Here is who really pays the most taxes in USA (compared, financial)
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No, they pay 3 times their fair share. I've posted the chart showing the TOTAL (local, state, and federal) average effective tax rate per income group.
A billionaire doesn't need to pay a cent in taxes provided he invests in some conservative investments like municipal bonds.
Even with historically low interest rates, you can get a return of 3%, which for 1 billion dollars is 30 million dollars a year that is tax free. Not even capital gains tax applies.
Now with stocks, all they will pay is 20% capital gains tax, and conservative stock portfolios return between 10-15% a year.
My questions are simple: what are the numbers? Who are these 'rich' taxpayers we hear so much about?
I'm always baffled at the people who
#1, want to take IRS data -- the very organization the rich are hiding from -- and pretend it gives us an accurate picture of income
#2, even worse -- try to use data about INCOME to make a point about WEALTH. Anybody who has thought about this for more than 30 seconds should understand that how much you make in a year is totally different from your net worth.
First they cut taxes to a point where millions don't pay any taxes, and then they complain about them not paying enough.
Of course billionaires pay the more dollar wise. If they paid only 1% tax rates, they'd still pay more then those who earn $30K a year.
That is actually a fair point.
Bush cut taxes back to the point where less paid in and more low income houses actually made a profit off of income taxes...and then some republicans respond to democrats criticizing the Bush tax cuts or "fair share" rhetoric as that the lower income bracket doesn't pay in.
Do you think that there is a point to be made that western Europe has a less progressive tax structure and that helps fund more social services?
Bush cut taxes back to the point where less paid in and more low income houses actually made a profit off of income taxes...and then some republicans respond to democrats criticizing the Bush tax cuts or "fair share" rhetoric as that the lower income bracket doesn't pay in.
Do you think that there is a point to be made that western Europe has a less progressive tax structure and that helps fund more social services?
The whole idea of "negative income tax" was a conservative idea to replace welfare, i think in the late 70's or early 80's. (Edit : Milton Friedman wrote about it in 1987)
I don't understand why people care so much if the rich have to pay more in taxes. We're not talking about earned income here. We're not talking about blood, sweat, and tears. We're talking about carried interest, moving money around, and generally doing nothing that contributes to the human community like...SCIENCE, TEACHING, ART, DESIGN, CARING FOR THE ILL, etc. The stuff that matters. The rest of us do all that. The rest of us make this nation, this planet, what it is. Really, people have their tongues glued to the boot soles of the rich and it makes no sense.
Taxes can only be paid from labor/work/production. Someone printing money, and paying taxes on it, didn't actually produce anything.
All taxes are fundamentally paid by the workers. If you try to raise taxes on the capitalists, they merely raise prices, and the workers still pay the cost.
It is an illusion.
Last edited by Redshadowz; 03-19-2017 at 08:09 AM..
I don't understand why people care so much if the rich have to pay more in taxes. We're not talking about earned income here.
We're not? Do you really think no one works and receives a several million dollar salary for doing so? Do you really think investing doesn't involve taking a risk that one will lose their entire investment?
What makes you think money just falls into the rich's laps from seemingly nowhere? They've either worked to earn it, invested and took a risk, or both. Neither have a guaranteed outcome. Even 2/3 of the richest 400 Americans earned all or almost all of their wealth via working to earn it and/or taking risks.
WAY too many Americans are financially illiterate. It's severely harming our country. /SMH
We're not? Do you really think no one works and receives a several million dollar salary for doing so? Do you really think investing doesn't involve taking a risk that one will lose their entire investment?
What makes you think money just falls into the rich's laps from seemingly nowhere? They've either worked to earn it, invested and took a risk, or both. Neither have a guaranteed outcome. Even 2/3 of the richest 400 Americans earned all or almost all of their wealth via working to earn it and/or taking risks.
WAY too many Americans are financially illiterate. It's severely harming our country. /SMH
Exactly.
So many "experts" here who have no clue, but that doesn't stop them trying to stick their hands into others pockets. Someone's got more than me, so they gotta give me some (half actually), it's only fair...
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