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The data and facts are from the IRS. They crunch the numbers and publish the actual data.
There are people in the world who reject facts and data when they don't fit their preconceived and prejudged narrative. "Don't confuse me with the facts; I've already made up my mind." Such people, when told the chemical formula for water is H2O aka dihydrogen monoxide, might respond, "Untrue. I don't believe in atoms or molecules; Water is Water."
It is, of course, difficult to have a rational discussion with someone who rejects facts and actual data, but I can try. You're entitled to your own opinion, the old saw goes, but not your own facts.
Quote:
Originally Posted by Nov3
The One percenters' net worth is perhaps taxed on paper
<Sigh.>
False. In the USA, we have a Federal income tax. We do not have a Federal net worth tax. At the State level, all states impose an income tax except Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming don't tax earned income. No state taxes net worth.
Many cities impose an income tax, including New York City, Birmingham, AL, Washington DC, Louisville, KY, Baltimore, MD, Detroit, MI, Kansas City MO, St. Louis, MO, about 235 cities in OH, about 331 villages in OH, Philadelphia, PA, Pittsburgh, PA and some others in Pennsylvania.
No entity imposes net worth tax.
Quote:
Originally Posted by Nov3
...and then low and behold they dwindle it down thru tax breaks.
<sigh.><sigh.>
When the IRS adds up all the numbers and reports The Top 1% paid a total of 43% of ALL Personal Federal Income Taxes Paid, that number is AFTER ALL TAX DEDUCTIONS AND CREDITS ARE APPLIED.
Quote:
Originally Posted by Nov3
...Estate/gift exemptions.
<sigh.><sigh.>
The Federal Estate Tax only applies WHEN YOU ARE DEAD, and it is not an income tax. In addition, Iowa, Kentucky, Maryland, Nebraska, New Jersey, and Pennsylvania impose INHERITANCE taxes -- so children who inherit Mom & Dad's house & remaining savings must pay even more taxes before paying to bury Mom & Dad.
The receipt of a gift is not taxable income, so no income tax is paid on it. HOWEVER, the GIVER must pay the IRS a GIFT TAX (not an income tax) when the sum of the value of the gift exceeds $15,000 in a year to a given person. The current top gift tax rate is 40%. So, if a parent gives an adult child $20,000 for a down payment on their first condo, the parent has a choice to make. They can pay the gift tax on the $5K extra, or they can apply the $5K to a lifetime total gifting limit, currently $11.4 Million.
Quote:
Originally Posted by Nov3
...Business /political donations...
<sigh.><sigh.><sigh.>
No donation to a business receives any favorable tax treatment.
Regarding political donations, according to the IRS:
“You can't deduct contributions made to a political candidate, a campaign committee, or a newsletter fund. Advertisements in convention bulletins and admissions to dinners or programs that benefit a political party or political candidate aren't deductible.”
Quote:
Originally Posted by Nov3
...Off shores Tax benefits...
<sigh.><sigh.><sigh.><sigh. >
There are NO off shore tax benefits. US taxpayers report ALL foreign sourced income and pay income tax on it. According to the IRS:
"By law, U.S. taxpayers are NOT permitted to use offshore accounts, such as foreign bank and securities accounts as well as trusts, to avoid paying tax. ... Failure to report the existence of offshore accounts or pay taxes on these accounts can lead to civil and criminal penalties."
Quote:
Originally Posted by Nov3
... Equity trades/loss's.
<sigh.><sigh.>: smack:<sigh.>
Let's say a wealthy person purchases 1000 shares of General Electric on July 1, 2000. She would have paid $55.59 per share or a total of $55,590 for it (plus a commission to a stock broker.) Let's say that wealthy person sold it today 10/30/2019. The market price right now is $10.02 per share, so she would get $10,020 for it (and pay a commission).
She LOST an actual $45,570 on her long-term investment.
She can claim and deduct only a mere $3,000 of her investment loss against other types of income, such as wage or salary income.
Quote:
Originally Posted by Nov3
Its easy to manipulate a statistic til you come down to the REAL checks being cut.
Moreover, when the IRS reports The Top 1% paid a total of 43% of ALL Personal Federal Income Taxes Paid, they are reporting the ACTUAL CHECKS BEING CUT to which you refer.
I have to hand it to you. Your post is quite an accomplishment - you managed not to get a single thing correct.
But thanks for playing.
Last edited by RationalExpectations; 10-30-2019 at 11:00 AM..
That Republicans want to protect billionaires is just another Democrat lie. It's designed to stir up class warfare to keep people voting Democrat. GOP believes in personal responsibility and working for what you earn. They don't believe in a massive government state that takes money from some and redistributes it to others. And when that happens, the politicians always get their slice of the pie.
Very true. A Liberal is someone who feels a great debt to their fellow man, which debt they will gladly repay using your money.
Why do Americans fights for the rights of Billionaires ...?
They fall into two basic categories:
1) the idiots who just don't understand enough to appreciate how much else they don't know.
(there's a high correlation with Trump supporters here)
2) The sycophants and toadies... most of whom are earning money by their enthusiastic whine.
They fall into two basic categories:
1) the idiots who just don't understand enough to appreciate how much else they don't know.
(there's a high correlation with Trump supporters here)
2) The sycophants and toadies... most of whom are earning money by their enthusiastic whine.
Now THAT is a response worthy of inclusion in a Great Debate.
I don't get why any American not in the a1% would be against Universal Healthcare since every other first world nation has it and so do some third world nations.
Why do you like a system where a private ambulance can refuse to transport you to the hospital unless you pay first.
