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According to the NYtimes the top 0.01 % have incomes starting at $11 million and have an average income of $31 million a year. There are 14,000 such families in the U.S. and they make 5 % of the total U.S. income.
Those in the range of .1 % have incomes starting at $2 million.
Those in the top 1 % have incomes starting at $386,000.
To qualify for the top 10 % a household must make $108,000. There are 13.2 million households like this, and they make an average of $167,000 and make 25 % of the nation's income.
Nope. I'm just asking that they pay the same effective federal income tax rate that I do, slightly over 31%. Should be no problem if they're so hard-working and productive.
OK, look at this figure. I don't know what the average income is for the bottom 20 %, but let's assume it's $20,000. To ask them to pay 30.8 % in taxes, the same as the top 1 % is ridiculous, since that would leave them with ~ $13,000 to live on.
Whereas the top 1 % have an average income of $717,000. That's why we have a progressive tax system.
edit: according to Wiki, the bottom 20 % earned less than $19,178 in income.
OK, look at this figure. I don't know what the average income is for the bottom 20 %, but let's assume it's $20,000. To ask them to pay 30.8 % in taxes, the same as the top 1 % is ridiculous, since that would leave them with ~ $13,000 to live on.
I agree, and as I said before, let's match the percentage of the federal income tax people pay to the percentage of the income their income group earns. Deal?
I agree, and as I said before, let's match the percentage of the federal income tax people pay to the percentage of the income their income group earns. Deal?
No, I think 40% for you and 29% for everyone else. That will give you something real to whine about.
We have a PROGRESSIVE TAX SYSTEM, it is the law, deal with it, and stop whining.
Then it is unlikely that your effective federal tax rate is 31% then, unless you have a terrible tax planner.
Not necessarily. My assets are tied up in my business, so I can't shelter my income in any significant way. My tax rate is not uncommon among small business owners. Raising tax rates on us even more is EXTREMELY counterproductive and exactly what you DON'T want to do if you want to stimulate the economy and create jobs, but we all know damn well Obama will do it anyway. Why? Because we have sacrificed, worked hard, and succeeded, and Obama wants revenge for that. He told you all... "vote for revenge."
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But the question was, that's what you want my mom to pay?
I want everyone to pay a percentage of the federal income tax that matches their income group's percentage of the income. Deal?
I agree, and as I said before, let's match the percentage of the federal income tax people pay to the percentage of the income their income group earns. Deal?
That is already pretty well the case when you take into account all taxes, which is after all what counts.
"In fact, when all taxes are considered, the share of taxes that each fifth of households pays is similar to its share of the nation’s total income. ITEP data show that in 2011, the bottom fifth of households received 3.4 percent of the total income in the nation and paid 2.1 percent of the total taxes. The middle fifth of households received 11.4 percent of income and paid 10.3 percent of taxes. The top 1 percent of households received 21.0 percent of income and paid 21.6 percent of taxes. The tax system as a whole is only mildly progressive."
Not necessarily. My assets are tied up in my business, so I can't shelter my income in any significant way. My tax rate is not uncommon among small business owners. Raising tax rates on us even more is EXTREMELY counterproductive and exactly what you DON'T want to do if you want to stimulate the economy and create jobs, but we all know damn well Obama will do it anyway. Why? Because we have sacrificed, worked hard, and succeeded, and Obama wants revenge for that. He told you all... "vote for revenge."
I want everyone to pay a percentage of the federal income tax that matches their income group's percentage of the income. Deal?
As a small business person, Obama's tax increases would only have you pay a few additional per cent on the amount of PROFIT (not revenues) you made in excess of $250,000. On the amount under $250,000 you would be taxed at the same rate as you are now.
That is already pretty well the case when you take into account all taxes, which is after all what counts.
No, it's not, as the Chairman of the Economics Department at Harvard University found:
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"Because transfer payments are, in effect, the opposite of taxes, it makes sense to look not just at taxes paid, but at taxes paid minus transfers received. For 2009, the most recent year available, here are taxes less transfers as a percentage of market income (income that households earned from their work and savings):
Bottom quintile: -301 percent
Second quintile: -42 percent
Middle quintile: -5 percent
Fourth quintile: 10 percent
Highest quintile: 22 percent
Top one percent: 28 percent
The negative 301 percent means that a typical family in the bottom quintile receives about $3 in transfer payments for every dollar earned.
The most surprising fact to me was that the effective tax rate is negative for the middle quintile. According to the CBO data, this number was +14 percent in 1979 (when the data begin) and remained positive through 2007. It was negative 0.5 percent in 2008, and negative 5 percent in 2009. That is, the middle class, having long been a net contributor to the funding of government, is now a net recipient of government largess."
[quote=InformedConsent;27212846I want everyone to pay a percentage of the federal income tax that matches their income group's percentage of the income. Deal?[/quote]
We're close to that. Top 1% make about 40% of US income, pay 37% of total.
As for the above, I do not disagree, and the cut I think we need most niether party wants, since Wall St bought both.
The Carried Interest 15% tax bracket is immoral. It is acting like traders income/bonuses coming directly from the employer is an individuals' investment. It is not. That group needs to be taxed as ordinary income, just as the boonuses we recently paid out at work were. In both cases, recipients had ZERO dollars invested.
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