Trump must get "the rich" to pay more taxes. They aren't paying their "fair share"
Statistics show that people in the US in the top 1% for annual gross income, are paying 39% of all federal taxes.
The top 5% are paying 60% of all federal taxes.
The top 10% are paying 71% of all federal taxes
The top 50% are paying 97% of all federal taxes.
The bottom 50% are paying less than 3% of all federal taxes. The cut-off point between lower and higher 50% for annual gross income is approx $38,000 per year.
My 6th grader looked at those numbers and said, "But dad, that doesn't seem fair". Out of the mouths of babes comes the obvious truth. Logic at that age tends to be pure and unbiased.
I had to think about it and consider that my 6th grader is probably right.
How can anyone imagine that it is "fair" that the very unfortunate and the unlucky and the downtrodden and the destitute, who might be making only $38,000 per year, should be expected to contribute as much as 3% of their income to federal coffers to pay for federal programs?
How unfair and unreasonable a country the US has become where we would ask a person making $38,000 to pay $900 per year, as a contribution to federally funded programs like the military and transportation programs such as roads and bridges and railways and airports and ports, and federally assisted healthcare programs such as Medicare and Medicaid and CHIP and marketplace subsidies to buy down the price of Obama health care plans, and education programs, and payments for federal retirees and veterans, etc.
And the lucky fortunate "won the lottery" type of dude who by pure accident and great luck is making $200,000 per year ends up paying only $60,000 per year in federal taxes.
The poor unfortunate gets robbed by the federal government, and after taxes only has $37,100 left to spend.
The lucky dude who just happened to be fortunate, gets a gift from the federal government, and after taxes still has $120,000 left to spend.
How can it possibly "be fair" that the unfortunate dude has only $37,100 to spend after taxes and the lucky bastard has $120,000 to spend after taxes?
This has to be one of the biggest issues in the US today. The inherent unfairness in the tax system that leaves the unfortunate who happened to be unlucky, with a lot less money than the fortunate few who happened to be lucky.
On the basis of nothing other than luck, the federal government decides that the unlucky person only gets $37,100 of spending money, and the lucky person gets $120,000. The very definition of UNFAIR!!!
I'm sure that once these statistics are published on global basis, we will see a huge drop off in interest of immigrants. USA is currently the top preferred destination of immigrants on a worldwide basis. If only the masses of people trying to get in, knew how unfairly they are going to be treated after they arrive, I'm sure they would want to stay where they are.
STEEM On !!
DaveB
Image from pixabay.
https://www.ntu.org/foundation/page/who-pays-income-taxes
even your kid can point out that issue trump is so dumb lol
Actually the point my 6th grader was making - why doesn't everyone just pay 10%? That would be fair.
He has many group projects at school, and he observes that when doing a group project one or two in the group end up doing most of the work and some do nothing, yet everyone gets the same grade.
And his view is that is unfair.
In grade 6 your world view is still innocent enough to be able to recognize lack of fairness when it hits you in the face.
But today, if you believe the Liberal leftist socialist media, it is "unfair" that the 50% making lowest income pay nothing in federal income taxes. That is the new definition of "unfair".
Careful what you ask for if you ever vote in Socialists. Eventually the definition of "unfair" will turn against you and everything you thought was yours will be taken away from you in the name of "fairness"
The rich never pay their "fair share" . This is why they are rich !!! The poor have nothing to give. They only take from the government in the form of securities. Taxes are only for the salaried middle segment who pays on behalf of all segments. This is an economic truth. 1% of the world enjoy 90% of wealth . and 99% share 10% of world wealth. This is not just the story of america. This is the story of the world :)
You do realize that the facts I provided are in fact, "the facts"?
40% of all federal income taxes are paid for by the top 1%. And your complaint is they are not paying enough.
What percentage of all federal income taxes do you think should be paid by the top 1%, if 40% is not enough?
Is it enough if they pay 60%? 80%? 95%?
Would it be enough for you if the top 1% paid 99% of all federal income taxes?
Have you thought through the likely outcome of trying to force the top 1% to pay 99% of all federal income taxes?
Finance is not my space hence I will not be able to answer you accurately. What I do feel is that the pressure of taxation on the middle segment is intense. Taxation on luxuries and wealth acquisition can be made more intense. Perhaps this will create some balance. Yes , you have done good research and provided factual information.
