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fjlee90
LSU Fan
Baton Rouge
Member since Nov 2016
5477 posts

Liberal Folks, Should We Tax the Rich?
So I did a bit of research.

Turns out, we are already doing that. Who knew??? The top 1% of American earners account for 40% of the federal income tax collected.

This Congress is looking to spend approximately 5 trillion on social programs, etc.

There are 700 ish billionaires in the USA. The net worth of these individuals is just shy of 4.5 trillion. Think about it. The feds can confiscate their entire net worth, and not pay for the spending they are proposing. And we all know that is not realistic. Nobody is repossessing 4.5 trillion in assets.

So my question to you, where do you get the money from? The 1% already accounts for such a large amount of income tax?

Who do you take from now? Corporations? Are you aware that corporations are just people? And a lot of average folks own these corporations. If you have a retirement account or participate in a pension plan, you're one of those average folks who has an ownership stake.

My point... what you want is not possible. There is not enough wealth in existence to 'tax the rich' to create these social programs. You have to tax the average taxpayer.

Thank you for coming to my Ted Talk.


onmymedicalgrind
Nunya
Member since Dec 2012
10023 posts

re: Liberal Folks, Should We Tax the Rich?
But AOC wore a cool dress


AUauditor
Auburn Fan
Georgia
Member since Sep 2004
319 posts

re: Liberal Folks, Should We Tax the Rich?
I clipped an article out of the Journal of Accountancy (yes, I am a nerd) and keep it on my desk for such discussions.

For the 2017 tax year, the top 1%:
1.43m returns
$515,371 AGI Floor
Share of total AGI - 21%
Share of all income tax paid 38.5%
Average tax rate 26.8


Bourre'
New Orleans Saints Fan
Da Parish
Member since Nov 2012
16024 posts

re: Liberal Folks, Should We Tax the Rich?
quote:

But AOC wore a dress she ripped off from Joy Villa


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50
fjlee90
LSU Fan
Baton Rouge
Member since Nov 2016
5477 posts

re: Liberal Folks, Should We Tax the Rich?
quote:

For the 2017 tax year, the top 1%:
1.43m returns
$515,371 AGI Floor
Share of total AGI - 21%
Share of all income tax paid 38.5%
Average tax rate 26.8


Now do 20 years ago. It is quite eye opening how much the wealthy contribute to federal coffers. And how much that has increased by percentage over the past few decades.


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122
Rex Feral
Georgia Fan
Member since Jan 2014
6461 posts

re: Liberal Folks, Should We Tax the Rich?
quote:

AUauditor


No shame in being an accounting nerd. Now, an Auburn grad...

The real shame is the people clamoring to tax the rich are the 50% who don't pay taxes in the first place. Wealthy Dims are happy paying taxes because they look at it as charitable contributions. I'm a CPA and my liberal clients almost never make any charitable contributions. It's always the conservatives who make substantial charitable contributions. And it's not just giving money to church, either.
This post was edited on 9/16 at 12:38 pm


Big Scrub TX
LSU Fan
Austin
Member since Dec 2013
26032 posts

re: Liberal Folks, Should We Tax the Rich?
quote:

The top 1% of American earners account for 40% of the federal income tax collected.
And what % of national income do they earn? I'll help you - it's probably 20-21%.

The dirty secret is middle class taxes need to go up.


Eurocat
Northwestern Fan
Member since Apr 2004
11316 posts

re: Liberal Folks, Should We Tax the Rich?
quote:

Liberal Folks, Should We Tax the Rich?



quote:

Turns out, we are already doing that. Who knew??? The top 1% of American earners account for 40% of the federal income tax collected.



You have to calculate how much they make to see if what they give is so unbalanced. If I had 10 sons and 1 was a billionaire, and the others were average middle class income earners and I installed a family "annual income tax to help the family" of course the richest son would end up paying 99.99% of the tax money even if he is only 10% of my sons.




gothamdawg
Georgia Fan
NYC
Member since Nov 2015
179 posts

re: Liberal Folks, Should We Tax the Rich?
This is usually a bait and switch.
They eventually realize that they can't raise enough from the tax the rich, so they move to the middle class.


