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Another that doesn't understand how marginal tax table work??? So you know, they don't work like that.
I know how it works. I've posted REPEATEDLY on c-d how the top 1% pays an effective federal income tax rate (~24%) that is nearly 5 times that of the top 25-50% (5.56%). The difference in EFFECTIVE tax rates is MUCH MORE extreme than the tax brackets would indicate.
He's the Harvard Economist. You want to tell him he's wrong?
Yep.
But then again there are a LOT of facts in this thread that people are surprised to learn. Seems they've been spoon-fed some really bad agenda-laden info, and are believing it without question for whatever reason.
When will one of you left leaners be able to tell me what fair share means?
One hundred people, 99 earns $100 a week and one person earns $10,000 a week. If those 100 people each pay fixed costs of living each week of $90 a week that leaves the 99 with $10 a week to spare and that one guy with $9,910 a week.
Now on the government end you have a government that needs $5000 a week to maintain the infrastructure, road, water works, sewers, police, the courts and to defend the borders.
Where do you get that $5000? The 99 only have $990 left to their name. What should the one guy with that $9910 pay, ten dollars like the others paid, 10% like the others paid or should he pay a greater share because he benefit much greater than everyone else? Should he pay the balance of $4,010?
If the 99 pay their remaining $10 toward taxes they are penniless at the end of the week. If the one guy pays the balance of the taxes he still has $5900 at the end of the week. 10% tax on lower earner and 40% tax on high earner.
To me, that is why we have a progressive tax system. If the high earner doesn't pay up, who does? Do the 99 have to go into debt to pay taxes? Are they supposed to not eat once a week? Live under a bridge so the one guy can have more folding money at the end of the week.
Somehow I think that you really believe that you have explained what fair share it. Could you do it a bit less wordy?
This is ridiculous. Why punish these folks? They already do enough for poor people by investing in the economy (either by providing equity or by spending their money).
Do these people do more for the economy than Bill Gates? Or Larry Ellison? Or Michael Dell?
These kinds of people do much more than indirectly help the economy through trickle down (from the goods they buy). These people directly affecting the hiring of tens of thousands of people every year.
The top 1% of income earners, earn 13.3% of total income and pay 22.3% of the tax bill.
The top 2% to 5% earn 12.5% of total income and pay 17.3% of the tax bill
The top 20% earn 50.8% of the total income and pay 67.9% of the tax bill
The middle 20% Earn 14.1% and pay 9.4%
and the bottom 40% earn 14.9% and pay 4.1%
Where is fair? what is fair? I agree with some here from the left that talk about the minimum amount needed to survive. In our tax code, on a certain level that is factored in.
I don’t have a problem with a progressive income tax. those at the bottom end need a greater percentage of their income to survive. Those at the top end have greater access to what America provides thus they should pay more.
however the suggestion that the rich are not now paying "their fair share" seems quite silly considering the statistical reality that they are paying a greater percentage of the bill than they are gaining.
I am sure one of my liberal friends will come along and get me straightened out.
Debunked? No. If anything, that economist proved that the 10 men in a bar parable is in fact a very mild example of how bad it really is. To see how HEAVILY SKEWED government services and benefits are towards advantaging those who pay little to no tax, all we have to do is look at this chart:
Those who pay the LEAST amount of taxes get the HIGHEST return of government benefits and services per tax dollar they paid into the system.
And the Chairman of the Economics Department at Harvard University concurs:
Quote:
Because transfer payments are, in effect, the opposite of taxes, it makes sense to look not just at taxes paid, but at taxes paid minus transfers received. For 2009, the most recent year available, here are taxes less transfers as a percentage of market income (income that households earned from their work and savings):
Bottom quintile: -301 percent
Second quintile: -42 percent
Middle quintile: -5 percent
Fourth quintile: 10 percent
Highest quintile: 22 percent
Top one percent: 28 percent
The negative 301 percent means that a typical family in the bottom quintile receives about $3 in transfer payments for every dollar earned.
The most surprising fact to me was that the effective tax rate is negative for the middle quintile. According to the CBO data, this number was +14 percent in 1979 (when the data begin) and remained positive through 2007. It was negative 0.5 percent in 2008, and negative 5 percent in 2009. That is, the middle class, having long been a net contributor to the funding of government, is now a net recipient of government largess.
Debunked? No. lol... More like trying to desperately spin, but failed and SPECTACULARLY so. The actual data just doesn't support the delusional claims made in the video.
Wrong. The marginal rate for $5 million would be 55%, but the EFFECTIVE rate for that $5 million would likely be about 40% to 45%... You do understand how tax table work right?
Quote:
Originally Posted by buzzards27
Another that doesn't understand how marginal tax tables work??? So you know, they don't work like that.
I do know exactly what they are. Incorporating them would make my examples MORE extreme, not less extreme. But you guys have trouble understanding even the basic tax table so I didn't want to confuse you too much with more math and data than you can take.
You know, there's actual data that I'm basing my statements on that you can look up if you want. Samples have even been posted in this very thread several times! Imagine, actual data to base opinions on!
Last edited by Jester2138; 07-18-2012 at 04:30 PM..
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