Hooray! Richest 1% Now Paying Lower Tax Rate Than Workers

[ReinyDays]

Self-employment tax is 15.3% of your first $160,200 in earned income ... or $24,510.60 maximium ... whether you earn $200,000 or $20,000,000, you only pay $24.510.60 in SS taxes ... {Cite from IRS}

Seems fair to me ... The Rich can easily channel their income into "unearned" ... interest, rents, dividends, capital gains ... all of that is SS tax free ... you'll pay your whole working life, I haven't paid since 1992 ... definitely seems fair to me ... all you nah-sayers, go ahead and keep saying nah ... and thank you for paying my fair share of the tax load ...

The Middle Class is allowed to use depreciation ... not my fault if they choose otherwise ... Publication 946 - Depreciation ... if you like paying taxes, don't bother reading ...

 

[Woodznutz]

Self-employment tax is 15.3% of your first $160,200 in earned income ... or $24,510.60 maximium ... whether you earn $200,000 or $20,000,000, you only pay $24.510.60 in SS taxes ... {Cite from IRS}

Seems fair to me ... The Rich can easily channel their income into "unearned" ... interest, rents, dividends, capital gains ... all of that is SS tax free ... you'll pay your whole working life, I haven't paid since 1992 ... definitely seems fair to me ... all you nah-sayers, go ahead and keep saying nah ... and thank you for paying my fair share of the tax load ...

The Middle Class is allowed to use depreciation ... not my fault if they choose otherwise ... Publication 946 - Depreciation ... if you like paying taxes, don't bother reading ...

Don't forget to add "salvage value" and "depreciation recapture" to the mix.

 

[hadit]

Total BS. Nobody paid 56% tax rate in 1960.

I've often told those who want to bring back the 90% top rate that if we do, we need to bring back all the loopholes and dodges too. It would be nice, for example, to deduct credit card interest.

 

[ReinyDays]

Don't forget to add "salvage value" and "depreciation recapture" to the mix.

I used straight line ... so no recapture ... but I didn't list my rig ... I conserve gasoline so all my trips were combined business and personal, and thus not depreciable ... at least not legally ... [giggle] ... if my tax liability is zero, why bother with accelerated depreciation? ...

 

[Grumblenuts]

Its shocking. Why did we buy this shit ?

I doubt either of us have. The billionaires obviously buy this shit because they can. They make out like bandits. Not sure what some of these people's problems are here. I'm just celebrating their latest milestone. Watch. Soon they'll be demanding even more pie..

 

[Cellblock2429]

Time to tax the poor same as they tax the rich and middle class.

/----/ Fun Fact: when Reagan was president, more people paid income tax than today. Those people had skin in the game.

 

[Weatherman2020]

I've often told those who want to bring back the 90% top rate that if we do, we need to bring back all the loopholes and dodges too. It would be nice, for example, to deduct credit card interest.

Exactly. Nobody has ever paid more than 1/3 in US history.

 

[Weatherman2020]

Fake news.

Reagan tax cuts - Wikipedia

en.wikipedia.org

In total, the US lost over $200 billion in 2012 chained dollars due to the original tax cut in the first four years and around $1 billion for the second tax cut. Revenues grew from 1982 to 1987 by a total of $137 billion in revenue which adds up to roughly $64 billion in net revenue lost because of the cuts.

Let me go change that wiki page.


Dufus.

 

[Weatherman2020]

The Marginal tax rate on the highest income earners in 1960 was 91%.

Give me the same deductions that existed in 1960, shitforbrains.

BTW - President Kennedy lowered the taxes to stimulate economic growth.

 

[Weatherman2020]

You are correct. The nominal top rate was 90%.

I’ll repeat.

Give me the same deductions that existed in 1960, shitforbrains.

BTW - President Kennedy lowered the taxes to stimulate economic growth.

 

[Woodznutz]

I used straight line ... so no recapture ... but I didn't list my rig ... I conserve gasoline so all my trips were combined business and personal, and thus not depreciable ... at least not legally ... [giggle] ... if my tax liability is zero, why bother with accelerated depreciation? ...

