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

.

 

Because after you have paid your taxes its no longer your money.

 

I have no problem with progressive income tax. I have a problem with not paying our bills.

 

The poor already have a hard time feeding, housing, and clothing themselves. Taxing them invites disaster.

 

We do NOT tax wealth at the federal level. Taxing wealth is not going to happen. PERIOD. And of course that thing called the Constitution which protects us from the government taking our property. Biden and the Dems are talking CURRENT tax rates on INCOME. Where we tax and the share of taxes paid by the highest earners. They want to raise all INCOME tax rates including earned, unearned and corporate. When they say it is not fair this is what they mean. That is what YOU have to work with here.

Now if you agree the high earners are not paying their "fair share", you have been given the most current break down of the share of taxes they pay. It his is not fair then fill in your numbers that would be fair.

Bottom 50% 10.4% of income 2.3% of taxes 3.4% rate
Between bottom half and top 25% 17.5% of income 8.4% of taxes 7.2% rate
Top 25% to 10% 19.5% of income 13.4% of taxes 10.3% rate
Top 10% to 5% 10.6% of income 10.2% of taxes 14.3% rate
Top 5% to 1% 15.7% of income 19.9% of taxes 18.9% rate
And top 1% 26.3% of income 45.8% of taxes 25.9% rate

 

AND

Because too many ALMOST 50% do not pay taxes and believe it's the governments money first you just get the leftovers.

Lower taxes, keep the capital in the private sector, grow the economy, increase wages and salaries, increase tax revenues.............and everyone gets to provide for themselves.

 

I have a problem with the current progressive system the one being proposed by Biden and not paying our bills. These emotional appeals to tax the citizens even more nothwithstanding.

 

https://www.americanprogress.org/article/forbes-400-pay-lower-tax-rates-many-ordinary-americans/#:~:text=Oct 7, 2021-,The Forbes 400 Pay Lower Tax Rates Than Many Ordinary,than many middle-class Americans.

Income tax. Period. [/QUOTE]

They paid a rate of over 25% your made up income notwithstanding.

 

And yet they STILL pay over 80% of income taxes at over 25% rate to just the federal government. How much more should they pay?

 

So six pages and no one will post the numbers that would make our system "fair"?

 

Our tax system does not tax wealth and is not going to do so......

You have the share of taxes being paid by each income group if this is not "fair" as Biden claims, then fill in the blanks

Current

Bottom 50% 10.4% of income 2.3% of taxes 3.4% rate
Between bottom half and top 25% 17.5% of income 8.4% of taxes 7.2% rate
Top 25% to 10% 19.5% of income 13.4% of taxes 10.3% rate
Top 10% to 5% 10.6% of income 10.2% of taxes 14.3% rate
Top 5% to 1% 15.7% of income 19.9% of taxes 18.9% rate
And top 1% 26.3% of income 45.8% of taxes 25.9% rate

Patricio's Fair

Bottom 50% 10.4% of income __% of taxes __% rate
Between bottom half and top 25% __% of income 8.4% of taxes __% rate
Top 25% to 10% 19.5% of income __% of taxes __% rate
Top 10% to 5% 10.6% of income __% of taxes __% rate
Top 5% to 1% 15.7% of income __% of taxes __% rate
And top 1% 26.3% of income __% of taxes __% rate

 

Good.

President Biden Is Fighting to Reduce the Deficit, Cut Taxes for Working Families, and Invest in America by Making Big Corporations and the Wealthy Pay Their Fair Share

President Biden supports continuing tax cuts for families making less than $400,000, but opposes extending tax cuts or restoring tax breaks for those making more than $400,000 per year.
https://www.whitehouse.gov/briefing...ts continuing tax,more than $400,000 per year.

 

anyone that works forty hours a week should not live in poverty... until we solve that, were gonna have higher crime rates

I am all for a flat tax that taxes nobody for any money made under the poverty rate (rich or poor) and then everyone is taxed equally for every dollar earned over that

that is my idea of a fair flat tax

congress's raises should be tied to the cost of living rate, as should the min wage

why would you be against that?

 

Because the rich, greedy, privileged plutocrats who control the government and pocket all the benefit of government spending don't want that. Right.

So why do you constantly repeat your false claim that the rich are paying most of the taxes when you know very well it is high-income working people who are paying the bulk of the federal income tax and not the rich?

No, that is just another false claim from you. The Constitution does not protect honest, productive working people from government taking their property, as all the taxes they pay prove. It only protects rich, greedy, privileged parasites from being asked to repay any of the subsidies they are given. That was the original purpose of replacing the Articles of Confederation with the Constitution.

