OtherGround Forums Wealthiest 400 pay lower taxes than everybody else

8 days ago
3/3/18
Posts: 10693
For the first time on record, the 400 wealthiest Americans last year paid a lower total tax rate — spanning federal, state and local taxes — than any other income group, according to newly released data.
 
That’s a sharp change from the 1950s and 1960s, when the wealthy paid vastly higher tax rates than the middle class or poor.
 
Since then, taxes that hit the wealthiest the hardest — like the estate tax and corporate tax — have plummeted, while tax avoidance has become more common.
 
President Trump’s 2017 tax cut, which was largely a handout to the rich, plays a role, too. It helped push the tax rate on the 400 wealthiest households below the rates for almost everyone else.
 
The overall tax rate on the richest 400 households last year was only 23 percent, meaning that their combined tax payments equaled less than one quarter of their total income. This overall rate was 70 percent in 1950 and 47 percent in 1980.
8 days ago
9/23/07
Posts: 79719
Good.

More rich people in america is a bonus.
8 days ago
11/9/17
Posts: 8604
They are smart, you are not!
8 days ago
3/27/09
Posts: 6334

And combined they most likely paid a bigger sum of money than the rest as well.

8 days ago
11/9/10
Posts: 68245
JonnyW -

And combined they most likely paid a bigger sum of money than the rest as well.

BINGO!

8 days ago
1/1/01
Posts: 11208

"From each according to his ability, to each according to his needs"

8 days ago
1/1/01
Posts: 83118

Taxation is theft 

8 days ago
8/29/09
Posts: 14860

Good for them. 

Why would anyone be mad that someone paid less taxes than they used to. 

Last year I made around 100k my federal tax liability was around $1,000.  You mad at me too?

8 days ago
8/29/19
Posts: 125
JonnyW -

And combined they most likely paid a bigger sum of money than the rest as well.

Bigger by orders of magnitude.

8 days ago
9/28/19
Posts: 19
tjmitch -

Taxation is theft 

So, no taxes at all? I'm all in. 

8 days ago
11/13/14
Posts: 4592

In for butthurt responses. 

8 days ago
2/14/10
Posts: 11927
Kwang -

In for butthurt responses. 

Go right ahead. You're a big proponent of wealth distribution and spending other people's money. I'm sure this news chafes your vagina no end. 

8 days ago
8/1/13
Posts: 20322
Bad Monkey -

Good for them. 

Why would anyone be mad that someone paid less taxes than they used to. 

Last year I made around 100k my federal tax liability was around $1,000.  You mad at me too?

Perfect

8 days ago
11/9/10
Posts: 68248

Heard an interesting suggestion. Instead of using pay withholding and never seeing taxes go to a system where you pay quarterly and have to write the check. Let’s see how fast people change their opinions on taxes. 

8 days ago
11/9/10
Posts: 68249
de braco -

"From each according to his ability, to each according to his needs"

From those who can to those who won’t. 

8 days ago
3/14/04
Posts: 132444
VinegarStrokes - 

Heard an interesting suggestion. Instead of using pay withholding and never seeing taxes go to a system where you pay quarterly and have to write the check. Let’s see how fast people change their opinions on taxes. 


How about we just eliminate double, triple, quadruple, etc... taxation?

We should also eliminate income tax right out of the gate.
8 days ago
11/4/10
Posts: 13350

Can we get a total amount paid by each. 

8 days ago
11/4/10
Posts: 13351

It’s always astonished me that people get mad at someone for wanting to keep more of the money they worked for. 

Apparently it is greedy to want to keep your money but not greedy to want the government to take someone’s money. 

8 days ago
5/23/07
Posts: 17980
VinegarStrokes - 

Heard an interesting suggestion. Instead of using pay withholding and never seeing taxes go to a system where you pay quarterly and have to write the check. Let’s see how fast people change their opinions on taxes. 


I pay most of my clients tax withholding monthly here (Canada)...if payroll is over a million a year it's semi monthly. Big fines if not remitted/paid in time.
8 days ago
4/27/18
Posts: 1811
JonnyW -

And combined they most likely paid a bigger sum of money than the rest as well.

They paid the majority

8 days ago
7/24/14
Posts: 1305

What about having 1 type of tax and let that be sales tax. Higher rate than currently. Something like 25% or whatever. 

 

The more you consume the more taxes you pay. Business and individuals both. 

8 days ago
4/27/18
Posts: 1812
tjmitch -

Taxation is theft 

Easily demonstrable

Although I’ll add theft at the end of a gun barrel

 and facing the rest of your life in prison if you resist

8 days ago
3/14/04
Posts: 132446
Strangleu - 
JonnyW -

And combined they most likely paid a bigger sum of money than the rest as well.

They paid the majority


It's all relative.

For someone who makes 1,000,000/yr, paying 300K in taxes has much less of an effect on their lives than someone who makes $30K a year having to pay $10K/yr in taxes.

8 days ago
3/14/04
Posts: 132447
DollawayGotFistedByAPillow - 

What about having 1 type of tax and let that be sales tax. Higher rate than currently. Something like 25% or whatever. 

 

The more you consume the more taxes you pay. Business and individuals both. 


Yep, income tax should be eliminated. It's too problematic, as my example above shows.

8 days ago
5/30/09
Posts: 18095
KZTT_MMAfan55 -

It’s always astonished me that people get mad at someone for wanting to keep more of the money they worked for. 

Apparently it is greedy to want to keep your money but not greedy to want the government to take someone’s money. 

I'm bitter because I still pay a third of my income to the fucking government while rich and poor fuckers alike pay dick. The rich don't need a tax break and the poor need to work more. I'm out here busting my hump all day in the coal mines.. FOR WHAT!?

-my grandpa