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Posted: 2/25/2016 9:52:13 AM EDT
[#1]
What percentage of the GDP is produced by the 1%?
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Posted: 2/25/2016 9:52:19 AM EDT
[#2]
Errrr, this is a pretty well known fact. It's also the result of the early 20th century populism that gave us unapportioned income tax and direct election of senators.
But, it's just a fact of life, because you aren't going to get 45% of the population to agree to start paying taxes to give the top 1% and top 0.1% a break. Quite frankly, the only way to make the tax code less progressive would be to somehow strip the franchise from the bottom half of wage earners. |
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Posted: 2/25/2016 9:56:22 AM EDT
[#3]
Quote HistoryQuoted:
Errrr, this is a pretty well known fact. It's also the result of the early 20th century populism that gave us unapportioned income tax and direct election of senators. But, it's just a fact of life, because you aren't going to get 45% of the population to agree to start paying taxes to give the top 1% and top 0.1% a break. Quite frankly, the only way to make the tax code less progressive would be to somehow strip the franchise from the bottom half of wage earners. Here's a novel idea, forget tax break for the top 1% of earners, how about get rid of that ridiculous earned income credit and make those who don't pay pay a little somthing. |
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Posted: 2/25/2016 10:00:22 AM EDT
[#4]
And every fucking one of them, believe they do pay taxes. Fuck, most of them get back more than they paid in,
see the Child income tax credit. |
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Posted: 2/25/2016 10:01:05 AM EDT
[#5]
Top 25% here, ballin' baby.
Also, those numbers are a bit sensationalist. I see A LOT of small business owners that regularly pay $0 federal in federal taxes because they structure it that way. Minimal wages from their corp, minimal pass through, always depreciation/section 179/NOL carryover to offset, etc. Often times they're paying property taxes, payroll taxes, etc. |
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Posted: 2/25/2016 10:02:42 AM EDT
[#6]
All I know is I pay more in taxes then I need to live on, and there's something fucking wrong with that.
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Posted: 2/25/2016 10:04:32 AM EDT
[#7]
I pay almost no income tax. A couple kids and heavy 401k contributions and I'm at about 1% income tax after it's all said and done. That's straight income tax, I pay more in social security and Medicaid/Medicare taxes.
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Posted: 2/25/2016 10:05:09 AM EDT
[#8]
And many don't work at all. During tax season they claim self employment as a barbar or hair stylist and file. Have three kids and get $7k. Cha-Ching.
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Posted: 2/25/2016 10:05:28 AM EDT
[#9]
Just change it to a 10% federal sales tax on EVERYTHING. No exceptions. The more you spend the more you pay. Rich people spend more than poor people so it takes care of itself. Also captures the illegal immigrant dollars spent and the foreign tourist dollar. |
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Posted: 2/25/2016 10:07:01 AM EDT
[#10]
This is strictly federal income tax...not state.
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Posted: 2/25/2016 10:07:10 AM EDT
[#11]
My brother in law works as a paver and his dumbass wife doesn't work. They make about 35k a year. He routinely gets back 8-10k because they have 4 kids. I tell him every year it's bull shit he gets back all that money due to him and his having kids. They are on food stamps and subsidized housing.
He just laughs and turns. Well this year he had like 3500 in Obama care fees for not having insurance...lol. He told me that and I laughed and turned away....lol. |
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Posted: 2/25/2016 10:07:20 AM EDT
[#12]
Quoted:
And every fucking one of them, believe they do pay taxes. I don't believe I pay federal income tax. I only pay state. |
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Posted: 2/25/2016 10:07:50 AM EDT
[#13]
I must be doing something wrong.
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Posted: 2/25/2016 10:08:43 AM EDT
[#14]
It's a bit disingenuous. If they're employed at all, they're paying SS and Medicare taxes.
