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

[HisArpy]

I have no problem with our progressive income tax system either. As the IRS data presented by the Tax Foundation shows, the Kennedy-Reagan-Bush43-Trump tax reforms have made it even more progressive in terms of the proportion of total taxes the top 5% and top 1% of earners now contribute.

Unfortunately sales taxes, personal property taxes, gas taxes, sin taxes and other forms of taxation are highly regressive. They are necessary but governments keep taking money and more from those who can least afford. I remember when sales taxes in California were 4% when I was a kid. Now they’re north of 9% in most parts of the state.

The funny part is that most people don't understand who really pays the taxes of "the rich."

Just like Corporations don't pay taxes, they only collect it, the taxes which are owed by "the rich" are baked into their income. Which really means that their taxes are paid by the consumers who buy products produced by "the rich" as well as the income taxes on dividends received by "the rich" as a result of being stock owners in companies which manufacture consumer goods.

Boil it down and what you get is the unmistakeable fact that we peons who do the work also pay all the taxes for everyone because that's part of the pricing for the products we buy/use. And the stupids on the Left think that raising income taxes is going to make it better for us.

 

[RobDownSouth]

The funny part is that most people don't understand who really pays the taxes of "the rich."

Just like Corporations don't pay taxes, they only collect it, the taxes which are owed by "the rich" are baked into their income. Which really means that their taxes are paid by the consumers who buy products produced by "the rich" as well as the income taxes on dividends received by "the rich" as a result of being stock owners in companies which manufacture consumer goods.

Boil it down and what you get is the unmistakeable fact that we peons who do the work also pay all the taxes for everyone because that's part of the pricing for the products we buy/use. And the stupids on the Left think that raising income taxes is going to make it better for us.

A capital gains tax indexed to personal income tax levels would go a long way towards correcting that imbalance.

 

[JohnEngelman]

The funny part is that most people don't understand who really pays the taxes of "the rich."

Just like Corporations don't pay taxes, they only collect it, the taxes which are owed by "the rich" are baked into their income. Which really means that their taxes are paid by the consumers who buy products produced by "the rich" as well as the income taxes on dividends received by "the rich" as a result of being stock owners in companies which manufacture consumer goods.

Boil it down and what you get is the unmistakeable fact that we peons who do the work also pay all the taxes for everyone because that's part of the pricing for the products we buy/use. And the stupids on the Left think that raising income taxes is going to make it better for us.

The top tax rate was much higher during the 1950's. The U.S. economy was not known for inflation.

 

[ll74]

The top tax rate was much higher during the 1950's. The U.S. economy was not known for inflation.

Inflation was close to 10% in 1951.

 

[JohnEngelman]

Inflation was close to 10% in 1951.

Annual Inflation 1950 – 1959​

The decade began with deflation. Each 12 month period ending in January through June of 1950 was deflationary but the first full year of the decade (ending in January 1951) was highly inflationary at over 8%. For the next several months inflation hovered around 9%. 1952 and 53 were better as inflation moderated while 1954 and 55 fell into deflation. Through out the remainder of the decade inflation remained moderate.

https://inflationdata.com/articles/...months,the decade inflation remained moderate.

 

[ll74]

Annual Inflation 1950 – 1959​

The decade began with deflation. Each 12 month period ending in January through June of 1950 was deflationary but the first full year of the decade (ending in January 1951) was highly inflationary at over 8%. For the next several months inflation hovered around 9%. 1952 and 53 were better as inflation moderated while 1954 and 55 fell into deflation. Through out the remainder of the decade inflation remained moderate.

https://inflationdata.com/articles/inflation-cpi-consumer-price-index-1950-1959/#:~:text=Annual Inflation 1950 – 1959&text=For the next several months,the decade inflation remained moderate.

Yep...thanks for confirming

 

[JohnEngelman]

Yep...thanks for confirming

In 1950 the top tax rate was 84.38%. For the rest of the decade it fluctuated between 91.0% and 92.0% it was usually 91.0%

http://www.irs.gov/pub/irs-soi/02inpetr.pdf

Inflation has a number of causes. Steeply progressive taxation does not seem to be one of them.

