Financial News

[Dick Allen]

Trump says the dems are trying to distract from th very popular tax cut bill. Apparently he hasn't read the polls. Sad.

[RockRaines]

Not sure what you're talking about. My comment was just that the people who have the highest taxable income (500,000 and up) pay the most into the IRS revenue. They do. They pay by far the most amount.

 

Who can make all the other points you want but these people still pay the most into the revenues collected by taxes.

Absolutely true. But also usually have the most ways to bring that percentage way down.

[Balta1701]

Not according to the IRS. Look at the tax revenue collected table on their website. The last data was from 2015.

There were 150,493,263 submissions.

Only 99,012,731 submissions were considered to have "taxable income"

 

Of those 1,320,338 made 500,000 or more. The tax collected made up 25.1% of all taxes collected. That means 1.3% of the people who paid taxes paid 25% of all tax revenue.

 

If you look at all submissions, that .01% of all people who submitted taxes, paid for 25% of all tax revenue.

 

They may hide a great deal of taxable income but they are still paying a a vast amount more than others.

The top 0.1% also earn >12% of total national income, and their share is doing this:

[Jenksismyhero]

Good thing I got up early this morning. Saw the crypto stuff tanking and sold off. Should have sold 7 days ago and I would have 50% more value but oh well, can't complain

[Big Hurtin]

I can’t wait to fill out my postcard card size return in April.

 

[ptatc]

In a short letter to the local Telegraph Herald, Rank said, "Congressman Rod Blum in a Dubuque town hall (Monday) night asked, 'Why should a 62-year-old man have to pay for maternity care?' I ask, why should I pay for a bridge I don’t cross, a sidewalk I don’t walk on, a library book I don’t read?"

 

She continued, "Why should I pay for a flower I won’t smell, a park I don’t visit, or art I can’t appreciate? Why should I pay the salaries of politicians I didn’t vote for, a tax cut that doesn’t affect me, or a loophole I can’t take advantage of?"

 

"It’s called democracy, a civil society, the greater good. That’s what we pay for," she quipped.

http://www.refinery29.com/2017/05/154527/a...rnity-insurance

 

 

Why shouldn't the richest Americans and corporations pay the most? If it was not for all of the benefits they've received from the American system (Constitutional democracy), the American military and the American government/public services system (schools/firefighters/police, etc.) WHERE WOULD ANYONE BE?

 

What would the "American Dream" be then?

 

And what developed countries in the world don't have progressive tax systems? Here's a list if you want to investigate further.

 

https://en.wikipedia.org/wiki/List_of_countries_by_tax_rates

They do.

[ptatc]

The top 0.1% also earn >12% of total national income, and their share is doing this:

Good for them. They earn 12% of the total income and pay 25% of all tax revenue.

[ptatc]

Absolutely true. But also usually have the most ways to bring that percentage way down.

They do. But they still pay by far more than everyone else regardless of how much they bring the % down.

[RockRaines]

They do. But they still pay by far more than everyone else regardless of how much they bring the % down.

Depends on how much its brought down. Many top earners can end up paying almost zero taxes. It's all in where you put the money.

[Dick Allen]

They do. But they still pay by far more than everyone else regardless of how much they bring the % down.

We have a President who brags about how he is worth over $10 billion yet hasn't paid taxes in 15 years. Why should some stiff making $50k pay taxes?

 

Donald Trump and his ilk, use taxpayer paid roads and lots of other things, yet they have no problem not paying for them, and cry if someone unable to pay is given a service to survive.

 

Now we give them even more breaks, and will eventually take away even more from our most needy people. It is insane. These people and corporations are sitting on piles of money now they will never use. Why is giving them more going to be good not only for them but everyone else?

 

Trump's got $10 billion according to him. Why isn't he hiring more people and giving them gigantic raises?

Edited December 22, 2017 by Dick Allen

[ptatc]

Depends on how much its brought down. Many top earners can end up paying almost zero taxes. It's all in where you put the money.

Doesn't matter. That top group, whomever they consist of, still pay that revenue. Maybe some of them aren't paying, so the group could be larger. But the top 1% of tax payers, this excludes the more than 1/3 of all people who filed but did not have "taxable income" so didn't pay taxes, pay 25% of all tax revenues.

 

 

 

 

[ptatc]

We have a President who brags about how he is worth over $10 billion yet hasn't paid taxes in 15 years. Why should some stiff making $50k pay taxes?

