Top 20% of Earners Pay 84% of Income Tax - WSJ
I know WSJ is not exactly a non-partisan publication, but the Tax Policy Center they quote is. Looks like the left has pushed top 1% thing too far, now watch the right pounce on this bit of news.
And a further breakdown of the top fifth:
Re: Top 20% US earners pay 84% of income tax.
Paging @Southie to analyze the figures for us and give report in plain English :joel:
Re: Top 20% US earners pay 84% of income tax.
Am writing as I walk. The data show the tax is progressive. As the earnings increase u pay a greater pct as u should. The personadeductions consume a larger pct of one’s pay when one earns less.
The one huge problem I have with moderates such as most democrats including Obama is they group millionaires and billionaires together. No. A million is 1000 times less than a billion. To add to that Obama has grouped those who make I 5hinj > 400000 r 5000000$ in milionaire category. So he treated one making 400000 same as one making 4 billion dollars a year. And tree is the rub.
It would be interesting to see what those who earn more than say 10 million pa6. In fact I suspect as u go higher in following g category u pay less as pct
10 to 50 Million per y
50 to 100 M
100 to 500 M
500 to 1 billion
1 billion or >
THIS GROUP INCLUDES ceos that r rewarded by board members. Who r handpicked by ceos.
Obama and other moderate democrats being wall street lackeys and susceptibke.to group think cannot see thru 5his
Re: Top 20% US earners pay 84% of income tax.
Greater percent of their own income or greater percent of income tax? I dont see why the tax rate should go up with income; even with a flat rate, higher income implies higher tax. Just close the deductions loopholes.
Fixed rate of income tax and/or VAT makes more sense. Govt should be taxing spending, rather than income, so that the ones that save get rewarded.
Re: Top 20% US earners pay 84% of income tax.
but dont the top 20% also earn more than 80% of the total income? if fact, if you trim the middle class out of the 20% and make it more like top 5%, i bet the percentage of tax to income is the least for them. the middle gets to pay the highest tax rates while the rest get the breaks.
Re: Top 20% US earners pay 84% of income tax.
Not according to this study. It says the top 20% earn only 51.3% of the income. Also, the 2nd table gives you that number. The top 5% earn 29.2% of the income and they pay 64% of the income tax collected. It does not say anything about the tax rate; for that, I think, we will need what Southie is asking for, or maybe at least the upper-limit. You may very well be right in saying they probably pay at a lower rate, but once you close the deductions loophole, they could end up paying not only more taxes but also at a higher rate.
Re: Top 20% US earners pay 84% of income tax.
The problem with moderates is they think both sides are correct. The ceo pay has gone thru the roof. But no. The left is as extreme as the right is their mantra.
Income disparity has gone through the roof. I wonder if the income reported for top 1 pct is AFTER deductions or before. If after deductions then there taxable income probably far less than why they took home.
Clinton is known to have taken deductions for his old underwear for crying out aloud.
As stated earlier, we know who the rethugs are. The Moderates are the new rethugs. They look for both sides and see gray.
Re: Top 20% US earners pay 84% of income tax.
How about them Moderates.
What is the income range of those 20%? I want to know if I am part of the group or not
Re: Top 20% US earners pay 84% of income tax.
$615,001
Re: Top 20% US earners pay 84% of income tax.
wtf is a rethug? also read the article to know if that amount is after or before the deductions. put some effort before pulling out the pitch fork
Yup. I am in
if I combine my income with CEO of ATT
Re: Top 20% US earners pay 84% of income tax.
I wonder is the study includes the added tax paid by the minorities who get targeted for additional revenue by getting ticketed for driving while minority. I wonder if the lost years of wages by minorities for being incarcerated way out of proportion to their population gets accounted for.
How about them Moderates
Re: Top 20% US earners pay 84% of income tax.
US wealth inequality - top 0.1% worth as much as the bottom 90% | Business | The Guardian
Shows wealth disparity on the rise. The top 0.1 pct as I mentioned in my first post is making a killing. Yes, we need to lower their taxes some more. Yes, the liberals have gone to far.
Re: Top 20% US earners pay 84% of income tax.
So you do ‘married filing jointly’ with the ceo of att? 
Re: Top 20% US earners pay 84% of income tax.
Forget the top 1% — Look at the top 0.1% | The Big Picture
As stated in first post the dems are making a mistake by going after top 1 pct. It is the top 0.1 pct > 1.7 M per year. And top 0.01 0ct - esp the latter that have obnoxiously high income. Top 0.01 pct has > 5 0ct of national income . I guess they could use more.
Re: Top 20% US earners pay 84% of income tax.
As indicated earlier it is the folks in top 0.01 pct who are making a killing. The top 1 pct doesn’t tell the story. But of course the media wouod draw ur attention to the fact top 1 pct are not doing well. Without talking abt top 0.1 and top 0.01 pct.
As this article mentions the top 0.01.pct pays half it’s fed taxes as capital gains. And these taxes are half the fed tax rate. Article specifically states because of that the top 0.01 pct pay a less overall tax rate.
But then we have to see both sides. And not pay heed to them big bad libruls
Re: Top 20% US earners pay 84% of income tax.
And the only way to remove that inequality is taxing them more? This is what liberals don’t get. There can be more than one way solve the problem.
You do understand that tax is on income and not on all the wealth? Also, per article, it is a trend all over the world. Not just US. Many of them in europe, where liberalism is alive and doing relatively well.
Re: Top 20% US earners pay 84% of income tax.
One error in this post. Half their income is in capital gains. Not half the taxes paid. The danger in writing from memory.
Re: Top 20% US earners pay 84% of income tax.
This reminds me of a story. A genie offers a wish to man with the condition that, whatever he asks will be given to him, but his neighbor will get double that. The man thought for a while, and asks genie to take away one of his eye.
This is how liberals think. Someone else has to lose for others to win.