$100K-Plus Earners Pay 72% of Federal Income Taxes

[asterism]

If you count all taxes, the poorest pay 16%, everyone else 21% on average. The rich have at least tripled their wealth while the rest and the country go to hell, hater dupes.

Libs want the bloated rich to pay more, not you, dumbass.

We got to this point by Pubs cutting taxes on the rich and wrecking the US and world economies...

Then why is it when people on the left raise taxes on "the rich" the upper middle class ends up paying more?

In fact, the working class pays a good deal more now too since the 10% tax bracket was eliminated.

Tax the rich indeed.

That depends on how you define upper middle class and rich.

The last tax rate increase took effect in 2013. Rates for all brackets remain the same except for adjustments due to inflation and the top income bracket, over $450,00. I would consider an income of over $450,000 as wealthy, not super rich but not upper middle class.

How about $200K or $250K for a married couple?

Additional Medicare Tax. Beginning in 2013, a 0.9% Additional Medicare Tax applies to Medicare wages, railroad retirement (RRTA) compensation, and self-employment income that are more than:

$125,000 if married filing separately,

$250,000 if married filing jointly, or

$200,000 for any other filing status.

See Form 8959 and its instructions.

Net Investment Income Tax. Beginning in 2013, you may be subject to Net Investment Income Tax (NIIT). The NIIT is 3.8% of the smaller of (a) your net investment income or (b) the excess of your modified adjusted gross income over:

$125,000 if married filing separately,

$250,000 if married filing jointly or qualifying widow(er), or

$200,000 if any other filing status.

Publication 17 (2013), Your Federal Income Tax

 

[asterism]

If you count all taxes, the poorest pay 16%, everyone else 21% on average. The rich have at least tripled their wealth while the rest and the country go to hell, hater dupes.

Libs want the bloated rich to pay more, not you, dumbass.

We got to this point by Pubs cutting taxes on the rich and wrecking the US and world economies...

Then why is it when people on the left raise taxes on "the rich" the upper middle class ends up paying more?

In fact, the working class pays a good deal more now too since the 10% tax bracket was eliminated.

Tax the rich indeed.

the 10% tax bracket was NOT eliminated Asterism?

I stand corrected.

 

[rightwinger]

Wealth and income are two entirely different things.
Last I looked, there is an annual income tax, not an annual wealth tax.
Fools tend to confuse the difference between wealth and income.
Although, at the point somebody dies, their wealth is taxed prior to said wealth being passed on to their heirs.

Very true

You can't touch wealth. You can only tax income. So what do th wealthy do? Minimize what gets reported as income and protect wealth

Meanwhile, the middle class sees their wealth diminish as they are fully taxed on their income

Guess who writes the tax code?

Rich democrat politicians.
Wealthiest Members of Congress - List of the 10 Wealthiest Members of Congress
Seven of the top 10 are democrats.
You can start spinning now.

And those wealthy Democrats vote to raise their own taxes

Meanwhile, the wealthy Republicans vote to slash food stamps for the poor

 

[nodoginnafight]

Then why is it when people on the left raise taxes on "the rich" the upper middle class ends up paying more?

In fact, the working class pays a good deal more now too since the 10% tax bracket was eliminated.

Tax the rich indeed.

the 10% tax bracket was NOT eliminated Asterism?

I stand corrected.

A simple, but very powerful post Asterism.
IMHO - it is only about the top 5% of posters on these boards who will make a post like that. Two thumbs up.

 

[HereWeGoAgain]

So why do you rightwingers howl when I point out that what conservatives really want to do is raise taxes on the poor and lower income Americans?

We want them to pay SOMETHING!!! That way they they have a hand in the game when it comes to the gov pissing away our tax dollars.

But the poor DO pay something! The bottom 2/3 pay as much or more in payroll taxes as they do in income taxes, but capital gains, the income of the truly wealthy, is exempt from payroll taxes. If the poor should have income tax "skin" in the game, then the wealthy should have payroll tax "skin" in the game!!!

Thats bullshit. The poor get it back at the end of the year.
What makes you think the rich dont pay taxes on their income?
And when I cash in stock options they take a huge chunk,which is why we waited to cash in those stock options until Bush was in office.
By doing so we saved over 40k in capital gains tax.
Dont tell me you wouldnt have done the same in my position.

