Do The Rich Pay Their Fair Share?

[Toddsterpatriot]

The middle class pays the highest percentage of their income to taxation. So, obviously the wealthy are not paying their fair share.

The middle class pays the highest percentage of their income to taxation.

That's awful! What is the income range for middle class?
What percentage do they pay?

The middle class pays income tax and payroll taxes. The leisure class often only pays capital gains tax.

The middle class pays income tax and payroll taxes.

How much do they make? How much do they pay?

 

[Stephanie]

here's the democrat party vision of FAIR and the ONLY way it can EVER be achieved

70k for Labor isn't too bad.

why is IT you sheep never bitch and whine about THESE RICH people? who puts a 1%er to SHAME in the money they have stashed in overseas accounts and you never get to see THEIR TAX RETURNS and the 100s of thousands they write off on their tax returns. yet you people never whine they don't PAY THEIR FAIR SHARE?
1. Rep. Darrell Issa (R-CA)
2.Rep. Michael McCaul R-Texas
3.Rep. John Delaney D-Md.
4.Sen. Jay Rockefeller D-W.Va.
5.Sen. Mark Warner D-Va.
6.Rep. Jared Polis D-Colo.
7.Sen. Richard Blumenthal D-Conn.

8.Rep. Scott Peters D-Calif.
9.Sen. Dianne Feinstein D-Calif.
10.Rep. Suzan DelBene D-Wash.



are you all beholden to them or something? You worship them as your heros, saviors, see them as your personal Robing Hood? you all bitch about EVEYONE ELSE

 

[Ernie S.]

The middle class pays the highest percentage of their income to taxation. So, obviously the wealthy are not paying their fair share.

The middle class pays the highest percentage of their income to taxation.

That's awful! What is the income range for middle class?
What percentage do they pay?

The middle class pays income tax and payroll taxes. The leisure class often only pays capital gains tax.

Do you understand that those paying capital gains taxes paid income tax on that capital when they earned it?
Do you understand that capital investment is what allowed people to start and grow the business that employs you?

 

[Stephanie]

The middle class pays the highest percentage of their income to taxation. So, obviously the wealthy are not paying their fair share.

The middle class pays the highest percentage of their income to taxation.

That's awful! What is the income range for middle class?
What percentage do they pay?

The middle class pays income tax and payroll taxes. The leisure class often only pays capital gains tax.

Do you understand that those paying capital gains taxes paid income tax on that capital when they earned it?
Do you understand that capital investment is what allowed people to start and grow the business that employs you?

No they don't. that's a problem the rest of us in this country has to fight against. when they take a corrupted politicians words that: by elimination the death tax it will add to the deficit.... we can only shake our heads and say, gawdsaveusall

 

[Agit8r]

The middle class pays the highest percentage of their income to taxation. So, obviously the wealthy are not paying their fair share.

The middle class pays the highest percentage of their income to taxation.

That's awful! What is the income range for middle class?
What percentage do they pay?

The middle class pays income tax and payroll taxes. The leisure class often only pays capital gains tax.

Do you understand that those paying capital gains taxes paid income tax on that capital when they earned it?
Do you understand that capital investment is what allowed people to start and grow the business that employs you?

We all get double-taxed. We get taxed when we earn money and we get taxed when we spend it. We pay tax to buy our cars, tax to drive them, and tax to continue owning them. We pay taxes just to lay our head somewhere.

so rich fuckers can cry me a river.

 

[hortysir]

The middle class pays the highest percentage of their income to taxation. So, obviously the wealthy are not paying their fair share.

The middle class pays the highest percentage of their income to taxation.

That's awful! What is the income range for middle class?
What percentage do they pay?

The middle class pays income tax and payroll taxes. The leisure class often only pays capital gains tax.

Wow....do you people never pay attention to how money moves.....do you think the rich simply pile it up in a warehouse.....that when they create jobs it means nothing........

Give up your hate.....work to get ahead, and if you don't like the taxes you yourself are paying...change your circumstances...just leave other people alone...

A nice flat tax with a 35-40,000 dollar deductible for all Americans...that would be fair.........then no more bitching....

