Do rich people pay a higher percentage of taxes or not?

Natural Order said:
Great post.

Oh, and the answer to the problem that most capitalists still don't get? The 1% MUST reinject 80% of their massive wealth back into the middle class regularly. No strings attached. This is to maintain a society that can balance the requirements for constant purchasing power amongst the middle and large portions of the lower class. Without it, the whole thing collapses.

They can still be society's uber-wealthy, but there must be a limit. The system does not have the safeguard against unbridled capitalism and the inherent fallout to the collective.

Incredible that they don't understand this yet. Instead, the gap will become so large everything will collapse and they'll be eaten like every other man. Not sure how many reset attempts we're going to get at this....
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Bro, nobody botox clowns like Kendal Jenner have 300M Democrat followers worshipping their every move. Do you think society is full of people that understand anything?
 
BIKES! said:
Bro, nobody botox clowns like Kendal Jenner have 300M Democrat followers worshipping their every move. Do you think society is full of people that understand anything?
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No arguments here muchacho.

I still try to err on the side of positive thinking....but normally I estimate between 70-80% of the population knows literally next to nothing about the human condition or the affairs that have brought us to today.

Also, this isn't a left/right thing.........just as many retarded Republicans and greedy corporations on the right.
 
The problem is more to do where money stays, and less on where it goes.

If the money itself is legitimately changing hands, that is by definition, economic activity.

The problem we face is a lack of turnover. All the money congregates on top of the heap and never goes anywhere.

Keep in mind if personal income was spread 100% equally, aka dreaded communism, every American would be taking home round-about 89k/year. That's not including corporate income. Which would push it up around 99k/year. That completely discounts wealth, and is entirely income. And if you consider average US household (not individual) income is 63k/year. That disparity between what everyone would have if all income was equally shared vs. what the average American H O U S E H O L D earns, is a serious issues. And while 20-30k/year may not seem like a whole lot, you have to realize it's a problem multiplied by 210 million US citizens over the age of 18. Plus or minus whatever think tank estimates on illegal immigrant populations you favor.

-The government does piss away too much money
-The rich do pay a disproportionate amount of taxes
-69% of Americans (est) have less that $1,000 in the bank
-The US savings rate is 7.6%

For people interested in real economics, I suggest checking out Steve Keen or Mark Blyth. Both of whom have a library of freely available online content. And I highly suggest disregarding everything and anything you see on American TV News regarding economics, as it's all complete and utter garbage.
 
Social Distance Warrior said:
I used to do taxes, personal and business..

the upper class, 6 figure, and millionaires pay a $hit ton.

some with hold more taxes than many earn in a year.
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I just reached 100,000 a few years ago. Once you hit over that you might as well not work for the remainder of the year cause you get so much taken it's not even worth it
 
Richmma80 said:
taxes.jpg
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Misleading.
If one guy makes $100 and 99 other guys make a total of $100 and all taxed equally, then the dude the make the $100 would be paying 50% of the taxes. To be a fair chart you would need to show the earnings of each group in your pie chart.
 
44nutman said:
Misleading.
If one guy makes $100 and 99 other guys make a total of $100 and all taxed equally, then the dude the make the $100 would be paying 50% of the taxes. To be a fair chart you would need to show the earnings of each group in your pie chart.
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Or just use the effective rate. I agree with your point though.
 
You shouldn't even be talking about paying taxes unless you make half a mill minimum.
 
Mean Farmer said:
Hahahaha!
Not a chance!
You see we have business and industry in the civilized parts of the world that will always ensure we prosper.
Africa will stay as they are until they stop the infighting and build their nation.
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History has shown that will never occur.
 
fedoriswar37 said:
I just reached 100,000 a few years ago. Once you hit over that you might as well not work for the remainder of the year cause you get so much taken it's not even worth it
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You're not reinvesting to offset taxes enough then and that's entirely on you.
$100k won't touch may annual landscaping bill. Granted there's much to be done to meet ascs requirements for farming.
 
It's not the complicated but it's also not that obvious. Reducing your tax burden is about tax credits and tax deductions. People who structure their income so that they can maximize deductions and credits pay a lower overall percentage than people who don't. There aren't a ton of deductions for regular paychecks but lots of deductions for small business owners, real estate owners and a lower overall tax rate for capital gains.

So, done properly a rich person can pay a lower percentage in taxes than a poor person. But if they don't have access to all of those deductions, they can't lower their percentage as much and will still pay a higher percentage than a poor person.

Both positions are true. The question one should be asking is which of those deductions and credits should we let exist and which ones need to end.
 
BIKES! said:
You are referencing the debunked claim that Warren Buffet's secretary paid more in taxes.

The left has silenced free speech, disabled commentary and controlled all social media so even stupid questions like this are asked time and again.
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"The left has silenced free speech, disabled commentary and controlled all social media so even stupid questions like this are asked time and again."

Gotta love the retarded irony, especially when you look at the largest facebook pages and groups and see a staggering number of right wing political shows on the list.

Weird...........
 
nostradumbass said:
No, you made an irrelevant point, and you even fucked that up. Canada doesn't have a 50% capital gains tax rate, it's 50% of the capital gains are taxable at the income tax rates, and half is not taxable. What are the corporate tax rates in Canada? So income taxes are more progressive in the US, capital gains tax is higher, corporate tax is higher. If I were you, I'd tuck tail and go shit up another thread.
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I emailed a friend (a Canadian now living in the US) and asked him “What is the tax rate on capital gains in Canada?” He replied, “50%”

I haven’t been able to follow up with him yet but it’s possible he misunderstood my question and thought I was asking him what percentage of capital gains income is taxed in Canada. So I misunderstood his answer and repeated it here incorrectly. I should have just googled it.

Regardless, the same guy has told me numerous times that since moving to the States he has saved “a boatload” on his taxes versus his time in Canada. And the majority of his income is in the unearned category. According to his CPA the difference is due primarily to the vast number of legal tax loopholes available to him in the US tax code.
 
ultramanhyata said:
I emailed a friend (a Canadian now living in the US) and asked him “What is the tax rate on capital gains in Canada?” He replied, “50%”

I haven’t been able to follow up with him yet but it’s possible he misunderstood my question and thought I was asking him what percentage of capital gains income is taxed in Canada. So I misunderstood his answer and repeated it here incorrectly. I should have just googled it.

Regardless, the same guy has told me numerous times that since moving to the States he has saved “a boatload” on his taxes versus his time in Canada. And the majority of his income is in the unearned category. According to his CPA the difference is due primarily to the vast number of legal tax loopholes available to him in the US tax code.
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I'm sure he has. Everyone's taxes are lower in the US. They have provincial and territorial taxes that are higher than the highest state tax in the US, in addition to federal, and their top provincial tax rate kicks in at under $100k in some provinces.

https://www.canada.ca/en/revenue-ag...rates-individuals-current-previous-years.html
 
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