Recapture is used if the asset appreciates, primarily real estate. If there is salvage value after full depreciation there is tax due if the asset has substantial value and is sold. Accelerated depreciation can only be applied to certain classes of depreciable assets. Most of the time the IRS doesn't bother with fully depreciated assets with a 'class life' of 5, 7, 15 years. The salvage value is too small to bother with.

 

[Grumblenuts]

Give me the same deductions that existed in 1960, shitforbrains.

The standard deduction of $300?
Or after it was raised to $1000?
Yes, please take either, twinkletoes. You win!

I’ll repeat.

Give me the same deductions that existed in 1960, shitforbrains.

I'll repeat.

Yes, please take either, twinkletoes. You win!

Oh, and Kennedy didn't propose lowering taxes until 1963, pantiesbunched.

 

[Weatherman2020]

The standard deduction of $300?
Or after it was raised to $1000?
Yes, please take either, twinkletoes. You win!

I'll repeat.

Yes, please take either, twinkletoes. You win!

Oh, and Kennedy didn't propose lowering taxes until 1963, pantiesbunched.

 

[Grumblenuts]

Let me go change that wiki page.


Dufus.

Still shows you're full of beans, poopypants..

 

[AMart]

We've all seen it coming, but the day is suddenly arrived at long last. Our billionaire heroes like Jeff Bezos and Melinda Gates are no doubt giving themselves a huge pat on the back. Well, us working slobs can celebrate this day too. We've earned it. U.S.A.! U.S.A.!

Richest Americans now pay less tax than working class in historical first

America's top billionaires are now paying less tax than they have for decades.

www.newsweek.com

There should be no income taxes period

 

[leftwinger]

Income Tax is only one Tax

Self-employment tax is 15.3% of your first $160,200 in earned income ... or $24,510.60 maximium ... whether you earn $200,000 or $20,000,000, you only pay $24.510.60 in SS taxes ... {Cite from IRS}

Seems fair to me ... The Rich can easily channel their income into "unearned" ... interest, rents, dividends, capital gains ... all of that is SS tax free ... you'll pay your whole working life, I haven't paid since 1992 ... definitely seems fair to me ... all you nah-sayers, go ahead and keep saying nah ... and thank you for paying my fair share of the tax load ...

The Middle Class is allowed to use depreciation ... not my fault if they choose otherwise ... Publication 946 - Depreciation ... if you like paying taxes, don't bother reading ...

"Self-employment tax is 15.3% of your first $160,200 in earned income ."

huh? That is Social Security tax. Every one pays into SS the same way then. But if employed, the company pays 1/2. But that means your pay would be higher.
Self income pays it all from home income. Everyone quits paying at $160,200 because the amount you can get back is capped.

 

[Grumblenuts]

There should be no income taxes period

But if anyone has to pay them.. Bonnie and Clyde Barrow knew where to find the money.

 

[Weatherman2020]

Still shows you're full of beans, poopypants..

As a percentage of GDP Americans are paying much more in taxes than in 1960.

 

[Grumblenuts]

Conservatives, hoping to kill the idea for good, proposed a constitutional amendment enacting such a tax; they believed an amendment would never receive ratification by three-fourths of the states. Much to their surprise, the amendment was ratified by one state legislature after another, and on February 25, 1913, with the certification by Secretary of State Philander C. Knox, the 16th amendment took effect. Yet in 1913, due to generous exemptions and deductions, less than 1 percent of the population paid income taxes at the rate of only 1 percent of net income.

 

[Mikeoxenormous]

The Marginal tax rate on the highest income earners in 1960 was 91%.

Yeah, and they got to right off all interest, that belonged to the banks, but those dirty Democrats gave the banks the tax deductions on interest, while the tax payer had to pay all interest on credit cards. You can rely on Democrats to fuck over normal Joe worker, and coddle with big banks and pharma, who donate to the Democrat campaigns. Stupid fucks like you might one day realize this, but until you use some protein to stimulate that grey matter, the Dems will continue to walk all over your sorry ass.