There is a another dimension that also needs to be explored. Government needs to spend less, spend smarter, spend within budget, publish and follow budget, etc.
No person gets to spend without some recognition of your budget and your ability to pay back all that you borrow.
We should be enforcing same limits on government. If government would just cut spending by 1% per year for next 20 years, the budget would easily balance. Is it really so hard to have the discipline to CUT your spending by 1% per year?
Yes . This makes sense to me. "Government needs to spend smarter ". It is not about less or more. It is about spending and budgeting smarter. Too much money is lost on loose and unnecessary ends. If Government looses money, public suffers.
It's probably because you haven't noticed the trend for the past 150 years of history of government Services Growing. If you don't want the services what then? Is it EVER your call to CUT the services?
Of course for most that doesn't Apply but this:
yes close to 90% which is where we were at an historical boom when they were paying LITERALLY, FACTUALLY, 90%.
The likely outcome is the as certain as the fact that you're using Biased Statistics to Lie with Statistics.
Upon reading and carefully evaluating the comments I can only come to one conclusion.
It would be impolite to state it however and certain commenters would take offense.
Let me offer to help. The scope of financial illiteracy has risen to such high levels, and all these illiterates still have the right to vote, and we are so close to the tipping point where 50% of voters pay no federal taxes, that the Republic is in danger of being democratically voted into full collapse.
Greed and envy in the so-called "have not" class, whipped into a frenzy by the liberal left media, could result in the entire system collapsing.
Root cause issue - decline of the public education system, which has been taken over and corrupted by the socialists on the left.
(gasp) are you telling me that the pubic educations system...doesn't?
The answer is what happens when you don't do anything but bitch and moan, ridicule and marginalize or propagandize.
It wasn't the funding of the schools..
Hey guess who picked those Libtards? The default of the ones to show up.
Root cause is that neither you nor gradpa cuddly wudly Pog has mentioned the fact that the Rich paid 90% and it was fine, no, it was THE BEST WE EVER KNEW, no comment expected.
Do you forget that TRUMP PAYS NO TAXES and is afraid to admit that?
He has lawyers that just sink it all into tax shelters.
So what would any rational person expect him to do?
Sure....
Trump likely isnt even worth 1 billion dollars
Trump considers himself a billionaire because he is nearly $1 billion in debt.
That's certainly not the point..
The point is he is willing to do most anything to become worth a billion, including having tax laws changed to line his pockets further.
It's a rich man's world afterall ^.^
Well idk about that hes already lost millions of $ from vacated renters in NYC directly due to being the Meme in chief. Look at Trump Hotels and Resorts ipo, it failed while he nickel and dimes his own company with his personal brand. Cheap hacktics
I love your satire although I did cringe :). The marginal rate system creates exponential tax burden differences between rich and the 99%, and the figures you laid it out shows it clearly. Even if we had a flat tax rate system the statistics would be similar but less drastic. There will always be loopholes but the dollar amount of tax paid by the wealthy is always so much higher.
I read the recently published framework for unified tax reform from the 119 Congress and the bullet discussing the increase to standard deduction, I beleive it is labeled as a "zero tax bracket." The increase in my view levels the playing field for renters and homeownership, but we shall see how it plays out.
I look forward most for the business tax rate decreases that will incentivize job creation (here's hopeful). I will probably write a few articles on the tax reform soon, assessing New law vs existing law.
Steem on Dave!
Thanks for reading and noticing the satire. Many didn't. Which was a combination of scary and sad.
is this parody?
I would say so.
Nope, the post was not parody. I learned that after researching the definition for "parody"
The top 50% are paying 97% of all federal taxes.
The bottom 50% are paying less than 3% of all federal taxes
that is not fair..correct.
I may have mistakenly used parody improperly.
I should have said "is this for REAL?"
You are correct in saying it isnt fair. Even my 6th grader could see that.
His proposal - why doesn't everyone just pay 10%? That would be fair.
So I have a flat taxer living in the house, that is only 11 years old.
At that age, still innocent enough to imagine the world won't corrupt the word "fair" into meaning 50% don't have to pay anything.
I had to research parody vs satire before I could answer. My research is below.
