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YOU DON'T KNOW THE SITUATIONS OF THE PEOPLE THAT POSTER WAS TALKING ABOUT.
BS. He already said they made $100,000. That disclosure alone indicates there's NO way such earners are paying a 30+% effective rate. That amount of income never even hits that marginal rate.
BS. He already said they made $100,000. That disclosure alone indicates there's NO way such earners are paying a 30+% effective rate. That amount of income never even hits that marginal rate.
Dig yourself in deeper...
THINK HARD. I'm not arguing that they pay 30+%. I'm arguing that when you say they pay around 8%, that YOU don't have any facts about their financial situation to support YOUR assertion.
Again... the IRS Data on actual effective federal income tax rates:
Top 0.1%: 22.84%
Top 1%: 23.39%
Top 5%: 20.64%
And then a HUGE effective tax rate drop-off below the top 5%...
Top 5-10%: 11.98%
Top 10-25%: 8.70%
Top 25-50%: 6.01% (middle class)
Bottom 50%: 2.37% IRS Latest Federal Income Tax Data
It is true that those who earn a huge percentage of the nation's income will pay most of the income taxes in a progressive income tax system.
Again, the reason the top pays so much of the income taxes is because they are taking most of the income gains.
There is simply no way that they won't pay a higher share of income taxes.
Once again, this issue is happening in part because of income of inequality. This is the rational outcome of income inequality in a progressive tax system. Those who earn the income will pay the income taxes. Those who don't earn a lot of income will pay little or no income taxes.
But this conservative focus only on income taxes is strange and illogical. Payroll taxes make well over 30% of the revenue of the federal government. Nearly all workers pay payroll taxes.
THINK HARD. I'm not arguing that they pay 30+%. I'm arguing that when you say they pay around 8%,
READ the thread. I said:
Quote:
Originally Posted by InformedConsent
Given their marginal tax rate and adjusting for all their allowable deductions, they're very likely only paying very close to the IRS's reportedaverage of 8.7%.
We all know said earners never even hit a 30% marginal tax rate. Why on earth are you insisting on defending such foolish BS?
As a group there is more tax revenue to be funneled to the government in the middle class than the rich. Why do people think the government keeps going after the middle class? This is the first time I've seen it so blatant but obama wanted more so he was able to disguise welfare subsidy and tax under the name obamacare.
READ the thread. I said: We all know said earners never even hit a 30% marginal tax rate. Why on earth are you insisting on defending such foolish BS?
Where am I defending the 30+% remarks?
I'm not.
I'm pointing out that your assessment of what they "likely" pay has no basis. You don't know what their financial situation is, so you cannot conclude anything about what they pay in taxes.
It is true that those who earn a huge percentage of the nation's income will pay most of the income taxes in a progressive income tax system.
Again, the reason the top pays so much of the income taxes is because they are taking most of the income gains.
There is simply no way that they won't pay a higher share of income taxes.
Once again, this issue is happening in part because of income of inequality. This is the rational outcome of income inequality in a progressive tax system. Those who earn the income will pay the income taxes. Those who don't earn a lot of income will pay little or no income taxes.
But this conservative focus only on income taxes is strange and illogical. Payroll taxes make well over 30% of the revenue of the federal government. Nearly all workers pay payroll taxes.
The problem is that some workers receive a large tax refund that ends up exceeding their income tax withholding which then goes on to negate a large portion of their payroll taxes too. In some cases after they get their tax refund, they may end up not paying any income tax or payroll taxes.
Payroll taxes make well over 30% of the revenue of the federal government. Nearly all workers pay payroll taxes.
Yep. Even the rich workers. And they lose the most from the deal...
Quote:
Social Security benefits are progressive, so most low-income workers retiring today still will get slightly more in benefits than they paid in taxes. Most high-income workers started getting less in benefits than they paid in taxes in the 1990s, according to data from the Social Security Administration.
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