 

[ll74]

In 1950 the top tax rate was 84.38%. For the rest of the decade it fluctuated between 91.0% and 92.0% it was usually 92.0%

http://www.irs.gov/pub/irs-soi/02inpetr.pdf

Inflation has a number of causes. Steeply progressive taxation does not seem to be one of them.

And it was close to 10% in 1950-51.....the decade you focused on for low inflation.

 

[akatrex]

Democrats = Tax & Spend, Tax & Spend, Tax & Spend, Tax & Spend, Tax & Spend!

 

[adrina]

Democrats = Tax & Spend, Tax & Spend, Tax & Spend, Tax & Spend, Tax & Spend!

JFC. Propaganda. Wash rinse repeat. Did they have to pull a string to get you to spit out that nugget?

 

[akatrex]

JFC. Propaganda. Wash rinse repeat. Did they have to pull a string to get you to spit out that nugget?

Obviously, you support the Alzheimer Dementia Patient President.
Time for your NAP?

 

[adrina]

Obviously, you support the Alzheimer Dementia Patient President.
Time for your NAP?

Yeah. Thanks for confirming your type. Good to know.

 

[IrezumiKiss]

Yeah. Thanks for confirming your type. Good to know.

T-wrecks is back?

They must be cold calling the third-string benchers for backup support now. Have not seen that schmuck post in over a year.

 

[akatrex]

T-wrecks is back?

They must be cold calling the third-string benchers for backup support now. Have not seen that schmuck post in over a year.

Yep, Lock and Loaded MAGA T-Rex. I see you're still able to post from Assisted Living!
You, Joe, and the Hoe are quite the team! Now if you three could only find the Border!
vete a la mierda

 

[AlexBailey]

Lol, it's like you seem to not understand that a lender can lend money they don't have if they sell the paper for that loan to someone who does have money.

You can even do it if you're not the lender in some cases. It's called mortgage origination and it's done in real estate all the time. Which is something done by the little guy and not big money/finance.

Basically, it comes down to the simple fact that you have no clue what you're talking about so you make up shit to cover up your stupidity.

Yes, you people who aren’t super wealthy can do mortgage origination, but the notes they buy from commercial banks are not fully reserved loans, they are fractionally reserved loans, meaning that the commercial banks are loaning out money that they don’t have. They are typically only required to have 10% of what they lend.

If the commercial bank has $10m in reserves they can loan out $90m and then receive payments of the entire principal plus interest over the term of the loan - in most home mortgages the total amortized payments are more than twice the original principal.

So picture it - a commercial bank can lend out $90m when they only have $10m to start with. By the time the loans are repaid they can bring in more that $180m in payments.

The borrowers have to provide collateral and in most cases if they are not wealthy enough they must also pay for mortgage insurance to guarantee that the bank will not lose out on their projected profits.

Are you really trying to say this isn’t a huge point of economic leverage that benefits some of the most wealthy people in the world?

The banking industry culls $billions from people who invest in homes and real estate, often taking more in profits from lenders than the value of the real estate they are investing in.

 

[IrezumiKiss]

Yep, Lock and Loaded MAGA T-Rex. I see you're still able to post from Assisted Living!
You, Joe, and the Hoe are quite the team! Now if you three could only find the Border!
vete a la mierda

https://media3.giphy.com/media/R0jWWtH1CtFEk/giphy.gif

Ugh.

Yep, good ol' T-Wrecks, alright.

see, I know it's you posting and not an alt in schmuck costume because I can still hear those signature empty Bud Light cans rattling in your skull as an alarm for every time you turn on your brain to think.

 

[HisArpy]

A capital gains tax indexed to personal income tax levels would go a long way towards correcting that imbalance.

Like I said, most people don't understand who actually pays the taxes of "The Rich."

The price that consumers pay for goods/services has several components in it. One of those components is overhead. Another is taxes. Another is cost of goods. Wages are also in there.

Note that wages isn't just the amount of the money the bossman pays to you, it includes a mark up over the salary you make. Why? Because the employer has his portion of FICA to pay and he's not going to pay it out of his pocket, he's going to make the customer pay it for him. Ditto for the taxes on HIS income, he's not paying it out of his pocket, HIS income taxes are included in the calculations for the price of the goods or services.

