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The answer is the fair tax. Punish consumption not productivity. Tax the rich when they buy their yachts and mansions and limos. You also begin taxing the underground, criminal and black market economies when you use the fair tax. This would be the most fair plan around. go to fairtax.org check it out.
Originally posted by poet1b
reply to post by schuyler
Just cherry picked numbers that completely ignore the reality.
The bottom 50% of earners are primarily students, young struggling people, and retirees, who spend most of their lives paying in the higher tax brackets.
And your numbers greatly skew the the reality in favor of the super rich, the top 400 tax payers.
Nobody is expecting the Middle Class, where most of us belong, to pay more taxes.
The Middle class pays far too much in Fed taxes for far too little service, and the super rich pay far too little for the considerably higher benefits they get from fed gov service.
Oh - wait a second... There's a cap on that tax? And the cap isn't even half a million dollars? Well, since 1% own 40% of the goods... Let's find out how much, in percentages, the top 1% is paying!
Originally posted by schuyler
Yeah, right. The following is taken directly from the IRS and is adjusted for 2010:
100%: 139,960,580 returns paid taxes of $1,031,512mil for 100% AGI for 100% of taxes
Top 1%: 1,399,606 returns paid $392,149mil for 20.70% AGI for 38.02% of taxes
Top 5%: 6,998,029 returns paid $213,569mil for 34.73% AGI for 58.72% share
Top 10%: 13,996,068 returns paid $721,421mil for 45.77% AGI for 69.94% of taxes
Top 25%: 34,990,145 returns paid $890,614mil for 67.38% AGI for 86.34% of taxes
Top 50%: 69,980,290 returns paid $1,003,639mil for 87.25% AGI for 97.30% of taxes
Bottom 50%: 69,980,290 returns paid $27,783 mil for 12.75% AGI for 2.59% of taxes.
AGI = Adjusted Gross Income. So to put this in story problem form:
The top 1% earned 20.70% of the income, but paid 38.02% of all income taxes.
The top 5% earned 34.73% of the income, but paid 58.72% of all income taxes.
The top 10% earned 45.77% of the income, but paid 69.94% of all income taxes.
The top 25% earned 67.38% of the income, but paid 86.34% of all income taxes.
The top 50% earned 87.25% of the income, but paid 97.30% of all income taxes.
The bottom 50% earned 12.75% of the income, but paid 2.59% of all income taxes
Now let’s put that in perspective.
The top 1% means your adjusted gross income is at or above $380,354.
The top 5% means your adjusted gross income is at or above $159,619.
The top 10% means your adjusted gross income is at or above $113,799.
The top 25% means your adjusted gross income is at or above $67,280.
The top 50% means your adjusted gross income is at or above $33,048.
The bottom 50% means your adjusted gross income is below $33,048.
"Fair" is a loaded term, as any parent knows. All it means is that you don't agree. It has nothing to do with fairness. Income taxes are a way to pay for government "services," and nothing more. My income group pays nearly 60% of all income taxes. The bottom 50% pays 2.59%. Plus, the bottom 50% gets food stamps for free, free medical care, etc., all things I have to pay for. In other words, their purchasing power is much greater than what their income would suggest. I pay for all that, too.
It is not true that there is a cap. If you make more money, you pay more taxes, and you pay at the highest marginal tax rate, which is 35%. Bottom line is that the top half pay more than 97% of the income taxes and the bottom half pay next to nothing. If the whole thing involves "fairness" then I'm for a flat tax. You pay the same percentage of your income I do and that's fair. You don't pay as much as I do because your income is lower, and I can understand that. That's fair, too. But I shouldn't have to carry you. And you're not getting any more out of me.
edit on 4/26/2012 by schuyler because: (no reason given)
Why is it criminal for corporations but ok for welfare recipients? I am against corporate welfare, but I am also against all welfare programs.
Originally posted by randomname
i can understand corporations paying a little tax, but to pay negative in taxes and actually get a check from the government is criminal.
Originally posted by thegagefather
I'll give you a loan! But the same way the central bank does.
I'll give you 100 bucks, with 12.5% interest, of course (due immidiately, compounding daily, penalties apply, still owe me after declaring bankruptcy)
Here's you 100-spot!
Now where's my $168.46?edit on 26-4-2012 by thegagefather because: misspelling