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Those DAMN RICH PEOPLE ! They pay most of the taxes !!!
Posted by: cbelt3
Date: March 12, 2013 11:08AM
[money.cnn.com]
"The top 10 percent of taxpayers paid over 70% of the total amount collected in federal income taxes in 2010, the latest year figures are available, according to the Tax Foundation, a right-leaning think tank. That's up from 55% in 1986.

"
- - - -

Curses ! Another Political talking point foiled by Actual Facts !!!

damn you smiley
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Re: Those DAMN RICH PEOPLE ! They pay most of the taxes !!!
Posted by: beagledave
Date: March 12, 2013 11:18AM
Ummm...

In fact, the Tax Policy Center found last year that there about 4,000 households with incomes over $1 million that were not paying anything at all.

and

When factoring in state and local taxes, the top 10% pay just under half the tab. And when calculating tax burden as a percent of income, the tax code is even less progressive. The top 10% paid an average of 30% of their income in local, state, and federal taxes in 2011, said McIntyre. That's not much different than the 25% percent paid by the middle class.

and

Still, the wealthy are paying more taxes on a federal level simply because they are making so much more money. The top 10% of taxpayers take home 45% of the nation's income, according to Citizens for Tax Justice. Moreover, they seem to be getting richer all the time.
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Re: Those DAMN RICH PEOPLE ! They pay most of the taxes !!!
Posted by: Acer
Date: March 12, 2013 11:30AM
If they spent more money creating jobs, they would not have to pay as much tax.
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Re: Those DAMN RICH PEOPLE ! They pay most of the taxes !!!
Posted by: cbelt3
Date: March 12, 2013 11:31AM
"Federal Level" is the key. That's what we've all been chattering about.
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Re: Those DAMN RICH PEOPLE ! They pay most of the taxes !!!
Posted by: beagledave
Date: March 12, 2013 11:40AM
Quote
cbelt3
"Federal Level" is the key. That's what we've all been chattering about.

The first and third items that I quoted from your link are about "Federal Level".
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Re: Those DAMN RICH PEOPLE ! They pay most of the taxes !!!
Posted by: graylocks
Date: March 12, 2013 11:53AM
according to a video explanation linked in an earlier thread, the top 1% own 40% of the nations wealth. the top 20% own 83% of the nations wealth. i'm not really surprised if 70% of the money collected is from the top 10%. they got all the money in the first place. imagine how different things would be if the super rich weren't using fancy tricks and loopholes to keep from paying what they really owe.



"Success isn't about how much money you make. It is about the difference you make in people's lives."--Michelle Obama
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Re: Those DAMN RICH PEOPLE ! They pay most of the taxes !!!
Posted by: JoeH
Date: March 12, 2013 12:16PM
cbelt the report is only on income tax, it leaves out all the money paid by the non-rich in payroll taxes. Since the "rich" stop paying into that once they pass the maximum taxed income, their percentage of that is small compared to the rest of us as a percentage of total income. There are a number of other federal taxes that the rich pay small amounts compared to others, your source cherry-picked an item to report on.
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Re: Those DAMN RICH PEOPLE ! They pay most of the taxes !!!
Posted by: cbelt3
Date: March 12, 2013 12:23PM
Joeh-
Yup.
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Re: Those DAMN RICH PEOPLE ! They pay most of the taxes !!!
Posted by: the_poochies
Date: March 12, 2013 12:36PM
Quote
JoeH
cbelt the report is only on income tax, it leaves out all the money paid by the non-rich in payroll taxes. Since the "rich" stop paying into that once they pass the maximum taxed income, their percentage of that is small compared to the rest of us as a percentage of total income. There are a number of other federal taxes that the rich pay small amounts compared to others, your source cherry-picked an item to report on.

Yes, it must be tough being wealthy in America these days. I feel sorry for them. whine smiley
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Re: Those DAMN RICH PEOPLE ! They pay most of the taxes !!!
Posted by: lafinfil
Date: March 12, 2013 12:47PM
So these numbers are up to 2010. I wonder what percentage they paid before the 2009 Swiss Bank Tax Amnesty ?

The included chart shows a bump there about 2009 or so, but the graphic provided with the press release isn't very informative in that respect.



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Re: Those DAMN RICH PEOPLE ! They pay most of the taxes !!!
Posted by: August West
Date: March 12, 2013 12:48PM
Now go look in the mirror and repeat...

Quote
cbelt
Curses ! Another Political talking point foiled by Actual Facts !!!



Apologies to the anonymous forum member affected by my previous sig pic. It was my personal pic of a country expressing great grief as their leader, one of the most recognized people in the world, lay on his deathbed 8 years ago, days before he died. Like a naif, I did not realize it was offensively political, I considered it an expression of deep emotion and a reminder of the mortal coil's nature; that we all, great and small, can only hope to make a difference in our short time here, no matter the personal cost.

I'll post another pic from my work in South Africa that is, hopefully, apolitical.