 

[HereWeGoAgain]

So why do you rightwingers howl when I point out that what conservatives really want to do is raise taxes on the poor and lower income Americans?

We want them to pay SOMETHING!!! That way they they have a hand in the game when it comes to the gov pissing away our tax dollars.

So you want, for example, a poor family to pay for their Medicaid?

Now there's the kind of genius that only USMB rightwingers can produce on a regular basis...

Never said that. If they have a job they should pay taxes.....PERIOD.
If they are destitute they obviously have no ability to pay taxes. But thats a whole nother thread.

 

[HereWeGoAgain]

Its good to know they are paying. Those in the 1 percent have it made and have zero to comment about. Although they do complain and whine and cry about it. But its ok with them if the working folk who barely make ends meet pay more and make less.

So you think it comes easy? Those so called one percent worked hard to get where they are in a lot of cases. So why should I pay a lazy fuck for MY hard work?

 

[DiamondDave]

Very true

You can't touch wealth. You can only tax income. So what do th wealthy do? Minimize what gets reported as income and protect wealth

Meanwhile, the middle class sees their wealth diminish as they are fully taxed on their income

Guess who writes the tax code?

Rich democrat politicians.
Wealthiest Members of Congress - List of the 10 Wealthiest Members of Congress
Seven of the top 10 are democrats.
You can start spinning now.

And those wealthy Democrats vote to raise their own taxes

Meanwhile, the wealthy Republicans vote to slash food stamps for the poor

Yet since they have mainly investment income, they are not raising their burden at all... funny how that is

Nobody is owed food stamps or anything that is in replacement of your responsibility to take care of yourself

You want something.. earn a fucking paycheck

 

[HereWeGoAgain]

Those making under $100k have taxes taken out of their pay checks. The Right wants to do away with the IRS to protect the rich, who take advantage of deductions. That's not an option for those making under $100k.

Wait...you're saying people who make under a 100k cant take deductions?
Gee all those years I've taken deductions early on in life were illegal?

 

[HereWeGoAgain]

Those making under $100k have taxes taken out of their pay checks. The Right wants to do away with the IRS to protect the rich, who take advantage of deductions. That's not an option for those making under $100k.

Only the rich get to take deductions.....
Maybe you need to see an accountant!

Those who are not very rich can't have tax attorneys on retainer to find every deduction, but you know that.

Seriously? You think you need a "tax attorney"on retainer to claim deductions?

 

[edthecynic]

We want them to pay SOMETHING!!! That way they they have a hand in the game when it comes to the gov pissing away our tax dollars.

But the poor DO pay something! The bottom 2/3 pay as much or more in payroll taxes as they do in income taxes, but capital gains, the income of the truly wealthy, is exempt from payroll taxes. If the poor should have income tax "skin" in the game, then the wealthy should have payroll tax "skin" in the game!!!

Thats bullshit. The poor get it back at the end of the year.
What makes you think the rich dont pay taxes on their income?
And when I cash in stock options they take a huge chunk,which is why we waited to cash in those stock options until Bush was in office.
By doing so we saved over 40k in capital gains tax.
Dont tell me you wouldnt have done the same in my position.

BULLSHIT!
The poor do not get payroll taxes at the end of the year! If they live long enough they start to get something back at retirement age.

All the while you were waiting to cash your stock options they were growing tax free, like an unlimited IRA but with no restrictions or penalties for early withdrawal, and when you finally realized your gain you paid a lower rate than a wage earner, and yet still you bitch you are over taxed.
Elitist Capital Gains Tycoons are never satisfied no matter how many tax breaks they get, and they will whine until the cap gains tax is zero and then they will bitch some more that they are not being paid tax dollars for their capital gains.

 

[nodoginnafight]

But the poor DO pay something! The bottom 2/3 pay as much or more in payroll taxes as they do in income taxes, but capital gains, the income of the truly wealthy, is exempt from payroll taxes. If the poor should have income tax "skin" in the game, then the wealthy should have payroll tax "skin" in the game!!!

Thats bullshit. The poor get it back at the end of the year.
What makes you think the rich dont pay taxes on their income?
And when I cash in stock options they take a huge chunk,which is why we waited to cash in those stock options until Bush was in office.
By doing so we saved over 40k in capital gains tax.
Dont tell me you wouldnt have done the same in my position.

