The super rich pay a lower percent of income than anyone else, including the poorest 20% of Americans. This is when you take all taxes into account. Look it up.
The poorest 20% of Americans pay NO federal income taxes. In fact about 55% of Americans pay NO federal income taxes.
I know you are trolling (that's all you ever do), so don't pat yourself on the back too hard that I am addressing one or more items in your post. Someone might possibly be misled by your post so a note might be worthwhile.
1) Fat Hurts explicitly pointed to ALL taxes taken into account. Hence, your response regarding FEDERAL income taxes is either disingenuous or moronic (possibly both).
2) 41% of Americans have either not yet started careers (summer work at McDonald's doesn't count) or are in their retirement years (65+). As a result, your 55% figure is grossly misleading when the vast majority of these are simply not in their primary working years. Or did you really mean to point out that most 4 year-olds aren't paying ANY income taxes (scandalous!)?
this focus on billionaires is tiresome. There are only a few hundred billionaires in the nation. They just aren't that important.
The much more important fact is that the US has one of the most graduated income tax systems in the world and asks virtually nothing of a very large percentage of citizens. The great majority of income tax is paid by the rich
Isn't that a much more important fact than spending time worrying about a few hundred billionaires?
You should really focus on overall taxes paid. To single out a single segment (income taxes) rather than the entire tax burden makes no sense.
The poorest 20% of Americans pay NO federal income taxes. In fact about 55% of Americans pay NO federal income taxes.
2) 41% of Americans have either not yet started careers (summer work at McDonald's doesn't count) or are in their retirement years (65+). As a result, your 55% figure is grossly misleading when the vast majority of these are simply not in their primary working years. Or did you really mean to point out that most 4 year-olds aren't paying ANY income taxes (scandalous!)?
no man you have the facts wrong - it's a very large number of HOUSEHOLDS, not individuals who pay no federal income tax. Your point is off base.
The poorest 20% of Americans pay NO federal income taxes. In fact about 55% of Americans pay NO federal income taxes.
I know you are trolling (that's all you ever do), so don't pat yourself on the back too hard that I am addressing one or more items in your post. Someone might possibly be misled by your post so a note might be worthwhile.
1) Fat Hurts explicitly pointed to ALL taxes taken into account. Hence, your response regarding FEDERAL income taxes is either disingenuous or moronic (possibly both).
2) 41% of Americans have either not yet started careers (summer work at McDonald's doesn't count) or are in their retirement years (65+). As a result, your 55% figure is grossly misleading when the vast majority of these are simply not in their primary working years. Or did you really mean to point out that most 4 year-olds aren't paying ANY income taxes (scandalous!)?
I will acknowledge a number of your points. I don't mean to mislead anyone. It is important to point out that the wealthiest of Americans often have much of their wealth tied up in assets not earning much income besides dividend income. So when they have an unrealized gain of $100 million in a stock that has appreciated it is silly to suggest that that capital appreciation should be taxed.
this focus on billionaires is tiresome. There are only a few hundred billionaires in the nation. They just aren't that important.
The much more important fact is that the US has one of the most graduated income tax systems in the world and asks virtually nothing of a very large percentage of citizens. The great majority of income tax is paid by the rich
Isn't that a much more important fact than spending time worrying about a few hundred billionaires?
You should really focus on overall taxes paid. To single out a single segment (income taxes) rather than the entire tax burden makes no sense.
it does make sense to talk about income taxes because they are so large + graduated and knowable. And it's virtually impossible to add up all the other taxes paid. Who knows what property tax Musk pays on all his properties? What is the sales tax on one of his private jets?
but sure, in an ideal world we'd add up all the taxes for everyone.
The billionaire tax is patterned off the socialist European countries. Some of them are absolutely draconian, but some do offer relief if you have a net loss. However, it is only for the year of the loss and cannot be used to counter gains from previous or future years. Norway's is everything above $780,000 which many people on this board would owe. This year with the huge worldwide real estate bubble, governments will rake it in and the house owners will have to pay up on an asset that will be much less valuable next year. Socialism is evil and the true enemy of productivity and incentive.
The billionaire tax is patterned off the socialist European countries. Some of them are absolutely draconian, but some do offer relief if you have a net loss. However, it is only for the year of the loss and cannot be used to counter gains from previous or future years. Norway's is everything above $780,000 which many people on this board would owe. This year with the huge worldwide real estate bubble, governments will rake it in and the house owners will have to pay up on an asset that will be much less valuable next year. Socialism is evil and the true enemy of productivity and incentive.
yes, yes, yes, Norway is a socialist country. Keep on it and you can convince yourself of ANYTHING.
hey, did you know that HRC kept child s/x slaves in the basement of a pizza parlor?
