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Federal Funding as a Share of State Revenue: Full Weight (~50.00 Points)
Furthermore what would be interesting to use this for is we broke it down based on illegal population who pay no federal taxes. In that case states like CA, NY, TX and WA are receiving much more than they should be.
That table does not include the capital gains and other loopholes which can drastically lower the tax rate, that is why Mitt Romney was only paying 14% and Warren Buffett is paying at a lower rate than his secretary.
There is no such thing as a loophole. There is tax law, and even though byzantine and insane, it is public record and available for anyone to view in its entirety, for federal, state and local taxes. What you call loopholes are written laws that most simply do not bother to read.
Ever want a good primer on why these laws are not loopholes, find a transcript of when Tim Cook was called before Congress to explain Apple's taxes. He broke it down and made them all look retarded.
I did state upper middle class, many in that category above $100K in high income states lost thousands on the deduction of SALT, it may not matter to some who made up the difference with the standard deduction but that was not the case for many.
taking a real shot in the dark here ... do you have ANY data to back up your assertions?
BTW, whoever mentioned - SALT cap went into effect in 2018. If it affected you, you'd know and remember. You'd also remember the 1040 form changed significantly.
taking a real shot in the dark here ... do you have ANY data to back up your assertions?
BTW, whoever mentioned - SALT cap went into effect in 2018. If it affected you, you'd know and remember. You'd also remember the 1040 form changed significantly.
Correct. I got hit with the new SALT deduction limit on my 2018 US 1040. However, the hit was FAR less than it would have been had I still been living in IL and paying $19,000+/year in real estate tax, alone.
Capital gains tax best rate for the rich (income over $400,000/year) is 20%. That's already a higher effective federal income tax rate than the bottom 99%. So, quite clearly, you're wrong... yet again.
I'd "argue" that on principle, the rate paid on cap gains for some people should be the same as their income tax rate. But it would entail a real discussion and data, and not the class envy that always happens when we talk taxes.
Though a relatively small group, those who are compensated with capital-gains "income" are merely exploiting the difference in tax rate. For example, any executive who gets $300K in salary and $300K in capital benefits - they're taxed at 2 different rates. I'm not talking about personally buying a stock with your after-tax income for $20 and selling it 5 years later for $100.
I'd "argue" that on principle, the rate paid on cap gains for some people should be the same as their income tax rate. But it would entail a real discussion and data, and not the class envy that always happens when we talk taxes.
Though a relatively small group, those who are compensated with capital-gains "income" are merely exploiting the difference in tax rate. For example, any executive who gets $300K in salary and $300K in capital benefits - they're taxed at 2 different rates. I'm not talking about personally buying a stock with your after-tax income for $20 and selling it 5 years later for $100.
You're forgetting that they have to realize any gain to pay the tax. Many don't. They let the investment ride and are not reimbursed for any losses but are taxed on any gain.
I'd "argue" that on principle, the rate paid on cap gains for some people should be the same as their income tax rate. But it would entail a real discussion and data, and not the class envy that always happens when we talk taxes.
Though a relatively small group, those who are compensated with capital-gains "income" are merely exploiting the difference in tax rate. For example, any executive who gets $300K in salary and $300K in capital benefits - they're taxed at 2 different rates. I'm not talking about personally buying a stock with your after-tax income for $20 and selling it 5 years later for $100.
And I'd argue that on principle, if you want to "solve" the difference between capital gains & dividends versus income taxes, then reduce income taxes to the capital gains level and make them just as flat. Done.
Now your institutional system of armed robbery is at least equal across the board, makes sense and does not send the implicit message that we value investment more than work which is why we tax investment less.
That doesn’t address the point, Mitt Romney’s effective tax rate was 14%. Large capital gains, carried interest and other loopholes went unaddressed, if you want fairness let’s start with the obvious rather than cherry picking. The 2017 was supposed to be sweeping reform, it was a failure addressing fairness.
you're going back nearly a decade citing Romney and Buffett. Maybe they've provided updated info from 2018.
Because Democrats outnumber Republicans on means-tested public assistance programs by more than 2 to 1. Why shouldn't blue states pay for Dem slackers?
Percent of Public Assistance Program Recipients Who Identify as:
Democrat:
Public Housing: 81%
Medicaid: 74%
Food Stamps: 67%
Welfare or public assistance: 63%
Republican:
Public Housing: 12%
Medicaid: 16%
Food Stamps: 20%
Welfare or public assistance: 22%
Cites both a Maxwell School of Citizenship and Public Affairs (syracuse.edu) study and NPR as data sources. And easily confirmed by cross-referencing Pew Research's study on Food Stamp recipients:
What's interesting about the Pew Research study poll is that it asked about the receipt of Food Stamp benefits over one's entire adult lifetime. And it confirms the Maxwell Poll's reported stats.
Why doesn't that study include Disability?
Why doesn't that study include BILLIONS in subsidies to farmers in Trump country?
Why doesn't that study include BILLIONS to coal miners in PRIVATE pension subsidies?
Face it, far more taxpayer money goes to Trump country than blue states and it's not even close.
In WEST VIRGINIA where 15% of the state is already on it? Plus Kentucky, Alabama, Mississippi and Arkansas? That is income and health coverage for LIFE compared to some food stamps.
Are all the people in Kentucky on Obamacare Democrats? Because McConnell seems to like to let them think KYnect is not Obamacare when it is.
Each state should have to pay for itself and that includes Democrats in red states. Sounds perfectly fair by me.
Read the link I posted. Again, more than 2 to 1 Dem to Republican.
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