Tax rate on richest 400 lower than every other group

GDS

https://www.nytimes.com/interactive/2019/10/06/opinion/income-tax-rate-wealthy.html

For the first time on record, the 400 wealthiest Americans last year paid a lower total tax rate — spanning federal, state and local taxes — than any other income group, according to newly released data.

SFGbob

GDS said:

https://www.nytimes.com/interactive/2019/10/06/opinion/income-tax-rate-wealthy.html

For the first time on record, the 400 wealthiest Americans last year paid a lower total tax rate — spanning federal, state and local taxes — than any other income group, according to newly released data.

Who knew? Investment income is taxed at a lower rate than payroll income. Do you have anymore bombshells? Btw, still waiting for that "promise" you claimed was in the Complaint.

MikeDamone

Sad!

Sledog

SFGbob said:

GDS said:

https://www.nytimes.com/interactive/2019/10/06/opinion/income-tax-rate-wealthy.html

For the first time on record, the 400 wealthiest Americans last year paid a lower total tax rate — spanning federal, state and local taxes — than any other income group, according to newly released data.

Who knew? Investment income is taxed at a lower rate than payroll income. Do you have anymore bombshells? Btw, still waiting for that "promise" you claimed was in the Complaint.

Same old stal lie. Soros stunning out of talking points for the Bros?

TheKobeStopper

http://twitter.com/AOC/status/1181036719866617858

DJDuck

I’m for “The Fair Tax”, most of this crap would go away.

2001400ex

It's clear most of you didn't read the article.

MikeDamone

2001400ex said:

It's clear most of you didn't read the article.

I read it.

WestlinnDuck

Outside of the fact that the opinion piece was not factual – it’s spot on. Look, half the US public doesn’t pay federal income tax. They do pay 7.65% on their wages for social security and medicare. So, the bottom half of the US public doesn’t pay more than the 23% rate that the article alleges that the wealthy pay. And then, if you made $50,000 in wages and then paid $3,825 in payroll taxes that is a little different than having a $10 million capital gain and paying $2 million in capital gains tax. Someone seems to be paying their fair share.
As has been pointed out, dropping the corporate tax rate to 21% puts the US in line with the other countries that US corporations compete with. The article doesn’t talk about making the US competitive with other countries. It also ignores the fact that corporate taxes are a cost of doing business and thus are largely passed on to US consumers.
In the good old days of 70% tax rates, the tax code was crammed full of loopholes and tax shelters which have largely been eliminated. Feel free to impose a 70% tax rate on US businesses if you want to go full boat Venezuela. The Laffer curve is a real thing. You can debate on which side of the curve a top US individual rate of 37% is. You can’t debate where a 70% tax rate is.

GDS

Other than the fact you had to lie to make you make your point you absolutely nailed it. Adding local and state taxes like property tax, sales tax and state income tax to medicare and social security taxes it's easy to get to over 23%. I've seen data showing anywhere between 21 and 25% total tax rate on the poorest Americans. For the first time on record the richest 400 Americans are paying a lower total tax rate than any other income group. Warren Buffet, Bill Gates and Jeff Bezos really need it as well...

The idea that any significant percentage of corporations out there was actually paying 35% is stupid. More corporations paid 0% than paid 35%.

SFGbob

GDS said:

Other than the fact you had to lie to make you make your point you absolutely nailed it. Adding local and state taxes like property tax, sales tax and state income tax to medicare and social security taxes it's easy to get to over 23%. I've seen data showing anywhere between 21 and 25% total tax rate on the poorest Americans. For the first time on record the richest 400 Americans are paying a lower total tax rate than any other income group. Warren Buffet, Bill Gates and Jeff Bezos really need it as well...

The idea that any significant percentage of corporations out there was actually paying 35% is stupid. More corporations paid 0% than paid 35%.

Is that like the "promise" you saw in the Complaint?

