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Are you sure it's the same people complaining? I know several people in the top 1%. They make most of their income in salary (physicians, lawyers, entertainment etc) and pay a TON in taxes. They are nowhere near the top 400 households.
while physicians and some lawyers do quite well for themselves, they aren't the 1%.
According to research on individual tax returns in 2004 and 2005 by Jon Bakija of Williams College, Adam Cole of the Treasury Department and Bradley T. Heim of Indiana University, the top 1% consists primarily of salaried executives at nonfinancial businesses (30%) and secondarily of doctors (14%), people working in finance (13%) and lawyers (8%).
But often after death they still contribute while many contribute nothing and in fact are dependent on them when dead. Life is funny sometime when you think about it.
But often after death they still contribute while many contribute nothing and in fact are dependent on them when dead. Life is funny sometime when you think about it.
Next consider even though many physicians do earn good to very good living many from new grads to those with office practices carry large debt burdens.
Finally where and what type of medical practice a physician engages in determines their living. Certain specialties do very well. Then you have those working out of run down offices/clinics barely earning a middle class living.
Some on this thread have it correct, others just are deluding themselves including the OP of this topic.
Since it is tax time just one look at the federal code will tell you the "poor" pay little to no federal income taxes. What taxes they do pay can and often are offset by ETC and other credits/deductions. The poor in this country are more likely than those of other classes to have a surplus of children. Those children are often the reason *why* the household is poor, but also are a source of income again due to various credits and deductions.
What the poor do pay in taxes on earning is FICA/payroll taxes (Social Security, Medicare), again from which they benefit in higher numbers than the wealthy. Even there ETC and other deductions/credits are designed to offset the bite of payroll taxes and thus encourage the poor to work.
Yes, the "poor" pay more in often local, sales and other taxes on consumables, but there they have more control. You go to any "poor" household or housing estate (projects) and you'll see plenty of the latest high tech and mod cons. Everything from smart phones, high def televisions and so forth. Go to Best Buy around the holidays and you'll see plenty of "poor" families stocking up on the same.
Granted many of these purchases are made via credit cards (debt) but it shows an appalling lack of financial education. In my day even if you came from a middle class or above household you got what you could (or your parents) afford. If Converse sneakers were out of the question you got "skips" and that was it. Parent's didn't care if other children laughed or shunned you because you couldn't keep up, that was their problem.
Today you have the "poor" not only with smart phones but huge data plans (that are taxed) as well to support.
Now here is the pay off; since the US economy is heavily based upon consumer spending you hear less out of some person's mouths about setting some people straight, than giving them *more* money to spend. The latter simply leads to more of the same habits but since it generates tax dollars there you are.
Medicine is a very broad category and not every single physician is swimming in cash/wealth.
It was relevant to the post I was replying to, which stated that physicians and lawyers were not part of the 1%. The data I posted directly contradicted that statement, so it was most definitely relevant in that context.
I'm not sure what point you were trying to make with the rest of the post. The largest component of the 1% are "salaried executives, managers and supervisors", but if you were to take the median in that bucket, the median salary for this group would also be far below the salary cutoff for the 1%. It would probably even be lower than the median salary for physicians.
Were you trying to make the point that not every physician is in the 1%? I would agree with that. However, if anything, the percentage of physicians who are in the 1% is going to far higher than the percentage of "salaried executives, managers and supervisors" that are in the 1%.
The report only addresses state and local taxes, which is mostly income, sales and property tax.
The rich pay a greater percentage of their income in income tax. However, the proportion of their income that they spend on goods is far lower than lower income households, so therefore they pay much less sales tax (as a percentage of income) than lower income households. I think that's just math, not out of control taxation.
BINGO!!! It just kills me how folks take these stupid reports and headlines at face value without actually using their critical thinking skills. For those of you lacking this skill: If I make 20k per year and it takes every bit of that 20k to live on then I'll spend it all on what I need.......those needs have taxes attached to them therefore 100% of my spending is taxed. But, if I make 100k per year and I only need to spend 20k on day to day living expenses (because I live frugally and am saving for my retirement) then I'll only pay taxes on 20% of that 100k. Multiple lessons can be learned from this:
#1 If you don't make a lot and you WANT to earn more, do something about it.
#2 Just because you make 100k, doesn't mean you have to spend it all (save and invest for your future).
#3 Pay close attention to #2 because THAT my friends is how most of the rich become rich.
#4 If you continue to waste your time on CD whining that it's not fair that someone else is doing better/has more than you then you haven't yet learned #1 and will never reach #3 as a result.
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It just kills me how folks take these stupid reports and headlines at face value without actually using their critical thinking skills. For those of you lacking this skill: If I make 20k per year and it takes every bit of that 20k to live on then I'll spend it all on what I need.......those needs have taxes attached to them therefore 100% of my spending is taxed. But, if I make 100k per year and I only need to spend 20k on day to day living expenses (because I live frugally and am saving for my retirement) then I'll only pay taxes on 20% of that 100k. Multiple lessons can be learned from this: 
