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In 2015, top 20% of income earners paid 83.9% of all federal income taxes
Posted on 9/28/17 at 7:39 am
Posted on 9/28/17 at 7:39 am
While constituting only 51.3% of income
The remaining 80% (with 48.7% of income), paid only 16.1% of income taxes, with 13.8% (bottom 40%) paying NOTHING and actually getting money back.
THIS is the reason why tax policy is so fricked up. when you have over 40% of all income "earners" actually taking out of the tax system (and, yes, blah, blah, blah...they pay payroll taxes) because, to quote a former President, they don't have "skin in the game." It's easy for them to not care, or even to want to "soak the rich" because it's not going to impact them in any way.
Apparently, Trump's plan will remove even more people from the tax rolls by the expansion of deductions and credits. This is a fundamentally bad idea.
As long as you are going to have an income tax, you need to have every income earner pay SOMETHING. Even if it is only $500.00. They have to have a stake in this.
The remaining 80% (with 48.7% of income), paid only 16.1% of income taxes, with 13.8% (bottom 40%) paying NOTHING and actually getting money back.
THIS is the reason why tax policy is so fricked up. when you have over 40% of all income "earners" actually taking out of the tax system (and, yes, blah, blah, blah...they pay payroll taxes) because, to quote a former President, they don't have "skin in the game." It's easy for them to not care, or even to want to "soak the rich" because it's not going to impact them in any way.
Apparently, Trump's plan will remove even more people from the tax rolls by the expansion of deductions and credits. This is a fundamentally bad idea.
As long as you are going to have an income tax, you need to have every income earner pay SOMETHING. Even if it is only $500.00. They have to have a stake in this.
15
Posted on 9/28/17 at 7:40 am to udtiger
It's really stupid that people can get back more money than they pay in.
Posted on 9/28/17 at 8:45 am to Eli Goldfinger
quote:
It's really stupid that people can get back more money than they pay in.
Why do you hate the poor? Hitler hated the poor too... #LiterallyHitler
This post was edited on 9/28/17 at 8:46 am
Posted on 9/28/17 at 8:47 am to udtiger
Upvote. This is the biggest issue currently.
As long as we have an income tax everyone making an income should be paying something.
As long as we have an income tax everyone making an income should be paying something.
Posted on 9/28/17 at 8:52 am to udtiger
Only in 'Murica can you not have a job and get paid to vote to increase how much you get paid.
Posted on 9/28/17 at 8:53 am to udtiger
You'll never see this on a mainstream newscast. Why do you think that is?
Posted on 9/28/17 at 8:54 am to udtiger
Everyone should have to pay some money in. I think tax credits for dependents is bull crap and should go away . EBT/welfare should be the same way , people shouldn't get more for having more kids . Our population is high enough. This would save the government a lot on taxes and it would keep people from having kids they can't afford.
Posted on 9/28/17 at 9:04 am to udtiger
quote:
paying NOTHING and actually getting money back.
This is crazy and has got to stop.
Posted on 9/28/17 at 11:17 am to udtiger
quote:
top 20% of income earners paid 83.9% of all federal income taxes
Y'all are welcome
Posted on 9/28/17 at 11:34 am to udtiger
quote:no they don't. that's something idiots say because they think everybody paying into a system that's rigged for the big guy makes it fair.
As long as you are going to have an income tax, you need to have every income earner pay SOMETHING. Even if it is only $500.00. They have to have a stake in this.
Posted on 9/28/17 at 11:36 am to udtiger
It is really just the top 5%, and primarily the top 1%, who pay a disproportionate share.
Regardless, pay higher wages and low income workers will earn enough to pay taxes.
This is a fundamental difference between right and left thinking on income tax policy.
Regardless, pay higher wages and low income workers will earn enough to pay taxes.
This is a fundamental difference between right and left thinking on income tax policy.
Posted on 9/28/17 at 11:36 am to Machine
you people want to go back to the glory days. make america great again like we were back in the day...
when the richest tax bracket paid 90-something percent.
but not with those tax brackets!
when the richest tax bracket paid 90-something percent.
but not with those tax brackets!
Posted on 9/28/17 at 11:36 am to udtiger
quote:So you're just gonna blah blah blah something that undercuts your central premise
(and, yes, blah, blah, blah...they pay payroll taxes) because, to quote a former President, they don't have "skin in the game."
Posted on 9/28/17 at 11:37 am to Speedy G
quote:
Regardless, pay higher wages and low income workers will earn enough to pay taxes.
Posted on 9/28/17 at 11:39 am to Speedy G
quote:to me the biggest difference is what is truly fair.
This is a fundamental difference between right and left thinking on income tax policy.
everybody paying into the system
-or-
the people who thrive off the system paying into it while people living in poverty already scraping by as is not paying into it.
the argument is that this can make people lazy. my response, who cares? if they don't want to make money that's more capital for people in the game. and if you want to play the game this country makes possible, why shouldn't you foot a larger portion of the bill to make this country great?
Posted on 9/28/17 at 11:40 am to udtiger
"Why is the share of income taxes negative for 40% of Americans? In recent decades Congress has chosen to funnel important benefits for lower-income earners through the income tax rather than other channels. Some of these benefits, such as the Earned Income Tax Credit and the American Opportunity Credit for education, make cash payments to people who don't owe income tax.
People receiving such payments do pay other federal taxes, of course, such as those for Social Security and Medicare. If these taxes are included, the share of federal taxes paid by the lowest two quintiles turns positive.
The share of tax paid by the top 20% of Americans also changes when such social-insurance levies are included: It drops from more than 80% of income taxes to about 67% of all federal taxes."
From another article on the same data (over at Fox Business)
People receiving such payments do pay other federal taxes, of course, such as those for Social Security and Medicare. If these taxes are included, the share of federal taxes paid by the lowest two quintiles turns positive.
The share of tax paid by the top 20% of Americans also changes when such social-insurance levies are included: It drops from more than 80% of income taxes to about 67% of all federal taxes."
From another article on the same data (over at Fox Business)
Posted on 9/28/17 at 11:40 am to Y.A. Tittle
quote:
As long as we have an income tax everyone making an income should be paying something.
I don't have a problem with people below a certain threshold not paying any income tax.
I do have a problem with those same people MAKING money from various tax credits and the like.
Posted on 9/28/17 at 11:41 am to udtiger
The old 20/80 principle
Posted on 9/28/17 at 11:41 am to Machine
You should rent an extra room to a poor person for free.
Posted on 9/28/17 at 11:41 am to memphis tiger
quote:agreed 100%
I do have a problem with those same people MAKING money from various tax credits and the like.
unless you consider public welfare programs "making money"
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