Tax rate on richest 400 lower than every other group
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.
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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.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. -
Sad!
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Same old stal lie. Soros stunning out of talking points for the Bros?SFGbob said:
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.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. -
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I’m for “The Fair Tax”, most of this crap would go away.
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It's clear most of you didn't read the article.
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I read it.2001400ex said:It's clear most of you didn't read the article.
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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.
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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?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%.
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
