Current Events > 2% of America pays for 80% of its taxes. Should this be skewed more?

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Bok_Choi
08/10/17 1:16:19 PM
#1:


So that 2% of America is paying for MORE than 80% of our taxes?
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Squall28
08/10/17 1:17:34 PM
#2:


Need sources
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Oldenform
08/10/17 1:17:59 PM
#3:


the rich need to pay more of the fair share!!!
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Fam_Fam
08/10/17 1:18:08 PM
#4:


Source: someone working for rich guys
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Darkman124
08/10/17 1:21:19 PM
#5:


old as fuck and wrong
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luigi13579
08/10/17 1:23:38 PM
#6:


If they think they're paying too much, they can give some money to poor people to enable them to pay more. Didn't think so, huh?

trollface.jpg

On a more serious note though, the poor (and middle earners) can't pay what they don't have. If earnings weren't so skewed, maybe the taxes wouldn't be either. I'm just a filthy commie though. :P
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Bok_Choi
08/10/17 1:24:16 PM
#7:


80% is definitely an exaggerated number but look at this

https://taxfoundation.org/summary-latest-federal-income-tax-data-2016-update/

The Internal Revenue Service has recently released new data on individual income taxes for calendar year 2014, showing the number of taxpayers, adjusted gross income, and income tax shares by income percentiles.[1]

The data demonstrates that the U.S. individual income tax continues to be very progressive, borne mainly by the highest income earners.

In 2014, 139.6 million taxpayers reported earning $9.71 trillion in adjusted gross income and paid $1.37 trillion in individual income taxes.
The share of income earned by the top 1 percent of taxpayers rose to 20.6 percent in 2014. Their share of federal individual income taxes also rose, to 39.5 percent.
In 2014, the top 50 percent of all taxpayers paid 97.3 percent of all individual income taxes while the bottom 50 percent paid the remaining 2.7 percent.
The top 1 percent paid a greater share of individual income taxes (39.5 percent) than the bottom 90 percent combined (29.1 percent).
The top 1 percent of taxpayers paid a 27.1 percent individual income tax rate, which is more than seven times higher than taxpayers in the bottom 50 percent (3.5 percent).
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BLAKUboy
08/10/17 1:24:27 PM
#8:


Fam_Fam posted...
Source: someone working for rich guys

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Darkman124
08/10/17 1:24:48 PM
#9:


Bok_Choi posted...
individual income taxes.



do you think this is the only form of tax
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ZombiePelican
08/10/17 1:27:06 PM
#10:


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Bok_Choi
08/10/17 1:27:33 PM
#11:


Darkman124 posted...
Bok_Choi posted...
individual income taxes.



do you think this is the only form of tax

So you're saying that we need to tax corporations too, at a higher rate?
I mean I'd agree.
But
All told, individual income taxes accounted for a little less than half (47.4%) of government revenue, a share that’s been roughly constant since World War II. The federal government collected $1.54 trillion from individual income taxes in fiscal 2015, making it the national government’s single-biggest revenue source.


So it's pretty clear the individual income tax is really important

http://www.pewresearch.org/fact-tank/2016/04/13/high-income-americans-pay-most-income-taxes-but-enough-to-be-fair/
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Balrog0
08/10/17 1:28:40 PM
#12:


Bok_Choi posted...
Darkman124 posted...
Bok_Choi posted...
individual income taxes.



do you think this is the only form of tax

So you're saying that we need to tax corporations too, at a higher rate?
I mean I'd agree.
But
All told, individual income taxes accounted for a little less than half (47.4%) of government revenue, a share that’s been roughly constant since World War II. The federal government collected $1.54 trillion from individual income taxes in fiscal 2015, making it the national government’s single-biggest revenue source.


So it's pretty clear the individual income tax is really important

http://www.pewresearch.org/fact-tank/2016/04/13/high-income-americans-pay-most-income-taxes-but-enough-to-be-fair/


yeah but the second highest tax is the payroll tax which is much more regressive than the income tax
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Oldenform
08/10/17 1:28:55 PM
#13:


ZombiePelican posted...
Is this a joke? Most wealthy Americans pay almost nothing in taxes


the wealthy pay most of the taxes tho
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Bok_Choi
08/10/17 1:29:44 PM
#14:


ZombiePelican posted...
Is this a joke? Most wealthy Americans pay almost nothing in taxes

perhaps relative to the amount of money they make

8% of 1 million is still 80K
You got 80K laying around?

