This is why we need to tax the wealthy

[pknopp]

Exactly, nobody knows and yet I pay more taxes regardless.



The first step is to cut spending, not raise taxes.

We need to do BOTH.

 

[BackAgain]

We need to do BOTH.

No. We tax too much as it is. What we need to do is quit spending such absurd amounts.

 

[pknopp]

No. We tax too much as it is. What we need to do is quit spending such absurd amounts.

The Eye-Popping Interest Payment Spike On Our National Debt | The Daily Wire

 

[BackAgain]

The Eye-Popping Interest Payment Spike On Our National Debt | The Daily Wire

Yep. Because we spend too much and borrow too much and print too much fake money.

 

[Billy000]

Where the hell did I malign anyone? Can anyone of you have an adult conversation and make stupid broad sweeping statements? I didn’t insult anyone, I provided some clarity because you were confusing effective tax rates what the 1% pay. Didnt know you were so sensitive.

I didn’t say you did. I’m talking about the general opinion of conservatives on this board.

 

[pknopp]

Yep. Because we spend too much and borrow too much and print too much fake money.

We absolutely do and now we have to pay for that.

 

[Papageorgio]

I didn’t say you did. I’m talking about the general opinion of conservatives on this board.

So we are done with the conversation? Okay, have a good night.

 

[TruthNotBS]

I posted the actual numbers on the average federal income taxes paid by percentage by income bracket. Did you not see it? You are wrong.

1. 
   Capital Gains and Dividends: Wealthy individuals often have significant income from investments, which are usually taxed at a different rate than ordinary income. Long-term capital gains and qualified dividends are taxed at lower rates, typically 0%, 15%, or 20%, depending on the individual's taxable income.
2. Tax Deductions and Credits: High-income individuals might have access to various tax deductions and credits, which can reduce their taxable income or tax liability. Common deductions include charitable donations, mortgage interest, and state and local taxes (SALT), although there are limits on some of these.
3. Tax Avoidance Strategies: Wealthy individuals often use legal strategies to minimize taxes. These can include things like tax-loss harvesting in investments, contributing to retirement accounts, and using trusts or other legal structures to manage assets and income.
4. Evasion and Loopholes: In some cases, individuals might engage in illegal tax evasion or exploit loopholes in the tax code to reduce their tax burden. While tax evasion is illegal, using legal loopholes is not, though it can be a subject of public and political scrutiny.

Wealthy people with good accountants pay less, due to all of the above.

 

[DBA]

The Eye-Popping Interest Payment Spike On Our National Debt | The Daily Wire

There is no doubt that it is out of control, but the solution is to cut spending and frankly cut taxes. COVID stimulus money provides a great example of how people having extra money in their pockets stimulates the economy. Heck, we are still seeing the tail end of that extra money being spent, which is the only reason Bidumb's economy has crashed...yet. The difference is that cutting taxes to boost the economy is organic and long lasting as opposed to the short-lived inorganic growth incurred by raising taxes.

 

[TruthNotBS]

There is no doubt that it is out of control, but the solution is to cut spending and frankly cut taxes. COVID stimulus money provides a great example of how people having extra money in their pockets stimulates the economy. Heck, we are still seeing the tail end of that extra money being spent, which is the only reason Bidumb's economy has crashed...yet. The difference is that cutting taxes to boost the economy is organic and long lasting as opposed to the short-lived inorganic growth incurred by raising taxes.

Billionaires in the U.S. pay a smaller tax rate than most teachers and retail workers. Thanks to a tax code that favors income from wealth over income from work and a slew of tax-avoidance strategies—the richest among us end up paying a smaller percentage of their income to the federal government than most working families.

Here’s what we know:

• U.S. billionaires are 46 percent, or $1.6 trillion, richer than they were in 2020.
• According to a 2021 White House study, the wealthiest 400 billionaire families in the U.S. paid an average federal individual tax rate of just 8.2 percent. For comparison, the average American taxpayer in the same year paid 13 percent.
• According to leaked tax returns highlighted in a ProPublica investigation, the 25 richest Americans paid $13.6 billion in taxes from 2014-2018—a “true” tax rate of just 3.4 percent on $401 billion of income.

 

[pknopp]

There is no doubt that it is out of control, but the solution is to cut spending and frankly cut taxes. COVID stimulus money provides a great example of how people having extra money in their pockets stimulates the economy. Heck, we are still seeing the tail end of that extra money being spent, which is the only reason Bidumb's economy has crashed...yet. The difference is that cutting taxes to boost the economy is organic and long lasting as opposed to the short-lived inorganic growth incurred by raising taxes.

LOL, you love that FREE money but now you don't want to pay for it. Typical greedy American.

 

[BluesLegend]

That's federal income tax again lol... It's a flat tax system, they earn about 71% of the income then duhhh. Worst inequality ever anywhere...great job!!

