Dumb Question: Taxation on those making a million a year... (wages, legal)

[InformedConsent]

Originally Posted by RunD1987

So not here to cause argument, but insight. Hypothetically speaking the number of those making 1 Million and plus is about 260,000 people in the U.S. Now again hypothetically if each of those individuals made exactly 1 Million taxed at a 1.05% rate that would generate about 13 Trillion dollar's.

I'm not clear on your question. The IRS reports that everyone in the top 0.1% pays an average effective federal income tax rate of anywhere between 21.67% and 22.83%. Tables 7 and 8, here:

Summary of Latest Federal Income Tax Data | Tax Foundation

What's your source that those making $1 million and plus a year pay only a 1.05% tax rate?

[GregW]

I propose an Income Tax based on all income from all sources with a single deduction, to simplify the tax code, set at the 90th percentile. This would mean 90% of us could get on with out lives while the 10% paid for the government they own.

[Mr. Joshua]

Originally Posted by TrapperJohn

I just went back and looked - I misread the original post as 1.5%, not 1.05%. So basically $2.7 billion instead of $3.9 billion.

So, about 6 hours of national spending

[vvega]

Originally Posted by RunD1987

So not here to cause argument, but insight. Hypothetically speaking the number of those making 1 Million and plus is about 260,000 people in the U.S. Now again hypothetically if each of those individuals made exactly 1 Million taxed at a 1.05% rate that would generate about 13 Trillion dollar's.

So... 1,000,000 * 260,000 * 0.0105 = 13,000,000,000,000


Liberals' inability to do third grade math explains the idiocy of their economic policies.


BTW, "dollars", not "dollar's".

[RunD1987]

I fixed the rate in my second post ha woops!

[getitgotitgood]

Originally Posted by brownbagg

there are some people that want to tax million earners at 100%. I feel it should be zero%. only the rich create jobs

I don't think it should be zero but I really can't stand this notion that because some people manage to earn more or create more wealth from smart investments (or even just inherit it) that this is essentially like "found money" for the government to use. In many cases, it was already taxed once.

The government has proven time and again that it can't manage it's money. Throwing more money at it either by raising taxes on the rich or just printing more of it won't solve anything.

[InformedConsent]

Originally Posted by RunD1987

I fixed the rate in my second post ha woops!

You made multiple other basic math mistakes in your 2nd post. Woops.

[RunD1987]

Originally Posted by InformedConsent

You made multiple other basic math mistakes in your 2nd post. Woops.

Still the point is made the US needs to change the tax system. Put less of a tax burden on the poor and fair taxes on the rich.

[InformedConsent]

Originally Posted by RunD1987

Still the point is made the US needs to change the tax system.

I agree. Tax REGRESSIVELY like the Scandinavian and European socialist democracies. Make sure you read the entire article and the charts:

https://www.washingtonpost.com/blogs...ont-have-a-47/

[RunD1987]

Originally Posted by InformedConsent

I agree. Tax REGRESSIVELY like the Scandinavian and European socialist democracies. Make sure you read the entire article and the charts:

https://www.washingtonpost.com/blogs...ont-have-a-47/

Think a flat rate would be better. Like I said if we tax someone at $15,000 at 18% that's $2700 a year taken out. Where someone making $100,000 only has $18,000 taken out.