Hillary no, but Bill was acquainted with Epstein who did have an organized ring of pedophiles with access to the highest levels of govt. in the US and UK. And it was a private island not a pizza joint. I would have a great deal more respect for Hillary if she had thrown that womanizer out after the Lewinski scandal.
Hillary no, but Bill was acquainted with Epstein who did have an organized ring of pedophiles with access to the highest levels of govt. in the US and UK. And it was a private island not a pizza joint. I would have a great deal more respect for Hillary if she had thrown that womanizer out after the Lewinski scandal.
There isn't a single socialist country in Europe.
They are capitalist countries who can afford huge social programs because the USA pays for all of their defense...
Pretty clear the extremely woke liberal elements are killing this administration. November elections are going to be a repudiation of this very weird ideology.
The super rich pay a lower percent of income than anyone else, including the poorest 20% of Americans. This is when you take all taxes into account. Look it up.
The poorest 20% of Americans pay NO federal income taxes. In fact about 55% of Americans pay NO federal income taxes.
If you take all federal, state, and local taxes into account, the poor pay more than the super-rich (as a percent of income).
note that the percent of oil imported to the USA (rather than produced here) began increasing under Trump.
Meaning all this blather from Rs about biden destroying the us energy industry is nonsense - it began under trump. because US oil companies felt the prices were too low to safely invest in new production.
It's a market failure, not a government failure. Not that 'conservatives' will care about facts. They're so much more into feelings.
I will acknowledge a number of your points. I don't mean to mislead anyone. It is important to point out that the wealthiest of Americans often have much of their wealth tied up in assets not earning much income besides dividend income. So when they have an unrealized gain of $100 million in a stock that has appreciated it is silly to suggest that that capital appreciation should be taxed.
It's not silly at all. Those who have hundreds of millions (or even billions) tied up in unrealized capitol gains posses a wealth-building machine that is never taxed.
This allows wealth inequality to metastasize to a point where most of the nations wealth and power is vested in the hands of just a few people. We have created our own oligarchy.
I will acknowledge a number of your points. I don't mean to mislead anyone. It is important to point out that the wealthiest of Americans often have much of their wealth tied up in assets not earning much income besides dividend income. So when they have an unrealized gain of $100 million in a stock that has appreciated it is silly to suggest that that capital appreciation should be taxed.
It's not silly at all. Those who have hundreds of millions (or even billions) tied up in unrealized capitol gains posses a wealth-building machine that is never taxed.
This allows wealth inequality to metastasize to a point where most of the nations wealth and power is vested in the hands of just a few people. We have created our own oligarchy.
the thing is...this hasn't happened. there is no american 'oligarchy' that runs the nation. Despite generations of american tax policy supposedly favoring the rich.
Hillary no, but Bill was acquainted with Epstein who did have an organized ring of pedophiles with access to the highest levels of govt. in the US and UK. And it was a private island not a pizza joint. I would have a great deal more respect for Hillary if she had thrown that womanizer out after the Lewinski scandal.
Epstein and Maxwell and Wexner were all part of a Mossad blackmail operation
It's not silly at all. Those who have hundreds of millions (or even billions) tied up in unrealized capitol gains posses a wealth-building machine that is never taxed.
This allows wealth inequality to metastasize to a point where most of the nations wealth and power is vested in the hands of just a few people. We have created our own oligarchy.
the thing is...this hasn't happened. there is no american 'oligarchy' that runs the nation. Despite generations of american tax policy supposedly favoring the rich.
You should really focus on overall taxes paid. To single out a single segment (income taxes) rather than the entire tax burden makes no sense.
it does make sense to talk about income taxes because they are so large + graduated and knowable. And it's virtually impossible to add up all the other taxes paid. Who knows what property tax Musk pays on all his properties? What is the sales tax on one of his private jets?
but sure, in an ideal world we'd add up all the taxes for everyone.
It's not hard at all to estimate the total tax burden of different groups. Economists have been doing it for years.
If you don't consider the total tax burden you can't begin to say what is a fair tax scheme.
As for Musk, he has sold off almost all his assets. His only home is a tiny $50,000 pre-fab house at the space port in Boca Chica, TX. His jet is jointly owned by SpaceX and Tesla. So he hasn't personally paid any sales tax or property tax on it. He has hundreds of billions in unrealized capital gains, which makes him the richest man in the world (besides Putin).
Last year, Musk voluntarily paid the largest tax bill in history. He had vested Tesla shares that he had to either exercise or lose them. Instead of borrowing the money to exercise the shares, he sold shares to cover it. This created a taxable event, which most billionaires are able to avoid in such situations. If he wanted to, Musk could have done the whole transaction without paying a penny in taxes.
There are about 740 billionaires in the US with a total net worth about $4.4 trillion. If the government confiscated ALL of their wealth it could run the US government for about 13 months. Incidentally, the original Build Back America bill, I believe, was going to cost $5 trillion, so all that money would have not even covered that bill.