 

Donald Trump and his ilk, use taxpayer paid roads and lots of other things, yet they have no problem not paying for them, and cry if someone unable to pay is given a service to survive.

I've never claimed any of it is fair or it's a good system. It needed to change.

 

I'm only saying who paid what taxes.

[Balta1701]

Good for them. They earn 12% of the total income and pay 25% of all tax revenue.

They also hold approaching 25% of all wealth in this country (comparable to the bottom 90% as of 2013 and probably greater than them by now).

[bmags]

The top group pays vast majority of taxes.

 

Undoubtedly.

 

The vast wealth that the top group is able to accumulate would not be possible without the stable and effective government of the United States. Their shrieking that they pay too much and don't even consume most of the services misses the greatest service provided to them of all, a country that has enforced high access to any market they want, has stabilized brutal regimes to protect American wealth, and has allowed an incredible domestic economy to tap into.

 

 

[ptatc]

Depends on how much its brought down. Many top earners can end up paying almost zero taxes. It's all in where you put the money.

No it doesn't. The gross amount is still there.

 

I guess everyone else discussing here is stuck on the % and who it actually is.

 

I'm just stating the facts. The top 1% of everyone had actually paid taxes, pay 25% of all tax revenue. If the people you claim don't pay they aren't included in the group.

[ptatc]

They also hold approaching 25% of all wealth in this country (comparable to the bottom 90% as of 2013 and probably greater than them by now).

no doubt, which is why they pay the most taxes.

[Dick Allen]

I've never claimed any of it is fair or it's a good system. It needed to change.

 

I'm only saying who paid what taxes.

How about as a percentage of their income?

 

 

[Balta1701]

no doubt, which is why they pay the most taxes.

and far, far less than they should be paying.

[bmags]

No it doesn't. The gross amount is still there.

 

I guess everyone else discussing here is stuck on the % and who it actually is.

 

I'm just stating the facts. The top 1% of everyone had actually paid taxes, pay 25% of all tax revenue. If the people you claim don't pay they aren't included in the group.

 

That's because gross is a bad way to measure it.

[ptatc]

How about as a percentage of their income?

This has been my point all along. This is where we disagree. I really don't care about the % of their income. They already pay so much more than everyone else.

 

The tax brackets already try to do that by bringing in more taxes as the income goes up. It's obviously not a great system and needed to change.

 

[ptatc]

That's because gross is a bad way to measure it.

I disagree. i think it's the proper way, philosophically anyway, in the current system.

[ptatc]

and far, far less than they should be paying.

again, this is where we disagree. Maybe there isn't a purely fair system to do it.

[Dick Allen]

This has been my point all along. This is where we disagree. I really don't care about the % of their income. They already pay so much more than everyone else.

 

The tax brackets already try to do that by bringing in more taxes as the income goes up. It's obviously not a great system and needed to change.

So you really don't care if it separates the haves and have nots in society and if people aren't rich enough to be sick, well, sorry, you're screwed. And if you aren't rich enough to pay a real lawyer to get you off when you commit crimes, too bad, you pay for a bad one who can't get you off when you didn't.

 

[Balta1701]

again, this is where we disagree. Maybe there isn't a purely fair system to do it.

Is it fair in your eyes that over the last 30 years the share of income and the share of wealth for the top 0.1% has gone up while both have gone down for the remaining 90% of the population?

[caulfield12]

Eight years after Lehman Brothers’ bankruptcy filing signaled the start of the financial crisis, the U.S. has posted the worst salary recovery among developed Group of 20, or G-20 countries, according to executive search firm Korn Ferry's Hay Group unit.

 

U.S. salaries have fallen 3.1% after adjusting for inflation since Lehman’s bankruptcy on Sept. 15, 2008, the study says. That’s the worst among the G-20, which also includes the United Kingdom, Canada, France, Germany, Italy, Japan and South Korea.

 

America’s poor performance can partly be traced to its preponderance of jobs in low-wage sectors such as retail, restaurants and hotels, and healthcare, says Benjamin Frost, a Korn Ferry product manager.

 

But even within entry-level jobs — a category that includes clerks, call center representatives, carpenters and production line supervisors — the U.S. fares worst, with salaries falling 14.8%.

 

 

https://www.usatoday.com/story/money/2016/0...rowth/89924144/