Author Topic: What is the Rich’s Fair Share of Taxes?  (Read 356 times)

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Online Jaime

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What is the Rich’s Fair Share of Taxes?
« on: Fri Sep 17, 2021 - 04:50:54 »
The Democrats talk about the rich must pay their fair share in taxes. How should fair share be defined and are the rich now paying their fair share or not and why? If the top 1% is paying 40% of the taxes and the top 10% is paying 71% of the taxes what would be their FAIR share in your opinion?

https://www.heritage.org/taxes/commentary/1-chart-how-much-the-rich-pay-taxes

 
NO one is against people paying their fair share, BUT what IS someone’s fair share? The more Multi trillion dollar spending sprees we have the closer to 100% everyone’s fair share of taxes will be, not just the rich. If we took all of the rich’s money, we would still have to go after most of everyone else’s money if we wanted to live within our means.
« Last Edit: Fri Sep 17, 2021 - 05:17:42 by Jaime »

Online DaveW

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Re: What is the Rich’s Fair Share of Taxes?
« Reply #1 on: Fri Sep 17, 2021 - 05:19:47 »
What everyone thinks is fair is the other bloke paying more than me.

Online RB

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Re: What is the Rich’s Fair Share of Taxes?
« Reply #2 on: Fri Sep 17, 2021 - 05:25:38 »
I'm not an expert in this field so maybe I should be quiet and listen~so I will only say this: The super-rich have MEANS of avoiding taxes through loopholes they have helped create. The poor have no money to pay so they have the lottery for them (mostly for them) to collect what they can~the rich do NOT play the lottery if the truth was known~ oh, I'm sure there are exceptions, but expectations only prove the rule.

It is the UPPER MIDDLE CLASS that paid out of their YIN-YANG. Somehow this needs to be corrected~President Trump keeping his taxes from the public would only prove what I'm saying~way too many loopholes for them that need to be closed. He's somewhat ashamed (I would like to think) for folks to truly know how little the super-rich pay toward their FAIR share.
« Last Edit: Fri Sep 17, 2021 - 05:28:44 by RB »

Online Jaime

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Re: What is the Rich’s Fair Share of Taxes?
« Reply #3 on: Fri Sep 17, 2021 - 05:40:44 »
How would you define fair share?

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Re: What is the Rich’s Fair Share of Taxes?
« Reply #3 on: Fri Sep 17, 2021 - 05:40:44 »
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Online RB

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Re: What is the Rich’s Fair Share of Taxes?
« Reply #4 on: Fri Sep 17, 2021 - 06:42:22 »
With a marginal tax rate, you pay that rate only on the amount of your income that falls into a certain range. To understand how marginal rates work, consider the bottom tax rate of 10%. For single filers, all income between $0 and $9,700 is subject to a 10% tax rate. If you have $9,900 in taxable income, the first $9,700 is subject to the 10% rate and the remaining $200 is subject to the tax rate of the next bracket (12%). Check out the charts below to see what your top marginal tax rate is.

Federal Income Tax Bracket for 2020 (filing deadline: May 17, 2021)
       
       Single                  Married Filing Jointly          Married Filing Separately              Head of Household

10%   $0 – $9,875              $0 – $19,750                        $0 – $9,875                               $0 – $14,100

12%   $9,876 – $40,125   $19,751 – $80,250   $9,876 – $40,125   $14,101 – $53,700

22%   $40,126 – $85,525   $80,251 – $171,050   $40,126 – $85,525   $53,701 – $85,500

24%   $85,526 – $163,300   $171,051 – $326,600   $85,526 – $163,300   $85,501 – $163,300

32%   $163,301 – $207,350   $326,601 – $414,700   $163,301 – $207,350   $163,301 – $207,350

35%   $207,351 – $518,400   $414,701 – $622,050   $207,351 – $311,025   $207,351 – $518,400

37%   $518,401+   $622,051+   $311,026+   $518,401+

The problem is the LOOPHOLES created to avoid paying wherever you fall within the brackets above.

So, to answer your question I would say those paying 24% taxes of their income when Corporations and the super-rich can avoid not paying even a penny but can even get money back with all the LOOPHOLES created for them and many times BY THEM. I need to add this: SUCH LOOPHOLES are NOT available to the average taxpayer.