They don't get it

They believe in a finite amount of money.
They believe that the fat man only got that way at the expense of the skinny.

 

[Moonglow]

A fair share is to divide the national budget by the number of citizens of voting age, and that is the amount each citizen owes. That's the only formula that calculates a fair share.

Therefore the people who are not paying at least that amount in federal taxes are the only ones that are not paying their fair share.

I'll tell my 85 year old Mom in law to kick in more...

 

[Agit8r]

The middle class pays the highest percentage of their income to taxation. So, obviously the wealthy are not paying their fair share.

The middle class pays the highest percentage of their income to taxation.

That's awful! What is the income range for middle class?
What percentage do they pay?

The middle class pays income tax and payroll taxes. The leisure class often only pays capital gains tax.

Wow....do you people never pay attention to how money moves.....do you think the rich simply pile it up in a warehouse.....that when they create jobs it means nothing........

Give up your hate.....work to get ahead, and if you don't like the taxes you yourself are paying...change your circumstances...just leave other people alone...

A nice flat tax with a 35-40,000 dollar deductible for all Americans...that would be fair.........then no more bitching....

They don't get it

They believe in a finite amount of money.
They believe that the fat man only got that way at the expense of the skinny.

By "they" I assume you mean the classic economists:

"It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion."
-- Adam Smith; from 'Wealth of Nations'

"a tax merely proportionate to individual income would be far from equitable: and this is probably what Smith meant, by declaring it reasonable, that a rich man should contribute to the public expenses not merely in proportion to the amount of his revenue, but even somewhat more. For my part, I have no hesitation in going further, and saying that taxation cannot be equitable unless its ratio is progressive."
-- Jean Baptiste Say; from 'A Treatise on Political Economy'

 

[Moonglow]

The middle class pays the highest percentage of their income to taxation. So, obviously the wealthy are not paying their fair share.

The middle class pays the highest percentage of their income to taxation.

That's awful! What is the income range for middle class?
What percentage do they pay?

The middle class pays income tax and payroll taxes. The leisure class often only pays capital gains tax.

Wow....do you people never pay attention to how money moves.....do you think the rich simply pile it up in a warehouse.....that when they create jobs it means nothing........

Give up your hate.....work to get ahead, and if you don't like the taxes you yourself are paying...change your circumstances...just leave other people alone...

A nice flat tax with a 35-40,000 dollar deductible for all Americans...that would be fair.........then no more bitching....

They don't get it

They believe in a finite amount of money.
They believe that the fat man only got that way at the expense of the skinny.

By "they" I assume you mean the classic economists:

"It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion."
-- Adam Smith; from 'Wealth of Nations'

"a tax merely proportionate to individual income would be far from equitable: and this is probably what Smith meant, by declaring it reasonable, that a rich man should contribute to the public expenses not merely in proportion to the amount of his revenue, but even somewhat more. For my part, I have no hesitation in going further, and saying that taxation cannot be equitable unless its ratio is progressive."
-- Jean Baptiste Say; from 'A Treatise on Political Economy'

It has been done since the days of the ancient Greeks and Romans...

 

[ScienceRocks]

Two words: Fuck no!

 

[Stephanie]

The middle class pays the highest percentage of their income to taxation. So, obviously the wealthy are not paying their fair share.

The middle class pays the highest percentage of their income to taxation.

That's awful! What is the income range for middle class?
What percentage do they pay?

The middle class pays income tax and payroll taxes. The leisure class often only pays capital gains tax.

Wow....do you people never pay attention to how money moves.....do you think the rich simply pile it up in a warehouse.....that when they create jobs it means nothing........

Give up your hate.....work to get ahead, and if you don't like the taxes you yourself are paying...change your circumstances...just leave other people alone...

A nice flat tax with a 35-40,000 dollar deductible for all Americans...that would be fair.........then no more bitching....

They don't get it

They believe in a finite amount of money.
They believe that the fat man only got that way at the expense of the skinny.

That's what happens when they get all their low information off of left wing garbage sites and corrupted politicians such as those rich in the top ten richest member in congress.... they continually vote for over and over and over and over and over.

