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I love the claim that the 1% pay 45% of their income in taxes. Bwahahahha.
We have a few 1%'ers on the board, I doubt any of them pay 45% of their income in taxes. We've gotten a few examples of what people at the top pay in taxes-Romney for example. Buffet as well.
I love the claim that the 1% pay 45% of their income in taxes. Bwahahahha.
We have a few 1%'ers on the board, I doubt any of them pay 45% of their income in taxes. We've gotten a few examples of what people at the top pay in taxes-Romney for example. Buffet as well.
Clearly, you don't understand this "claim".
The top 1% is responsible for 45% of the income tax revenue. Let me know if you still don't understand, I'll illustrate it mathematically.
Clearly, you don't understand this "claim".
The top 1% is responsible for 45% of the income tax revenue. Let me know if you still don't understand, I'll illustrate it mathematically.
Maybe it would help if you realized I wasn't responding to you, but rather to the quoted person below. Sorry vvega, its not all about you. If I was responding to you I would point out that as a % of wealth this is about right on, might even be able to argue they should be paying more.
Quote:
Originally Posted by Hellion1999
the 1% almost pays 50% in taxes of their earnings and income in federal, state and local taxes and for the liberal left that is not enough. They won't be happy until they take 90% of the 1%.
Also it would help if folks would recognize that these %'s are based off of AGI. Most people at the top know how to hide income from the bottom line AGI, many here have bragged about their large incomes, and 0 tax rate.
Also it would help if folks would recognize that these %'s are based off of AGI. Most people at the top know how to hide income from the bottom line AGI, many here have bragged about their large incomes, and 0 tax rate.
In fact, it's even worse. They can operate under off-shore companies, and/or hide their very for-profit businesses in non-profits. This is what Buffet and Gates did. Now they bravely advocate for higher taxes that will hit a Main street guy, while their billions are safe and can be inherited to their children with zero tax.
In fact, it's even worse. They can operate under off-shore companies, and/or hide their very for-profit businesses in non-profits. This is what Buffet and Gates did. Now they bravely advocate for higher taxes that will hit a Main street guy, while their billions are safe and can be inherited to their children with zero tax.
FairTax is the solution!
LOL. Fairtax has 0 chance of being implemented. Screaming "Unicorns is the solution" would make as much sense.
While I will admit a part of me likes the idea, its just so apparent that the end result would be more poor people, and middle class folks paying higher taxes, while the richest would pay even less, and call it fair.
Really we could just remove the concept of trusts, and that would go a long way to making the inheritance tax bite. Also of note-the two people you singled out? They're legendary for how little their children will inherit.
Also of note-the two people you singled out? They're legendary for how little their children will inherit.
Their children will get very little in terms of what the current system recognizes as taxable inheritance. But! Who do you think will get control of the billions managed by "Bill and Melinda Gates Foundation"? Tax free!
I love the claim that the 1% pay 45% of their income in taxes. Bwahahahha.
We have a few 1%'ers on the board, I doubt any of them pay 45% of their income in taxes. We've gotten a few examples of what people at the top pay in taxes-Romney for example. Buffet as well.
For earned income, not including capital gains, that's the rate.
Their children will get very little in terms of what the current system recognizes as taxable inheritance. But! Who do you think will get control of the billions managed by "Bill and Melinda Gates Foundation"? Tax free!
Not them. Thats been made clear. Again, these folks are the exception, the vast majority of those at the top will inherit via trusts. and thus bypass the inheritance tax. Generally thats something only the poorer 1%'rs have to worry about, or those who die unexpectedly with little planning.
For earned income, not including capital gains, that's the rate.
Please, those at the top dont earn their money via earned income. LOL. Thats for poor folks. And the "earned income" that some do get? Theres a variety of ways to hide that, or write stuff off on it.
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