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Sorry to burst your Talking Points Bubble, but here are the facts.....
"analysis found that if the bottom 50 percent of Americans (those earning less than $33,048 a year) had their gross income taxed at a flat rate of 50 percent, the government would net around $537 billion.
However, taxing the top 1 percent (earning $380,354 or more) at the same 50 percent rate would rake in about $843 billion."
So tell us again how you think those earning less than $34,000 should shoulder a bigger share of the Tax Burden.
Can you link a study supporting this? There is a oft quoted narrative and accompanying support that 47% of Americans pay NO FEDERAL INCOME TAX. If you are including state, local and sales tax, that isn't relevant to a discussion about FEDERAL INCOME TAX reform.
Many Americans don’t have to worry about giving Uncle Sam part of their hard-earned cash for their income taxes this year.
An estimated 45.3% of American households — roughly 77.5 million — will pay no federal individual income tax, according to data for the 2015 tax year from the Tax Policy Center, a nonpartisan Washington-based research group. (Note that this does not necessarily mean they won’t owe their states income tax.)
Roughly half pay no federal income tax because they have no taxable income, and the other roughly half get enough tax breaks to erase their tax liability, explains Roberton Williams, a senior fellow at the Tax Policy Center.
Can you link a study supporting this? There is a oft quoted narrative and accompanying support that 47% of Americans pay NO FEDERAL INCOME TAX. If you are including state, local and sales tax, that isn't relevant to a discussion about FEDERAL INCOME TAX reform.
The Stats that I posted were meant to illustrate the Income Level of the Bottom 50% (max $34K) versus the Top 1% (min $380K). Those specific amounts are from 2012, the most recent I could find, and they have not changed significantly in the intervening years.
Your statement about the 47% that pay NO FED INCOME TAX probably refers to those who earn much less than $34K per year.
Are you stating that you want folks who earn less than $600 per week to pay more in Taxes ??
That's the kind of Crazy Talk that cost Mitt Romney an Election !!
The Stats that I posted were meant to illustrate the Income Level of the Bottom 50% (max $34K) versus the Top 1% (min $380K). Those specific amounts are from 2012, the most recent I could find, and they have not changed significantly in the intervening years.
Your statement about the 47% that pay NO FED INCOME TAX probably refers to those who earn much less than $34K per year.
Are you stating that you want folks who earn less than $600 per week to pay more in Taxes ??
That's the kind of Crazy Talk that cost Mitt Romney an Election !!
45-47% of Americans pay no income tax. The break even point is in the 40's of family income range. Your point is valid when you take into account all taxes paid local and state especially sales tax. Lower income folks do often have a heavier overall tax burden than the wealthy. However this thread was about federal income tax which many don't pay.
It may have cost Mitt Romney the election but I don't remember his statement being debunked. The issue was the context and to whom it was made to.
The Stats that I posted were meant to illustrate the Income Level of the Bottom 50% (max $34K) versus the Top 1% (min $380K). Those specific amounts are from 2012, the most recent I could find, and they have not changed significantly in the intervening years.
Your statement about the 47% that pay NO FED INCOME TAX probably refers to those who earn much less than $34K per year.
I think that the 'average' Social Security income for 2016 was
$1418/month [less than $18,000/year].
There are plenty of retirees who pay no tax or only pay tax in the 10% bracket. For those currently at 10%, the proposed 12% definitely represents an increase in taxes.
This Thread went down the Rabbit Hole when somebody quoted the Consumer Reports attempt at deciphering the new Plan. I posted the CR findings, based on the Percentile of Earners, and as we all knew, the Big Boys come out on top.....
"The top 1 percent of earners, for instance, would see an 8.5 percent savings between 2018 and 2027.
While those making less than about $150,000 would get an average tax cut of 0.5 percent or less"
Then, the old canard about the 47% who pay NO FED INCOME TAX was rolled out right on cue. It should be obvious to even the most casual observer, that the pay no Income Tax because they are barely making $600 a week, $30K per year.
Are you suggesting that they should pay 15% of their earnings to help balance the Trillion Dollar Deficit ??
This Thread went down the Rabbit Hole when somebody quoted the Consumer Reports attempt at deciphering the new Plan. I posted the CR findings, based on the Percentile of Earners, and as we all knew, the Big Boys come out on top.....
"The top 1 percent of earners, for instance, would see an 8.5 percent savings between 2018 and 2027.
While those making less than about $150,000 would get an average tax cut of 0.5 percent or less"
Then, the old canard about the 47% who pay NO FED INCOME TAX was rolled out right on cue. It should be obvious to even the most casual observer, that the pay no Income Tax because they are barely making $600 a week, $30K per year.
Are you suggesting that they should pay 15% of their earnings to help balance the Trillion Dollar Deficit ??
OK. Let's tax them at 10% to make the math easier. After Standard Deduction, their $30K becomes around $6k, maybe less.
You squeezed 'em for $600. That's fair......ain't it ??
Meanwhile, the low end of the 1% with a modest $380K Income gets a $32,000 Tax Break. Fair, ain't it ??
Sure great pride in being a contributing citizen. I remember seeing my first paycheck in high school and the pride of seeing taxes being taken out. Got it all back but it was great knowing I was participating. Now the SS part made me really happy
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