Federal Income Tax Reform Proposal - Effect on Californians (population, top)

[2sleepy]

Originally Posted by Bolanders

The top 1% pays 37% of all federal Income taxes. They make 20% of total income. Again you mean tax cuts benefit people that carry the largest portion of the burden? Shocking. In other news water is wet

The top 5 % paid 58% of all federal income taxes.

You're right, water is wet and the numbers you are relying on to prove your point are just cherry picked in order to generate sympathy for the rich. Here's the reality:

The income tax is not the only tax collected by the federal government — far from it. Just half of the taxes collected by the federal government come from the income tax. About a third come from payroll taxes — which fall much more heavily on working people, since they’re largely levied only on the first $130,000 or so of earned income.

This means the rich pay a far lower payroll tax rate than regular people. A nurse making a salary of $50,000 per year pays (counting both the employee and employer side) 12.4 percent in OASDI taxes (for Social Security and disability insurance). But a sitcom star making a thousand times that, or $50 million a year, will pay the 12.4 percent only on the initial $130,000 of their salary, working out to a total OASDI tax rate of just 0.03 percent on their $50 million. And because OASDI taxes are only levied on earned income — meaning, money you make from a job — a billionaire investor with a $50 million annual income from dividends and capital gains will pay exactly zero percent in OASDI taxes.

Then there’s the fact that it’s not just the federal government that taxes Americans. There are also many, many state and local taxes: State income taxes, property taxes, sales taxes, and more. Some of these, such as sales taxes, are actually regressive — i.e., the less money you make, the higher tax rate you have to pay.
https://theintercept.com/2019/04/13/...es-statistics/

[Bolanders]

Originally Posted by CA4Now

Stay on topic, Bolanders, and scroll back to the beginning pages of this thread...

"During last night's speech to Congress, President Trump said very little about his much-anticipated plan for tax reform. One thing he did say was this:

We will provide massive tax relief for the middle class."

Trump's 'Massive' Middle-Class Tax Cuts Are Tiny Compared To Those Promised To The Rich:
https://www.forbes.com/sites/anthony.../#5e9075c6b9e6

I think you will see that just in time for the election. My guess is he dangles a tax cut for the middle class his first program once re-elected. His first order was to put the economy on steroids for the highly punitive tax rates for corporations and people that earn more through good decisions and hard work. Brackets are more reasonable now. I believe he will drop the 22 and 24% brackets down to maybe 18 and 20 leaving the others intact.

Originally Posted by 2sleepy

You're right, water is wet and the numbers you are relying on to prove your point are just cherry picked in order to generate sympathy for the rich. Here's the reality:

Not looking for anything other than the facts put out. You don't want to believe the facts it certainly is your choice. I also didn't cherry pick anything. I used your top 1% and top 5% that you referenced. Again you did no due diligence.

[Tulemutt]

Originally Posted by Bolanders

You can certainly form any opinion you want. Having said that I sure am not shocked that when the top 5% carry the burden of almost 60% of all federal income taxes when cuts are made they are going to benefit form those cuts.


If I have 5 workers who work a total of 20 hours who get 1 break per every 5 hours and I decide to give 2 breaks every 5 hours instead of 1 and 1 of those workers covers 12 hours and the other 4 only cover 8 total my expectations are that the person working 12 will benefit more than the other 4 who only work 2 hours each.

You should be a salad chef at Taco Bell ... what you do with words goes well with indigestible fast food. And completely misses the point I made. The 1%, the 5%, the 20% don’t NEED any breaks ... and feeding them while starving the plebeian masses starves the system you love.

[Bolanders]

Originally Posted by Tulemutt

You should be a salad chef at Taco Bell ... what you do with words goes well with indigestible fast food. And completely misses the point I made. The 1%, the 5%, the 20% don’t NEED any breaks ... and feeding them while starving the plebeian masses starves the system you love.

Certainly your opinion. Thanks I guess from all of us for that opinion. I believe in something more fair where each citizen pays their fair share of what they consume.