BULLSHIT!
The poor do not get payroll taxes at the end of the year! If they live long enough they start to get something back at retirement age.

All the while you were waiting to cash your stock options they were growing tax free, like an unlimited IRA but with no restrictions or penalties for early withdrawal, and when you finally realized your gain you paid a lower rate than a wage earner, and yet still you bitch you are over taxed.
Elitist Capital Gains Tycoons are never satisfied no matter how many tax breaks they get, and they will whine until the cap gains tax is zero and then they will bitch some more that they are not being paid tax dollars for their capital gains.

You are correct about medicare and social security.

I believe everyone should have some skin in the game on income tax - funding the federal government - some ownership on how federal tax dollars are spent.

Even if it's only $25 a year.

That's MHO.

 

[NYcarbineer]

We want them to pay SOMETHING!!! That way they they have a hand in the game when it comes to the gov pissing away our tax dollars.

So you want, for example, a poor family to pay for their Medicaid?

Now there's the kind of genius that only USMB rightwingers can produce on a regular basis...

Never said that. If they have a job they should pay taxes.....PERIOD.
If they are destitute they obviously have no ability to pay taxes. But thats a whole nother thread.

Lots of families on Medicaid have jobs. If you tax them you're making them pay into the government, and then get paid back from the government when they need healthcare, via Medicaid. That's stupid.

Why not just cut their Medicaid?

 

[nodoginnafight]

Only the rich get to take deductions.....
Maybe you need to see an accountant!

Those who are not very rich can't have tax attorneys on retainer to find every deduction, but you know that.

Seriously? You think you need a "tax attorney"on retainer to claim deductions?

You are right - I was taking deductions when I was a broke college student. It's really not that complicated. Just look at a Schedule A - it's not rocket surgery.

 

[nodoginnafight]

So you want, for example, a poor family to pay for their Medicaid?

Now there's the kind of genius that only USMB rightwingers can produce on a regular basis...

Never said that. If they have a job they should pay taxes.....PERIOD.
If they are destitute they obviously have no ability to pay taxes. But thats a whole nother thread.

Lots of families on Medicaid have jobs. If you tax them you're making them pay into the government, and then get paid back from the government when they need healthcare, via Medicaid. That's stupid.

Why not just cut their Medicaid?

I know you didn't address that to me, but I'd like to put in my two cents on this.

Yes, it might be more efficient to just withhold medicaid, but while you might get an even trade on the $ that way, you miss one big benefit. Ownership. No one can call you just a taker. IMHO you feel differently about yourself, your country, and how YOUR tax dollars are spent.

Just MHO.

 

[edthecynic]

Thats bullshit. The poor get it back at the end of the year.
What makes you think the rich dont pay taxes on their income?
And when I cash in stock options they take a huge chunk,which is why we waited to cash in those stock options until Bush was in office.
By doing so we saved over 40k in capital gains tax.
Dont tell me you wouldnt have done the same in my position.

BULLSHIT!
The poor do not get payroll taxes at the end of the year! If they live long enough they start to get something back at retirement age.

All the while you were waiting to cash your stock options they were growing tax free, like an unlimited IRA but with no restrictions or penalties for early withdrawal, and when you finally realized your gain you paid a lower rate than a wage earner, and yet still you bitch you are over taxed.
Elitist Capital Gains Tycoons are never satisfied no matter how many tax breaks they get, and they will whine until the cap gains tax is zero and then they will bitch some more that they are not being paid tax dollars for their capital gains.

You are correct about medicare and social security.

I believe everyone should have some skin in the game on income tax - funding the federal government - some ownership on how federal tax dollars are spent.

Even if it's only $25 a year.

That's MHO.

Then everyone should have skin in the game on payroll taxes as well. No exemption for capital gains and no cap.

 

[DiamondDave]

So you want, for example, a poor family to pay for their Medicaid?

Now there's the kind of genius that only USMB rightwingers can produce on a regular basis...

Never said that. If they have a job they should pay taxes.....PERIOD.
If they are destitute they obviously have no ability to pay taxes. But thats a whole nother thread.

Lots of families on Medicaid have jobs. If you tax them you're making them pay into the government, and then get paid back from the government when they need healthcare, via Medicaid. That's stupid.