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192
Flats
Georgia Tech Fan
Member since Jul 2019
8865 posts

re: Liberal Folks, Should We Tax the Rich?
quote:

The dirty secret is middle class taxes need to go up.


Or we could have the people who contribute jack shite start paying.


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411
TD SponsorTD Fan
USA
Member since 2001
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roadGator
USA Fan
Member since Feb 2009
119491 posts

re: Liberal Folks, Should We Tax the Rich?
Hopefully you don’t procreate

No need for more of you radical leftists.
This post was edited on 9/16 at 12:50 pm


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172
Tigers0918
Member since Feb 2020
404 posts

re: Liberal Folks, Should We Tax the Rich?
can you just reword the question.

Do you think we should have a progressive tax or not. Of course people who make more money pay more taxes.

The question should be, should you pay a higher % for income over a million than at 50k?

I say yes.


Jbird
Iowa Fan
In Bidenville with EthanL
Member since Oct 2012
67860 posts

re: Liberal Folks, Should We Tax the Rich?
quote:

I say yes.
Why?


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123
Mickey Goldmill
LSU Fan
Baton Rouge
Member since Mar 2010
16649 posts

re: Liberal Folks, Should We Tax the Rich?
You realize that when a spending bill is agreed to, that doesn't mean they have to come up with all that money immediately, right? Usually the items in those bills are paid for over a very long period of time.


Oswald
USA Fan
Ft. Worth
Member since Aug 2011
2490 posts

re: Liberal Folks, Should We Tax the Rich?
quote:

middle class taxes need to go up.

I'd rather we reduce government spending instead, thanks.


AlterEgo89
Member since Sep 2021
135 posts

re: Liberal Folks, Should We Tax the Rich?
That's how progressive taxation is meant to work.

The basic idea is that the marginal utility of money decreases as you get richer i.e. it hurts less for a rich person to be taxed more than a poor person being taxed more.

The ratio of total AGI versus share of all income tax paid doesn't seem that bad to me. It's expected from any tax system that isn't going to be flat.


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315
roadGator
USA Fan
Member since Feb 2009
119491 posts

re: Liberal Folks, Should We Tax the Rich?
Thanks, Mickey Psaki.

We plebeians never knew that.



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121
AlterEgo89
Member since Sep 2021
135 posts

re: Liberal Folks, Should We Tax the Rich?
Well, you'd have to tax people making less than $400,000.

US tax brackets are much more wide than European tax brackets. I suppose some folks would want our tax system to replicate a European tax system. For example, Germany's top tax bracket kicks in at roughly $200,000 while the US top tax bracket kicks in at $400,000. Their top tax brackets are much lower so I suppose some would like our system to be like that.

Then, there's the argument to be made that the average tax payer as you mentioned makes less than $100,000. Even if higher taxes were put on those making $100,000+, it wouldn't affect the 'average tax payer.'

Or implement a VAT like in Europe. VATs are pretty efficient forms of tax and they end up raising lots of money for governments. It's also a silent tax in that people don't notice it that much.





Topcat
LSU Fan
New Orleans
Member since Jan 2005
314 posts

re: Liberal Folks, Should We Tax the Rich?
quote:

The dirty secret is middle class taxes need to go up.


No, the dirty secret is the government needs to do less, a lot less. Spend less, need less.

Do away with most of the loopholes, reduce the tax rates, and watch America flourish.
This post was edited on 9/16 at 1:29 pm


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241
Zach
LSU Fan
Gizmonic Institute
Member since May 2005
104413 posts

re: Liberal Folks, Should We Tax the Rich?
quote:

I'd rather we reduce government spending instead, thanks.


Reduce? Hell, just keep it the same every year and the left calls it draconian cuts that starve the poor.


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