[Tulemutt]

Originally Posted by Bolanders

I think you will see that just in time for the election. My guess is he dangles a tax cut for the middle class his first program once re-elected. His first order was to put the economy on steroids for the highly punitive tax rates for corporations and people that earn more through good decisions and hard work. Brackets are more reasonable now. I believe he will drop the 22 and 24% brackets down to maybe 18 and 20 leaving the others intact...

Oh? Good decisions, eh? Like decisions to rape and pillage the environment, produce pharmaceuticals that are mostly unnecessary and deposit “forever chemicals” in our water and soil (you know: where our foods come from), create mortgage schemes that crash the economy, foster endless wars, extort workers’ income for unnecessary healthcare management, ... ... ... I can go on all day ... yes, “good decisions” at every turn of our consumer capitalist culture indeed!

And “hard work”!? Bubba, no Fortune 500 executive puts in a day that can compare with your average teacher, ditch digger, day care worker, iron worker, cop on the street, firefighter, or even a retail clerk putting up with cranky customers at a shoe store.

[Bolanders]

Originally Posted by Tulemutt

Oh? Good decisions, eh? Like decisions to rape and pillage the environment, produce pharmaceuticals that are mostly unnecessary and deposit “forever chemicals” in our water and soil (you know: where our foods come from), create mortgage schemes that crash the economy, foster endless wars, extort workers’ income for unnecessary healthcare management, ... ... ... I can go on all day ... yes, “good decisions” at every turn of our consumer capitalist culture indeed!

And “hard work”!? Bubba, no Fortune 500 executive puts in a day that can compare with your average teacher, ditch digger, day care worker, iron worker, cop on the street, firefighter, or even a retail clerk putting up with cranky customers at a shoe store.

Thank you for your opinion again.

[Tulemutt]

Originally Posted by Bolanders

Certainly your opinion. Thanks I guess from all of us for that opinion. I believe in something more fair where each citizen pays their fair share of what they consume.

You forgot the part about paying for the benefits and abundance they enjoy as a result of the entire system ... which system functions fueled by the labor of the 90%.

[Tulemutt]

Originally Posted by Bolanders

Thank you for your opinion again.

You’re most welcome! Hard to debate, ain’t it ...

[2sleepy]

Originally Posted by Bolanders

I think you will see that just in time for the election. My guess is he dangles a tax cut for the middle class his first program once re-elected. His first order was to put the economy on steroids for the highly punitive tax rates for corporations and people that earn more through good decisions and hard work. Brackets are more reasonable now. I believe he will drop the 22 and 24% brackets down to maybe 18 and 20 leaving the others intact.

Not looking for anything other than the facts put out. You don't want to believe the facts it certainly is your choice. I also didn't cherry pick anything. I used your top 1% and top 5% that you referenced. Again you did no due diligence.

I did plenty of "due diligence" I proved that that data you were using doesn't reflect the actual situation real people face. And you don't know what Trump will do because he's unpredictable idiot. By the way, I wasn't accusing you of cherry picking, the statistics you are throwing around were clearly not something you made up, but rather data you found online.

The problem is that when Trump lowers tax rates on corporations and billionaires, someone else has to make up for that, and the current plan is to suck everything he can from the poor and disabled...what a guy

[Bolanders]

Originally Posted by Tulemutt

You’re most welcome! Hard to debate, ain’t it ...

Not at all. Your ranting and raving is always welcome. Debating your misinformed opinion is pointless.

Originally Posted by 2sleepy

I did plenty of "due diligence" I proved that that data you were using doesn't reflect the actual situation real people face. And you don't know what Trump will do because he's unpredictable idiot. By the way, I wasn't accusing you of cherry picking, the statistics you are throwing around were clearly not something you made up, but rather data you found online.

The problem is that when Trump lowers tax rates on corporations and billionaires, someone else has to make up for that, and the current plan is to suck everything he can from the poor and disabled...what a guy

The numbers say differently but believe what you will