Yes, the rich really do pay their “fair share” of income taxes

[BabyBoomer50s]

You should shift through it, since it shows the tax rates broken down by bracket. The proof is, prior to Reagan the rich did pay their fair share, and maybe more!

Cool. The top 1% contributed 42.3% of total tax receipts in 2020 and their share of taxes was roughly double their share of income.

 

[Fuzzy1975]

Cool. The top 1% contributed 42.3% of total tax receipts in 2020 and their share of taxes was roughly double their share of income.

Going by memory in the 1950' it was about 70%.

 

[IsobelDoc]

If the totality of fraud added two cents to your income tax, I'd be surprised.

If the totality of fraud made absolutely no difference to how much I paid in the slightest - I would still resent fraudsters stealing my, and everybody elses money.

But as I said it's not totally about the money, its about how much harder it is for genuine cases to be processed because of ther fraud.

https://committees.parliament.uk/co...els-of-benefit-fraud-and-error-dont-stand-up/

excerpt from the above report
Levels of fraud and error in benefit expenditure are unacceptably high. The Department for Work & Pensions overpaid an eye-watering £8.6 billion in 2021–22, of which £6.5 billion was due to fraud.

That is not a small amount

 

[BabyBoomer50s]

The marginal rates are listed in my link, why not just go look, and educate yourself.

The marginal rates are meaningless when offset with credits and other provisions. What matters is actual revenue collected by the treasury. The top 1% contributed 42.3% in 2020.

 

[Fuzzy1975]

If the totality of fraud made absolutely no difference to how much I paid in the slightest - I would still resent fraudsters stealing my, and everybody elses money.

But as I said it's not totally about the money, its about how much harder it is for genuine cases to be processed because of ther fraud.

https://committees.parliament.uk/co...els-of-benefit-fraud-and-error-dont-stand-up/

excerpt from the above report
Levels of fraud and error in benefit expenditure are unacceptably high. The Department for Work & Pensions overpaid an eye-watering £8.6 billion in 2021–22, of which £6.5 billion was due to fraud.

That is not a small amount

How much money is collected by income tax in each fiscal year in the UK? I agree 6.5 billion is not chump change, but it is also not large enough to make much of an impact on your personal income tax bill each payday. I stand by my "two cents".

 

[JohnEngelman]

If the marginal tax rate is 90% but nobody in that bracket actually pays that rate it means nothing. What matters most is how much tax revenue high income earners actually pay.

During the 1950's and 1960's high income people paid a higher percentage of lower incomes. CEO's used to earn about 35 times the average of what their employees made. Now it can be as high as 350 times.

Also a high top tax rate gives the government considerable control over the economic behavior of the rich.

 

[BabyBoomer50s]

Going by memory in the 1950' it was about 70%.

Going by memory in the 1950' it was about 70%.

Lol. Not even close. You are confusing marginal tax rates with actual taxes paid. In 1980, top 1% contributed about 19% of total tax receipts. Forty years later, their share more than doubled to 42.3%. Reagan, Bush 43 and Trump must have hated those rich fuckers.

 

[adrina]

This thread is not about businessmen or stagnant wages. It provides IRS data that illustrates that the highest earners pay a greater percentage of their income in taxes than middle class and low income taxpayers, and that they contribute a higher proportion of total tax receipts. That probably surprises a lot of people, especially President Biden who recently said the rich should pay their “fair share.”

Except that it doesn't. Fair isn't applicable given the reality of the economy and the wealth gap.

 

[IsobelDoc]

receipts in the tax year 2021 to 2022 have increased to £393.9 billion mainly due to strength in both employee earnings during 2021-22 and some self-assessed income streams and asset disposals during 2020-21, though also partly due to the deferred payments from the year before
(HMRC Website https://www.gov.uk/government/stati...-contributions-for-the-uk-new-annual-bulletin)

so against income tax alone we are talking about 1.7-1.8%

So if a person pays just £10,000 income tax in a year. we are talking between £170-180 per year going to fraudsters.

 

[Lazaran]

Except that it doesn't. Fair isn't applicable given the reality of the economy and the wealth gap.

BabyBoobs knows that ^.

You have to ask yourself why BabyBoobs even started this thread. - Was it to distract from THE FOX “NEWS” SCANDAL???

BabyBoobs

 

[BabyBoomer50s]

BabyBoobs knows that ^.

You have to ask yourself why BabyBoobs even started this thread. - Was it to distract from THE FOX “NEWS” SCANDAL???

BabyBoobs

No idea what “Fox News Scandal” you’re talking about or what it has to do with stats from 2020 IRS data but am not surprised that you’d rather change the subject. You are too funny. I guess it bothers you that the high earners pay a much greater percentage of tax receipts than they did 40 years ago.

 

[Lazaran]

Of course BabyBoobs doesn’t know about THE FOX “NEWS” SCANDAL.

NONE of BabyBoobs’ “news” sources are covering THE FOX “NEWS” SCANDAL.

