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Old 05-31-2021, 05:53 PM
 
Location: Raleigh NC
25,118 posts, read 16,082,805 times
Reputation: 14408

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by the way, the top 1% constitutes 1.4MM individual tax returns at an average AGI of $515K


https://taxfoundation.org/summary-of...a-2020-update/

Last edited by BoBromhal; 05-31-2021 at 06:45 PM..
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Old 05-31-2021, 06:42 PM
 
Location: NJ/NY
18,412 posts, read 15,123,131 times
Reputation: 14258
Quote:
Originally Posted by BoBromhal View Post
by the way, the top 1% constitutes 1.4MM individual tax returns at an average AGI of $2.3MM


https://taxfoundation.org/summary-of...a-2020-update/
I think you are reading this incorrectly. The AGI of all the top 1% of earners is $2.3 Trillion. The chart can be confusing.

You only need a personal AGI of $515K to be in the top 1% of earners.

More from your article:
Quote:
In contrast, the top 1 percent of all taxpayers (taxpayers with AGI of $515,371 and above) earned 21.0 percent of all AGI in 2017 and paid 38.5 percent of all federal income taxes.
That was 2017, so it may well be above $600K now.
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Old 05-31-2021, 06:43 PM
 
Location: Raleigh NC
25,118 posts, read 16,082,805 times
Reputation: 14408
Quote:
Originally Posted by AnesthesiaMD View Post
I think you are reading this incorrectly. The AGI of all the top 1% is $2.3 Trillion. The chart can be confusing.

You only need a personal AGI of $515K to be in the top 1% of earners.

More from your article:


That was 2017, so it may well be above $600K now.

you are correct, and I am wrong. I've corrected my post.
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Old 06-02-2021, 05:38 AM
 
Location: Long Island
56,861 posts, read 25,799,606 times
Reputation: 15434
Quote:
Originally Posted by TMSRetired View Post
Why shouldn't they ? It's their money. They invested and made a profit.

Stop worrying about how much money other people have. Worry about yourself.
Why should wealthy be able to reduce taxes on millions to 20% while middle class pays 30% on salary.
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Old 06-02-2021, 06:42 AM
 
Location: OH->FL->NJ
16,934 posts, read 12,483,813 times
Reputation: 8859
Not a fan of this, especially in light of it be ex post facto.
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Old 06-02-2021, 10:36 AM
 
77,728 posts, read 59,889,067 times
Reputation: 49138
Quote:
Originally Posted by Goodnight View Post
Why should wealthy be able to reduce taxes on millions to 20% while middle class pays 30% on salary.
Gains are all taxed at 20%.

The middle class does not pay 30% on all of their salary, not even close.

If we're going to discuss the issue, then at least let's portray the issue accurately and honestly.

https://taxfoundation.org/2020-tax-brackets/#brackets

The middle class don't get anywhere near 30%.

In fact, the middle class income of 100k with deductions down to around 80k ends up around 12% for married filing jointly.
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Old 06-02-2021, 10:39 AM
 
8,892 posts, read 2,917,287 times
Reputation: 5123
Tax tax tax!

Ban ban ban!

Censor censor censor!

Democrats have a very confiscatory mindset. It's their solution to anything they don't like or understand.
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Old 06-02-2021, 10:50 AM
 
77,728 posts, read 59,889,067 times
Reputation: 49138
Quote:
Originally Posted by ottomobeale View Post
Not a fan of this, especially in light of it be ex post facto.
I'd be concerned if I didn't laugh at the various lip-service empty proclamations that come out of Biden to keep the far left appeased that he is "doing something". Guns...detention camps...minimum wage....

Just look around, all the progs like AOC have been firmly put back in their place and Biden just has to throw them a little morsel once in a while.
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Old 06-02-2021, 10:55 AM
 
21,657 posts, read 9,235,962 times
Reputation: 19126
Quote:
Originally Posted by Goodnight View Post
Why should wealthy be able to reduce taxes on millions to 20% while middle class pays 30% on salary.
Ugh. You obviously know NOTHING about taxes. Middle class pays nowhere near 30%. You don't look at a marginal rate. You look at effective rates. That takes your total tax divided by your AGI. It's so you can compare apples to apples. Middle class effective rates are more like 11-18%. Not anywhere NEAR 30%.

AND no higher earners pay 20% in capital gains. Thanks to your savior Obama, they have to pay an additional 3.8% on cap gains so the minimum for them is 23.8%. And just while I am at it, I am going to correct ANOTHER fallacy liberals keep spreading. On restricted stock (as it unvests) and stock options as you sell, you pay full income tax rates. So all those CEO's that you love to hate pay 37% on their stock sales and vesting (and any applicable state taxes).
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Old 06-03-2021, 10:26 PM
 
8,014 posts, read 3,580,213 times
Reputation: 2674
Quote:
Originally Posted by Grlzrl View Post
Ugh. You obviously know NOTHING about taxes. Middle class pays nowhere near 30%. You don't look at a marginal rate. You look at effective rates. That takes your total tax divided by your AGI. It's so you can compare apples to apples. Middle class effective rates are more like 11-18%. Not anywhere NEAR 30%.

AND no higher earners pay 20% in capital gains. Thanks to your savior Obama, they have to pay an additional 3.8% on cap gains so the minimum for them is 23.8%. And just while I am at it, I am going to correct ANOTHER fallacy liberals keep spreading. On restricted stock (as it unvests) and stock options as you sell, you pay full income tax rates. So all those CEO's that you love to hate pay 37% on their stock sales and vesting (and any applicable state taxes).
Well, a hedge fund manager with say a 1 billion + compensation pays 23.8% tax rate on that compensation. Why is that? I'll wait
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