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Re: Those DAMN RICH PEOPLE ! They pay most of the taxes !!!
Posted by: Dennis S
Date: March 12, 2013 01:07PM
The non-rich would be paying much more in federal taxes if their real income had gone up in the last 40 years.
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Re: Those DAMN RICH PEOPLE ! They pay most of the taxes !!!
Posted by: samintx
Date: March 12, 2013 02:03PM
Oh, let's do the class envy string. I love it. Don't sit around worrying about how much the "rich" do or do not pay and get on with living your life and working productive and profitably.
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Re: Those DAMN RICH PEOPLE ! They pay most of the taxes !!!
Posted by: Steve G.
Date: March 12, 2013 02:08PM
Very nice. I'm sure the very rich appreciate having poor apologists speaking up for them.
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Re: Those DAMN RICH PEOPLE ! They pay most of the taxes !!!
Posted by: the_poochies
Date: March 12, 2013 02:09PM
Quote
samintx
Oh, let's do the class envy string. I love it. Don't sit around worrying about how much the "rich" do or do not pay and get on with living your life and working productive and profitably.

We sure would, but the rich seemed to be incredibly obsessed with the amount of taxes they pay. Unlike us poor schlubs, your friends are blessed to purchase lobby their favorite Congresspeople to change the tax laws to favor them and their peers.
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Re: Those DAMN RICH PEOPLE ! They pay most of the taxes !!!
Posted by: freeradical
Date: March 12, 2013 02:12PM
California is heavily dependent upon income taxes. The year following the dot-com meltdown, California's tax revenues fell by $20 Billion. The well to do were no longer exercising stock options or selling stocks and having to pay taxes on their capital gains.

Oh well...
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Re: Those DAMN RICH PEOPLE ! They pay most of the taxes !!!
Posted by: Ca Bob
Date: March 12, 2013 03:15PM
The fact that the lower and middle classes have not kept up with either costs or the increase in national income has, I think, a lot to do with the destruction of the labor union movement since the late 1940s. Current law makes it hard to form a union, makes it easy for companies to fire anybody even suspected of trying to organize a union, and makes it difficult to engage in a supportive strike. The net result is that a number of unions which would have been formed never came into being.

The more I see what's going on in the real world, the more I think we need some kind of nationwide white collar union. There are a lot fewer people working on assembly lines nowadays, and a lot more of us working in cubicles or their equivalent, and we don't have the kind of job protections that a longshoreman has.

By the way, the big unions are somewhat culpable in this massacre, including their failure to take action when Ronald Reagan fired the air-traffic controllers. There should have been a full force national strike among the transportation sector workers, which would have reversed the whole thing within hours.
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Re: Those DAMN RICH PEOPLE ! They pay most of the taxes !!!
Posted by: Dennis S
Date: March 12, 2013 04:04PM
Quote
samintx
Oh, let's do the class envy string. I love it. Don't sit around worrying about how much the "rich" do or do not pay and get on with living your life and working productive and profitably.

Says the woman with enough money to burn a wet mule.
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Re: Those DAMN RICH PEOPLE ! They pay most of the taxes !!!
Posted by: rjmacs
Date: March 12, 2013 04:18PM
Per graylocks, it's not surprising that the top 10% are paying more of the tax total than in 1986. The top 10% control a lot more wealth than they did back then. Remember, the rich are getting richer, the poor are getting poorer, and the middle class is disappearing.



rj
AKA
Vreemac, Moth of the Future
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Re: Those DAMN RICH PEOPLE ! They pay most of the taxes !!!
Posted by: Ted King
Date: March 12, 2013 09:58PM
Quote
rjmacs
Per graylocks, it's not surprising that the top 10% are paying more of the tax total than in 1986. The top 10% control a lot more wealth than they did back then. Remember, the rich are getting richer, the poor are getting poorer, and the middle class is disappearing.

Which explains why in the 1950's that the wealthy didn't pay as large a portion of the total income tax revenue even though the top rate was 91%.
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Re: Those DAMN RICH PEOPLE ! They pay most of the taxes !!!
Posted by: Grateful11
Date: March 12, 2013 10:06PM
Hey I'll gladly trade places with one of them and pay those high taxes. Betcha can't find one willing to do that.



Grateful11
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Re: Those DAMN RICH PEOPLE ! They pay most of the taxes !!!
Posted by: $tevie
Date: March 13, 2013 12:06AM
Quote
Grateful11
Hey I'll gladly trade places with one of them and pay those high taxes. Betcha can't find one willing to do that.

This.



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Re: Those DAMN RICH PEOPLE ! They pay most of the taxes !!!
Posted by: gabester
Date: March 13, 2013 12:48AM
I'd rather know what the top 1% are paying, since they're making a quarter of all the income.

If they're paying their "fair share" i.e. 24% of all the taxes, then that means the remaining 90-99% are only footing 46%... not even TWICE what the one percent pay.

Realize that if your household income is at or above $180k today you're at the ~95% income level. While that is solidly upper middle class in my book, that income by itself hardly qualifies as wealthy. (If it's exclusively the results of investments, then, yes. If you earn it by working... not so much.)

If you haven't seen this, watch it:

[www.youtube.com]

Can you refute it? There's a reason the Occupy Movement used the "We are the 99%" motto.

Another reason the share of the top 10% is increasing is because of the Alternative Minimum Tax which ought to have been indexed to inflation but instead has just had its floor periodically and arbitrarilty raised. AMT was instituted to skim off some of that wealth from those who predominantly earn the majority of their income from investments... decades ago. But it's come to catch middle class households that have even modest investment portfolios.

Interesting aside... were you aware that 70% of people living at or below the poverty line consider themselves "middle class?" OK, I made up the 70% number, but it's surprisingly HIGH. And really, yeah, you aren't rich until you're in that 1% where your annual income is over $650k and avg net wealth is measured in the tens of millions these days.



Edited 1 time(s). Last edit at 03/13/2013 12:53AM by gabester.
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