BabyBoobs

 

[ishtat]

Analysis by the Tax Foundation of 2020 tax and revenue statistics recently released by the IRS reveal some interesting findings. Below are from a summary published in today’s WSJ:

- The bottom 50% of earners reported 10.2% of AGI but paid 2.3% of all income taxes.

- The bottom 50% of taxpayers, those below about $42,000, paid an average rate of 3.1%.

I highlighted the two most important lines of the op's original post. They beg the question: Why do these folk pay any taxes at all? the returns are so small there has to be a point at which it is just too costly to collect to be justifiable. There is an immensely strong case for taking the bottom 25 to 40 million taxpayers out of the system altogether.

 

[BabyBoomer50s]

Of course BabyBoobs doesn’t know about THE FOX “NEWS” SCANDAL.

NONE of BabyBoobs’ “news” sources are covering THE FOX “NEWS” SCANDAL.

BabyBoobs

Whatever it is you’re babbling about, I’m sure it’s super important. Pray America survives it.

 

[ll74]

You really are a simplistic moron. A poor person may pay a higher percentage of their income, and pay maybe 5 or 6k per year in tax. 10% of a rich persons income could be literal Millions or even more.

It is simplistic. Here...let me help you in perspective of someone who receives benefits:

If person A receives benefits and works 50% of their time to look for work and person B receives benefits and works 10% of their time to look for work, person A is doing more to look for work.

Hope this helps.

 

[Lazaran]

America almost DIDN’T “survive” the insurrection that was instigated by THE FOX “NEWS” SCANDAL.

And that ^ insurrection isn’t over yet.

BabyBoobs

 

[IsobelDoc]

It is simplistic. Here...let me help you in perspective of someone who receives benefits:

If person A receives benefits and works 50% of their time to look for work and person B receives benefits and works 10% of their time to look for work, person A is doing more to look for work.

Hope this helps.

It really did- it completely illustrated how much of an idiot you are and how deserving you are of being my very first ignore

 

[ll74]

Sliding scale? That would work
Flat tax on the 1%? That would work as well. The one thing Warren was spot on about.
Getting either through?
Good luck.

Neither of those is a response to my post.

 

[ll74]

It really did- it completely illustrated how much of an idiot you are and how deserving you are of being my very first ignore

Yes, because as all of the people before you have recognized, if you don't announce that you're ignoring someone, then it doesn't work.

This truly seems to be the "right" (wing) way to use the feature.

 

[BabyBoomer50s]

America almost DIDN’T “survive” the insurrection that was instigated by THE FOX “NEWS” SCANDAL.

And that ^ insurrection isn’t over yet.

BabyBoobs

I see. Fox News instigated an insurrection and the January 6 committee completely missed it.

 

[HisArpy]

I highlighted the two most important lines of the op's original post. They beg the question: Why do these folk pay any taxes at all? the returns are so small there has to be a point at which it is just too costly to collect to be justifiable. There is an immensely strong case for taking the bottom 25 to 40 million taxpayers out of the system altogether.

So you believe that some shouldn't pay any taxes? Which specific group should that be, the ones in the favor of the current admin, the ones who were in favor before the admin changed, or the ones who will be favored the next time around?

Because, you see, if you get to pick and choose who pays and who doesn't, then so do I.

Or we could go with that equal under the law thingy that's in the Constitution and everyone pays taxes.

The main thing wrong with your argument is that it's selective. Show me where anyone has seriously considered that the poor shouldn't pay any taxes, most especially sales tax. Because if they can afford to pay 7-10% sales tax, they can afford to pay income taxes too.

 

[HisArpy]

It really did- it completely illustrated how much of an idiot you are and how deserving you are of being my very first ignore

As you just found out, there are trolls here who will spin anything and everything they can just to keep you giving them attention.

 

[IsobelDoc]

As you just found out, there are trolls here who will spin anything and everything they can just to keep you giving them attention.

It became apparent when his remarkable wit asserted itself. I've seen him post in other forums as well while I've been surfing the board - he is what i would classify as a playground warrior. No real intelligence and believes if he; 1 repeats the same argument over and over again and; 2 USES CAPS AND EXCLAMATION MARKS!!!!! he wins
Oh and lets not forget the casual insults
We have a word for people like him in the UK

We call them cunts

 

[Lazaran]

THE FOX “NEWS” SCANDAL makes it quite clear that they were a major player in promoting the corrupt orange traitor’s election fraud lies.

So yeah, BabyBoobs, THE FOX “NEWS” SCANDAL proves they helped instigate the insurrection.

Kinda like Joseph Goebbels helped instigate the Holocaust.

And the J6 committee might have recommended indictment of some at Fox “News” if they had the information from THE FOX “NEWS” SCANDAL. Who knows???

Hope that ^ helps.

BabyBoobs

 

[adrina]

The reality is that if we want to discuss "fair", those who own 90% of the wealth should pay 90% of the taxes.

The premise of this thread and the rich businessmen think tank is beyond ludicrous.