Taxes are never paid by the person they're assessed against. That person may be the one who writes the check, but the money itself comes from consumers. Consumers which make up the majority of the population and aren't "The Rich."

Thus, raising taxes on ANYTHING only adds to the tax burden of those who can't afford more than they already pay. It won't affect "The Rich" hardly at all.

The fact that you don't understand that only goes to show that any advice you give is nothing more than a talking point without any basis in knowledge.

 

[phrodeau]

Like I said, most people don't understand who actually pays the taxes of "The Rich."

The price that consumers pay for goods/services has several components in it. One of those components is overhead. Another is taxes. Another is cost of goods. Wages are also in there.

Note that wages isn't just the amount of the money the bossman pays to you, it includes a mark up over the salary you make. Why? Because the employer has his portion of FICA to pay and he's not going to pay it out of his pocket, he's going to make the customer pay it for him. Ditto for the taxes on HIS income, he's not paying it out of his pocket, HIS income taxes are included in the calculations for the price of the goods or services.

Taxes are never paid by the person they're assessed against. That person may be the one who writes the check, but the money itself comes from consumers. Consumers which make up the majority of the population and aren't "The Rich."

Thus, raising taxes on ANYTHING only adds to the tax burden of those who can't afford more than they already pay. It won't affect "The Rich" hardly at all.

The fact that you don't understand that only goes to show that any advice you give is nothing more than a talking point without any basis in knowledge.

I see. So when your taxes go up, you have to raise your fees. And when your clients go elsewhere, you’ll need to raise your fees again to make a living from your dwindling base.

 

[HisArpy]

I see. So when your taxes go up, you have to raise your fees. And when your clients go elsewhere, you’ll need to raise your fees again to make a living from your dwindling base.

GO FUCK YOURSELF

 

[Sean Renaud]

Like I said, most people don't understand who actually pays the taxes of "The Rich."

The price that consumers pay for goods/services has several components in it. One of those components is overhead. Another is taxes. Another is cost of goods. Wages are also in there.

Note that wages isn't just the amount of the money the bossman pays to you, it includes a mark up over the salary you make. Why? Because the employer has his portion of FICA to pay and he's not going to pay it out of his pocket, he's going to make the customer pay it for him. Ditto for the taxes on HIS income, he's not paying it out of his pocket, HIS income taxes are included in the calculations for the price of the goods or services.

Taxes are never paid by the person they're assessed against. That person may be the one who writes the check, but the money itself comes from consumers. Consumers which make up the majority of the population and aren't "The Rich."

Thus, raising taxes on ANYTHING only adds to the tax burden of those who can't afford more than they already pay. It won't affect "The Rich" hardly at all.

The fact that you don't understand that only goes to show that any advice you give is nothing more than a talking point without any basis in knowledge.

This is a popular myth but one without any real evidence backing it up. Its like if wages increase inflation goes with it.

 

[HisArpy]

This is a popular myth but one without any real evidence backing it up. Its like if wages increase inflation goes with it.

Yup, you really are that dum...

For the rest of those following this thread; ask yourself where the actual dollars used to pay the taxes of "the rich" come from.

 

[Sean Renaud]

Yup, you really are that dum...

For the rest of those following this thread; ask yourself where the actual dollars used to pay the taxes of "the rich" come from.

For the rest of this thread ask yourself how much a businessman charges for his product.

 

[Sean Renaud]

Democrats = Tax & Spend, Tax & Spend, Tax & Spend, Tax & Spend, Tax & Spend!

Even though its not really true this is a solid system to run with.

 

[HisArpy]

For the rest of this thread ask yourself how much a businessman charges for his product.

I already covered that in a prior post. Or did you not understand that part so you skipped over it when you formulated your belief that "the rich" pay their taxes with money they magic out of thin air?

The dollars used have a source. Hint: That source isn't the ether in whatever fantasy world you live in.

 

[Sean Renaud]

Then you don't know, because if they could charge the higher price they already would have, or they are just poor, poor businessmen which does happen.