Top 20% of households pay vast majority of income taxes

[francoHFW]

The top 20% of households paid 88.1% of federal income taxes, and 69.5% of total federal taxes in 2015, ATR notes, citing the most recent numbers provided by the Congressional Budget Office.

The top one percent (around 1.2 million households) paid 39.4% of federal income taxes and 26.2% of total federal taxes, at an average total tax rate of 33.3%, dropping its average income from $1.9 million to $1.2 million. Its total percent of income was 16.6% before taxes and 13.2% after taxes.

A few key numbers from the other four quintiles via the CBO's 2015 report:

• The fourth quintile was taxed at 17.9% federal income tax and saw its average income of $108,000 drop to $91,000. Its share of income was 20% before and after taxes.
• The middle quintile was taxed at 14% federal income tax and saw its average income drop from $71,000 to $65,000. Share of income: 13.6% before taxes, 14.7% after.
• The second quintile paid 9.2% federal income tax but saw its average income of $44,000 increase to $47,000 from means-tested transfers. Share of income: 8.7% before transfers and taxes, 11% after.
• The bottom quintile paid 1.5% federal income tax and saw its average income of $20,000 grow from transfers to $33,000. Share of income: $3.7 before transfers and taxes, 11% after.

So why are we thinking of taxing the rich even more? How about addressing:

-- Entitlements;
-- Illegal Immigration - each illegal costs us ~$77k per year;
-- Fraud in our welfare system ($1.1Trn welfare system)

My solutions would be:

-- Entitlement reform in terms of raising the retirement age and giving people under 30 the option to invest SS monies privately (exiting the Social program). Reform Medicare and Medicaid. Use vouchers perhaps.

-- Get rid of sanctuary cities and enforce deportations.

-- Hire more officers to enforce waste and fraud.

Thoughts....?

Of course you are totally brainwashed with garbage propaganda. If you count all taxes, we have a flat tax system with the rich getting all the new wealth and everyone else getting screwed because there is no money to invest if you have a giveaway to the rich like this.
https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.washingtonpost.com/news/wonk/wp/2012/09/19/heres-why-the-47-percent-argument-is-an-abuse-of-tax-data/?utm_term=.7f76be77dbe6&ved=2ahUKEwjAzKW7g_bfAhUxTt8KHZ95CdsQFjAAegQIBBAB&usg=AOvVaw3m_DHI8ZWtj2BchvBEpFKs

As you can see, the poorer you are, the more state and local taxes bite into your income. As you get richer, those taxes recede, and you're mainly getting hit be federal taxes. So that's another lesson: When you omit state and local taxes from your analysis, you're omitting the taxes that hit lower-income taxpayers hardest.

 

[Flash]

Yes it is feasible to have smaller government.

Not too long ago Ron Paul came up with a budget to reduce the filthy Federal budget by a trillion a year while still maintaining a growth in defense, SS and Medicare.

Just think how much stronger this country would be economically if that trillion was returned to the taxpayers and spent in the productive economy.

We could have a great Federal government doing all the necessary things it should do for a third or fourth of what we spend now.

Or you can limit investor returns to 10% of net profit and raise the federal minimum wage to $15.00/hr.

Better yet keep the filthy ass government out of controlling our lives by restricting anything.

I don't need the fucking government telling me how much money I can make or telling my employer how much they have to pay me.

Unless your pay rate is at or more than $50K per year, you're an indentured slave.

The cost of government is usually the largest yearly expenditure of any family, regardless of income. Even if you don't pay income tax the other direct and indirect taxes are oppressive.

We are all slaves to this bloated out of control debt ridden oppressive government.

I agree and I would be supportive in taxing wealth vs income. Tax 30% of wealth...would cause the hoarders of wealth to spend and move the economy along...

I don't want to tax anybody any more than we have to provide the minimal government services like defense, police, courts etc.

I don't like anybody getting a free ride, even the poor. I think a progressive tax is immoral and nothing more than thievery.

We need to do away with income tax and the corporate tax and reduce the size of the government by 2/3rds.

 

[danielpalos]

increasing the minimum wage can harness the law of large numbers.

 

[Crepitus]

The top 20% of households paid 88.1% of federal income taxes, and 69.5% of total federal taxes in 2015, ATR notes, citing the most recent numbers provided by the Congressional Budget Office.

The top one percent (around 1.2 million households) paid 39.4% of federal income taxes and 26.2% of total federal taxes, at an average total tax rate of 33.3%, dropping its average income from $1.9 million to $1.2 million. Its total percent of income was 16.6% before taxes and 13.2% after taxes.

A few key numbers from the other four quintiles via the CBO's 2015 report:

• The fourth quintile was taxed at 17.9% federal income tax and saw its average income of $108,000 drop to $91,000. Its share of income was 20% before and after taxes.
• The middle quintile was taxed at 14% federal income tax and saw its average income drop from $71,000 to $65,000. Share of income: 13.6% before taxes, 14.7% after.
• The second quintile paid 9.2% federal income tax but saw its average income of $44,000 increase to $47,000 from means-tested transfers. Share of income: 8.7% before transfers and taxes, 11% after.
• The bottom quintile paid 1.5% federal income tax and saw its average income of $20,000 grow from transfers to $33,000. Share of income: $3.7 before transfers and taxes, 11% after.

