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Wealthy people hogging all the wealth is a HUGE problem, so what if say there was a limit, where they earned say 120K which is MORE than enough to live pretty comfortably, no one really needs anymore than that, and every cent they earned afterwards was taken and invested in schools, education, healthcare etc.? No one on the planet needs huge fancy Yachts, dozens of sports cars, huge mansions etc. etc. all the money greedy wealthy people waste on such garbage would be far better spent on helping poor people, helping sick people and the like.
I assume you are just trolling but how about any one who has more than I do is wealthy and should have to give me stuff.
Sounds fair to me.
Maybe not fair to them.
But as my dad told me everything isn't fair.
Two key points that many under-informed people miss...
1) Corporations don't pay corporate taxes. Their end customers/clients/consumers do. The taxes they pay are included in the pricing formula that determines what YOU have to pay for their goods/services.
2) The middle/working class already pays next to nothing in federal income tax, as it is. This will be eye-opening for many... Take a look at which income groups have a zero or negative effective federal income tax rate in the chart on page 10, and which groups pay the highest effective federal income tax rate. The bars you're looking for are light blue, Average Individual Income Tax Rate. The baseline is 0% and the light blue columns are graphed from a tax rate of below 0% to greater than 0%.
They take $191 in federal income taxes from my check every pay period (looking at my pay stub), I would not call that next to nothing and that’s only one tax they also take out from two others (f.i.c.a and f.i.c.m) which is another $167 combined. I have no issue with it, but I think the rich should also contribute a greater portion, not the ridiculous 70% that AOC is advocating for, but more than what working class and middle class are putting in.
Or are we talking about something completely different?
They take $191 in federal income taxes from my check every pay period (looking at my pay stub), I would not call that next to nothing and that’s only one tax they also take out from two others (f.i.c.a and f.i.c.m) which is another $167 combined. I have no issue with it, but I think the rich should also contribute a greater portion
They already do. Did you NOT read the link I posted?
Take a look at which income groups have a zero or negative effective federal income tax rate in the chart on page 10, and which groups pay the highest effective federal income tax rate. The bars you're looking for are light blue, Average Individual Income Tax Rate. The baseline is 0% and the light blue columns are graphed from a tax rate of below 0% to greater than 0%.
Or are we talking about something completely different?
I have NO idea what you're talking about. Check the chart I linked to again to see *which* income groups pay *what* effective federal income tax rate. There's a HUGE difference between the effective federal income tax rate different income groups pay. You seem to not understand what it shows. Why not? What are you failing to understand?
Wealthy people hogging all the wealth is a HUGE problem, so what if say there was a limit, where they earned say 120K which is MORE than enough to live pretty comfortably, no one really needs anymore than that, and every cent they earned afterwards was taken and invested in schools, education, healthcare etc.? No one on the planet needs huge fancy Yachts, dozens of sports cars, huge mansions etc. etc. all the money greedy wealthy people waste on such garbage would be far better spent on helping poor people, helping sick people and the like.
People on the street who are struggling would think of you as wealthy with MORE than enough to live comfortably. How about we take 30% of your income and share it?
They already do. Did you NOT read the link I posted?
Take a look at which income groups have a zero or negative effective federal income tax rate in the chart on page 10, and which groups pay the highest effective federal income tax rate. The bars you're looking for are light blue, Average Individual Income Tax Rate. The baseline is 0% and the light blue columns are graphed from a tax rate of below 0% to greater than 0%.
I have NO idea what you're talking about. Check the chart I linked to again to see *which* income groups pay *what* effective federal income tax rate. There's a HUGE difference between the effective federal income tax rate different income groups pay. You seem to not understand what it shows. Why not? What are you failing to understand?
I know they’re suppose to, but we often hear about how corporations or the super rich search for loop holes to prevent paying taxes. I want to read the whole link you sent to have a better understanding, but I’ll be working all this weekend, so I won’t be able to until Monday.
I know they’re suppose to, but we often hear about how corporations or the super rich search for loop holes to prevent paying taxes.