On the basis of research, I have to declare this post was NOT parody. Now if you had asked about satire ..... LOL
Parody - a form of satire that imitates the characteristic style of a particular writer, musician, artist, speaker or genre using deliberate exaggeration for a comic effect. Satire - the use of humor, ridicule, irony or exaggeration to make fun of or expose and criticize a person's vices or lack of intelligence.
The richer you are the less you pay. Unless of course you don't make enough to be "worth it".
Don't we have a beautiful captalistic system in place... (sarcasm voice on)
Becoming successful: GETTING PUNISHED. Its wrong to be successful.
It all depends on the the definition of successful xD
Creating jobs or building a company, fixing a house up and selling it, flipping a stock and making money, selling a business, selling anything! CREATING and PROFITING. Thats success. Governments DON"T LIKE that. They punish you in the form of taxes. Same as STEALING YOUR MONEY.
Honestly, the whole mindset of creating + profiting equals success is one of the things wrong in our current society... Success has nothing to do with profit.
Thats funny. I'm successful. I make no money, create nothing, sell things for free, and am very successful. Success has nothing to do with profit. Ok..Smacking my communist head right now hard..
The top 50% are paying 97% of all federal taxes.
how exactly...is this the less you pay?
Like I said, the lesser 50% pretty much pay nothing as the amount they make ain't worth it. Once you start coming in the upper circles you pay less money compared to those below you (top 1%, top 5%, top 10%). The more money one has, the better tools at his disposition for tax evasion...
math is hard.
lol.
I'd say the 'fair share' of anyone when it comes to being robbed...is zero.
tax IS theft.
Unless you keep filling out forms and agreeing to pay it, then it's Binding Law, and Precedence speaks on all Implied Successive Contracts and ReEstablishments. You cannot call it Theft if you Consciously do it without ANY Objection!
Trump will never do that, he has been cutting tax's for the rich though
Terrible policy. What have the rich ever done to deserve paying less than 50% of their lucky winning in taxes? Hope Trump succeeds in doubling their tax rate, that should produce more "fairness" for everyone,
Cheers & 'succeeds ' hm, he is not trying too?
Yeah, still trying to gather the wisdom of babes for the reality hardly has been acknowledged here, but sarcastically implying that Rich people did earn and not cheat steal or otherwise harm to get their wealth, and that this being their money we are endlessly grateful for their success at keeping us from starving, as if it's not the rich that need us!
I have read more than a handful of studies on the psychology of the rich to understand
my enemy, the only war is THE-CLASS-WAR.rich people don't do well in society and are cheats and narcissists in their predominant character traits, fuck, pretending to be rich makes one far more easy on themselves in matters of having done something wrong, and far worse on others for the same thing, it's a perverse and incredible Role play that illustrates, IN CHILDREN, that rich people, upper class ain't SHIT to brag home about Producing anything.There are going to be arsxxxholes at every level of income. So of course there are some that are rich.
But to assume that everyone that is rich got there by cheating, stealing, or otherwise harming someone is a sad psychology.
Take a look at the work being done by Bill Gates Giving Pledge.
Do you believe that all the billionaires on the Giving Pledge got their money from cheating and stealing and causing harm?
I'd far rather leave the billions with these billionaires and let them work on causes they find worthy, compared to sending it all to Washington where it would vanish in the cesspool of corruption.
Your hand waving of arguments is acknowledged, so do you want to see the statistical, demonstrable differences between the rich and the poor? Or are you simply telling me that you don't think it's so, it's as much psychopaths in the poor bracket as is psychopaths in the rich bracket per capita of income bracket?
Yes indeed, and assuming them successful is even sadder regarding the fact that in deed, being rich predisposes one to be quite the asshole and in turn they justify it and like a psychopath justify lying and cheating and stealing as well, which by the studies is what rich people do much more than Poor.
Great example, someone who is a Psychopath and aligns with Eugenics, who has a history of fraud, and who has been involved with the Polio vaccine in India which has left 60k+ paralyzed and has been charged with crimes against humanity.
Do you think money is a matter of belief or faith? These people are either directly involved in what they know to be fraud, this system of FIAT money and continue to use their wealth to HOARD, to HEDGE and to BET, yes it's all fraud, and it doesn't take a psychologist to see that the only greed that exists is with these few.
