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Tax Burden of Weathly

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  • Tax Burden of Weathly

    Someone on this board suggested that the top 1% of earners make 40% of the countries income but pay less than 40% of the taxes. I think that was the stat -- or something close to it.

    Does anyone know if corporate taxes are included in this? Isn't it possible that all individual earners pay for less than 100% of the taxes? -- with corporations paying the rest of the taxes?

    Or am I just completely confused?
    "Need some wood?" -- George W. Bush, October 8, 2004

    "Historians will judge if this war is just, not your punk ass." -- Dave Glover, December 8, 2004

  • #2
    Good question. I don't know the answer.

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    • #3
      I think this stat may be true partially because of tax deductions and shelters. So, as I've said those things should be the focus of debate rather than tax rates.

      But if all combined individual owners don't pay 100% of taxes, then this stat is just flat out misleading.
      "Need some wood?" -- George W. Bush, October 8, 2004

      "Historians will judge if this war is just, not your punk ass." -- Dave Glover, December 8, 2004

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      • #4
        Originally posted by phantom@Mar 11 2004, 01:49 PM
        I think this stat may be true partially because of tax deductions and shelters. So, as I've said those things should be the focus of debate rather than tax rates.

        But if all combined individual owners don't pay 100% of taxes, then this stat is just flat out misleading.
        i'm to believe that the stat is applied to real people tax returns and not corporations
        Are you on the list?

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        • #5
          is there link for that stat? To review criteria and exclusions.
          Un-Official Sponsor of Randy Choate and Kevin Siegrist

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          • #6
            Originally posted by lazydaze@Mar 11 2004, 02:02 PM
            is there link for that stat? To review criteria and exclusions.
            I don't know. And I wish I could remember who posted that stat multiple times.
            "Need some wood?" -- George W. Bush, October 8, 2004

            "Historians will judge if this war is just, not your punk ass." -- Dave Glover, December 8, 2004

            Comment


            • #7
              Why does it matter? What's important is what amount of taxes individuals pay, and the "twisting" happens when crazy statements like "75% of the tax benefits go to the top 10% of taxpayers."

              The rich are taxed far more heavilly than the middle class. The only thing deductions can do is reduce the difference. Every person in the top 5% has a marginal Federal rate of 39.6%, and if you live in a state like California, more than half of your income is going to taxes.

              If you can figure out exactly what statistic you'd like, I'll check my stat abstract. But the basic, fundamental truth is that the rich pay more taxes, both as a percentage of income and in actual dollars, than middle class people do.

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              • #8
                Valid point. I've seen that stat thrown around a lot but I've never seen anybody back it up. I'm trying to find it right now.

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                • #9
                  One site's stats on the matter

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                  • #10
                    and here's another one........

                    http://www.heritage.org/Research/Taxes/BG1415.cfm

                    Edit:
                    Reality: According to data from the Internal Revenue Service, 1 the top 1 percent of income earners pay nearly 35 percent of the income tax burden; the top 10 percent pay 65 percent; and the top 25 percent pay nearly 83 percent. The bottom 50 percent of income earners, on the other hand, pay barely 4 percent of income taxes. By definition, then, it is impossible to cut taxes without the so-called rich receiving a share of the benefits.
                    That IRS is certainly a bastion of conservative values. I'm sure they are making that up.

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                    • #11
                      The bottom 50 percent of income earners, on the other hand, pay barely 4 percent of income taxes.
                      waiting around for a fucking handout.
                      Un-Official Sponsor of Randy Choate and Kevin Siegrist

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                      • #12
                        Flat tax.

                        Solves everything. No deductions. No shelters. Simple flat tax.

                        Or if you don't like that.

                        National sales tax on everything including services.

                        Comment


                        • #13
                          Step aside for someone with an irrefutable source. From The Statistical Abstract Of The United States, 2002 Edition:

                          All figures for 1999, compiled in 2000:

                          Percentage of income earned by the top 5% of households: 20.3% ($155,040/year)
                          Percentage of income earned by the top 20% of households: 47.2% ($88,062/year)
                          Median household income: $40,816
                          Average household income: $54,842


                          Now, here's where it gets tricky, because the data isn't tabulated exactly the same:

                          Federal Taxes paid as a percentage of AGI @ $155,000/year: 17.5%
                          Federal Taxes paid as a percentage of AGI @ $88,062/year: 13.8%
                          Federal Taxes paid as a percentage of AGI @ $40,816/year: 10.0%
                          Federal Taxes paid as a percentage of AGI @ $54,842/year: 11.2%

                          So, depending on whether you want to define an "average American" as one who has half the people in the country paying more taxes and half less, or as the guy paying the absolute average amount of taxes, we see that the top 20% is paying between 23 and 38 percent more in taxes on every dollar than the average American. So while the top 20% may make 47.2% of all the income, they are paying at least 70% of all the taxes, an probably as high as 85%, again, depending on that definition.

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                          • #14
                            The flat tax is the only equitable way to go. Waiting for a response from those who have grossly misused the tax statistic before...............

                            Comment


                            • #15
                              Originally posted by Fishbone@Mar 11 2004, 06:06 PM
                              The flat tax is the only equitable way to go. Waiting for a response from those who have grossly misused the tax statistic before...............
                              This totally ruins their fuzzy math example they like to use. Class warfare would be hard to wage using the real numbers.
                              Asked what he would do differently in Iraq, Kerry said, "Right now, what I would do differently is, I mean, look, I'm not the president, and I didn't create this mess so I don't want to acknowledge a mistake that I haven't made."

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