And SS taxes have been "borrowed" for decades, to shore up budget shortfalls. It's a straight up tax, and the SCOTUS has ruled as much. |
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Posted: 2/25/2016 10:09:17 AM EDT
[#15]
Wife and I are in the top 10%
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Posted: 2/25/2016 10:10:20 AM EDT
[#16]
Quote HistoryQuoted:
And every fucking one of them, believe they do pay taxes. Fuck, most of them get back more than they paid in, see the Child income tax credit. Yup, when you pay in 2 grand and get 8 grand back at tax time, something is fucked up. Happens to everyone around here, when you tell everyone you hate tax season because you have a cut a check, they tend to look at you weird. I do have one more kid this time around though, so maybe it will be a smaller check. 
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Posted: 2/25/2016 10:10:58 AM EDT
[#17]
Quote HistoryQuoted:
And every fucking one of them, believe they do pay taxes. Fuck, most of them get back more than they paid in, see the Child income tax credit. I get the child tax credit on two kids and still have to pay thousands. Is EIC is what you're thinking about? |
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Posted: 2/25/2016 10:13:28 AM EDT
[#18]
Quote HistoryQuoted:
Just change it to a 10% federal sales tax on EVERYTHING. No exceptions. The more you spend the more you pay. Rich people spend more than poor people so it takes care of itself. Also captures the illegal immigrant dollars spent and the foreign tourist dollar. Ding ding, it also taxes the trillion dollar black market of drugs, prostitution and under the table wages. |
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Posted: 2/25/2016 10:14:14 AM EDT
[#19]
Frei Scheisse Armee pays no taxes. Any talk about "taxing the rich" really means placing a greater burden the (surviving) middle class.
I remember the tax reform under Raygun that wiped out many of the writeoffs once enjoyed by the middle class. |
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Posted: 2/25/2016 10:14:53 AM EDT
[#20]
I think I fell in that 45% this year, IIRC. If not, I only paid a little.
I would gladly pay more, as that would mean that I would be doing better financially. |
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Posted: 2/25/2016 10:16:18 AM EDT
[#21]
Quote HistoryQuoted:
Just change it to a 10% federal sales tax on EVERYTHING. No exceptions. The more you spend the more you pay. Rich people spend more than poor people so it takes care of itself. Also captures the illegal immigrant dollars spent and the foreign tourist dollar. I would be cool with a 15% Tax, might start convincing people to wait and only buy quality shit. I landed in the top 25%, household we are in the top 10% |
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Posted: 2/25/2016 10:16:41 AM EDT
[#22]
Quote HistoryQuoted:
I get the child tax credit on two kids and still have to pay thousands. Is EIC is what you're thinking about? Quote HistoryQuoted:
Quoted:
And every fucking one of them, believe they do pay taxes. Fuck, most of them get back more than they paid in, see the Child income tax credit. I get the child tax credit on two kids and still have to pay thousands. Is EIC is what you're thinking about? Gotta be. I'm in the same boat. |
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Posted: 2/25/2016 10:17:07 AM EDT
[#23]
Quote HistoryQuoted:
I get the child tax credit on two kids and still have to pay thousands. Is EIC is what you're thinking about? Quote HistoryQuoted:
Quoted:
And every fucking one of them, believe they do pay taxes. Fuck, most of them get back more than they paid in, see the Child income tax credit. I get the child tax credit on two kids and still have to pay thousands. Is EIC is what you're thinking about? If a person makes 25K a year, has 2 kids and has a thousand dollars withheld from his/her check, they will get the thousand back plus the child credit, which is about $2200.00 per kid. This all happened under the welfare reform act under Clinton and the Republican congress. Fuck, they just moved the welfare money from one place to another. |
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Posted: 2/25/2016 10:19:03 AM EDT
[#24]
which is why I'm a fan of the flat consumption tax.