Why do you think it's fine for insulin which costs $5 to make to be sold for $500?
Why do you think it's fair for a person to have an illness and need treatment and you go from being charged $1000 a month with a $200 copay to a surprise $20K charge and a $4K copay and then next month calling and being told that they can't tell you how much it will cost ahead of time
And why do you fight so hard and protect billionaires to keep getting richer while many are one paycheck away or one fire or tornado away from being homeless? or going bankrupt from a medical bill or not being able to pay for treatment and end up dead.
It's not about the rights of Billionaires that people fight for it is a capitalistic economic system and the associated rights that people are fighting for. Not understanding the difference is a critical mistake of the argument for the common man.
the data and facts are from the irs. They crunch the numbers and publish the actual data.
There are people in the world who reject facts and data when it doesn't fit their preconceived and pre-judged narrative. "don't confuse me with the facts; i've already made up my mind." such people, when told the chemical formula for water is h2o aka dihydrogen monoxide, might respond, "untrue. I don't believe in atoms or molecules; water is water."
it is, of course, difficult to have a rational discussion with someone who rejects facts and actual data, but i can try. you're entitled to your own opinion, the old saw goes, but not your own facts.
<sigh.>
False. In the usa, we have a federal income tax. We do not have a federal net worth tax. At the state level, all states impose an income tax except alaska, florida, nevada, new hampshire, south dakota, tennessee, texas, washington and wyoming don't tax earned income. No state taxes net worth.
many cities impose an income tax, including new york city, birmingham, al, washington dc, louisville, ky, baltimore, md, detroit, mi, kansas city mo, st. Louis, mo, about 235 cities in oh, about 331 villages in oh, philadelphia, pa, pittsburgh, pa and some others in pennsylvania.
No entity imposes net worth tax.
<sigh.><sigh.>
when the irs adds up all the numbers and reports the top 1% paid a total of 43% of all personal federal income taxes paid, that number is after all tax deductions and credits are applied.
<sigh.><sigh.>
the federal estate tax only applies when you are dead, and it is not an income tax. in addition, iowa, kentucky, maryland, nebraska, new jersey, and pennsylvania impose inheritance taxes -- so children who inherit mom & dad's house & remaining savings must pay even more taxes before paying to bury mom & dad.
The receipt of a gift is not taxable income, so no income tax is paid on it. However, the giver must pay the irs a gift tax (not an income tax) when the sum of the value of the gift exceeds $15,000 in a year to a given person. The current top gift tax rate is 40%. So, if a parent gives an adult child $20,000 for a down payment on their first condo, the parent has a choice to make. They can pay the gift tax on the $5k extra, or they can apply the $5k to a lifetime total gifting limit, currently $11.4 million.
<sigh.><sigh.><sigh.>
no donation to a business receives any favorable tax treatment.
Regarding political donations, according to the irs:
“you can't deduct contributions made to a political candidate, a campaign committee, or a newsletter fund. Advertisements in convention bulletins and admissions to dinners or programs that benefit a political party or political candidate aren't deductible.”
<sigh.><sigh.><sigh.><sigh. >
there are no off shore tax benefits. Us taxpayers report all foreign sourced income and pay income tax on it. According to the irs:
"by law, u.s. Taxpayers are not permitted to use offshore accounts, such as foreign bank and securities accounts as well as trusts, to avoid paying tax. ... Failure to report the existence of offshore accounts or pay taxes on these accounts can lead to civil and criminal penalties."
<sigh.><sigh.>: smack:<sigh.>
let's say a wealthy person purchases 1000 shares of general electric on july 1, 2000. She would have paid $55.59 per share or a total of $55,590 for it (plus a commission to a stock broker.) let's say that wealthy person sold it today 10/30/2019. The market price right now is $10.02 per share, so she would get $10,020 for it (and pay a commission).
She lost an actual $45,570 on her long-term investment.
She can claim and deduct only a mere $3,000 of her investment loss against other types of income, such as wage or salary income.
moreover, when the irs reports the top 1% paid a total of 43% of all personal federal income taxes paid, they are reporting the actual checks being cut to which you refer.
I have to hand it to you. Your post is quite an accomplishment - you managed not to get a single thing correct.
The share of Personal (Individual) Federal Income Taxes Paid by the Top 1% is higher than it has ever been. Period.
For tax year 2018 regarding individual federal income taxes paid:
• The Top 1% paid a total of 43% of ALL Personal Federal Income Taxes Paid
• The Top 20% paid a total of 87% of ALL Personal Federal Income Taxes Paid
• The Bottom 60% paid a total of 4% of ALL Personal Federal Income Taxes Paid
The share of Personal (Individual) Federal Income Taxes Paid by the Top 1% is higher than it has ever been. Period.
I'm retired. I'm also permanently in the top marginal federal income tax bracket. My taxes went UP with the TCJA. That's the price we pay pay to live in a civilized society.
But make no mistake: the share of all personal federal income taxes paid by the top 1% is now 43%, and this number is HIGHER than it has ever been. Period.
When the IRS adds up all the numbers and reports The Top 1% paid a total of 43% of ALL Personal Federal Income Taxes Paid, that number is AFTER ALL TAX DEDUCTIONS AND CREDITS ARE APPLIED.
Quote:
Just prior to President Obama's 2014 State of the Union Address, media reported that the top wealthiest 1% possess 40% of the nation's wealth; the bottom 80% own 7%; similarly, but later, the media reported, the "richest 1 percent in the United States now own more additional income than the bottom 90 percent".
Can you see what I'm doing? I'm playing the worlds smallest violin, just for you.
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