Poorest Americans are paying sales taxes and gas taxes. They aren't paying any Federal or State income taxes. And given the fact that most of them are receiving "free" healthcare and other forms of welfare they receiving far more in benefits than they are paying in taxes

HHusky

WestlinnDuck said:

Outside of the fact that the opinion piece was not factual – it’s spot on. Look, half the US public doesn’t pay federal income tax. They do pay 7.65% on their wages for social security and medicare. So, the bottom half of the US public doesn’t pay more than the 23% rate that the article alleges that the wealthy pay. And then, if you made $50,000 in wages and then paid $3,825 in payroll taxes that is a little different than having a $10 million capital gain and paying $2 million in capital gains tax. Someone seems to be paying their fair share.
As has been pointed out, dropping the corporate tax rate to 21% puts the US in line with the other countries that US corporations compete with. The article doesn’t talk about making the US competitive with other countries. It also ignores the fact that corporate taxes are a cost of doing business and thus are largely passed on to US consumers.
In the good old days of 70% tax rates, the tax code was crammed full of loopholes and tax shelters which have largely been eliminated. Feel free to impose a 70% tax rate on US businesses if you want to go full boat Venezuela. The Laffer curve is a real thing. You can debate on which side of the curve a top US individual rate of 37% is. You can’t debate where a 70% tax rate is.

You could definitely say that both the old 70% rate with multiple deductions, exemption and loopholes was on the side of the curve where the economy still grows and tax revenues increase and you can definitely say that the present 37% is on that same side. In fact, you can definitely say that the previous 39.6% was on that side. There's a "laboratory" out there, remember Gasbag? History, facts and shit?

PurpleThrobber

Da fuq difference does it make what anyone pays in taxes?!?

The debt ceiling is apparently unlimited and annual deficits have no meaning.

Until the endless wars and re-fucking-diculous spending ends, this who pays more argument is exactly what the two parties want as the shiny object to stay in power.

Wake up, sheeple.

2001400ex

PurpleThrobber said:

Da fuq difference does it make what anyone pays in taxes?!?

The debt ceiling is apparently unlimited and annual deficits have no meaning.

Until the endless wars and re-fucking-diculous spending ends, this who pays more argument is exactly what the two parties want as the shiny object to stay in power.

Wake up, sheeple.

I agree with most of this. Although to reduce the deficit it has to be both revenues and expenditures. Like you said, but in a different way. No politician is actually going to cut spending. Even tho Americans hate the wasteful spending, they all want their money still. Yes even the wealthy want the money spent their way too.

WestlinnDuck

Keep ass phu*cking that strawman counselor. I didn't say spit about the Laffer curve in the 50s. I distinctly said that under the current rules a 70% rate would be on the other side of the curve. You can vote for the fake Indian and we can find out how she is the more fiscally responsible alternative. I pity your clients.

MikeDamone

2001400ex said:

PurpleThrobber said:

Da fuq difference does it make what anyone pays in taxes?!?

The debt ceiling is apparently unlimited and annual deficits have no meaning.

Until the endless wars and re-fucking-diculous spending ends, this who pays more argument is exactly what the two parties want as the shiny object to stay in power.

Wake up, sheeple.

I agree with most of this. Although to reduce the deficit it has to be both revenues and expenditures. Like you said, but in a different way. No politician is actually going to cut spending. Even tho Americans hate the wasteful spending, they all want their money still. Yes even the wealthy want the money spent their way too.

Since revenue is up it seems like all that’s left to do is cut spending. Why won’t they?

2001400ex

MikeDamone said:

2001400ex said:

PurpleThrobber said:

Da fuq difference does it make what anyone pays in taxes?!?

The debt ceiling is apparently unlimited and annual deficits have no meaning.

Until the endless wars and re-fucking-diculous spending ends, this who pays more argument is exactly what the two parties want as the shiny object to stay in power.

Wake up, sheeple.

I agree with most of this. Although to reduce the deficit it has to be both revenues and expenditures. Like you said, but in a different way. No politician is actually going to cut spending. Even tho Americans hate the wasteful spending, they all want their money still. Yes even the wealthy want the money spent their way too.

Since revenue is up it seems like all that’s left to do is cut spending. Why won’t they?

Revenue is down relative to the size of the economy. Idiot.

And yes we need to cut spending but neither party will. For reasons I've stated many times. Even in the post you quoted. You really are struggling today.

RaceBannon

2001400ex said:

MikeDamone said:

2001400ex said:

PurpleThrobber said:

Da fuq difference does it make what anyone pays in taxes?!?

The debt ceiling is apparently unlimited and annual deficits have no meaning.

Until the endless wars and re-fucking-diculous spending ends, this who pays more argument is exactly what the two parties want as the shiny object to stay in power.

Wake up, sheeple.