Corporations don't pay the corporate tax. Their customers/clients do as it's included in the pricing formula. End user/consumer always pays.
As far as the different income groups' vastly different effective federal income tax rates they pay (to which I linked)? That's the actual data. Those are the average effective federal income tax rates that those who are in those income groups DO pay. The IRS publishes analyses of 1040 data every year.
Quote:
I want to read the whole link you sent to have a better understanding, but I’ll be working all this weekend, so I won’t be able to until Monday.
Pore over the actual raw data, too. Latest published IRS US 1040 tax return data:
The Democrats CONSTANTLY lie to their voter base about which income groups pay what effective federal income tax rates because they count on their voter base being too under-informed to know any better, or just simply bad at math.
Anyone who wants to calculate the actual effective federal income tax rate they paid for 2018, here's how: On your 2018 US 1040...
Divide your Total Tax on line 15 by your Taxable Income on line 10.
They changed the 1040 for 2018, so that won't include refundable tax credits (those are phased out at higher income levels). If you've claimed refundable tax credits on your 1040, subtract the total of those from your Total Tax on line 15. That will reduce your effective federal income tax rate even further, with the net effect that about 40% of all US 1040 filers have a negative effective federal income tax rate (the Fed Gov PAYS them money instead of charging them any federal income tax at all). And 27% of all US 1040 filers claim such substantial refundable tax credits that they get fully reimbursed for all the federal payroll taxes they've paid and then some.
Corporations don't pay the corporate tax. Their customers/clients do as it's included in the pricing formula. End user/consumer always pays.
As far as the different income groups' vastly different effective federal income tax rates they pay (to which I linked)? That's the actual data. Those are the average effective federal income tax rates that those who are in those income groups DO pay. The IRS publishes analyses of 1040 data every year.
Pore over the actual raw data, too. Latest published IRS US 1040 tax return data:
The Democrats CONSTANTLY lie to their voter base about which income groups pay what effective federal income tax rates because they count on their voter base being too under-informed to know any better, or just simply bad at math.
I completely forgot about this post, sorry. Had a rough weekend at my job (psych nurse) and I have to work tonight and tomorrow night, so I’ll have to set a reminder for Friday afternoon on my phone so that I don’t forget again.
However, I will say one thing about your post, it isn’t only the politicians that make claims there are plenty of news outlets that write articles about the loop holes the rich can use, are you saying no one actually uses these loop holes or not enough corporations and rich engage in such activities and if so how would you know?
I completely forgot about this post, sorry. Had a rough weekend at my job (psych nurse) and I have to work tonight and tomorrow night, so I’ll have to set a reminder for Friday afternoon on my phone so that I don’t forget again.
However, I will say one thing about your post, it isn’t only the politicians that make claims there are plenty of news outlets that write articles about the loop holes the rich can use, are you saying no one actually uses these loop holes or not enough corporations and rich engage in such activities and if so how would you know?
If they used the supposed "loopholes," WHY are their effective federal income tax rates still significantly higher than that of the middle class? Those "loopholes" really don't exist to the point that the Dems and the MSM claim they do. There's been a lot of lying and manipulation going on in an attempt to gain, politically. DON'T fall for it.
For informational purposes, I'll list the average effective federal income tax rate paid by each income group as stated in the chart on page 10: https://fas.org/sgp/crs/misc/R45145.pdf
Less than $10,000: -8%
$10,000-$20,000: -12%
$20,000-$30,000: -7%
$30,000-$40,000: -3%
$40,-$50,000: -1%
$50,000-$75,000: 2.5%
$75,000-$100,000: 4.5%
$100,000-$200,000: 7.5%
$200,000-$500,000: 13%
$500,000-$1 million: 22%
$1 million and over: 26%
How does one achieve a negative federal income tax rate? By claiming refundable tax credits, which are phased out at higher income levels.
Also, if anyone wishes to verify that data, analyze the IRS' own records. Latest published IRS US 1040 tax return data:
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