Why not just cut their Medicaid?

Hence why there should be no handouts from the government... and everyone earning even $1 should be paying income tax

 

[NYcarbineer]

But the Marxists keep saying the rich aren't paying their "fair share."

Taxpayers earning $100,000 or more a year pay 71.6% of the nation’s share in individual federal income taxes, according to the latest data from the Internal Revenue Service (IRS) from 2011.

These data do not include corporate income taxes, or taxes on capital gains or dividends, or payroll taxes for Social Security and other programs.

In 2011, according to the IRS, there were 145,370,240 individual income tax returns filed. Among those returns, 125,914,418 or 86.6%, belonged to taxpayers earning a salary less than $100,000. The remaining 19,455,822 returns belonged to those taxpayers earning more than $100,000, or 13.4% of the total.

While those top earners, earning six figures or more, represented only 13.4% of the total number of individual income tax returns reported to the IRS, they contributed nearly three-fourths of the total amount of federal tax revenue from individual filers reported for that year.

$100K-Plus Earners Pay 72% of Federal Income Taxes | CNS News

That small number of taxpayers paid 72% of income taxes, but they also earned 45% of all the personal income in the country.

That is how a progressive tax works; you pay a higher rate on your money earned in the higher brackets.

What's your remedy, if you think a remedy is needed? Cut the rates on the higher brackets and raise the rates on the lower brackets?

That would do it, but it would also be in keeping with what I've said repeatedly...

...conservatives want to increase the gap between rich and poor.

 

[DiamondDave]

BULLSHIT!
The poor do not get payroll taxes at the end of the year! If they live long enough they start to get something back at retirement age.

All the while you were waiting to cash your stock options they were growing tax free, like an unlimited IRA but with no restrictions or penalties for early withdrawal, and when you finally realized your gain you paid a lower rate than a wage earner, and yet still you bitch you are over taxed.
Elitist Capital Gains Tycoons are never satisfied no matter how many tax breaks they get, and they will whine until the cap gains tax is zero and then they will bitch some more that they are not being paid tax dollars for their capital gains.

You are correct about medicare and social security.

I believe everyone should have some skin in the game on income tax - funding the federal government - some ownership on how federal tax dollars are spent.

Even if it's only $25 a year.

That's MHO.

Then everyone should have skin in the game on payroll taxes as well. No exemption for capital gains and no cap.

You'll get no argument from me on that

 

[DiamondDave]

But the Marxists keep saying the rich aren't paying their "fair share."

Taxpayers earning $100,000 or more a year pay 71.6% of the nation’s share in individual federal income taxes, according to the latest data from the Internal Revenue Service (IRS) from 2011.

These data do not include corporate income taxes, or taxes on capital gains or dividends, or payroll taxes for Social Security and other programs.

In 2011, according to the IRS, there were 145,370,240 individual income tax returns filed. Among those returns, 125,914,418 or 86.6%, belonged to taxpayers earning a salary less than $100,000. The remaining 19,455,822 returns belonged to those taxpayers earning more than $100,000, or 13.4% of the total.

While those top earners, earning six figures or more, represented only 13.4% of the total number of individual income tax returns reported to the IRS, they contributed nearly three-fourths of the total amount of federal tax revenue from individual filers reported for that year.

$100K-Plus Earners Pay 72% of Federal Income Taxes | CNS News

That small number of taxpayers paid 72% of income taxes, but they also earned 45% of all the personal income in the country.

That is how a progressive tax works; you pay a higher rate on your money earned in the higher brackets.

What's your remedy, if you think a remedy is needed? Cut the rates on the higher brackets and raise the rates on the lower brackets?

That would do it, but it would also be in keeping with what I've said repeatedly...

...conservatives want to increase the gap between rich and poor.

There should have been no differing brackets or rates to begin with.. and THAT was the problem... a gap is wealth, not income... you can have a low income and still have a wealth nest egg... I know a person in the neighborhood making under 20K with a paid off house and a savings account that his hefty...

I have used the comparison so many times.. it is like you have been getting your milk at the grocery store for free, and the person behind you was getting charged for theirs and yours... when the CORRECTION is finally made... ones like you complain about your cost being raised and someone else getting a cut... while forgetting about the bullshit that caused the inequality in treatment to begin with