Wow, really, you're thinking that corruption in dc is somehow apart for the causes of the billionaires, who need i remind you are Billionaires in FIAT money, a system of Equity floated entirely on belief and constructed out of fantasy supernatural paper and imbued with fiction on top of fiction in a fraudulent scheme that was started Directly by families of those that somehow are the wealthiest of the wealthiest but never ever ever ever ever make the wealthy 500 list...
FIXED: Trump will never do that, he has been cutting tax's for the successful though
As unfair as it always has seem, the rich will get richer . The rich have too much power to loose this power. Trump is one of them, he wouldn't tax the rich anymore , powerful elites do things in their power and take over media and what not .
The Bezos Post, published daily in Washington, is a good example.
And of course Zuckerberg is rumored to want a run in politics in near future.
I wonder how many people realize that, initially, the only ones who could vote were those who owned land. The reason for this is because the Founding Fathers, felt to vote, someone should have something on the line. Today, if someone proposed that they would be called racist, sexist, and a host of other names. However, when you look at who does the voting and the issues our "elected" officials vote upon, isnt it interesting that the loudest ones are those with nothing in the game.
The term 'Unfair" or "level the playing field" is absurd. I find it entirely unfair that I cannot share in the billions created by the NBA since I am a sub 5'9" guy who lacks the athleticism, let along basketball skills, of Lebron James and Michael Jordan. It is unfair that I never got to share in that wealth because of something I had no control over that was given to be genetically. Therefore, the playing field should be leveled by the greedy owners compensating me for historic unfairness, instilling quotes, and making Lebron James play on his knees.
What is also unfair is that those greedy rich people who use the tax code to their advantage by giving to charity instead of paying tax on the money. Where do they get off doing that? Greedy people just trying to screw the government by helping out others.
Someone after my own heart. I can feel it coming through in your post how much the "unfairness" is personally bothering you.
Good point at the end about the charity. Always thought that was a dodge to get out of taxes. Excellent catch, that helps prove the point about "unfairness"
I am all about the fairness....
Hell I am so into a level playing field that I might change my username on here to SteemRoller.
We cant have anyone getting a leg up unfairly.....dumb down the smart kids, play the non athletic kids and give them a trophy, and take the money from those greedy rich people (which actually means those hardworking middle to upper middle class people).
Hell, I just went through a hurricane and even though I sustained no damage or loss of work, I deserve a check from FEMA...or Trump...or Rick Scott....or someone.
Someone needs to pay me...it is only fair.
Now you're getting the hang of it.
Convince yourself you have a serious and valid grievance. Make lots of noise. Get your grievance more widely recognized. Start up a grievance lobbying body.
And you too can become of high interest to a Democratic politician, so they can offer to pay you off and make you whole on your grievance, with $$ in exchange for votes.
Which used to be illegal. But the multiple new precedents set of Hillary and Comey, the coast is a lot clearer for pay to play schemes becoming the new norm, as opposed to the felonies we used to incorrectly think of them as being.
Felonies are unfair so we need to do away with them....
Here is another travesty that I had to go through. I am left handed and in elementary school, my school district in NY didnt have enough scissors for left handed people (you know the ones with the green covering that were reversed). Thus I was stuck having to use right handed scissors which hurt my thumb. Perhaps that is what ruined my career in the NBA....I think it stunted my growth.
Who is going to pay for that? Maybe Chuck Schumer will help me out....he seems like a caring Joe.
Chuck is a lying cheating bozo. Bu at least he is smart enough to see that Trump bashing isn't going to be a good enough platform to win the next election. He recently came out with the radical idea - Democrats needs some policies to run on, they need to explain what it is they would do if they were back in power, if they are ever going to get back in power.
except all the times when we taxed the rich and we did really well, except those times, and when we gave them breaks it was followed by short boom and bust. Unfortunately the rich don't do much more than HOARD the money, deflating the value and making the burden on the poor.
I took damage from the Hurricane, I don't think even if it was more severe we would Contract with Fema though.
I wonder how many realize that the function of the President was one to keep the other branches in check and nothing more. EC is who votes for President, the votes they have are only symbolic, but the signature on the voting card is LAW, establishing a contract and therefore consent between the two parties.