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I do find it interesting when the topic comes up and we look only at income tax.
That's because this topic is quite literally "Federal Income Tax Data 2021 Update." I know; I started the topic.
Quote:
Originally Posted by Lowexpectations
If all the taxing entities were pooled and only one tax applied the percentage would change maybe not by much but a lot more people would go from paying “zero” income tax to 10%+ in total consolidated tax. If someone or a family is making 40k a year should their effective tax rate be higher than 10% and if so how high?
I realize it is very difficult for some people to stay on topic - they have scattered thought processes. But surely you're competent enough to stay on-topic?
All the other things are explicitly off-topic. Why don't you start your own thread to discuss those off-topic things?
The problem with income taxation is it literally provides a disincentive to contribute to society & the economy.
In practice very very people simply stop working because of the progressive taxation system
Quote:
The problem with progressive income taxes is it provides disincentives to contribute more to society. Why go the extra mile when at the margin the Federal Government taxes away most of an extra dollar of income? Many couples do the math and decide one spouse's incremental contribution to family income, after high marginal income taxes, is so small that they make the decision to be a single-earner family. That's an entire person's economic contribution is foregone that, absent the progressive income tax, would have occurred thus making everyone better off.
I’d wager that more couples make the decision to become a single earner hhld has more to do with childcare cost than taxation
Quote:
Taxing income is a bad idea for that reason.
There are many other taxation schemes that
raise the requisite money to fund our governments
do not have the negative aspects of a progressive income tax
while not taxing income, are as progressive as needed to satisfy the bed-wetting SJWs
I’m not sure how your take the on bed-wetting plays into the topic of progressive taxation. Strange for you to complain about off topic posts and this is your commentary?
That's because this topic is quite literally "Federal Income Tax Data 2021 Update." I know; I started the topic.
I realize it is very difficult for some people to stay on topic - they have scattered thought processes. But surely you're competent enough to stay on-topic?
All the other things are explicitly off-topic. Why don't you start your own thread to discuss those off-topic things?
I don’t need to start another thread. It’s natural for a thread to drift the longer it goes on and let’s not act as if total taxation vs federal income taxation is absurdly off topic
I don’t need to start another thread. It’s natural for a thread to drift the longer it goes on and let’s not act as if total taxation vs federal income taxation is absurdly off topic
You are off-topic. The topic is, quite literally, Federal Income Tax Data 2021 Update.
It’s not cute but rather something you brought up while also complaining I was off topic. It’s nonsensical on your part to bring up bed wetting or swj and then cry about off topic posts regarding taxation, not cute at all but absurd? Yes
Summary of the Latest Federal Income Tax Data, 2021 Update
The Internal Revenue Service (IRS) has released data on individual income taxes for tax year 2018, showing the number of taxpayers, adjusted gross income, and income tax shares by income percentiles.[1] The new data shows how taxes changed in the first tax year after passage of the Tax Cuts and Jobs Act (TCJA) in December 2017.
The data shows that the U.S. individual income tax continued to be progressive, borne primarily by the highest income earners.
In 2018, 144.3 million taxpayers reported earning $11.6 trillion in adjusted gross income (AGI) and paid $1.5 trillion in individual income taxes.
Tax year 2018 was the first under the Tax Cuts and Jobs Act (TCJA). The number of returns filed and the amount of income reported grew in 2018 yet average tax rates fell across every income group and total income taxes paid decreased by $65 billion.
The share of reported income earned by the top 1 percent of taxpayers fell slightly, to 20.9 percent in 2018 from 21 percent in 2017. Their share of federal individual income taxes rose by 1.6 percentage points to 40.1 percent.
Since 2001, the share of federal income taxes paid by the top 1 percent increased from 33.2 percent to a new high of 40.1 percent in 2018.
In 2018, the top 50 percent of all taxpayers paid 97.1 percent of all individual income taxes, while the bottom 50 percent paid the remaining 2.9 percent.
The top 1 percent paid a greater share of individual income taxes (40.1 percent) than the bottom 90 percent combined (28.6 percent).
The top 1 percent of taxpayers paid a 25.4 percent average individual income tax rate, which is more than seven times higher than taxpayers in the bottom 50 percent (3.4 percent).
If you look at all taxes: federal income taxes, state income taxes, property taxes, social security and Medicare taxes, local sales taxes, gasoline taxes, etc. and compared the total tax burden as a percentage of income for the top 1% earners to other percentiles (e.g.) the bottom 25%, what would you find? I am asking because I don’t know, but would not be surprised if the total tax burden is not as progressive as the federal income tax burden.
Biden said he's not raising taxes on those making less than 400K. You can pretty much forget any climate change or infrastructure bills, it can't be done without raising taxes on the middle class. Enjoy your $1400 checks.
Biden said he's not raising taxes on those making less than 400K. You can pretty much forget any climate change or infrastructure bills, it can't be done without raising taxes on the middle class. Enjoy your $1400 checks.
Sure it can be done, all they have to do is flip a switch because money grows on electrons.
Real question is whether it is worth dedicating real resources to repeating early 20th century infrastructure technology when 21st century infrastructure technology is not quite ready yet on a commercially massive scale.
Answer, it isn't. So better to wait till it all crumbles, making it easier to pave the way for better replacements that will be ready in the next 5-10-20 years.
Back on topic, I started the process to file my 2020 tax returns and software informs me that Treasury wants to gift me some $5,000 in CoViD relief because I received hardly anything in the first two rounds. I didn't even know that was part of the legislation. I'm going to roll it over into a tax credit, I almost feel sorry for them.
Now, that's progressive!
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