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The fact is that we (rich and not so rich) are already paying too much taxes. The problem at the moment is that Federal spending is so great that taxes (revenue) is not sufficient. Taxing the workers more will only give the Government a little more money to spend. For example, if the Government just takes for one year every penny the 1% superrich have, the total will amount to $billions. Since the budget deficit is over $trillions, a few billions are not going to make a difference.
They will eventually get that $$ back assuming that they live long enough or have surviving dependents if they die before that time. Once others pay Fed, state taxes, they are gone for good.
Longevity is positively correlated with income and wealth: poor people on average die a lot sooner than rich people. In fact, the only reason Social Security has been sustainable this long is that because so many people have paid in for decades and dies before collecting a dime.
According to the IRS figures for 2009, the top 10% of wage earners in the U.S. paid almost 75% of the taxes, and the top 50% of wage earners paid almost 95% of all taxes.
I say we get away from income taxes and go to a fair tax or VAT tax. That way everyone pays when they purchase. That makes it fair to all, spend more, pay more.
I don't think the IRS used the term "wage earners" because the top 10% get most of their income from sources other than "wage earning".
I made 30,000 dollars last year and I paid in about 3,000 in taxes. I got NONE of it back. I thought the bottom fifty percent didn't have to pay taxes?
Many corporations pay ZERO due to loopholes, doesn't that make the rich the freeloaders?
As soon as the money is passed to the stockholders it is taxed.
For example the largest sharehold of Exxon Mobil is the California Teachers Union Pension Fund. Let's say the CTA owned the equivalent of 1,000 shares of stock per retire teacher and each share of stock earned $2.00.
With me so far?
So the average teacher received $2,000 from Exxon Mobil and if in the 15% tax rate the teachers paid $300 in taxes.
Now let's really stick it to the big corporations, shall we?
I proposed polluting, evil oil companies be taxed at a rate of 90% because it is about time they "pay their fair share", right?
Still with me?
So Exxon Mobil earns $2,000 and is taxed $1,800 which they send to the federal government. Exxon Mobil then sends the $200 to the teacher who is then taxed at 15% leaving $180 in which to purchase some fine tasting cat food.
But in my opinion $180s is to much seeing how their organization holds stock in Evil corporations, seeing as how they beat down the working class proletariat, they should be taxed at the 90% rate too leaving the teachers with $20.
Sounds fair to you, right?
I've find that people who fall for the leftist class warfare BS are among the most ignorant failing to understand the largest stockholders in these corporations are pension and investment companies that supply earnings that feed our retirement funds that enable millions to live a decent life without having to go on government welfare..
In short corporations never pay taxes, they never did, people pay taxes. People like retired pensioners.
In any event, you had 154K left after taxes, the OP had 27K left over. You have 5.7X more income after tax than the OP.
Not all of us cheat on our taxes and we don't live in your weird utopia where we all get paid the same amount of money regardless of how much we work and what we do.
What kind of weird and irrelevantly ignorant comment is that, anyway?
I have 5 times more income left over but I made 10 times as much? Do you see how wrong that is?
I made 30,000 dollars last year and I paid in about 3,000 in taxes. I got NONE of it back. I thought the bottom fifty percent didn't have to pay taxes?
Many corporations pay ZERO due to loopholes, doesn't that make the rich the freeloaders?
Why do Dems lie about what Republicans say? You realize that the bottom 48% of the population pays no INCOME TAX?
I don't think the IRS used the term "wage earners" because the top 10% get most of their income from sources other than "wage earning".
When the IRS release this information they actually are talking about wage earners. They are not talking about the top 10% in worth.
To the topic: All wage earners pay 5.7% of their pay to SS and Medicare. This is money you ideally will be getting back when you are old. Not sure whether Rlarson figured that into his financial "hit".
does anyone really think they are going to be able to get it back when it has already been spent by the government?
those misguided people who push for more taxes are just advocates of bigger government-likely either as beneficiaries of social services or working for government themselves.
the truly odd part is that they are going to be the most adversely impacted by all of this government spending. you keep pulling from the private sector and i ask you who is going to pay your salaries and pensions?
it is already playing out in icelandfrom iceland newspaper)
Saturday April 23 2011
RETIRED bankers, politicians and regulators who were among those making the key decisions which led to the state bailout will enjoy pensions of between €115,000 and €650,000 a year.
The monster pensions are on top of multi-million euro termination payments, tax-free lump sums and golden handshakes for the 10 men at the centre of the banking collapse.
Pensions experts last night calculated that the cost of providing the generous pensions that the likes of former Taoiseach Bertie Ahern, mandarin David Doyle and top bank bosses such as Brian Goggin will receive will top €60m over the course of their retirement.
The revelations come just days after it emerged that former AIB managing director Colm Doherty has received a payment and pension package worth €3m.
It also comes in the wake of a stark warning from the Central Statistics Office which shows that almost 900,000 workers, mainly in the private sector, have no pension at all.
it looks like the greedy got too greedy. OINK OINK
this isn't just a US problem, but we seem unwilling to acknowledge what is happening. (particularly our media-where is a US report like that?)
Makes it easier for them to justify their hatred. Some folks just have to have an "enemy" to hate. Since Russians are no longer a threat, conservos have latched onto Americans.
In any event, you had 154K left after taxes, the OP had 27K left over. You have 5.7X more income after tax than the OP.
Was there a point to this?
Quote:
Originally Posted by wade52
Makes it easier for them to justify their hatred. Some folks just have to have an "enemy" to hate. Since Russians are no longer a threat, conservos have latched onto Americans.
Sure looks like a lot of GOP hate going on...
Quote:
Originally Posted by stan4
I have 5 times more income left over but I made 10 times as much? Do you see how wrong that is?
Their ability to compute math stopped the minute you made 10 times as much.. THATS NOT FAIR.. Just ask them!!
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from iceland newspaper)
Why do republicans say the poor don't pay taxes?