And think of the other revenue that's being supported by rich people: sales taxes, employment taxes

I mean the richest guys can get the best loopholes but that doesn't mean they literally pay no taxes
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Bok_Choi
08/10/17 1:30:18 PM
#15:


Fucking PROPERTY taxes

Poor people don't own property
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emblem boy
08/10/17 1:30:18 PM
#16:


If it were to be more skewed, how much more would the bottom 98% have to pay?
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darkjedilink
08/10/17 1:30:34 PM
#17:


luigi13579 posted...
If they think they're paying too much, they can give some money to poor people to enable them to pay more. Didn't think so, huh?

trollface.jpg

On a more serious note though, the poor (and middle earners) can't pay what they don't have. If earnings weren't so skewed, maybe the taxes wouldn't be either. I'm just a filthy commie though. :P

If people were worth more pay, earnings wouldn't be skewed.

And you are, since you clearly think rich people don't deserve what they've earned.
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Darkman124
08/10/17 1:30:35 PM
#18:


Balrog0 posted...
yeah but the second highest tax is the payroll tax which is much more regressive than the income tax


and the third highest is typically state income tax which is usually very close to flat

bok you're out of your element
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OpheliaAdenade
08/10/17 1:30:51 PM
#19:


Bok_Choi posted...
Fucking PROPERTY taxes

Poor people don't own property


they own mobile homes, which can't be taxed because they're constantly in motion.
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tremain07
08/10/17 1:32:17 PM
#20:


emblem boy posted...
If it were to be more skewed, how much more would the bottom 98% have to pay?

That's a good question, if they had to pay 98 percent more while the 2 percent only pay 2 percent wouldn't that be more fair?
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Bok_Choi
08/10/17 1:32:35 PM
#21:


Balrog0 posted...
yeah but the second highest tax is the payroll tax which is much more regressive than the income tax

Keep reading:

Still, that analysis confirms that, after all federal taxes are factored in, the U.S. tax system as a whole is progressive. The top 0.1% of families pay the equivalent of 39.2% and the bottom 20% have negative tax rates (that is, they get more money back from the government in the form of refundable tax credits than they pay in taxes).


If you just do your fucking taxes with some common sense, you can get your overpaid taxes back from the government. Sure, that's not as good as say, not withholding so much in the first place and applying it to all incomes (idk how viable this is i'm not an economist) but at least there's a failsafe in place for the poor to get some of their taxes back
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Darkman124
08/10/17 1:33:07 PM
#22:


Bok_Choi posted...
If you just do your f***ing taxes with some common sense, you can get your overpaid taxes back from the government. Sure, that's not as good as say, not withholding so much in the first place and applying it to all incomes (idk how viable this is i'm not an economist) but at least there's a failsafe in place for the poor to get some of their taxes back


bok that is still relating EXCLUSIVELY to federal income tax
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Balrog0
08/10/17 1:33:25 PM
#23:


I didn't say our federal taxes weren't progressive overall, though...
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Twinmold
08/10/17 1:33:44 PM
#24:


Seems fair considering the 1% owns more than 20% of the wealth in this country. Maybe if we stopped letting rich people decide what to tax themselves and pay others, you might see some real change in this country. It's like expecting cops to investigate themselves fairly.
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Bok_Choi
08/10/17 1:33:53 PM
#25:


Darkman124 posted...
bok you're out of your element

I'm honestly just trying to learn here

I don't know anything about this kind of stuff so if you want to enlighten me let me know stuff

No matter what I'm reading, it seems like rich people are either directly paying the most taxes or are contributing more to tax revenue in general
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Darkman124
08/10/17 1:34:01 PM
#26:


here is data on full tax bills paid by people:

http://www.businessinsider.com/no-the-rich-do-not-pay-all-the-taxes-2013-12

notice how non-federal income tax bills take over at the lower end of the spectrum
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Bok_Choi
08/10/17 1:34:25 PM
#27:


Darkman124 posted...
bok that is still relating EXCLUSIVELY to federal income tax

sorry i live in a state with no state income tax so idk how that factors in
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Darkman124
08/10/17 1:34:52 PM
#28:


Bok_Choi posted...
sorry i live in a state with no state income tax so idk how that factors in


the answer is "A LOT"

in your state it's sales tax instead which is typically even more regressive
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Bok_Choi
08/10/17 1:36:15 PM
#29:


so what you're saying is

what's likely happening is the top like 5% IS probably paying for most of the federal taxes and accounting for a lot of the revenue

but when it comes to state income tax everybody is still paying pretty much the same thing?

