"Tax the Rich"

[Anonymous]

Anonymous wrote:We do well. I am not complaining and feel very fortunate to have two very good paying careers. But we just did our end of year tax analysis with our CPA and our effective tax rate when adding federal plus DC taxes is 45% (36% federal, 9% DC and DC is only "low" because a lot of our income is through a DC C-Corp which is taxes slightly lower at 8.5%).

45% of our income going to taxes. Nearly half of what we take home. And yes -- we are utilizing every single tax strategy under the sun available to us and work with a very good CPA.

So let's change the complaint from "tax the rich" to "tax the billionaires" because the regular rich are playing PLENTY in taxes already. Sigh.

How much did you keep? That's the important point.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We do well. I am not complaining and feel very fortunate to have two very good paying careers. But we just did our end of year tax analysis with our CPA and our effective tax rate when adding federal plus DC taxes is 45% (36% federal, 9% DC and DC is only "low" because a lot of our income is through a DC C-Corp which is taxes slightly lower at 8.5%).

45% of our income going to taxes. Nearly half of what we take home. And yes -- we are utilizing every single tax strategy under the sun available to us and work with a very good CPA.

So let's change the complaint from "tax the rich" to "tax the billionaires" because the regular rich are playing PLENTY in taxes already. Sigh.

Flatten the tax code.

The top 50% of earners do not need to pay 97% of the entire yearly income tax, while the bottom 50% pay the remaining 3%.

It creates a whole class of people who pay for nothing, and demand everything.

How much of the country’s wealth and income do the top 50% make and own?

Are you suggesting the least productive members of society should benefit from the productivity of others? That sounds like theft.

Are you a 12-year-old boy? That's usually the demographic that comes up with "zingers" like that.

[Anonymous]

I paid $8 M in federal estate taxes last year.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We do well. I am not complaining and feel very fortunate to have two very good paying careers. But we just did our end of year tax analysis with our CPA and our effective tax rate when adding federal plus DC taxes is 45% (36% federal, 9% DC and DC is only "low" because a lot of our income is through a DC C-Corp which is taxes slightly lower at 8.5%).

45% of our income going to taxes. Nearly half of what we take home. And yes -- we are utilizing every single tax strategy under the sun available to us and work with a very good CPA.

So let's change the complaint from "tax the rich" to "tax the billionaires" because the regular rich are playing PLENTY in taxes already. Sigh.

Flatten the tax code.

The top 50% of earners do not need to pay 97% of the entire yearly income tax, while the bottom 50% pay the remaining 3%.

It creates a whole class of people who pay for nothing, and demand everything.

How much of the country’s wealth and income do the top 50% make and own?

Are you suggesting the least productive members of society should benefit from the productivity of others? That sounds like theft.

Are you a 12-year-old boy? That's usually the demographic that comes up with "zingers" like that.

I think that was a joke. The pp seemed to be referring to the rich getting richer off the labor of others.

[Anonymous]

Anonymous wrote:

Anonymous wrote:40% of US households don't pay any net federal income tax. Zero. And I am sure they are among the ones calling for the others to pay more

Disingenuous. There's a 15% tax starting from their first dollar of income.

But there are deductions and tax credits counterbalancing that so there is zero net owed.

Look it up yourself or looky here. You are disingenuous my friend.
https://www.statista.com/statistics/242138/percentages-of-us-households-that-pay-no-income-tax-by-income-level/

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:40% of US households don't pay any net federal income tax. Zero. And I am sure they are among the ones calling for the others to pay more

Disingenuous. There's a 15% tax starting from their first dollar of income.

But there are deductions and tax credits counterbalancing that so there is zero net owed.

Look it up yourself or looky here. You are disingenuous my friend.
https://www.statista.com/statistics/242138/percentages-of-us-households-that-pay-no-income-tax-by-income-level/

Refundable tax credits are limited. Getting enough to offset the 15.3% tax on income from federal payroll taxes is pretty rare. Certainly nowhere near the 40% figure cited earlier in this thread. It's basically going to be some low-income single parents with multiple kids.

[Anonymous]

Anonymous wrote:I paid $8 M in federal estate taxes last year.

The estate paid that actually

[Anonymous]

Anonymous wrote:I paid $8 M in federal estate taxes last year.

Wow! Look how "productive" you were!

[Anonymous]

Anonymous wrote:I paid $8 M in federal estate taxes last year.

Are you dead? Because the estate tax applies to the dead person. Not their heirs.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:40% of US households don't pay any net federal income tax. Zero. And I am sure they are among the ones calling for the others to pay more

Disingenuous. There's a 15% tax starting from their first dollar of income.

There's not even a 15% tax bracket in the US. 10% from $0-11,925 (single fileer), 12% $11,926 – $48,475
22%: $48,476 – $103,350. Where's this 15% you come up with?

Standard deduction is $15,750 for single filer.

You don't seem to understand the tax system. Hint: there are income taxes that don't go by the name "income tax".

Not really. I wouldn't consider payroll taxes an "income tax" just because they are deducted from one's paycheck.

Doesn’t matter what you “would consider” darling. Facts is facts.

[Anonymous]

Agree OP. MAGA in particular doesn’t understand this. Money you WORK for is taxed the highest.

UMC people working 40-60 hour a week carry the biggest tax burden.

Tax the people who are buying their third home and upgrading their yacht more. I just want to help my kids through grad school and have one nice home and a couple small vacations a year please.

[Anonymous]

Helping your kids through grad school is a privilege reserved for the UMC. People like you should be taxed more. Only taxing the “rich” isn’t enough.

[Anonymous]

Anonymous wrote:I paid $8 M in federal estate taxes last year.

Are you dead?

[Anonymous]

Anonymous wrote:Agree OP. MAGA in particular doesn’t understand this. Money you WORK for is taxed the highest.

UMC people working 40-60 hour a week carry the biggest tax burden.

Tax the people who are buying their third home and upgrading their yacht more. I just want to help my kids through grad school and have one nice home and a couple small vacations a year please.

The MAGAs are easily fooled by the conventional conservatives. Most MAGAs probably don't even understand what capital gains are, much less realize they're taxed much less than other income.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:40% of US households don't pay any net federal income tax. Zero. And I am sure they are among the ones calling for the others to pay more

Disingenuous. There's a 15% tax starting from their first dollar of income.

There's not even a 15% tax bracket in the US. 10% from $0-11,925 (single fileer), 12% $11,926 – $48,475
22%: $48,476 – $103,350. Where's this 15% you come up with?

Standard deduction is $15,750 for single filer.

You don't seem to understand the tax system. Hint: there are income taxes that don't go by the name "income tax".

Not really. I wouldn't consider payroll taxes an "income tax" just because they are deducted from one's paycheck.

Doesn’t matter what you “would consider” darling. Facts is facts.

OASDI is a Federally mandated life annuity with right of survivorship (a lousy one for higher income earners…) it doesn’t fund the real government and Medicare is just paying for your own old age health insurance (and it’s much more expensive for higher earners).