Why is it that the rich never agree to a 10% across the boars tax or even 5% for that matter?
Good one :-}
G.E paid no taxes last year, and even dipped into tax revenues for a little refund.
For 8 years they have paid no taxes.
They’re not the only ones.
Majority of the taxes that the 1% pays comes from capital gains from investment in stocks and bonds. They are the corporations that bring us nothing but misery. Capital gains tax is 15% about half what the tax paying hard working employee pays.
Do you actually think that is a choice? They don’t pay “nothing” anyway – all income is subject to FICA tax up to $127,200.
That is once income exceeds $127,200 they are gifted with a 6.2% tax cut for the remainder of the year and for the 1% that happens the first week or so in January. The kid, or adult or senior flipping burgers for $7.25/hr pays FICA tax from January 1 until December 31. Bill Gates is done in by January 7.
Furthermore if any of the 1% want to join the ranks of those who do not earn enough to pay federal taxes – then stop working and give away all assets, investments and stock. Live in a cardboard box. See how fast the yammering about having to pay taxes stops.
“There are state and federal excise taxes. State and federal inheritance taxes began after 1900, while the states (but not the federal government) began collecting sales taxes in the 1930s. The United States imposed income taxes briefly during the Civil War and the 1890s.” Wikipedia
On average its been a bit less than 100 scant years that taxation began. We are so used to trying to balance inequality through taxes that we don’t consider any other way. Possibly no system was so blatantly rigged by the oligarchy, as evidenced by the fat books on tax laws, fodder for corporate tax attorneys. Many countries are doing something about it:
Income taxes. The taxes that fund our government. Not payroll taxes. BTW a god chunk of the bottom 40% get their payroll taxes refunded via the eitc.
That makes no sense. The person who makes 117k+ pays 7k in fica taxes. Someone making $7/hr full time pays about 1k and if they qualify for the eitc it gets refunded. There no break for the guy making over 120k. He’s paying for the other guy.
33% Tax rate kicks in at $190k. Working people are paying closer to 10% at the fed level.
You may aspire to be whatever you like.
Yup its a link. Thank you. Is it a good link to solid info? Not so much.
La La La
What people pay isn’t up for debate. It’s a matter of record. The top 1% pay close to half of income taxes.
It does with subtraction of oh 16,000 or something. You do have good figures. For working people it varies.
IMHO it is about inequality. The striking imbalance of wealth allows a few with money to do more harm quicker than those without capital. Folks like Soros and Gates have the power to screw people over really bad. Rockefeller, Bush, those that created the fed reserve have screwed us for decades.
That’s all fine. So why post crap like “link to that bs” and “working people pay double 15%” when you know it’s not true (and it’s so easy to look it up and see the truth)?
Oh, almost missed that last part, the Fed isn’t screwing anyone.
It was not easy to find and I did not know what you know and questioned you about it. Problem with that?
I disagree and we will both find that out in our own ways.
No break? FICA taxes end once one’s income reaches $127,200. I’d call that one helluva break for someone earning a couple million a year. While the poor fella flipping burgers pays FICA taxes each and every paycheck for the entire year. Those in the 1% pay all they are going to pay the first week in January and thus receive a 6.2% tax break for the remainder of the year. How difficult is this to understand. We’ve been through this over and over.
Why not at least familiarize yourself with the subject you’re posting about?