I agree with most of this. Although to reduce the deficit it has to be both revenues and expenditures. Like you said, but in a different way. No politician is actually going to cut spending. Even tho Americans hate the wasteful spending, they all want their money still. Yes even the wealthy want the money spent their way too.

Since revenue is up it seems like all that’s left to do is cut spending. Why won’t they?

Revenue is down relative to the size of the economy. Idiot.

And yes we need to cut spending but neither party will. For reasons I've stated many times. Even in the post you quoted. You really are struggling today.

Revenue is up liar

2001400ex

RaceBannon said:

2001400ex said:

MikeDamone said:

2001400ex said:

PurpleThrobber said:

Da fuq difference does it make what anyone pays in taxes?!?

The debt ceiling is apparently unlimited and annual deficits have no meaning.

Until the endless wars and re-fucking-diculous spending ends, this who pays more argument is exactly what the two parties want as the shiny object to stay in power.

Wake up, sheeple.

I agree with most of this. Although to reduce the deficit it has to be both revenues and expenditures. Like you said, but in a different way. No politician is actually going to cut spending. Even tho Americans hate the wasteful spending, they all want their money still. Yes even the wealthy want the money spent their way too.

Since revenue is up it seems like all that’s left to do is cut spending. Why won’t they?

Revenue is down relative to the size of the economy. Idiot.

And yes we need to cut spending but neither party will. For reasons I've stated many times. Even in the post you quoted. You really are struggling today.

Revenue is up liar

Did you even read what I wrote? Reading is tuff for you and Mike today.

MikeDamone

2001400ex said:

MikeDamone said:

2001400ex said:

PurpleThrobber said:

Da fuq difference does it make what anyone pays in taxes?!?

The debt ceiling is apparently unlimited and annual deficits have no meaning.

Until the endless wars and re-fucking-diculous spending ends, this who pays more argument is exactly what the two parties want as the shiny object to stay in power.

Wake up, sheeple.

I agree with most of this. Although to reduce the deficit it has to be both revenues and expenditures. Like you said, but in a different way. No politician is actually going to cut spending. Even tho Americans hate the wasteful spending, they all want their money still. Yes even the wealthy want the money spent their way too.

Since revenue is up it seems like all that’s left to do is cut spending. Why won’t they?

Revenue is down relative to the size of the economy. Idiot.

And yes we need to cut spending but neither party will. For reasons I've stated many times. Even in the post you quoted. You really are struggling today.

2001400ex said:

MikeDamone said:

2001400ex said:

PurpleThrobber said:

Da fuq difference does it make what anyone pays in taxes?!?

The debt ceiling is apparently unlimited and annual deficits have no meaning.

Until the endless wars and re-fucking-diculous spending ends, this who pays more argument is exactly what the two parties want as the shiny object to stay in power.

Wake up, sheeple.

I agree with most of this. Although to reduce the deficit it has to be both revenues and expenditures. Like you said, but in a different way. No politician is actually going to cut spending. Even tho Americans hate the wasteful spending, they all want their money still. Yes even the wealthy want the money spent their way too.

Since revenue is up it seems like all that’s left to do is cut spending. Why won’t they?

Revenue is down relative to the size of the economy. Idiot.

And yes we need to cut spending but neither party will. For reasons I've stated many times. Even in the post you quoted. You really are struggling today.

Explain, in your words why revenue needs to increase to the size of the economy. Dumb fuck.

MikeDamone

2001400ex said:

RaceBannon said:

2001400ex said:

MikeDamone said:

2001400ex said:

PurpleThrobber said:

Da fuq difference does it make what anyone pays in taxes?!?

The debt ceiling is apparently unlimited and annual deficits have no meaning.

Until the endless wars and re-fucking-diculous spending ends, this who pays more argument is exactly what the two parties want as the shiny object to stay in power.

Wake up, sheeple.

I agree with most of this. Although to reduce the deficit it has to be both revenues and expenditures. Like you said, but in a different way. No politician is actually going to cut spending. Even tho Americans hate the wasteful spending, they all want their money still. Yes even the wealthy want the money spent their way too.

Since revenue is up it seems like all that’s left to do is cut spending. Why won’t they?

Revenue is down relative to the size of the economy. Idiot.

And yes we need to cut spending but neither party will. For reasons I've stated many times. Even in the post you quoted. You really are struggling today.

Revenue is up liar

Did you even read what I wrote? Reading is tuff for you and Mike today.

Has the federal government collect more dollars or not?

Facts are hard fur you.