Reply to DC Council votes to raise taxes on the “rich”

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I wonder why Tony Williams, our best Mayor ever, would be against this tax? Hmm.[/quote]

Because it’s money out of his pocket, and rich people don’t pay their fair share.

Too bad. Pay up. [/quote]

Most rich people in fact do pay their fair share.  That’s who the taxes come from now.  Flat tax. 25% total from all.  [/quote]

The share of reported income earned by the top 1 percent of taxpayers fell slightly, to 20.9 percent in 2018 from 21 percent in 2017. Their share of federal individual income taxes rose by 1.6 percentage points to 40.1 percent.

Since 2001, the share of federal income taxes paid by the top 1 percent increased from 33.2 percent to a new high of 40.1 percent in 2018.

In 2018, the top 50 percent of all taxpayers paid 97.1 percent of all individual income taxes, while the bottom 50 percent paid the remaining 2.9 percent.

The top 1 percent paid a greater share of individual income taxes (40.1 percent) than the bottom 90 percent combined (28.6 percent).

The top 1 percent of taxpayers paid a 25.4 percent average individual income tax rate, which is more than seven times higher than taxpayers in the bottom 50 percent (3.4 percent).

[/quote]

First, those figures are highly suspect.

Secondly, if you earn a half million dollars a year and paid 40% of it taxes, you’re still clearing $275k a year after taxes. Compare that to someone making $35k a year, who might keep $25k after taxes.

See the problem now?

The person making $35k should not only pay zero in taxes, but should get an income supplement to bring them up to maybe $60k. And the person making $500k should be taxed to the point where they keep maybe $80-$90k after taxes. So they still earn more, but not vastly more, than others. This is how you eliminate wealth disparity in a society. [/quote]

No, I don’t see the problem, and also you’re wrong that someone making $35k/yr is is paying that much in tax.

But anyway if you tax me that heavily I’m going to quit my high income job. It’s barely worth it at my current tax rate. [/quote]

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