manic expression
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Tue Sep-07-04 04:00 PM
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looking for info on US tax rates |
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If there's anyone who knows the approximate percentage of what the wealthiest 1%, 5% and/or 10% of the U.S. population pay in taxes. I would also like to know which range of income pays the most income tax %. I was told by someone that the wealthiest 10% pay about 90% of the government's taxes. I think that is untrue, but I haven't been able to find any info on it. Also, if anyone could give me a link to their info, I would really appreciate that.
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wuushew
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Tue Sep-07-04 04:02 PM
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1. Do you mean ALL taxes or just income taxes? |
manic expression
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Tue Sep-07-04 04:03 PM
Response to Reply #1 |
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if you can...I can't find anything about this at all for some reason.
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wuushew
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Tue Sep-07-04 04:05 PM
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3. Tax Burden Shifts to the Middle |
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Edited on Tue Sep-07-04 04:06 PM by wuushew
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manic expression
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Tue Sep-07-04 04:09 PM
Response to Reply #3 |
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That's exactly what I was looking for. Thanks again.
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papau
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Tue Sep-07-04 04:13 PM
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5. Social Security payroll tax - the other income tax - is a minimal tax for |
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the top 10% in income because of the wage cap - There are no income taxes of "payroll Tax" nature on wages above 88000 this year.
Plus the Payroll FIT does not cover investment earnings - the type of income that makes up 90% of the income of the very rich.
Give me a "flat-tax" on all income - investment and wages - to replace the payroll tax, and life gets easier for the middle class because the tax rate needed for Soc Security drops a great deal.
:-)
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manic expression
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Tue Sep-07-04 04:18 PM
Response to Reply #5 |
8. So let me get this straight... |
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People who make $88,000 a year pay no taxes on the "payroll tax"? And the rich pay nothing for investment earnings? Would a flat-tax be more effective than a graduated tax?
P.S. Sorry, I have little understanding of the buisness of taxes. I'm trying to learn, though.
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papau
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Tue Sep-07-04 06:03 PM
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10. A "flat tax on wages" is what we have in the payroll tax - but limted to |
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only the first 88000 of wages. So wages over 88000 and all investment income are not taxed under the "payroll" federal income tax.
Now replacing both payroll income tax and the "classic" Federal Income Tax by a "flat" tax that is made a bit progressive allowing a mortgage interest deduction for the first 20,000 of Mortgage Interest, a per return deduction of 20,000, amd a per adult deduction of 10,000 with a per child deduction of $5,000, while retaining the Corporate tax, with all its deductions, but with enforcement of Code Section 482 so as to end off shoring of jobs and taxes, and with a tax at the same "flat rate" as the Flat personal tax, WOULD BE A GREAT IMPROVEMENT. That flat rate would be between 35% and 40% if we retain the only tax a small percentage of investment earnings concept. If we got really lucky and taxed investment income at 100 cents on a dollar WE WIN and the tax rate drops to 33%. If we then add a surcharge to that tax of 25% (meaning a 33% rate is really 125% of 33%, or 41.25%) and dedicate the extra money as a block grant to the states from where it came, WE GET THE ULTIMATE WIN because we will have less state reliance on non-progressive, indeed regressive, taxes like the sales tax.
By the way - the Percent of Federal tax paid as the state income tax is already in place in Vermont and other states.
With the deductions above the flat tax becomes much more of a graduated tax than our current tax.
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AP
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Tue Sep-07-04 04:14 PM
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6. I think it's more like the top 10% pays 50% of all taxes collected, but |
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Edited on Tue Sep-07-04 04:15 PM by AP
earn 70% of all income earned.
As you narrow your field on the richest Americans, the more out of proportion their tax contribution is relative to what they make -- and that's just measuring by income. When you throw in a consideration of the assets they already control, it's even a bigger disparity.
A big reason for this is that income from work is taxed more than twice as high as dividends and cap gains. The richer you are, the less likely it is that you're making your money as earned income. And if you work for yourself, you have a lot of control over how you realize your income.
So, the fact is, doctors and lawyers and artists and actors who don't really have a choice about how they get paid end up paying a lot of tax on their earned income. But CEOs and oil, banking, insurance execs, etc, probably get away with avoiding a lot of tax.
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georgiavoter
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Tue Sep-07-04 04:16 PM
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here is a good site that can help you the link will take you directly to the info you want but explore it. http://www.taxfoundation.org/ff/cbostudy2.html
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ajacobson
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Tue Sep-07-04 05:58 PM
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Edited on Tue Sep-07-04 06:00 PM by ajacobson
www.ctj.org
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papau
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Tue Sep-07-04 07:06 PM
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12. A much better truth telling site |
papau
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Tue Sep-07-04 07:04 PM
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11. Tax foundation GOP biased - ignores payroll income tax. |
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"40 percent of Americans pay no income tax" is bull.
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Sun May 05th 2024, 06:20 PM
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