 

[hortysir]

The middle class pays the highest percentage of their income to taxation. So, obviously the wealthy are not paying their fair share.

The middle class pays the highest percentage of their income to taxation.

That's awful! What is the income range for middle class?
What percentage do they pay?

The middle class pays income tax and payroll taxes. The leisure class often only pays capital gains tax.

Wow....do you people never pay attention to how money moves.....do you think the rich simply pile it up in a warehouse.....that when they create jobs it means nothing........

Give up your hate.....work to get ahead, and if you don't like the taxes you yourself are paying...change your circumstances...just leave other people alone...

A nice flat tax with a 35-40,000 dollar deductible for all Americans...that would be fair.........then no more bitching....

They don't get it

They believe in a finite amount of money.
They believe that the fat man only got that way at the expense of the skinny.

By "they" I assume you mean the classic economists:

"It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion."
-- Adam Smith; from 'Wealth of Nations'

"a tax merely proportionate to individual income would be far from equitable: and this is probably what Smith meant, by declaring it reasonable, that a rich man should contribute to the public expenses not merely in proportion to the amount of his revenue, but even somewhat more. For my part, I have no hesitation in going further, and saying that taxation cannot be equitable unless its ratio is progressive."
-- Jean Baptiste Say; from 'A Treatise on Political Economy'

By "they" I mean you and the idiot you quoted.
"And somewhat more"??
By what reasoning?
I mean besides classic envy.

 

[Rozman]

The wealthy pick up most of the tab when it comes to taxes...

 

[healthmyths]

Editorial by Lee Ohanian, Professor of Economics at UCLA

Here's a question you're likely to hear whenever the subject of taxes comes up: Do the rich pay their fair share?

There are two parts to this question:

Who is rich?

And, what is fair?

Let's start with who is rich:

Nearly everyone assumes that a person who is among the top ten percent of all income earners qualifies as rich.

But according to 2011 data, a top ten percent household makes around $150,000 or above in gross annual income -- that's income before deductions and taxes. Now, $150,000 is a nice living, but it certainly doesn't make you rich.

OK, then. What about the top 5%?

You get into this percentile if your household makes around $190,000 or above. That's a nice bump. But it hardly puts you in the rich category.

How about the top 1%? That's $500,000 or above. A great income, but remember, most people only get to that level after many years of hard work and, quite possibly, the accumulation of serious debt to fund their education or build their business.

Of course, there are people who make more than $500,000. And there are some who make many millions, even billions. But the number who do is very small.

Now, let's talk about fair.

Fair would seem be that the group of taxpayers who earn 10% of the country's income would pay 10% of the country's taxes; the group who earned 20% would pay 20% of the taxes and so on.

But what If I told you that, according to IRS data, the top 10% of all earners -- the people making $150,000 and above -- pay 71% of all federal income tax while earning only 43% of all income.

If anything, the top ten percent pay more than their fair share.

So, as it happens, do the much reviled top 1%. They earn 17 percent of all income, but pay 37% of all federal income taxes.

And what about those at the other end of the income scale, the lower earners? Are we squeezing them? Hardly. Those who make $45,000 or less, 47% of all earners, pay little and often no income taxes.

Ah, but what about payroll taxes -- the money we pay to fund Social Security and Medicare? That takes a bigger bite of the paycheck of lower earners than higher earners. Isn't that unfair?

Consider two points:

First, it's misleading to call the Payroll Tax a tax. It's really an insurance payment that guarantees we receive social security and Medicare after we turn 65.

Second, the benefits we receive from Social Security are capped, no matter how much we have paid in. This means that the payroll taxes of high earners actually help subsidize the social security and Medicare benefits that low earners receive at retirement.

How do all these numbers stack up against other countries?

The US income tax system is substantially more progressive - meaning that income tax rates rise as income rises -- than other advanced countries, including Germany and Sweden.

So, if you think that our tax system is unfair because it coddles high earners, then you must conclude that tax systems in these other countries are even more unfair.

