U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Economics
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 02-22-2019, 07:59 AM
 
2,132 posts, read 524,377 times
Reputation: 3724

Advertisements

New projections for 2018 regarding Personal (Individual) Income Taxes
  • Top 1% will pay a total of 43% of ALL Personal Federal Income Taxes Paid
  • Top 20% will pay a total of 87% of ALL Personal Federal Income Taxes Paid
  • Bottom 60% will pay a total of 4% of ALL Personal Federal Income Taxes Paid

The share of Personal (Individual) Federal Income Taxes Paid by the Top 1% is higher than it has ever been. Period.

That kind of takes the wind out of the sails of some of the candidates for the Democratic Presidential Nomination whose platform consists of tax cuts for the middle-class.

It clearly torpedoes the political rhetoric on the extreme left who claim the wealthy get special breaks and loopholes and avoid paying taxes altogether.

ETA: I edited my original post above to make it clearer (I hope).

The bottom line: we are funding our federal government with a smaller & smaller fraction of the population.

Last edited by RationalExpectations; 02-22-2019 at 08:23 AM..
Reply With Quote Quick reply to this message

 
Old 02-22-2019, 08:05 AM
 
8,005 posts, read 7,290,867 times
Reputation: 6382
Notice verbiage doesn't say individual income taxes. So it's lumping in corporations, partnerships, sole proprietorships, etc. At least engage in honest debate if you're going to start one.

Since about 40 percent of the income for the top 10 percent of households is realized capital gains, that would be another category one would have to back out to make a direct comparison.

I would say this kind of topic and the 90% capital gains tax are really troll threads meant to attract attention. There is no realistic expectation that all income will be taxed at the same rate anymore than a 90 percent tax rate is imposed, short of a temporary program to fund a global war.

Last edited by lchoro; 02-22-2019 at 08:23 AM..
Reply With Quote Quick reply to this message
 
Old 02-22-2019, 08:12 AM
 
2,132 posts, read 524,377 times
Reputation: 3724
Quote:
Originally Posted by lchoro View Post
Notice verbiage doesn't say individual income taxes. So it's lumping in corporations, partnerships, sole proprietorships, etc. At least engage in honest debate if you're going to start one.
Thanks for pointing that out. I was able to edit my original post to make it clearer (I hope).
Reply With Quote Quick reply to this message
 
Old 02-22-2019, 08:15 AM
 
2,132 posts, read 524,377 times
Reputation: 3724
Quote:
Originally Posted by lchoro View Post
Since about 40 percent of the income for the top 10 percent of households is realized capital gains, that would be another category one would have to back out to make a direct comparison.
I don't follow. Capital gains income still is listed on IRS form 1040s, and individuals pay income tax on those capital gains according to the tax laws.
Reply With Quote Quick reply to this message
 
Old 02-22-2019, 11:38 AM
 
4,792 posts, read 1,207,587 times
Reputation: 3706
Quote:
Originally Posted by RationalExpectations View Post
New projections for 2018 regarding Personal (Individual) Income Taxes
  • Top 1% will pay a total of 43% of ALL Personal Federal Income Taxes Paid
  • Top 20% will pay a total of 87% of ALL Personal Federal Income Taxes Paid
  • Bottom 60% will pay a total of 4% of ALL Personal Federal Income Taxes Paid

The share of Personal (Individual) Federal Income Taxes Paid by the Top 1% is higher than it has ever been. Period.

That kind of takes the wind out of the sails of some of the candidates for the Democratic Presidential Nomination whose platform consists of tax cuts for the middle-class.

It clearly torpedoes the political rhetoric on the extreme left who claim the wealthy get special breaks and loopholes and avoid paying taxes altogether.

ETA: I edited my original post above to make it clearer (I hope).

