The Wrong Americans are Obscenely Overtaxed

[BoyNextDoor]

For the first time in history, U.S. billionaires paid a lower tax rate than the working class last year (2018)

https://www.washingtonpost.com/wp-apps/imrs.php?src=https://arc-anglerfish-washpost-prod-washpost.s3.amazonaws.com/public/JA2PZ6DJBFC57D5HWYGFCIA57Q.png&w=540

You May Be Paying a Higher Tax Rate Than a Billionaire

The very richest Americans win at the tax game no matter which measure you use. ProPublica has published an article, based on a vast trove of never-before-seen IRS information, that reveals the pittance in taxes the ultrawealthy pay compared with their massive wealth accumulation.

But that trove of IRS data also reveals new information on how little the 25 wealthiest Americans pay in taxes by the most conventional measure: income. Not all are able to minimize their income and avoid taxes; some report very substantial sums. But even then, the data — and a new analysis by ProPublica — shows they still pay strikingly low rates.

On average, they paid 15.8% in personal federal income taxes between 2014 and 2018. They had $86 billion in adjusted gross income and paid $13.6 billion in income taxes in that period.

That’s lower than the rate a single worker making $45,000 a year might pay if you include Medicare and Social Security taxes.

 

[ll74]

Good response.

 

[WillJ8787]

For the first time in history, U.S. billionaires paid a lower tax rate than the working class last year (2018)

https://www.washingtonpost.com/wp-apps/imrs.php?src=https://arc-anglerfish-washpost-prod-washpost.s3.amazonaws.com/public/JA2PZ6DJBFC57D5HWYGFCIA57Q.png&w=540

You May Be Paying a Higher Tax Rate Than a Billionaire

The very richest Americans win at the tax game no matter which measure you use. ProPublica has published an article, based on a vast trove of never-before-seen IRS information, that reveals the pittance in taxes the ultrawealthy pay compared with their massive wealth accumulation.

But that trove of IRS data also reveals new information on how little the 25 wealthiest Americans pay in taxes by the most conventional measure: income. Not all are able to minimize their income and avoid taxes; some report very substantial sums. But even then, the data — and a new analysis by ProPublica — shows they still pay strikingly low rates.

On average, they paid 15.8% in personal federal income taxes between 2014 and 2018. They had $86 billion in adjusted gross income and paid $13.6 billion in income taxes in that period.

That’s lower than the rate a single worker making $45,000 a year might pay if you include Medicare and Social Security taxes.

Bigly

 

[CornusKousa]

And the 400 richest probably put more in uncle sams pocket than the 50%.

 

[IsItBad]

so sad

the sad fact is we are all grossly overtaxed

while most of us mere mortals hate to hear it....the truth is that the top 5% of earners pay vastly more taxes than the bottom 95%

either way....regardless of who is paying how much.....the reality is that we have allowed a self fulfilling prophetic monster called the federal government. it was NEVER EVER intended that government be the largest employer in the country, that govt regulate and manage everything on earth, etc etc.......now it is simply a money hungry beast that sucks up every last penny from any tax source possible

we are generally totally in the blind about the actual total amount of taxes we are paying.....property taxes, ad valorem taxes, sales tax, fuel tax, federal income tax, state income tax, death tax, etc etc ad nauseum. in reality, just about anyone making a decent living is paying easily 50% of their income in taxes.......

all because somewhere someone thinks that they can manage your money better than you can

my high school economics teacher called it the "transfer society"....and she was right.....your money is being transferred to vast numbers of causes you might or might not support ....because somewhere someone has decided it is the right thing to do ........

what is desperately needed is a complete overturn of govt......a zero budget process where every last dime has to be justified, a balanced budget amendment, a moratorium on debt ceiling increases, and a mandated payback of all borrowed money including all of the billions stolen from social security

we are truly taxed to death and beyond

 

[ll74]

Libertarians always bitch about taxes.

Republicans always bitch about the amount they are being taxed.

The people who could contribute the most laugh about it all.

Flat tax 15% for everyone making above the poverty line. No exceptions.

Problem solved

 

[CornusKousa]

Libertarians always bitch about taxes.

Republicans always bitch about the amount they are being taxed.

The people who could contribute the most laugh about it all.

Flat tax 15% for everyone making above the poverty line. No exceptions.

Problem solved

^^ Libertarian tax plan...LOL

 

[pecksniff]

What we need to do is to tax wealth in addition to income. Even if that requires a constitutional amendment.

 

[pecksniff]

either way....regardless of who is paying how much.....the reality is that we have allowed a self fulfilling prophetic monster called the federal government. it was NEVER EVER intended that government be the largest employer in the country, that govt regulate and manage everything on earth, etc etc.......now it is simply a money hungry beast that sucks up every last penny from any tax source possible

So what? The money is usually not wasted. The government spends it on things we need and value. We'd really be hurting if the process were stopped.

