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The 1% pay 15%? LOL. You're thinking of capital gains taxes, not income taxes. The top marginal tax rate on income is 39.6%.
This does not include other taxes, such as FICA and state and local taxes.
On paper the top rate may be 39.6%, but with all the loopholes it goes way down. Our business put us in the 2% for a few years, and with all the legal loopholes and a good accountant, we paid only 12%. This is very common especially if you incorporate your business.
Remember Warren Buffet said he pays less percent taxes than his secretary - that is what he is referring to.
Based on income share...
The top 1% is paying about twice their fair share of Federal Income Tax (FIT).
The top 5-10% are paying their fair share of FIT.
The top 10-25% are slightly underpaying their fair share of FIT.
The top 25-50%, the middle class, are paying only about half their fair share of FIT.
I shouldn't be subsidizing Mr. BMW for driving on roads paid for by my tax money. I shouldn't subsidize Mr. oversized house for sending their children to the same school district paid for by my property taxes. I shouldn't subsidize Mr. BMW for getting a broken leg in a crash, especially considering it was liberals that made it a law for his imported foreign luxury car to have top tier safety standards to be driven here. Who is subsidizing who again?
We have socialsm in many aspects of our life. Capitalism is better in most cases, but don't be naive as to think our society can function without public standards and service.
Why do you think you're only "subsidizing" the rich ?
You're directly subsidizing the drug dealers, the illegals with 5 kids, wannabe gangsters' 20 kids born out of wedlock, etc.
And you have no qualms about that. Most of them will never be productive members of society.
Based on income share...
The top 1% is paying about twice their fair share of Federal Income Tax (FIT).
The top 5-10% are paying their fair share of FIT.
The top 10-25% are slightly underpaying their fair share of FIT.
The top 25-50%, the middle class, are paying only about half their fair share of FIT.
On paper the top rate may be 39.6%, but with all the loopholes it goes way down. Our business put us in the 2% for a few years, and with all the legal loopholes and a good accountant, we paid only 12%. This is very common especially if you incorporate your business.
Remember Warren Buffet said he pays less percent taxes than his secretary - that is what he is referring to.
But we're not taking about corporate tax rates.
That's a whole 'nother topic.
Buffet only takes $100K as SALARY.
Therein lies the difference.
Why do you think you're only "subsidizing" the rich ?
You're directly subsidizing the drug dealers, the illegals with 5 kids, wannabe gangsters' 20 kids born out of wedlock, etc.
And you have no qualms about that. Most of them will never be productive members of society.
As long as conservatism has a stronghold on our population, those people will never be able to be productive members of society. Conservatism is regressive in every aspect of life; a total failure.
On paper the top rate may be 39.6%, but with all the loopholes it goes way down. Our business put us in the 2% for a few years, and with all the legal loopholes and a good accountant, we paid only 12%. This is very common especially if you incorporate your business.
Remember Warren Buffet said he pays less percent taxes than his secretary - that is what he is referring to.
No, it's not. He is referring to capital gains taxes.
Moreover, lower income individuals have tons of "loopholes" and many don't pay federal income taxes at all ("the 47%"). Businesses also have more deductions available, even when their income is taxed as personal income.
Why do you think you're only "subsidizing" the rich ?
Because that's a CHRONICALLY UNINFORMED poster. Knowledgeable people know who benefits the most, and it's NOT "the rich":
Everyone below the top 30% in income receives MORE in government benefits and services than they pay in taxes, with the amount of benefits increasing as income declines.
I'm well aware of it. Why should I feel any sympathy for the 1% paying 23.5% of their income to income taxes? That is just one piece of the pie?
Factor in state and local taxes, it looks more like this:
Maybe you should educate yourself as to why income tax exists.
Lower income citizens pay a lot more of the property and sales taxes that fund the services you are using.
Oh, don't forget the corporations either:
Yes, I'm damned sick of subsidizing the 1%.
$.59 of every dollar you earn goes to some government entity (city, county, state, federal).
You should be sick of government sucking the life out of you.
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