which still equals out to the rich paying more, but it's perhaps not proportionate?
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Darkman124
08/10/17 1:36:58 PM
#30:


yes, and the lower classes actually pay much more of the social security and medicare taxes since those cap around 105k and everyone pays a flat rate below that
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Bok_Choi
08/10/17 1:37:39 PM
#31:


so your answer to the OP would be "yes, the ratio should be skewed further against the top 2 percentile'

ignoring the sorta erroneous claim
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I Like Toast
08/10/17 1:38:12 PM
#32:


ZombiePelican posted...
Is this a joke? Most wealthy Americans pay almost nothing in taxes

Hodor
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Bok_Choi
08/10/17 1:39:03 PM
#33:


Darkman124 posted...
and the lower classes actually pay much more of the social security and medicare taxes

because lower classes are the ones who typically have hourly wage jobs that make less than 6 figures a year that would be taxed like this?
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Bok_Choi
08/10/17 1:39:55 PM
#34:


man im glad this didn't just end up being a dumb troll topic of mine and i actually got something out of it
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Darkman124
08/10/17 1:40:33 PM
#35:


Bok_Choi posted...
because lower classes are the ones who typically have hourly wage jobs that make less than 6 figures a year that would be taxed like this?


right

basically there is a hard cap to what the richest 1% of the population could contribute to this tax since income above ~105k isn't taxed further
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Bok_Choi
08/10/17 1:41:30 PM
#36:


well that's not fair at all, though i guess once you get above 6 figures everything changes because of the way you're using money and its all tied up in assets and whatever
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That_Happened
08/10/17 1:42:05 PM
#37:


Bok_Choi posted...
2% of America pays for 80% its taxes

Bok_Choi posted...
80% is definitely an exaggerated number but

Bok_Choi posted...
common sense,

Bok_Choi posted...
sorry i live in a state with no state income tax so idk how that factors in

https://www.youtube.com/watch?v=GdLIOE14wpw

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Bok_Choi
08/10/17 1:42:46 PM
#38:


That_Happened posted...
Bok_Choi posted...
2% of America pays for 80% its taxes

Bok_Choi posted...
80% is definitely an exaggerated number but

Bok_Choi posted...
common sense,

Bok_Choi posted...
sorry i live in a state with no state income tax so idk how that factors in

https://www.youtube.com/watch?v=GdLIOE14wpw

well i mean i started out with malicious intent

but then darkman showed up and i'm like omg i like this guy i can learn from him
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Darkman124
08/10/17 1:43:51 PM
#39:


the reason it's capped is medicare/ss is not seen as a welfare program but rather an investment into what is (functionally) an annuity, and the benefits are also capped
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OpheliaAdenade
08/10/17 1:44:57 PM
#40:


Can you cross the street on your own TC?
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Veggeta_MAX
08/10/17 1:45:12 PM
#41:


Hey TC are you still easily offended and still take CE seriously?
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Bok_Choi
08/10/17 1:47:03 PM
#42:


OpheliaAdenade posted...
Can you cross the street on your own TC?

hE dOSnt KnOw eVRythHINg aboUT TAXES

holy shit what a moron am i hurr durr
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Bok_Choi
08/10/17 1:47:27 PM
#43:


Veggeta_MAX posted...
Hey TC are you still easily offended and still take CE seriously?

coming from mr "why are cemen so hostile to me" this is rich
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Balrog0
08/10/17 1:52:35 PM
#44:


Darkman124 posted...
the reason it's capped is medicare/ss is not seen as a welfare program but rather an investment into what is (functionally) an annuity, and the benefits are also capped


SS is capped but Medicare isn't afaik (with respect to benefits)

Medicare is a shitty program that doesn't offer very good coverage, even though people love it, though.
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Bok_Choi
08/10/17 1:54:37 PM
#45:


im glad sometimes you can have reasonable discussion after everyone drops the silly trolling act (me)
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Veggeta_MAX
08/10/17 2:27:29 PM
#46:


Bok_Choi posted...
Veggeta_MAX posted...
Hey TC are you still easily offended and still take CE seriously?

coming from mr "why are cemen so hostile to me" this is rich

Some are, though. You're one of them. But please answer my question.
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Veggeta_MAX
08/10/17 2:28:11 PM
#47:


But TC I am on your side. I made a topic about why people always needing source.
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