Despite all the Pub talk of "fiscal discipline," federal spending as a percentage of GDP has remained at the same level, about 30%, since the 1980s. Pubs do sometimes keep their promise to cut taxes, which grows the deficit, but never spending, not significantly, because depriving the public of the things all that spending pays for would be political suicide. And nobody ever dares touch the defense budget, which is certainly a lot larger than it needs to be to keep the country safe, and seems lately to be more a jobs program than anything else.

 

[jaF0]

Under $25,000 annual income should pay no tax at all. Income, property, vehicle should all be exempt. I'd say sales tax too, but that would be an accounting nightmare. You could do that on larger purchases like vehicles that have to be recorded, but not on everyday retail items.

 

[CornusKousa]

What we need to do is to tax wealth in addition to income. Even if that requires a constitutional amendment.

So Peck and the comrades can take all private property from anyone they want!!

Wealth taxes fly in the face of the Constitution and will happen right after you repeal 2A.

Dear Peck....this is not N. Korea, you're in the WRONG country pal.

Maybe try Venezuela??

 

[jaF0]

The 1980 thing, isn't that the Trickle Down drop?

 

[CornusKousa]

Under $25,000 annual income should pay no tax at all.

WRONG.

They need to pay up 37 fucking percent.....If you make 25k you need to give Uncle Sam 9250 of it.

Fair is fair.

 

[pecksniff]

The 1980 thing, isn't that the Trickle Down drop?

It's hard to believe there are still Americans who believe in supply-side economics. That has been tried, and it never accomplished anything but its true intended purpose, which was to make the rich richer.

 

[pecksniff]

A Republican man about town
Could make a smile vertical frown
For at finish, the heel
Always made the girl kneel
And let all the wealth trickle down!

 

[Philthy_Phil]

What do you mean I dont pay my taxes?

What do you think I'm broke?

 

[CornusKousa]

It's hard to believe there are still Americans who believe in supply-side economics.

Because it works.

That has been tried, and it never accomplished anything but its true intended purpose, which was to make the rich richer.

Yes, given freedom, the productive people become rich, and the bums don't.

That's the American ideal.

 

[pecksniff]

Everybody pays taxes. Homeless bums pay sales tax. Anyone who rents pays property tax.

 

[CornusKousa]

Everybody pays taxes. Homeless bums pay sales tax. Anyone who rents pays property tax.

Yes but the productive people in society pay vastly more.

And when you consider straight volume?? The top 53~%? Pays nearly ALL of it.

Romney was NOT wrong when he blew the 47% off.

 

[BabyBoomer50s]

Effective tax rates are a feature, not a bug. The wealthy reduce their effective tax rates by taking advantage of provisions in the tax code that are deliberately intended to reduce their tax burden. Tax free municipal bonds, accelerated depreciation, charitable contributions, and alternative energy investments are examples of common tools used by the wealthy. Write your congressman and complain if you disagree with these provisions.

 

[BoyNextDoor]

Libertarians always bitch about taxes.

Republicans always bitch about the amount they are being taxed.

The people who could contribute the most laugh about it all.

Flat tax 15% for everyone making above the poverty line. No exceptions.

Problem solved

I can dig it on the Flat Tax. I always get pissed with the liberals call it "regressive" and refuse to live in the real world. Not sure it would even need to be 15% if it were applied on every dollar over the poverty line. Could be closer to 10 or 11%.

 

[BoyNextDoor]

What we need to do is to tax wealth in addition to income. Even if that requires a constitutional amendment.

Maybe. How about a withholding tax on Schedule K-1s, INT, Cap gains and similar income so instead pf the Trumps of the world deciding what to pay they have to make the case on what to get back? Another real world solution.

After all every W-2 employee gets no say in what is taken out except with the dependents declaration with is marginal.

 

[BoyNextDoor]

Effective tax rates are a feature, not a bug. The wealthy reduce their effective tax rates by taking advantage of provisions in the tax code that are deliberately intended to reduce their tax burden. Tax free municipal bonds, accelerated depreciation, charitable contributions, and alternative energy investments are examples of common tools used by the wealthy. Write your congressman and complain if you disagree with these provisions.

Is this a joke?

You have to be a dim bulb if you cannot recognize that the tax code loopholes and "provisions" favoring the wealthy and by that I mean those making over $2.5milion + annually are complete bullshit created for the purpose of tax evasion.

 

[CornusKousa]

I can dig it on the Flat Tax. I always get pissed with the liberals call it "regressive" and refuse to live in the real world. Not sure it would even need to be 15% if it were applied on every dollar over the poverty line. Could be closer to 10 or 11%.

Leftist democrats are not liberals.