So why are we thinking of taxing the rich even more? How about addressing:

-- Entitlements;
-- Illegal Immigration - each illegal costs us ~$77k per year;
-- Fraud in our welfare system ($1.1Trn welfare system)

My solutions would be:

-- Entitlement reform in terms of raising the retirement age and giving people under 30 the option to invest SS monies privately (exiting the Social program). Reform Medicare and Medicaid. Use vouchers perhaps.

-- Get rid of sanctuary cities and enforce deportations.

-- Hire more officers to enforce waste and fraud.

Thoughts....?

You're missing a huge point. Your chart clearly demonstrates the problem of wealth inequality and the concentration of wealth at the very top of the ladder.

 

[dblack]

Flat tax works

So you're going to trade a 12% tax for a 15-20% flat tax?

If we removed all the bullshit deduction and loopholes, I'd vote for that in a heartbeat.

That's not going to happen, nor is a flat tax. The best thing for working class Americans is a large wage increase.

LOL... yeah. Let's just double everyone's income. Problem solved!

 

[dblack]

Flat tax works

So you're going to trade a 12% tax for a 15-20% flat tax?

If we removed all the bullshit deduction and loopholes, I'd vote for that in a heartbeat.

That's not going to happen, nor is a flat tax.

Probably not. Lot's of really stupid people vote. But it would be the best thing, for the working class, for all of us.

 

[AzogtheDefiler]

The top 20% of households paid 88.1% of federal income taxes, and 69.5% of total federal taxes in 2015, ATR notes, citing the most recent numbers provided by the Congressional Budget Office.

The top one percent (around 1.2 million households) paid 39.4% of federal income taxes and 26.2% of total federal taxes, at an average total tax rate of 33.3%, dropping its average income from $1.9 million to $1.2 million. Its total percent of income was 16.6% before taxes and 13.2% after taxes.

A few key numbers from the other four quintiles via the CBO's 2015 report:

• The fourth quintile was taxed at 17.9% federal income tax and saw its average income of $108,000 drop to $91,000. Its share of income was 20% before and after taxes.
• The middle quintile was taxed at 14% federal income tax and saw its average income drop from $71,000 to $65,000. Share of income: 13.6% before taxes, 14.7% after.
• The second quintile paid 9.2% federal income tax but saw its average income of $44,000 increase to $47,000 from means-tested transfers. Share of income: 8.7% before transfers and taxes, 11% after.
• The bottom quintile paid 1.5% federal income tax and saw its average income of $20,000 grow from transfers to $33,000. Share of income: $3.7 before transfers and taxes, 11% after.

So why are we thinking of taxing the rich even more? How about addressing:

-- Entitlements;
-- Illegal Immigration - each illegal costs us ~$77k per year;
-- Fraud in our welfare system ($1.1Trn welfare system)

My solutions would be:

-- Entitlement reform in terms of raising the retirement age and giving people under 30 the option to invest SS monies privately (exiting the Social program). Reform Medicare and Medicaid. Use vouchers perhaps.

-- Get rid of sanctuary cities and enforce deportations.

-- Hire more officers to enforce waste and fraud.

Thoughts....?

You're missing a huge point. Your chart clearly demonstrates the problem of wealth inequality and the concentration of wealth at the very top of the ladder.

Bezos and Zuckerberg were not there in 1995. People can climb and achieve this status.

 

[Lesh]

When you pump gas you pay the same as Jeff Bezos. Yes or no? Or is it cheaper for him?

When YOU buy gas...do you calculate how much you can afford? Do you look at the price?

Jeff Bezos doesn't

 

[Lesh]

Flat tax works

If your goal is to lower taxes for the rich even more and force those who can't afford it to should more of the burden

Do the rich pay more or less for gas tax?

Much less.

The same. Gas pumps don’t ask for your W2

Most rich/wealthy funnel their income through a corporation so State taxes are fully deductible thus reducing federal tax liability saving on bottom line.

Then why do they bitch when taxes go up on the rich?

 

[AzogtheDefiler]

When you pump gas you pay the same as Jeff Bezos. Yes or no? Or is it cheaper for him?

When YOU buy gas...do you calculate how much you can afford? Do you look at the price?

Jeff Bezos doesn't

You changed the question. Do you pay the same amount or not?

 

[AzogtheDefiler]

If your goal is to lower taxes for the rich even more and force those who can't afford it to should more of the burden

Do the rich pay more or less for gas tax?

Much less.

The same. Gas pumps don’t ask for your W2

Most rich/wealthy funnel their income through a corporation so State taxes are fully deductible thus reducing federal tax liability saving on bottom line.

Then why do they bitch when taxes go up on the rich?

Principal. Success should not be punished

 

[OnePercenter]

If your goal is to lower taxes for the rich even more and force those who can't afford it to should more of the burden

Do the rich pay more or less for gas tax?

Much less.

The same. Gas pumps don’t ask for your W2

Most rich/wealthy funnel their income through a corporation so State taxes are fully deductible thus reducing federal tax liability saving on bottom line.