Does this answer your question? I told you that this is not my field of expertise, not even close. But, I slept in a Holiday Inn Express a few years back.  ::smile::
« Last Edit: Sat Sep 18, 2021 - 03:52:29 by RB »

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Re: What is the Rich’s Fair Share of Taxes?
« Reply #4 on: Fri Sep 17, 2021 - 06:42:22 »



Online Jaime

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Re: What is the Rich’s Fair Share of Taxes?
« Reply #5 on: Fri Sep 17, 2021 - 07:30:13 »
Red, I used to work for a man worth 500 million here in Midland and a member of the Fortune 100 at the time, and I was a friend of his accounting manager. Once I was making the same assertions about “the ultra rich” and my friend assured me that this rich man paid MILLIONS in income taxes each year. I don’t know about the ultra rich in general, but I do know from the graphic on my link that the entirety of the top 1% pays the lion share of taxes (40%) in this country. My wife and I are barely in the top 10% category and that entire category pays 71% of all taxes. Biden and the Dems ALWAYS talk about the top 1% and their fair share. It seems to me they already pay a reasonable fair share. In my pea brain, “loop holes” serve to incentivise the wealthy to invest their money, which is a good thing for the economy and jobs. As I have said before, I have never worked for a poor man or really even a middle income man.

By the way corporations do not pay any net taxes. They just pass them on to the poor slobs that consume their products. So corporate income taxes are really taxes on the middle and lower class. Similar with minimum wages. The consumers pay those additional costs so people like Walmart are more than happy to volunteer us to fund their “ altruistic” minimum wage increase AND corporate income tax increases. It only hurts the little guys, but makes the liberal executives feel all warm and fuzzy as they chant Democrat talking points.
« Last Edit: Fri Sep 17, 2021 - 08:27:28 by Jaime »

Offline Texas Conservative

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Re: What is the Rich’s Fair Share of Taxes?
« Reply #6 on: Fri Sep 17, 2021 - 08:50:36 »
The ultra wealthy pay very little taxes as a percentage of their incomes.  The tax code is very complicated on purpose. 

The Democrats pretty much say "tax the rich" while winking at the uber rich. 

We should have flat tax, with some trivial exemption so the very poor aren't overburdened.  Everyone should pay taxes and there should be no loopholes.

The uber rich do not pay within the tax brackets they are assigned.  They never did in the past even when the brackets were sky high.

It is cheaper for the uber rich to employ tax lawyers and former IRS agents than paying taxes within brackets.  It is also cheaper for them to donate money and lobby congress to get tax codes changed to benefit them.  There is a gulf between the bottom of the top 1% and the uber rich.

Online Jaime

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Re: What is the Rich’s Fair Share of Taxes?
« Reply #7 on: Fri Sep 17, 2021 - 11:18:59 »
We need a category of the top .001% of earners and how mich gross income is involved. But how much revenue could the country get if they paid say 35% tax with no loopholes? It might not be a very big number since the number of uber rich is a limited number.

Offline Rella

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Re: What is the Rich’s Fair Share of Taxes?
« Reply #8 on: Fri Sep 17, 2021 - 11:22:54 »
We need a category of the top .001% of earners and how mich gross income is involved. But how much revenue could the country get if they paid say 35% tax with no loopholes? It might not be a very big number since the number of uber rich is a limited number.

What do you consider uber rich?

Online Jaime

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Re: What is the Rich’s Fair Share of Taxes?
« Reply #9 on: Fri Sep 17, 2021 - 11:43:43 »
Don’t know exactly, but maybe limit it to the .001% top earners, Bezo, Gates, Buffett etc.
« Last Edit: Fri Sep 17, 2021 - 11:50:07 by Jaime »

Offline Texas Conservative

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Re: What is the Rich’s Fair Share of Taxes?
« Reply #10 on: Fri Sep 17, 2021 - 11:54:17 »
Get rid of loopholes for everyone.  Everyone should have skin in the game.  The Uber rich, the retired, and the poor should also be paying their "fair share."

Offline Alan

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Re: What is the Rich’s Fair Share of Taxes?
« Reply #11 on: Fri Sep 17, 2021 - 12:41:37 »
We also need to consider that some of the uber rich are not legitimate income earners, they maintain wealth and have corporations that report P&L statements. They pay taxes on their businesses in accordance with business law, and pay personal taxes on the income they draw from the company, in some cases not much more than any other average income earner.

Offline Wycliffes_Shillelagh

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Re: What is the Rich’s Fair Share of Taxes?
« Reply #12 on: Fri Sep 17, 2021 - 19:45:49 »
If we took all of the rich’s money, we would still have to go after most of everyone else’s money if we wanted to live within our means.
If we took all of the rich's money, within a year wealth would have re-distributed itself in such a way that that those same people were rich again, and the people who were poor were poor again.

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Online Jaime

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Re: What is the Rich’s Fair Share of Taxes?
« Reply #13 on: Fri Sep 17, 2021 - 21:47:24 »
If the government took all of everyone’s money it probably wouldn’t cover the humongous spending we’ve done recently.