it hits everyone with an equal % compared to what they buy, is unavoidable, does not need loopholes, and is less expensive to collect, and spurs government to promote domestic individual wealth in order to raise more tax revenue. It also provides instant feedback when the people are hurting, because tax receipts also hurt. |
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Posted: 2/25/2016 10:19:56 AM EDT
[#25]
Proof that an Arfcomer wrote the article:
<snip> "On average, those in the bottom 40 percent of the income spectrum end up getting money from the government. Meanwhile, the richest 20 percent of Americans, by far, pay the most in income taxes, forking over nearly 87 percent of all the income tax collected by Uncle Sam."</snip>
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Posted: 2/25/2016 10:21:43 AM EDT
[#26]
liberal voters
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Posted: 2/25/2016 10:22:07 AM EDT
[#27]
I have a tax return on my desk for someone who made 15k and got back 5k
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Posted: 2/25/2016 10:22:49 AM EDT
[#28]
That's okay, I've got their back.
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Posted: 2/25/2016 10:23:07 AM EDT
[#29]
Quote HistoryQuoted: liberal voters |
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Posted: 2/25/2016 10:24:14 AM EDT
[#30]
Quote HistoryQuoted:
It's a bit disingenuous. If they're employed at all, they're paying SS and Medicare taxes. And SS taxes have been "borrowed" for decades, to shore up budget shortfalls. It's a straight up tax, and the SCOTUS has ruled as much. Many of them aren't employed either -- at least not on the books. And whatever they pay in throughout the year for SS and medicare (those who do) is wiped out by that ten thousand dollar EIC check at the end of the year. |
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Posted: 2/25/2016 10:26:04 AM EDT
[#31]
I still gotta do my taxes... Man I hope u guys put enough in so I can get some out!!!
 
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Posted: 2/25/2016 10:27:01 AM EDT
[#32]
Quote HistoryQuoted:
That's okay, I've got their back. Therein lies the problem with the current system. |
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Posted: 2/25/2016 10:32:18 AM EDT
[#33]
Quote HistoryQuoted:
liberal voters |
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Posted: 2/25/2016 10:32:28 AM EDT
[#34]
The only people that really understand the tax system are those that make quarterly payments.
There is no such thing as a refund. Just an application to the next tax year. |
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Posted: 2/25/2016 10:34:14 AM EDT
[#35]
Maybe if the govt wasn't spending so much money taxes would be lower.
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Posted: 2/25/2016 10:34:58 AM EDT
[#36]
You should clarify that you are talking about "income" tax here. ALL pay some federal tax. Every time you make a purchase you pay Federal tax. Remember manufacturing companies don't pay fed income tax, they collect it from the consumer and pass it on.
EBR |
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Posted: 2/25/2016 10:36:38 AM EDT
[#37]
Quote HistoryQuoted:
Proof that an Arfcomer wrote the article: <snip> "On average, those in the bottom 40 percent of the income spectrum end up getting money from the government. Meanwhile, the richest 20 percent of Americans, by far, pay the most in income taxes, forking over nearly 87 percent of all the income tax collected by Uncle Sam."</snip> Well, we all make six figures and have super model wives so...it's appropriate. |
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Posted: 2/25/2016 10:37:41 AM EDT
[#38]
This is the percentage that Romney was talking about when he was secretly recorded during a meeting of some sort and got into all of that trouble.
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Posted: 2/25/2016 10:38:54 AM EDT
[#39]
Where do you sign-up for that program ? ? ? 
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Posted: 2/25/2016 10:39:28 AM EDT
[#40]
Quote HistoryQuoted: The only people that really understand the tax system are those that make quarterly payments. There is no such thing as a refund. Just an application to the next tax year. |
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Posted: 2/25/2016 10:44:59 AM EDT
[#41]
Quote HistoryQuoted: plenty of poorass Republicans get earned income credit and bizarrely I know plenty of rich Democrats, doctors especially, who always vote against their interest, not only for income tax but supporting Obama whose obamacare is screeeewing them Quote HistoryQuoted: Quoted: liberal voters She had a small practice and employed 5 people but was always busy with waiting times for appointments being on average 3 months. Virtually never accepting new patients unless it was a favor to someone else retiring. She was well known and when I started my search for a replacement she was the first name mentioned every time. It was very disheartening to see happen. She is a great Doctor but unfortunately she was also a bleeding heart liberal.
