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I don't think it's necessary. Eventually inherited and gifted money will be spent and taxed. Nobody will be able to evade this, contrary to the situation today.
Possibly, but more likely the capital will remain right where it is: producing earnings. The earnings will be taxed, but if the capital gets handed down generation after generation, it won't be.
So the next time you're implored to think of those oppressed billionaires (who own your government and half of the United States of America)- remember that you pay a greater percent of Federal taxes than they do. When people claim otherwise (and they do every day- being deliberately dishonest), they're leaving out Social Security taxes, Medicare taxes, and a plethora of tax-loopholes that people who can afford an army of accountants and tax lawyers can take advantage of- but YOU can't.
Looking at your chart, I see the rich person is paying $58,000,000 in taxes and the working class person is paying $6,000 in taxes.
It looks to me as though the rich guy is paying way more than his fair share.
So the next time you're implored to think of those oppressed billionaires (who own your government and half of the United States of America)- remember that you pay a greater percent of Federal taxes than they do. When people claim otherwise (and they do every day- being deliberately dishonest), they're leaving out Social Security taxes, Medicare taxes, and a plethora of tax-loopholes that people who can afford an army of accountants and tax lawyers can take advantage of- but YOU can't.
Obama lied, you bought it. Most of us will never become BILLIONAIRES. But we can become high income. You who bought Obama's lie and do make it to high income screwed yourselves.
Do you think the billionaires will hand you a couple of crumbs in return for your support?
I mean they literally own half the country. They own MOST of the government. They get laws passed causing people do be economically ruined or even DIE just to make or save a few more bucks. And you expect me to muster up some sympathy for the likes of Charles Koch?
It's sad to watch working-class Republicans argue and vote against their own interests.
I cant stand this meme. My best interest is what I consider best for the country (and the world). Not just what is best for me personally. In general I believe most republican fiscal policies are the best for the country as a whole.
If everyone voted according to what is best for just them all working class people should vote against anything that doesn't help them. Such as food stamps, welfare, eic unless they are benefiting from it.
Anyone who doesn't have a left wing ideological axe to grind knows that the wealthy already have a much larger share of the tax burden than the middle class
Yep, and I'm not sure why so many people ignorantly believe otherwise. Perhaps they're mathematically illiterate and/or lack critical thinking skills. Very likely the fault of our country's public schools, which only educate 1/3 of all high school graduates to even a basic 12th-grade proficiency level in math and reading.
I've given this example to explain what's going on with the federal income tax:
Quote:
Originally Posted by InformedConsent
Our country's highest income tax filers pay the most federal income tax. And many more multiples in the amount of tax they pay than their higher effective tax rates indicate.
Average $54,000 (average income for top 25-50%) earner pays $3,894 in federal income tax.
Average $1,695,136 (and that's the minimum amount of income to qualify for the top 0.1%) earner pays $367,336 in federal income tax, or a MINIMUM of about 100 times more than the middle class pays, while only earning about 30 times more.
That is why many perceive the "tax the rich more" crowd to be egregiously greedy takers.
I mean, really... earn about 30 times more but pay 100 times more in federal income tax? No way is that fair. It should be earn 30 times more and pay that same 30 times more in federal income tax.
In my example, the 0.1%-er would still be paying significantly more than the middle class earner for the exact same access to federal government services and benefits. If both were taxed at the same effective tax rate the middle class pays, 7.21%:
The middle class earner would pay that same $3,894 in federal income tax
The 0.1%-er would pay $122,219
That's still a significantly different price to pay for the exact same access to federal government services and benefits.
So the next time you're implored to think of those oppressed billionaires (who own your government and half of the United States of America)- remember that you pay a greater percent of Federal taxes than they do. When people claim otherwise (and they do every day- being deliberately dishonest), they're leaving out Social Security taxes, Medicare taxes, and a plethora of tax-loopholes that people who can afford an army of accountants and tax lawyers can take advantage of- but YOU can't.
Hey folks. I would just like to inform you that you pay a higher percentage of your income towards food than billionaires do.
Hey folks. I would just like to inform you that you pay a higher percentage of your income towards transportation than billionaires do.
Hey folks. I would just like to inform you that you pay a higher percentage of your income towards entertainment than billionaires do.
It just isn't fair!!!
A couple of other points. Money paid into social security will hopefully be recouped at retirement. Medicare will pay for health care after retirement. These are little more than forced retirement plans.
The percentage paid is completely different for lower income families with kids because of the child tax credit and earned income credit. Pretty sure even including FICA taxes a family with 2 kids making $30,000 pays a net negative rate in federal taxes.
If a position is so strong, the person taking the stance shouldn't have to resort to intellectually dishonest comparisons and statistics to make it.
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