Posted on 10/24/2017 9:20:23 AM PDT by T-Bird45
Not what you've been told.
Politicians exploit public ignorance. Few areas of public ignorance provide as many opportunities for political demagoguery as taxation.
Today some politicians argue that the rich must pay their fair share and label the proposed changes in tax law as tax cuts for the rich. Let’s look at who pays what, with an eye toward attempting to answer this question: Are the rich paying their fair share?
According to the latest IRS data, the payment of income taxes is as follows.
The top 1 percent of income earners, those having an adjusted annual gross income of $480,930 or higher, pay about 39 percent of federal income taxes. That means about 892,000 Americans are stuck with paying 39 percent of all federal taxes.
The top 10 percent of income earners, those having an adjusted gross income over $138,031, pay about 70.6 percent of federal income taxes. About 1.7 million Americans, less than 1 percent of our population, pay 70.6 percent of federal income taxes. Is that fair, or do you think they should pay more?
By the way, earning $500,000 a year doesn’t make one rich. It’s not even yacht money.
(Excerpt) Read more at hermancain.com ...
I’ve seen that info, but could not find it after a quick search.
I'm inclined to believe that in today's world one can,perhaps,define "rich" in a standardized way...at least in connection with a certain part of the world.
I've traveled to certain Third World countries...India and Tanzania being just two.There,one is rich if he/she has access to drinking water that doesn't give you cholera.
I've also traveled to Greenwich,CT...the Upper West Side of Manhattan...Palm Beach...and Dubai (where I've seen a Bugati Veyron Vitesse in the Dubai Mall's valet parking area).There,$500K/yr just about allows you to get by.
To a guy like myself I consider myself to be comfortable but not rich.Condo of 1,000 sq feet,a late model German car (not a Mercedes or Porsche),the ability to do some traveling and have a nice piece of Prime Rib from time to time.
In Tanzania I'd be considered obscenely wealthy.In Greenwich,CT I'd be considered poverty stricken.But to me in just about every spot on earth except a few here,a few in Europe,a few in the Middle East and,perhaps a few elsewhere (they say Sydney real estate is outrageous) I'd say $500K/yr is rich...unless,perhaps,you're supporting a family of 10.
Just sayin'...
“All this talk of reducing corp taxes to increase US global sales made a point with me that I’d never imagined. “
I hadn’t seen that particular argument- the discussion that I’ve followed has more to do with employment and where firms have been building their factories.
They build them where the corporate tax rates are lower. And they have retained earnings from overseas divisions that they won’t repatriate to the USA because if they do it goes to taxes rather than for new plant and equipment.
I always believed what Dr. Williams had to say. Now he is saying that $500,000 a year doesn’t make one rich? Wonder what $20-40K a year makes you? I guess maybe he is right,but being rich sure has a different connotation now than it had when I was a young wage earner.
While I was in college (from 19+) I was married with a son, paying rent, etc. working while taking classes. When I applied for student financial aid the person at the office looked at my form and said, “why should YOU get financial aid? you made $11,000 last year!!!”.
...I suppose I was “rich” compared to other students, certainly didn’t feel like it when I had days where I couldn’t put a dinner on the table.
While I tend to agree (I’d love to be making $500k/yr!), people often expand their expenses as they earn more. If you have a docked boat, a big house with big taxes, nice cars, large family, etc. and THEN lose your job...how long until you have to cut back? Considering taxes and the cost of things I could see, at $500k/yr, being in the same situation as many when losing employment...it starts to hurt, fast.
I’d say you’re rich if you don’t have to cut back (money in bank).
That is pretty much almost every hardworking couple in America.
No wonder Congress has so much money to waste.
A company remits sales tax to the state.
I won’t be able to retire until noon on the day of my funeral.
Great post. Yacht Money? How about pay the doctor bill money.
The middle class is taxed more of their total earnings. Gas tax goes up 25 percent, well the wealthy aren’t driving their car to work every day. If they fire up the yacht, poor things, then they might feel it.
I do not begrudge anyone who honestly made their way.. lots of stellar hard working Americans.
If you made your way via corporate cronyism.. well..
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