Latest data is from 2021 and indicates top 1% pay 46% of federal income tax and top 5% pay 66% Dems always talk about rich should be paying their fair share but never give specific numbers.Maybe one of the Dems on this board will give me the secret number.Should it be 60% for top 1% and 80% for top 5%?
The Never Defined Fair Share
- Thread starter ed odowd
- Start date
It's just a meaningless talking point meant to stir up jealousy, bitterness, and division.
Maybe the ultra-wealthy should turn the tables and demand that the poor get off their butts and do their "fair share" for society. Get a job, stop playing victim by relying on government. Stop having children when you can't afford them. Learn some basic financial skills. It's not that difficult.
Maybe the ultra-wealthy should turn the tables and demand that the poor get off their butts and do their "fair share" for society. Get a job, stop playing victim by relying on government. Stop having children when you can't afford them. Learn some basic financial skills. It's not that difficult.
If you think that ultra wealthy non W-2 people are paying their fair share, you are wrong. There are two classes of very wealthy people. Aaron Judge can represent the W-2 wealthy and Warren Buffett the non w-2.
Judge pays enormous amount of taxes. He is at the highest tax bracket in State and federal taxes. So 37% federally and 10% in NY. I am probably missing city tax as well. His effective tax rate is very high. Close to 50%
But Buffet makes his money of stocks which are taxed at capital gains rates. His effective rate is under 20% even though he makes more money than Judge. Some years under 1%. This should not happen.
Loopholes should be closed like the carried interest loophole. I am sure there are a ton of other loopholes but I am not tax expert that should be closed. Corporate rate tax should be increased. When we had surpluses that rate was at 35%. Now it’s 21%. I don’t think raising it to 25-28% is unreasonable.
People do work hard. Unemployment is under 4%. They just don’t make a lot of money. Median household income is like $70k a year.
Judge pays enormous amount of taxes. He is at the highest tax bracket in State and federal taxes. So 37% federally and 10% in NY. I am probably missing city tax as well. His effective tax rate is very high. Close to 50%
But Buffet makes his money of stocks which are taxed at capital gains rates. His effective rate is under 20% even though he makes more money than Judge. Some years under 1%. This should not happen.
Loopholes should be closed like the carried interest loophole. I am sure there are a ton of other loopholes but I am not tax expert that should be closed. Corporate rate tax should be increased. When we had surpluses that rate was at 35%. Now it’s 21%. I don’t think raising it to 25-28% is unreasonable.
People do work hard. Unemployment is under 4%. They just don’t make a lot of money. Median household income is like $70k a year.
That’s fine but you are ignoring two points:
- The OP’s stats that the top 5% (that includes Buffet, Judge and others) account for over 2/3 of tax revenue already.
- No suggestions for cutting costs?
exactly. and there are indeed loopholes. maybe a crackdown on shell companies. a lot of these people pretend they make no money at all whether expenses or other ways
When it comes to companies do you really think these companies are staying in America if they raise corporate tax rates 7%? You also disregard the amount of payroll taxes, sales tax, litter tax and the many other taxes these companies pay.
And FYI I'm sure Mr. Judge is using those capital gains rates to his advantage as well.
So raising capital gains tax is the solution and will not result in less investmentCern I think you are a lawyer not an economist,the purpose of lower capital gains tax was to encourage investment and provide more jobs.I kinda hope the proposal 40% tax on capital gains is passed and when investment falls Dems will say I didn’t know that was going to happen.By the way no criticism of lawyers intended,my son is a former Federal prosecutor and he often asks me to clarify economic and tax policy issues.
