the way up the brackets.

His conclusion, "You could sit there and do nothing but lower the rates on the middle class, and all other things being equal, you're giving the rich a tax cut.

http://www.washingtonexaminer.com/omb-top-20-pay-95-of-taxes-middle-class-single-digits/article/2638746
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« Reply #174 on: October 29, 2017, 09:14:19 PM »

I hope tax reform actually includes reforming the tax code so that 10 professional tax preparers using the same information don't come up with 10 different amounts.
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