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Commerce Secretary LutBigNutts "eliminating income taxes is a real possibility"
Posted on 3/21/25 at 9:25 am
Posted on 3/21/25 at 9:25 am
Loading Twitter/X Embed...
If tweet fails to load, click here.This post was edited on 3/21/25 at 9:26 am
4
Posted on 3/21/25 at 9:30 am to BCreed1
"I'm in the car with [@realDonaldTrump
] ... I said 'I have one favor to ask you, if we can balance the budget for you, will you agree to waive all income taxes for every person who makes less than $150k a year?' He looks at me, and goes 'sure.'"
] ... I said 'I have one favor to ask you, if we can balance the budget for you, will you agree to waive all income taxes for every person who makes less than $150k a year?' He looks at me, and goes 'sure.'"
Posted on 3/21/25 at 9:42 am to BCreed1
quote:
Commerce Secretary LutBigNutts "eliminating income taxes is a real possibility"
You forgot the important part, for those making under $150k a year.
So basically those who pay the MAJORITY of income taxes will keep doing so unfortunately.
Posted on 3/21/25 at 9:43 am to Ten Bears
We do not know the rest of the plan.
Posted on 3/21/25 at 9:45 am to BCreed1
That’s nice
But how about all income tax for everyone.
The government has been stealing from the people for countless years. Maybe a class action lawsuit is needed, the people vs the USA to get our money back.??
Income taxes are ridiculous as is anyway. Consumption tax and that’s it.
But how about all income tax for everyone.
The government has been stealing from the people for countless years. Maybe a class action lawsuit is needed, the people vs the USA to get our money back.??
Income taxes are ridiculous as is anyway. Consumption tax and that’s it.
Posted on 3/21/25 at 9:46 am to Ten Bears
quote:
those who pay the MAJORITY of income taxes will keep doing so unfortunately.
Posted on 3/21/25 at 10:09 am to 1BIGTigerFan
I’ll be happy if I don’t get taxed on my first $150k
Posted on 3/21/25 at 10:12 am to BCreed1
That would almost guarantee that most people wouldn’t want to be paid more than say 149 as that’s equivalent to 200-225 now
Posted on 3/21/25 at 10:46 am to Ten Bears
quote:
You forgot the important part, for those making under $150k a year. So basically those who pay the MAJORITY of income taxes will keep doing so unfortunately.
What percentage of the entire amount of income taxes collected is from tax payers that make more than $150k per year?
Edit, I asked Grok:
quote:
Based on the most recent IRS data available for tax year 2022 (filed in 2023), taxpayers earning an adjusted gross income (AGI) of $150,000 or more accounted for a significant portion of federal income taxes collected in the United States. While the exact percentage for those earning precisely "$150,000 or more" isn’t directly isolated in a single statistic across all IRS publications, we can derive a close approximation using available data breakdowns.
In 2022, the IRS reported that total individual income taxes paid amounted to $2.1 trillion across 153.8 million tax returns. The top 10% of income earners—those with AGIs roughly starting around $150,000 and above (the threshold was approximately $154,589 for the 90th percentile in 2019, adjusted upward for inflation by 2022)—paid 71% of all federal income taxes, according to historical IRS data cited in various analyses. By 2022, this group’s share aligns closely with earlier years, though updated figures suggest the top 10% paid around 70-71% of the total, equating to approximately $1.47 trillion to $1.49 trillion of the $2.1 trillion collected.
More granularly, the top 50% of taxpayers (those with AGIs above roughly $46,637 in 2021, adjusted to about $50,000 by 2022) paid 97% of all federal income taxes, or about $2.037 trillion. The bottom 50% paid the remaining 3%, or $63 billion. Within the top 50%, the segment from the 50th to 90th percentiles (roughly $50,000 to $150,000 AGI) paid a smaller share compared to the top 10%. Estimates suggest this group (50th to 90th percentiles) contributed around 26-28% of total taxes, leaving the top 10% (above $150,000) with the lion’s share of the top 50%’s contribution.
Given inflation adjustments and income distribution trends, taxpayers earning $150,000 or more in 2022 likely paid between 70% and 77% of all federal income taxes collected. This range is supported by posts on X claiming figures like "at least 77%" and historical data showing the top 10% consistently paying 71% or more, with the threshold for the top 10% aligning near $150,000. For a precise 2025 projection (since your question aligns with the current date of March 21, 2025), the percentage could shift slightly due to economic growth, tax policy changes, or inflation, but no major legislative overhaul (e.g., the expiration of the Tax Cuts and Jobs Act) has yet altered this structure as of early 2025.
Thus, approximately **70-77%** of the entire amount of federal income taxes collected comes from taxpayers earning more than $150,000 per year, based on the latest comprehensive data and reasonable extrapolation to 2025.
This post was edited on 3/21/25 at 10:49 am
Posted on 3/21/25 at 10:47 am to BCreed1
The income tax system is an antique.
It was dreamed up in the 19th century and implemented in the early 20th century.
There are more efficient and less intrusive ways to collect revenue.
It was dreamed up in the 19th century and implemented in the early 20th century.
There are more efficient and less intrusive ways to collect revenue.
Posted on 3/21/25 at 10:50 am to Ten Bears
quote:
So basically those who pay the MAJORITY of income taxes will keep doing so unfortunately.
I made 220 last year, and I estimate I paid 30k in fed income taxes. Okay fine, income tax me on 70k. That saves me ~20k a year. Hell that's an improvement.
Posted on 3/21/25 at 10:58 am to TrueTiger
quote:
The income tax system is an antique.
The concept alone was so radioactive to the founding fathers that it took sinking the Titanic, establishing the Federal Reserve, a constitutional amendment to legalize and a World War to cement the practice.
Posted on 3/21/25 at 11:25 am to Ten Bears
quote:
So basically those who pay the MAJORITY of income taxes will keep doing so unfortunately.
Cut off the $15,000 tax returns for jobless trailer trash single moms of four kids with four different baby daddies in prison, and I'm good with it
Never liked how someone who has never paid into state or federal taxes is qualified to receive a $10-15k refund every year when they already get utility assistance, income-based $5/mo. rent, taxpayer-funded cell phone service and $2000/mo. in SNAP benefits plus free healthcare.
We've got a lot of shite to fix.
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