When you pump gas you pay the same as Jeff Bezos. Yes or no? Or is it cheaper for him?

I don't pump gas, I own a Tesla which is plugged in by the valet.

If your referring the Bezos' Honda, isn't that owned by his holding company? Company credit card?

 

[OnePercenter]

Not feasible for a country the size of the US but technically yes, that works.

Yes it is feasible to have smaller government.

Not too long ago Ron Paul came up with a budget to reduce the filthy Federal budget by a trillion a year while still maintaining a growth in defense, SS and Medicare.

Just think how much stronger this country would be economically if that trillion was returned to the taxpayers and spent in the productive economy.

We could have a great Federal government doing all the necessary things it should do for a third or fourth of what we spend now.

Or you can limit investor returns to 10% of net profit and raise the federal minimum wage to $15.00/hr.

Better yet keep the filthy ass government out of controlling our lives by restricting anything.

I don't need the fucking government telling me how much money I can make or telling my employer how much they have to pay me.

Unless your pay rate is at or more than $50K per year, you're an indentured slave.

The cost of government is usually the largest yearly expenditure of any family, regardless of income. Even if you don't pay income tax the other direct and indirect taxes are oppressive.

We are all slaves to this bloated out of control debt ridden oppressive government.

The largest yearly expense of the typical American is housing.

 

[dblack]

I don't pump gas, I own a Tesla which is plugged in by the valet.

You still trying to sell that "I'm rich" horseshit?

 

[OnePercenter]

Flat tax works

So you're going to trade a 12% tax for a 15-20% flat tax?

If we removed all the bullshit deduction and loopholes, I'd vote for that in a heartbeat.

That's not going to happen, nor is a flat tax. The best thing for working class Americans is a large wage increase.

LOL... yeah. Let's just double everyone's income. Problem solved!

Let's limit business deductions to employee expenses. Raises and benefits for workers!

 

[AzogtheDefiler]

Do the rich pay more or less for gas tax?

Much less.

The same. Gas pumps don’t ask for your W2

Most rich/wealthy funnel their income through a corporation so State taxes are fully deductible thus reducing federal tax liability saving on bottom line.

When you pump gas you pay the same as Jeff Bezos. Yes or no? Or is it cheaper for him?

I don't pump gas, I own a Tesla which is plugged in by the valet.

If your referring the Bezos' Honda, isn't that owned by his holding company? Company credit card?

Does Lebron James pay the same gas tax as his driver?

 

[AzogtheDefiler]

Flat tax works

So you're going to trade a 12% tax for a 15-20% flat tax?

If we removed all the bullshit deduction and loopholes, I'd vote for that in a heartbeat.

That's not going to happen, nor is a flat tax. The best thing for working class Americans is a large wage increase.

LOL... yeah. Let's just double everyone's income. Problem solved!

Let's limit business deductions to employee expenses. Raises and benefits for workers!

You are an ignoramous. Is the gas tax a flat tax. Yes or no?

 

[OnePercenter]

Flat tax works

So you're going to trade a 12% tax for a 15-20% flat tax?

If we removed all the bullshit deduction and loopholes, I'd vote for that in a heartbeat.

That's not going to happen, nor is a flat tax.

Probably not. Lot's of really stupid people vote. But it would be the best thing, for the working class, for all of us.

A flat tax will INCREASE you tax liability.

 

[Flash]

Yes it is feasible to have smaller government.

Not too long ago Ron Paul came up with a budget to reduce the filthy Federal budget by a trillion a year while still maintaining a growth in defense, SS and Medicare.

Just think how much stronger this country would be economically if that trillion was returned to the taxpayers and spent in the productive economy.

We could have a great Federal government doing all the necessary things it should do for a third or fourth of what we spend now.

Or you can limit investor returns to 10% of net profit and raise the federal minimum wage to $15.00/hr.

Better yet keep the filthy ass government out of controlling our lives by restricting anything.

I don't need the fucking government telling me how much money I can make or telling my employer how much they have to pay me.

Unless your pay rate is at or more than $50K per year, you're an indentured slave.

The cost of government is usually the largest yearly expenditure of any family, regardless of income. Even if you don't pay income tax the other direct and indirect taxes are oppressive.

We are all slaves to this bloated out of control debt ridden oppressive government.

The largest yearly expense of the typical American is housing.

No, you are wrong.

The total cost of combined government (both direct and indirect) is the largest expenditure of most American families.

This includes everything from the consumer portion of the corporate tax to the fuel tax to SS to the flow down of state and local taxes to the income tax.

The cost of combined government in this country is an appalling 40% of the GDP and we all have a bite of that shit sandwich. That burden is killing us. We could be so much more prosperous with a reduced burden.

 

[AzogtheDefiler]

Flat tax works

So you're going to trade a 12% tax for a 15-20% flat tax?

If we removed all the bullshit deduction and loopholes, I'd vote for that in a heartbeat.

That's not going to happen, nor is a flat tax.

Probably not. Lot's of really stupid people vote. But it would be the best thing, for the working class, for all of us.

A flat tax will INCREASE you tax liability.

I am OK with that