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.
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..
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.
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).
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.
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.
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?
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)
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.
Last edited by toosie; 02-24-2019 at 09:40 AM..
Reason: Added link for graph. Please do so moving forward.
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.
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.