No. What I have to work with here is your constantly repeated FALSE claim that "the rich pay most of the taxes" when you know very well that it is high-income working people, not the rich, who pay the bulk of the federal income tax.

I don't agree that they are "earners" at all. The top 1% of income recipients are largely the privileged, who are legally entitled to steal money without earning it.

As you know, I have stated repeatedly, in clear, simple, grammatical English, that income tax (and I include the corporate profits tax) is inherently unfair, and there is no way to make it fair. That said, it is undeniable that the higher a person's income, the less likely it is that any significant part of it was actually earned by any commensurate contribution to production. Its recipients were simply in possession of legal entitlements to steal. Although it would theoretically be fairer to tax such incomes at higher rates, the effect would merely be to provoke them to find more ways to take their unearned incomes in untaxable forms, or corrupt the tax system even further to make their unearned incomes even less taxable.

I have already corrected your false claims on this point many times. Federal income tax is not "taxes."

 

They paid a rate of over 25% your made up income notwithstanding.[/QUOTE]
Horsehockey. Not according to the US government and Forbes. 8.2% Get them up to 25% and you add a $100 billion in tax revenue.

 

Because the rich who own the government and all the people will not permit it. Right.

I won't claim it's "fair," but I would suggest:
Bottom 50% 10.4% of income _0_% of taxes _0_% rate
Between bottom half and top 25% _0_% of income 8.4% of taxes _0_% rate
Top 25% to 10% 19.5% of income _0_% of taxes _0_% rate
Top 10% to 5% 10.6% of income _0_% of taxes _0_% rate
Top 5% to 1% 15.7% of income _10_% of taxes _10_% rate
And top 1% 26.3% of income _90_% of taxes _50_% rate

 

There's nothing emotional about the principle of paying our bills.

 

Ahh, but it all depends on how you frame the argument. 14 legal scholars have endorsed the Warren tax as being Constitutional.

https://www.warren.senate.gov/imo/media/doc/Constitutionality Letters.pdf

In time, SCOTUS will be a liberal court, and then you'll see some changes.

 

Wealth that accrues in value ahead of the rate of inflation could be (and, in my view, should be) considered as 'income'.

It's all in how the argument is framed.

https://www.warren.senate.gov/imo/media/doc/Constitutionality Letters.pdf

 

Both TRump and Biden did it because of the pandemic. the appropriations for CARES and ARP forced the fed to do 2 major QEs. .

 

It's not about fairness to anybody. Parents pass on many advantages to their children, and society provides a context for wealth generation. Life isn't fair. Is it more unfair that a rich person's millionth dollar for the year goes largely to the government instead of being able to upgrade their private jet, or that a child born in the wrong family can't afford healthy food? The real question is what approach provides the best outcomes. Taking so much that wealthy people move elsewhere, or get no return for effort, is when the line is crossed. This should be based upon empirical data. A rich person should get some benefit from that millionth dollar, but the fact of the matter is that they don't need that millionth dollar nearly as much as a poor person needs their 5 thousandth dollar.

Rich people paying 26% of their income in taxes? Doesn't sound close to oppressive to me. Is it near the line causing people to move to Dubai or Mexico? Doubt it.

 

As I stated, Gingrich and Co. managed to balance the budget on September 30th, with the following Receipts and Outlays that were nearly at par;

Receipts; $1.579 Trillion
Outlays; $1.601 Trillion


Source: OMB Historical tables, Table 1.1

NOTE: The Taxpayers Relief Act of 1997, which lowered the long term capital gains tax rate from 28% to 20%, and 15% to 10%, was signed into law on August 5, 1997, and retroactive or not, the cap gains that were realized in1997 had to be reported/taxed at filing Season 2018, thus, from Jan - April 2018, hence boosted FY2018 receipts.

Therefore, the lowering of the cap gains rates, which is a revenue generating tax cut, haven’t increased FY1997 Receipts.

ALSO, additional revenues generated by the cap gains rate cuts weren’t needed to balance FY1998, FY1999, FY2000, and FY2001 budgets.

Last, I hope the truth won’t make you cry.

 

Warren is an idiot.

Your argument doesn't point to constitutional authority or supporting caselaw. And there is a reason for that. The constitution forbids a direct tax that is not apportioned by state population, and case law fully supports that prohibition, that's why the 16th amendment was required for income taxes. Similarly, a wealth tax would also require a constitutional amendment.

Pollock v. Farmers' Loan & Trust Co

 

it is idiotic to tax unrealized gains. it's confiscatory and unconstitutional .

 

those are far left whack jobs if they actually support such parasitic taxes