So how high are tax rates on Americans today? Well, throw in federal tax increases mandated in 2013 and state taxes, and top earners face a tax rate of more than 50 per cent in California and New York. Other states like Maryland and Connecticut are not far behind. Do you think a tax rate of greater than 50% is fair? If so, is there any rate that wouldn't be?

Nobody is calling for bake sales for anyone in the top ten percent of earners. And no one wants to minimize the struggles of those at the lower income strata. But to say the "rich," however you might define them, don't pay their fair share is simply wrong.

Finally, numerous academic studies, including ones that I have done, show that when tax rates are too high, investment, risk taking by entrepreneurs, and therefore job creation all decline. And when that happens it's the poor who suffer, not the rich. The rich do fine.

It may feel good to take even more money from the top ten percent, but it doesn't do good. And it sure isn't fair.

- Lee Ohanian, Professor of Economics at UCLA

I agree with almost everything said above PLUS...
Ohanian forgot a very important piece that OBVIOUSLY even this intelligent professor forgot or didn't know when he wrote:
"First, it's misleading to call the Payroll Tax a tax. It's really an insurance payment that guarantees we receive social security and Medicare after we turn 65."

That all employers ALSO pay the Payroll TAX equal to what the employee pays.
It seems this FACT is forgotten because it doesn't help the meme of the day .. the poor worker over taxed and under benefitted.

IF the employers didn't pay the equal 7.2% of the SS/Medicare tax... there would be no programs! They would fail!

Even when people discuss raising the minimum wage they forget the employer is going to pay not only higher wage BUT more payroll taxes!

 

[healthmyths]

Editorial by Lee Ohanian, Professor of Economics at UCLA

Here's a question you're likely to hear whenever the subject of taxes comes up: Do the rich pay their fair share?

There are two parts to this question:

Who is rich?

And, what is fair?

Let's start with who is rich:

Nearly everyone assumes that a person who is among the top ten percent of all income earners qualifies as rich.

But according to 2011 data, a top ten percent household makes around $150,000 or above in gross annual income -- that's income before deductions and taxes. Now, $150,000 is a nice living, but it certainly doesn't make you rich.

OK, then. What about the top 5%?

You get into this percentile if your household makes around $190,000 or above. That's a nice bump. But it hardly puts you in the rich category.

How about the top 1%? That's $500,000 or above. A great income, but remember, most people only get to that level after many years of hard work and, quite possibly, the accumulation of serious debt to fund their education or build their business.

Of course, there are people who make more than $500,000. And there are some who make many millions, even billions. But the number who do is very small.

Now, let's talk about fair.

Fair would seem be that the group of taxpayers who earn 10% of the country's income would pay 10% of the country's taxes; the group who earned 20% would pay 20% of the taxes and so on.

But what If I told you that, according to IRS data, the top 10% of all earners -- the people making $150,000 and above -- pay 71% of all federal income tax while earning only 43% of all income.

If anything, the top ten percent pay more than their fair share.

So, as it happens, do the much reviled top 1%. They earn 17 percent of all income, but pay 37% of all federal income taxes.

And what about those at the other end of the income scale, the lower earners? Are we squeezing them? Hardly. Those who make $45,000 or less, 47% of all earners, pay little and often no income taxes.

Ah, but what about payroll taxes -- the money we pay to fund Social Security and Medicare? That takes a bigger bite of the paycheck of lower earners than higher earners. Isn't that unfair?

Consider two points:

First, it's misleading to call the Payroll Tax a tax. It's really an insurance payment that guarantees we receive social security and Medicare after we turn 65.

Second, the benefits we receive from Social Security are capped, no matter how much we have paid in. This means that the payroll taxes of high earners actually help subsidize the social security and Medicare benefits that low earners receive at retirement.

How do all these numbers stack up against other countries?

The US income tax system is substantially more progressive - meaning that income tax rates rise as income rises -- than other advanced countries, including Germany and Sweden.

So, if you think that our tax system is unfair because it coddles high earners, then you must conclude that tax systems in these other countries are even more unfair.

So how high are tax rates on Americans today? Well, throw in federal tax increases mandated in 2013 and state taxes, and top earners face a tax rate of more than 50 per cent in California and New York. Other states like Maryland and Connecticut are not far behind. Do you think a tax rate of greater than 50% is fair? If so, is there any rate that wouldn't be?