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Posted: 2/25/2016 10:45:58 AM EDT
[#42]
Quote HistoryQuoted:
This is the percentage that Romney was talking about when he was secretly recorded during a meeting of some sort and got into all of that trouble. Because people as a whole..are fucking stupid...individuals are smart. |
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Posted: 2/25/2016 10:47:13 AM EDT
[#43]
But the top 20% of wage earners need to pay their fair share! And they aren't!
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Posted: 2/25/2016 10:47:21 AM EDT
[#44]
We just need to get the other 55% in that same group............
Seriously,we have a huge bloated federal government-that's the crux of the problem.There should be NO income tax. Just a fantasy-not going to change in my lifetime. Self employed with no kids-I pay. 
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Posted: 2/25/2016 10:47:42 AM EDT
[#45]
Quote HistoryQuoted: And every fucking one of them, believe they do pay taxes. Fuck, most of them get back more than they paid in, see the Child income tax credit. |
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Posted: 2/25/2016 10:48:59 AM EDT
[#46]
So, ever wonder why Dems get elected?
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Posted: 2/25/2016 10:49:21 AM EDT
[#47]
Quote HistoryQuoted:
And every fucking one of them, believe they do pay taxes. Fuck, most of them get back more than they paid in, see the Child income tax credit. Anyone that gets back more than they paid is FSA. |
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Posted: 2/25/2016 10:49:23 AM EDT
[#48]
Quote HistoryQuoted:
They do. They pay sales taxes, gasoline taxes, the taxes on their electric bill, property taxes, social security taxes, medicare taxes, state income taxes, etc. I don't like our tax system, but at the same time I understand that half of our nation is poor (relative to western standards) and higher taxes disproportionately impact them compared to those in the top 10%. If a top 10% income earner pays more taxes he/she may have to cut back from a trip to Hawaii to a trip to Vegas. But if taxes rise on someone in the bottom 50% percentile of income that might mean the difference between eating the last day or two of the month versus not. This is really a pointless debate because the real problem in America isn't who and how much taxes are paid, it's the size and spending of government at all levels. Quote HistoryQuoted:
Quoted:
And every fucking one of them, believe they do pay taxes. Fuck, most of them get back more than they paid in, see the Child income tax credit. Take your liberal talking points and look up actual facts... The poor in the country will continue to remain poor because there is no incentive to better yourself when you get a free ride. |
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Posted: 2/25/2016 10:51:20 AM EDT
[#49]
Quote HistoryQuoted:
They do. They pay sales taxes, gasoline taxes, the taxes on their electric bill, property taxes, social security taxes, medicare taxes, state income taxes, etc. I don't like our tax system, but at the same time I understand that half of our nation is poor (relative to western standards) and higher taxes disproportionately impact them compared to those in the top 10%. If a top 10% income earner pays more taxes he/she may have to cut back from a trip to Hawaii to a trip to Vegas. But if taxes rise on someone in the bottom 50% percentile of income that might mean the difference between eating the last day or two of the month versus not. This is really a pointless debate because the real problem in America isn't who and how much taxes are paid, it's the size and spending of government at all levels. Quote HistoryQuoted:
Quoted:
And every fucking one of them, believe they do pay taxes. Fuck, most of them get back more than they paid in, see the Child income tax credit. I get that.....you get that......but most folks do not get that. Sales tax sucks.......but it is not comparable to seeing $XXX taken from you paycheck from money you have earned. |
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Posted: 2/25/2016 10:52:39 AM EDT
[#50]
Quote HistoryQuoted:
Anyone that gets back more than they paid is FSA. Quote HistoryQuoted:
Quoted:
And every fucking one of them, believe they do pay taxes. Fuck, most of them get back more than they paid in, see the Child income tax credit. Anyone that gets back more than they paid is FSA. Everybody is looking for an angle. Everybody is on the take. That is the new America. |
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