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Looky where?
How is that possible when they pay 43% in local, state, and federal taxes? 51.2 + 43 = 94.2. Are you suggesting the top 1% spends only 5.8% of their income on food, clothing, housing, transportation, etc., for themselves and their dependents?
Your post is incoherent.
Someone else posted the chart in one of the C-D forums; I copied and posted it a couple weeks ago and for some reason I can't post it on C-D a second time - says I've already uploaded it to C-D and won't attach it to a new post.
The chart includes a cite Source: Do the Rich Save More? Journal of Political Economy, Karen Dynan, Jonathan Skinner, Stephen Zeldes, Vol 112, no. 2, 2004. An online lookup also led me to this URL: http://www.journals.uchicago.edu/doi/10.1086/381475 but these academic papers usually require a paid subscriptions or academic credentials to access.
I'm guessing that the 'savings' data I cited and the 'tax' data you cited use different time points, but I don't think they are unreasonable as estimates, i.e. they're not wildly out of whack. There was an online calculator specific to Herman Cain's 9-9-9 tax proposal and it showed a very low marginal consumption rate - high saving + tax rate - in the top income quintile.
And of course, the peak earning years are most conducive to aggressive saving. Americans generally dissave in their lowest earning years.
The top 1% might have substantial real estate investments, which can generate cash flow for consumption without corresponding taxable income/
Looky where?
How is that possible when they pay 43% in local, state, and federal taxes? 51.2 + 43 = 94.2. Are you suggesting the top 1% spends only 5.8% of their income on food, clothing, housing, transportation, etc., for themselves and their dependents?
p.s. I find it fascinating that as low as is the estimated saving rate of the bottom income quintile, the second quintile has an even lower saving rate. My guess is that workers in the bottom quintile are more likely to receive lump sum EITC windfalls that a few actually put into savings.
I have found that the people that complain the most about taxation are paying a less than 15% effective tax rate on their personal income at years end after filing and after all deductions. The biggest complainers usually make the least money and in the end sometimes pay no tax at all, some receive refunds significantly larger that their contributions and still complain...WTF! Do you even know what your real tax rate is? Or do you just hear and read these large numbers someone somewhere may be paying and debate on their behalf just for the sake of complaining? Are you the type that thinks paying even one dollar is to much? You'd rather just pass the expense on to the next guy...right? Don't be a free-loader...pay your way and stop whining!
Remember millions of bottom feeders are counting on your tax dollars.
Exactly where do you get "less than 15%"?
Most of us pay 10-20% in federal income tax
4-8% in state income tax
some amount, say 3-5% on local property taxes, either directly or in increased rent
5-8% in sales taxes
vehicle taxes (registration) for the "privilege" of operating a vehicle
Fuel taxes
nearly 16% in combined payroll taxes
Capital gains taxes should we make money when we sell our homes or stocks
A multitude of taxes folded into the cost of every product we buy, due to taxes on producers
Not to mention our "Obamacare" tax should we prefer a "non-compliant" insurance plan
The real tax rate in this country is far closer to 50%
Yes I do. Because single people who work full time and who do not breed get SCREWED. It's a filthy system where humans have to be work and debt slaves to provide care for other peoples' crotchfruit.
I don't complain. I may whine a bit when write the check in April, but I don't complain. I make pretty good money.
I can still remember back when I used to have to live off an amount smaller than the taxes I now pay.
I have found that the people that complain the most about taxation are paying a less than 15% effective tax rate on their personal income at years end after filing and after all deductions. The biggest complainers usually make the least money and in the end sometimes pay no tax at all, some receive refunds significantly larger that their contributions and still complain...WTF! Do you even know what your real tax rate is? Or do you just hear and read these large numbers someone somewhere may be paying and debate on their behalf just for the sake of complaining? Are you the type that thinks paying even one dollar is to much? You'd rather just pass the expense on to the next guy...right? Don't be a free-loader...pay your way and stop whining!
Remember millions of bottom feeders are counting on your tax dollars.
I think paying tax is necessary. I am okay (well, what else can I do) about my tax rate although I would be happier if the rate is much lower.
However, I think We (tax payers) should get to decide how the government spends our taxes. Why shouldn’t taxpayers make direct decisions about how much money they want to spend on other government programs?
I want my tax dollars to pay off national debts, I want my tax dollars to pay for the benefits of combat veterans' (combat veterans only) I also want to be able to pay their life time medical treatments. I also won' mind my tax dollars go to education programs of American citizen kids. etc. I think direct control of tax dollars would force the federal government to focus time and resources on projects citizens actually want, not just efforts that appeal to special interests.
As a member of military family, I don't want my tax dollars to go to useless wars, As an artist, I know National Endowment for the Arts is a total waste of time.
Someone else posted the chart in one of the C-D forums; I copied and posted it a couple weeks ago and for some reason I can't post it on C-D a second time - says I've already uploaded it to C-D and won't attach it to a new post.
The chart includes a cite Source: Do the Rich Save More? Journal of Political Economy, Karen Dynan, Jonathan Skinner, Stephen Zeldes, Vol 112, no. 2, 2004. An online lookup also led me to this URL: http://www.journals.uchicago.edu/doi/10.1086/381475 but these academic papers usually require a paid subscriptions or academic credentials to access.
I'm guessing that the 'savings' data I cited and the 'tax' data you cited use different time points, but I don't think they are unreasonable as estimates, i.e. they're not wildly out of whack.
The top 1% actually does pay 43% on local, state, and federal taxes combined. I doubt they are saving 51.2% of their income. That just leaves way too little to pay for food, clothing, housing, transportation, etc., for themselves and their dependents.
Quote:
There was an online calculator specific to Herman Cain's 9-9-9 tax proposal and it showed a very low marginal consumption rate - high saving + tax rate - in the top income quintile.
I doubt it showed that the top 1% only spends 5.8% of their income (Income minus total combined taxes minus savings) to support themselves and their dependents. Someone has something wrong somewhere.
Data sources of the chart I linked to: Tax Policy Center and Institute on Taxation and Economic Policy
p.s. I find it fascinating that as low as is the estimated saving rate of the bottom income quintile, the second quintile has an even lower saving rate. My guess is that workers in the bottom quintile are more likely to receive lump sum EITC windfalls that a few actually put into savings.
I'm not buying it. 100 - 43 - 51.2 = 5.8.
There's no way the top 1% are using just 5.8% of their income to pay for food, clothing, housing, transportation, etc., for themselves and their dependents.
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