Nobody is calling for bake sales for anyone in the top ten percent of earners. And no one wants to minimize the struggles of those at the lower income strata. But to say the "rich," however you might define them, don't pay their fair share is simply wrong.

Finally, numerous academic studies, including ones that I have done, show that when tax rates are too high, investment, risk taking by entrepreneurs, and therefore job creation all decline. And when that happens it's the poor who suffer, not the rich. The rich do fine.

It may feel good to take even more money from the top ten percent, but it doesn't do good. And it sure isn't fair.

- Lee Ohanian, Professor of Economics at UCLA

How does that work with the Right's version of supply side economics where the wealthiest are bailed out and then it trickles down?

In 2007 the richest 1% of the American population owned 34.6% of the country's total wealth, and the next 19% owned 50.5%. The top 20% of Americans owned 85% of the country's wealth and the bottom 80% of the population owned 15%. From 1922 to 2010, the share of the top 1% varied from 19.7% to 44.2%, the big drop being associated with the drop in the stock market in the late 1970s. Ignoring the period where the stock market was depressed (1976-1980) and the period when the stock market was overvalued (1929), the share of wealth of the richest 1% remained extremely stable, at about a third of the total wealth.[20] Financial inequality was greater than inequality in total wealth, with the top 1% of the population owning 42.7%, the next 19% of Americans owning 50.3%, and the bottom 80% owning 7%.[21] However, after the Great Recession which started in 2007, the share of total wealth owned by the top 1% of the population grew from 34.6% to 37.1%, and that owned by the top 20% of Americans grew from 85% to 87.7%. The Great Recession also caused a drop of 36.1% in median household wealth but a drop of only 11.1% for the top 1%, further widening the gap between the 1% and the 99%.[19][20][21] During the economic expansion between 2002 and 2007, the income of the top 1% grew 10 times faster than the income of the bottom 90%. In this period 66% of total income gains went to the 1%, who in 2007 had a larger share of total income than at any time since 1928.--Source: Distribution of wealth - Wikipedia the free encyclopedia

"What bailout"???
You talking about TARP?
Did you know TARP has made $55 billion in profits for the Federal Government?
Argue with these facts that the "Wealthy" bailout of the below companies has returned ALL the money PLUS $55 billion in profits.

Bailout Scorecard Eye on the Bailout ProPublica

 

[Toddsterpatriot]

Two words: Fuck no!

How much should they pay, so you can stop whining?

 

[LittleNipper]

I feel if a rich person has four personal cars, three personal houses, and two yachts ------- while his employees lack healthcare and worry about college for their children ---- then they are likely not paying enough in taxes.

 

[Toddsterpatriot]

I feel if a rich person has four personal cars, three personal houses, and two yachts ------- while his employees lack healthcare and worry about college for their children ---- then they are likely not paying enough in taxes.

 

[zeke]

Did you know TARP has made $55 billion in profits for the Federal Government?

I see you keep posting this info like it means something bad.
You know Paulson originally wanted the government to invest in bad mortgages. Somehow Paulson got smart enough to use the money to purchase preferred stock in the banks that were being bailed out.

When the crisis ended and bank stocks came roaring back, the government made money off the increased value of the stock.

SO THE FUCK WHAT? I guess you just wanted the government to bail the banks out with no chance of recouping the money that was "invested" in the failing banks? That would have been real stupid. But you are a Republican so what the fuck do you know about money management.

 

[Darkwind]

A fair share is to divide the national budget by the number of citizens of voting age, and that is the amount each citizen owes. That's the only formula that calculates a fair share.

Therefore the people who are not paying at least that amount in federal taxes are the only ones that are not paying their fair share.

That's interesting. If we assume 230 million eligible voters and say they owe 20k dollars each, that would be 4.7 trillion dollars.

That alone would wipe out the deficit and balance the budget.

Then pile on top of that business and trade revenue and the we'd be running nearly a trillion in surplus. More than enough to pay off the debt inside of our lifetimes. Or, the lifetimes of people who still have 20 years left.