The bottom line: we are funding our federal government with a smaller & smaller fraction of the population.
Yeah, but if they don't keep repeating the tax the rich mantra, they don't win.
Reply With Quote Quick reply to this message
 
Old 02-22-2019, 06:21 PM
Status: "Re-edit status" (set 13 days ago)
 
Location: Was Midvalley Oregon; Now Eastside Seattle area
4,131 posts, read 1,883,639 times
Reputation: 3147
And the point of this thread?
The bottom got a tax cut for 2018. So did some of the next tiers.
So what did you do with the taxcut?
Reply With Quote Quick reply to this message
 
Old 02-22-2019, 08:14 PM
 
6,942 posts, read 3,057,739 times
Reputation: 4424
Quote:
Originally Posted by RationalExpectations View Post
New projections for 2018 regarding Personal (Individual) Income Taxes
  • Top 1% will pay a total of 43% of ALL Personal Federal Income Taxes Paid
  • Top 20% will pay a total of 87% of ALL Personal Federal Income Taxes Paid
  • Bottom 60% will pay a total of 4% of ALL Personal Federal Income Taxes Paid

The share of Personal (Individual) Federal Income Taxes Paid by the Top 1% is higher than it has ever been. Period.

That kind of takes the wind out of the sails of some of the candidates for the Democratic Presidential Nomination whose platform consists of tax cuts for the middle-class.

It clearly torpedoes the political rhetoric on the extreme left who claim the wealthy get special breaks and loopholes and avoid paying taxes altogether.

ETA: I edited my original post above to make it clearer (I hope).

The bottom line: we are funding our federal government with a smaller & smaller fraction of the population.
I have a hard time believing that, higher than rates paid by the rich AND corporations during the peak tax years in the 40's / 50's?
Reply With Quote Quick reply to this message
 
Old 02-22-2019, 08:31 PM
 
Location: Living rent free in your head
30,988 posts, read 13,558,751 times
Reputation: 22076
Quote:
Originally Posted by RationalExpectations View Post
New projections for 2018 regarding Personal (Individual) Income Taxes
  • Top 1% will pay a total of 43% of ALL Personal Federal Income Taxes Paid
  • Top 20% will pay a total of 87% of ALL Personal Federal Income Taxes Paid
  • Bottom 60% will pay a total of 4% of ALL Personal Federal Income Taxes Paid
The share of Personal (Individual) Federal Income Taxes Paid by the Top 1% is higher than it has ever been. Period.
That kind of takes the wind out of the sails of some of the candidates for the Democratic Presidential Nomination whose platform consists of tax cuts for the middle-class.
It clearly torpedoes the political rhetoric on the extreme left who claim the wealthy get special breaks and loopholes and avoid paying taxes altogether.
ETA: I edited my original post above to make it clearer (I hope).
The bottom line: we are funding our federal government with a smaller & smaller fraction of the population.
And then there's this:

Quote:
Average wealth has increased over the past 50 years, but it has not grown equally for all groups. Between 1963 and 2016,
  • families near the bottom of the wealth distribution (those at the 10th percentile) went from having no wealth on average to being about $1,000 in debt,
  • those in the middle more than doubled their wealth,
  • families near the top (at the 90th percentile) saw their wealth increase fivefold,
  • and the wealth of those at the 99th percentile—in other words, those wealthier than 99 percent of all families—grew sevenfold
.
These changes have increased wealth inequality significantly. In 1963, families near the top had six times the wealth (or, $6 for every $1) of families in the middle. By 2016, they had 12 times the wealth of families in the middle.Nine Charts about Wealth Inequality in America (Updated)
Reply With Quote Quick reply to this message
 
Old 02-22-2019, 10:06 PM
 
Location: Middle of the Pacific Ocean
11,650 posts, read 6,266,537 times
Reputation: 11474
I've long said that the argument from the left that the rich need to "pay their fair share" is nonsense.
Reply With Quote Quick reply to this message
 
Old 02-22-2019, 10:12 PM
 
109 posts, read 73,412 times
Reputation: 124
Quote:
Originally Posted by pittsflyer View Post
I have a hard time believing that, higher than rates paid by the rich AND corporations during the peak tax years in the 40's / 50's?
I was also wondering about how the income tax share of the top 1% changed over time, but didn't find anything going back that far to the 40's or 50's.

The best I found is the chart below showing the income tax share of the top 1% from 1980 to 2011. The top marginal income tax rate in 1980 was 70%, but the income tax share of the top 1% was less than 20%, less than half of what it is today.



https://files.taxfoundation.org/lega...Bottom90_0.png

Last edited by toosie; 02-24-2019 at 09:40 AM.. Reason: Added link for graph. Please do so moving forward.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top