Re: Top 20% US earners pay 84% of income tax.
The Rise (and Rise and Rise) of the 0.01 Percent in America
As stated at the outset, Obama and.co are doing misdirection by lumping top 1 pct as a group. For the top 0.1 pct doing much better. And top 0.01 pct even more.
The Rise (and Rise and Rise) of the 0.01 Percent in America
Oh yes. Let us decrease the taxes on these toppers. Details, schmetails. Let us see some gray.
Re: Top 20% US earners pay 84% of income tax.
Income inequality in the United States - Wikipedia, the free encyclopedia
Granted this is wiki so some grain of salt in hand please.
Income disparity has more of an effect than tax. On other words in spite of tax rates being higher for higehr income the income disparity overwhelms the tax effect.
Also, the federal tax.does not take into account soc sec capped at 200k. S9 u earn 200k. U pay Max so security. U earn 1 billion. U pay as much as someone earning 200K.
Yes. Obama does mix millionaires with billionaires. And 300Kers with millionaires
Re: Top 20% US earners pay 84% of income tax.
House Republicans Hand Warren Buffett Big Win On Expensive Loans To The Poor
Here is an eexample.of taxes on the poor that don’t make it to the numbers reported in OP. Predatory lending for mobile homes. Penalizing home owners if they shift to less expensive mortgage. Incentivizing sales people who steer homeowners to most expensive loans. Having seemingly multiple lending agencies that are just arms of Clayton Homes. Buffett lobbies congress. They oblige .
Rules for the rich, paid for by lobbying. An unseen tax on the poor. 22 Democrats voted for this Bill. I guess these are the Moderates who cooperate with people across the aisle.
Yes, all of this the fault of the extremists on the left. How about them Moderates?
Re: Top 20% US earners pay 84% of income tax.
And we haven’t even begun to talk abt excise taxes
Tax Analysts – Taxing the Sins of the Poor – Do Two Wrongs Make a Right?
Re: Top 20% US earners pay 84% of income tax.
Don’t see how this has any relation on the **income **tax study mentioned, but Buffett is himself on the left of center ( Read up on Buffett rule and how he said Obamacare does not go far enough). Granted he would appear to you as a moderate or worse right, since you seem to be so far out on left, any more of it, you will fall off the earth.
Re: Top 20% US earners pay 84% of income tax.
Prisoners’ Families Are Paying for State Prison Kickbacks in Order to Phone Their Loved Ones
Another hidden tax the poor pay that is not accounted for.
Both sides to the story? Yeah right.
Re: Top 20% US earners pay 84% of income tax.
Paying for Their Crimes, Again - NYTimes.com
Yet another hidden tax on the poor that is not covered in OP.
The prisoner who get out has to pay on average 60 dollars per month for having stated in orison. Or 1000 dollars for 1.5 yrs. Else he gets hauled back to jail.
What is that I hear? Oh, there is that both sides to an issue argument. ok
Re: Top 20% US earners pay 84% of income tax.
And how about the poll tax? Where the bar is raised for minority dominated areas in terms of I’D reqyirements. Not to mention the loooong lines in minority polling stations. In one place - I forget where - the waiting time was 6 hours or more. Deliberate understaffing. The hours missed from work. Did OP capture this tax..
NNow.ca. an Arithmetic graduate add these line items to taxes paid by Poor who may earn 20000 per year. Any feedback on whether this is regressive will be appreciatted.
Re: Top 20% US earners pay 84% of income tax.
And yes. Let us not forget the incarceration rate for the poor. And the opportunity costs in terms of lost ways. Plus the impossible task of finding a job after release WHILE having to pay back the privatized prison system for the pleasure of. Einv it’s guest.
Re: Top 20% US earners pay 84% of income tax.
All taxes included:
http://ctj.org/images/wp2015table.jpg
Who Pays Taxes in America in 2015? | CTJReports
Estimates from the Institute on Taxation and Economic Policy tax model, which are illustrated in these charts and tables, include the following key findings:
■ The richest one percent of Americans pay 23.8 percent of total taxes and receive 22.2 percent of total income.
■ The poorest one-fifth of Americans pay 2.0 percent of total taxes and receive 3.2 percent of total income.
■ Each income group will pay a total share of taxes that is quite similar to each group’s total share of income.
■ Contrary to popular belief, when all taxes are considered, the rich do not pay a dispropor*tionately high share of taxes. Although each income quintile pays combined federal, state and local taxes that are roughly equivalent to their share of the nation’s income, this by no means indicates our tax system is fine as is. In a truly progressive tax system, millionaires and billionaires wouldn’t be paying roughly the same tax rates as working families earning $100,000 per year.
Re: Top 20% US earners pay 84% of income tax.
Hard to believe the average income for the top 1 % is only $1.735m; if the top 1% start at $615,000 and we don’t know what the upper limit is, it is too close to the lower end. Guess it is possible, coz # of ppl making between $615,000 and say $1.735m is probably more than the # of ppl making between $10m and .