No super dupe stop LYING. The top 10% earn only 48% of the income but pay 71% of the income taxes. OH SNAP. How about corporate taxes, no the 'rich' pay most of those. Capital gains taxes, nope the 'rich' pay most of those too. Sales tax and various Dem wealth punishment taxes, again the 'rich' pay most of those.

This debate isn't going well for you super duper, facts have obliterated your Dem sheeple propaganda.

 

[TruthNotBS]

LOL, you love that FREE money but now you don't want to pay for it. Typical greedy American.

Socialism for the rich, pick yourself up by your bootstraps capitalism for the rest of us.

 

[BluesLegend]

The EFFECTIVE tax rate of millionaires is around 25%.

ACTUAL tax dollars paid flaming left winger, 71% of them SUUUUUUUUCK IT!

 

[Billy000]

ACTUAL tax dollars paid flaming left winger, 71% of them SUUUUUUUUCK IT!

lol none of that actually means anything if the effective tax rate is still 25%

 

[DBA]

Capital Gains and Dividends: Wealthy individuals often have significant income from investments, which are usually taxed at a different rate than ordinary income. Long-term capital gains and qualified dividends are taxed at lower rates, typically 0%, 15%, or 20%, depending on the individual's taxable income.

This is about the only area where you have a point, though raising the capital gains taxes will have very negative effect on the economy overall as the big spenders will be less likely to want to take nearly as much risk for less reward. Also, not many people live off of capital gains. We are talking trust fund babies and very wealthy individuals for the most part. These people tend to pay higher taxes in other areas as well.(Property tax for example)

Tax Deductions and Credits: High-income individuals might have access to various tax deductions and credits, which can reduce their taxable income or tax liability. Common deductions include charitable donations, mortgage interest, and state and local taxes (SALT), although there are limits on some of these.

These were accounted for in my graph. The effective tax rate includes these deductions.

BTW, Trump capped the SALT deduction at 10k and rich Democrats went bananas. Figures.

Tax Avoidance Strategies: Wealthy individuals often use legal strategies to minimize taxes. These can include things like tax-loss harvesting in investments, contributing to retirement accounts, and using trusts or other legal structures to manage assets and income.

Contributing to retirement accounts? Seriously? You want to discourage people from saving more for retirement? This makes little sense. There is also a rather stiff cap on retirement contributions, which really limits the deductions one receives even if they max it out. If you maxed out your 401(k) in 2024, you could deduct 23k from your income, resulting in a savings of about $5700 for the richest Americans based on my chart and the marginal tax rates they pay. That is hardly a windfall.

Evasion and Loopholes: In some cases, individuals might engage in illegal tax evasion or exploit loopholes in the tax code to reduce their tax burden. While tax evasion is illegal, using legal loopholes is not, though it can be a subject of public and political scrutiny.

Only the very wealthy do such things and I am fine with closing loopholes.

 

[DBA]

lol none of that actually means anything if the effective tax rate is still 25%

What is wrong with 25% when the bottom 50% pay far, far less?

 

[jc456]

So the rich were still getting taxed after Reagan. In fact they paid more total taxes even though their rates were lower

But it was 50%

You talk shit about me, without presenting any evidence or at least refuting my position. All you have is smack talk - hot air. I'm willing and able to debate the issue with you, but you're a pathetic punk unable to discuss my point of view which you're shitting on. All of you right-wing Republicans are the same. You're all full of hot air.

No you’re not

 

[jc456]

This is about the only area where you have a point, though raising the capital gains taxes will have very negative effect on the economy overall as the big spenders will be less likely to want to take nearly as much risk for less reward. Also, not many people live off of capital gains. We are talking trust fund babies and very wealthy individuals for the most part. These people tend to pay higher taxes in other areas as well.(Property tax for example)



These were accounted for in my graph. The effective tax rate includes these deductions.

BTW, Trump capped the SALT deduction at 10k and rich Democrats went bananas. Figures.



Contributing to retirement accounts? Seriously? You want to discourage people from saving more for retirement? This makes little sense. There is also a rather stiff cap on retirement contributions, which really limits the deductions one receives even if they max it out. If you maxed out your 401(k) in 2024, you could deduct 23k from your income, resulting in a savings of about $5700 for the richest Americans based on my chart and the marginal tax rates they pay. That is hardly a windfall.



Only the very wealthy do such things and I am fine with closing loopholes.

Raising capital gains is on everyone

 

[pknopp]

This is about the only area where you have a point, though raising the capital gains taxes will have very negative effect on the economy overall as the big spenders will be less likely to want to take nearly as much risk for less reward. Also, not many people live off of capital gains. We are talking trust fund babies and very wealthy individuals for the most part. These people tend to pay higher taxes in other areas as well.(Property tax for example)

This is always a lame excuse. People aren't going to start stashing their money under the mattress because CG tax rates rise.