The U.S. Already Soaks the Rich In 2021 the richest 1% paid 45.8% of income taxes, up from..

The Forbes 400 paid an average income tax rate of 8.2 percent from 2010 to 2018
[QUOTE] The measure of income used in the White House study—one that includes unrealized gains—provides a broader perspective. This approach to measuring income comes close to the concept known as “Haig-Simons” income: consumption plus change in net wealth. The congressional Joint Committee on Taxation has said that, “Economists generally agree that, in theory, a Haig-Simons measure of income is the best measure of economic well-being.”[/QUOTE]
https://www.americanprogress.org/ar...any Ordinary,than many middle-class Americans.

Income tax. Period.

 

You certainly have one indisputable point….

In the Monthly Treasury Statement, revenues from taxation of realized capital gains are blend in with individual income tax receipts, for example;

In April 2022, a traditional tax-owed month, individual income tax receipts amounted to $648 billion.

Withheld; $133 billion
Other; $515 billion

Processing data from the IRS indicate that realized gains increased sharply in 2021, to 8.7 percent of GDP.

2021 GDP; $23.315 Trillion X 8.7% = $2 trillion

Source; CBO’s projections of realized capital gains subject to individual income tax

Now, let’s assume 2021’s realized gains were taxed at an average rate of 15%; $2 Trillion X 15% = $300 billion

Thus, for the month of April 2022, over half of OTHER individual income tax receipts were taxation of realized capital gains.

 

And the unrealized gains? The per annum rise in net worth due to increases in the value of real estate, shares and other non-cash assets? Which was the entire point of the previous post? The niche tax breaks enjoyed on investments in things like the real estate and oil industries, the deductions, the income flows from borrowing against assets which can then be spent just like 'income' but which can't be taxed as such? Hell even the purchase of sporting clubs?

Is it really necessary to list every single rort used by the wealthy in the US to minimize taxable income that are NOT available to the less well off?

 

lol. unrealized gains.

 

Not my problem if you cant comprehend the accounting concept.

 

Quote; “When the top 1% pays 45% of federal income taxes”

Not a WOW factor, and here’s one reason why;

For simplicity sake, let’s use the following percentages/5 classes of taxpayers;

Top 1% pays 45%
Top 5% pays 65%
Top 10% pays 75%
Top 50% pays 95%
Bottom 50% pays 5%

All of the above are ALLOCATION of percents.

12 years ago, Republicans were emphasizing the fact that 47% of taxpayers paid no federal income taxes.

If we were to assume that Trump’s tax cuts increased said 47% to 50%, then rationally, a share of 3% has proportionally been REALLOCATED to a different class of taxpayers.

 

I understand, Ty for responding to my post.

 

And another dodge, let's hope you will not claim the highest earners are not paying their "fair share" since you refuse to state what it would be.

Wealth is not taxed by the federal government. It's the INCOME tax Biden says is not fair at these rates.

Try again dealing with the taxsystem we do have and the rates that would make it fair.

 

NO one has said anything about tax cuts and with all the tax cuts you are complaining about we are still one of the most highly progressive tax systems in the world.

So what is you answer, what are the numbers that would be fair?

 

What is that supposed to mean? Is there some checkbox on the tax form asking if your lifestyle has changed and if you say no your rate is higher? Does the government decide what should be your lifestyle?

 

I am talking the taxes which Biden and the left claim are not fair and that he wants to adjust to make them fair.

Try to focus.

 

Define wealth and how you plan on taxing it and what do you think will happen to that wealth once the government takes it.

 

But it is and will be one of their MAIN talking points in the campaign and they should tell us what would be fair, at what spread would they be satisfied it is now fair.

 

It's a strawman, they know we cannot tax wealth, just as the European countries who tried and have since repealed, so they try to inject wealth.

 

All rates actually and some of the poorest were actually removed from the tax rolls all together,

 

But of course. That's why the charlatans use words like fair which come without and actual real numeric value. Because they know fair is in the mind of the beholder and that further most people will just auto assume that the rich aren't currently paying their fair share because most folks won't even bother to look at the actual data as long as they don't think the belong to the target group.

 

Of course, but that's part of the reason I asked the question of the person I asked it of. And let's not forget the wealth costs money to maintain.

 

The Gingrich/Kasich Congress balanced the budget by cutting the Clinton CapGains tax rate from 29% to 21%, welfare reform, regulation reform and spending restraint. Bill Clinton "triangulated", gave in to the Reps else not get reelected, and signed their bills.

I don't care what is the %GDP the entire goal should be to grow the economy faster than the government so the share of GDP the government takes shrinks leaving more capital in the market which grows the economy and tax receipts. If you really want to see the continued results of the supply-side policies of Gingrich/Kasich ten just look at the numbers under the Bush/Rep Congress getting through the 2001 recession/Dot.Com Bust fairly unscathed, then the 9/11 attack, and then into on of strongest ever periods of growth with even higher increases in tax revenues and the budget coming back down to a paltry $161B deficit heading back into surplus. They cut the CapGains rate down to 15% and then the broad across the board earned income rates and we hit a record 15% tax revenue increase.

And then the Dems took back the Congress and went back to their tax and spend policies, a year later the 2008 recession and the worst recovery in modern history under those policies.....................the same that Biden and the Dems propose now.

 

Yes I was chiming in with you. No one can even figure out how would you even assess everyone's wealth. Do you do it at a point in time or do you average it over a period of time, what about jewlery and art and other property? What if you do not have the cash to pay the tax on your property and unrealized gains.

As one economist I heard explained on the unrealized gains part suppose 2 kids inherit and piece of property their parents bought for $10,000 years ago. A new highway is going in next to it and now it is worth $100,000. That's a $90,000 unrealized gain. Do they now have to pay tax on the $90,000 every year? At what point have they paid more in taxes than the property is worth? What happens if they don't have the cash are they forced to sell it?

Let's not forget they want ALL income treated the same.....ALL income and they want unrealized income done away with and increases in value are now just income.

It is folly and their means of avoiding to have to actually back up their claims that the high earners are not paying their "fair share".

 

All Americans are undertaxed. The proof is our perennial deficits.

 

And they come up with the out of context and specious statements like the rich pay a lower rate than police and fire, more emotional tugging, or Warren Buffet pays a lower rate than his secretary, a statement he never backed up and he would be having to pay her in excess of $300,000 a year. Or they cherry pick some high earner who suddenly had a low or no tax due and jump up and down and stomp their feet ignoring the HUGE LOSS he had the previous year which carried over.

So when cornered to just post the numbers that would be fair they can't which of course means they can't honest say they are not "fair" ALREADY.

 

That would certainly seem to be what some in this country believe, it's the governments money first you just get the leftovers.

 

No. We insist on voting for more government than we pay for. That cannot continue indefinitely.

 

Oh it hits other family businesses too along with simply those whose parents were quite successful and are faced with selling off family property to pay a tax.

And let's not forget

Myth #1: Wealth Lasts Many Generations
It can be easy to assume that a wealthy family has always been wealthy and will always be wealthy. But the truth is, around 70 percent of wealthy families lose their wealth by the second generation. More so, around 90 percent of families lose wealth by the third generation.1
https://paradigmadvisors.com/insights/5-myths-about-generational-wealth-youve-likely-heard

 

Because too many do not pay taxes and believe it's the governments money first you just get the leftovers.