Those are interesting figures though. If we go with flat rate, the rich will actually end up paying less than their fair share. But if we do flat rate + vat, they could end up paying more since they buy things like yachts, planes, mansions etc,.
Now I will yield to Southie so he can continue his tantrum for another 3 days.
Re: Top 20% US earners pay 84% of income tax.
I’ve done integrity checks on the OP tables and they don’t work out. kakaballi’s table looks better, but still does not give the proper picture, although I have not analysed it yet.
OP diagrams integrity check is as so:
Given that the total income is around 13.7 trillion. Multiply this by each percentage income to get actual values of income. Divide these values by the population in those ranges and you will get the average income. In all cases the given income range is far higher than the calculated average value, which should at least fit within the lower part of the range.
For example the person it says who earns at least 134.3k by calculation is actually earning only 54.4k …
Furthermore, after doing the similar thing with the tax figures i.e. converting them to actuals … I divided the actual tax average of a given percentile range by the income of that range to get average taxes paid by person as a percentage of their own income. My figures when compared to kakaballi’s table is so different.
If the OP tables are correct then they suggest (looking at the breakdown table of the top 5th of the population) that:
top percentile pay 24.6% tax on their income, but others only pay 13.9%, 9.3% and 7.6% tax respectively. But according to the table given by kakaballi the top 20% are all giving at least 30% of their earnings in tax. All the US people here will know what is closer to the truth.
My calculations for the 80 to 90 percentile band is as so:
13.7 trillion x 13.1% = 1794.7 Billiion
Divide that by 33 million people = average earning = 54.38k per person per year
1.26 trillion tax money x 10.8% = 136.08 Billion (tax given by people in 80 to 90 percentile range)
Divide that by 33 million people = average tax per person in that range = 4.12k per person per year
4.12 divided by 54.38 = 7.58% tax given by income earned.
Re: Top 20% US earners pay 84% of income tax.
Yeah but interestingly since there are 3 million people who are in that top percentile, that top percentile collectively makes 1.735m x 3m = 5.21 trillion. That makes 38% of the total income of the US all in that top percentile ???
The previous tables suggests that the top percentile only makes 2.34 trillion … so where did the other 2.87 trillion go?
Re: Top 20% US earners pay 84% of income tax.
I think the first set of tables refer to only federal income tax, while the one kakaballi put up shows total tax ( federal, state and local ). So we cannot cross use the numbers. I made the same mistake myself.
Also, the Tax Policy center’s ( from OP ) includes some of the benefits such as healthcare coverage, retirement plans in the income, while the CTJ numbers may not.
Re: Top 20% US earners pay 84% of income tax.
Here is some back of the envelop Calc - annual tax equivalent
Excessive punishment for drugs used by Poor - $1000
Targeted ticketing to raise revenue- $250
Prison phone outrageous charges. $450
Lost income during incarceration. 15000 $3000
Lost income after release - wont double count
Predatory home loans. $1000
Poll tax. $100
Excise tax. $100
Unlevel playing field TAX - bad housing
Parent incarceration - so poor attendance. 1000
Total tax 6800
Amt to prison for 1 yr stay 700
Total 7500
Re: Top 20% US earners pay 84% of income tax.
Annual income 25000
Exemption for family of 4 say 10000
Taxable income 15000
Tax paid 7500
The welfare Amt offset by other unaccounted taxes.
Tax pct 50%
Re: Top 20% US earners pay 84% of income tax.
What nonsense! Personal exemption is $3950 per person. In addition there is a standard deduction of $12,400 per family. You can also claim various credits if you are really that poor. If its a family of 4, earning less than $25,000, they are below the federal poverty line and could get free health insurance. No matter how many days you throw this tantrum, you will never convince anybody that the tax burden on poor families is high.
Re: Top 20% US earners pay 84% of income tax.
Peace OYMWA
I still think the integrity checks of the first set of tables proves that there is a problem in the reported figures.
Re: Top 20% US earners pay 84% of income tax.hu
One big item that needs included
Foot soldiers with multiple deployments. Bulk of them come from poor background. (Not talking about West Point grads) The number of soldiers seriously injured is huge. Who sent them to fight? The elite.
Putting down a number for this would not do justice. But will respectfully put in 15000 per year. The number of Veterans who are homeless is significant..they didn’t get there by choice.
So total tax 22500
Taxable income 25000
Tax rate - a staggering 90%
Re: Top 20% US earners pay 84% of income tax.
Would someone please explain where my calcs are going wrong …
Given that 80 to 90 th percentile earn at least 134.3k per year, multiply this lowest figure by 33 million of the population gives: 4.432 trillion … As a percentage of overall income which is 13.7 trillion this amount is: 33.6% … But the table says this percentile range of 80 to 90 th contributes to only 13.1%
???