Posted on 09/28/2024 1:40:42 PM PDT by econjack
Harris and this article state that the rich don't pay their fair share? Really? First, who determines what a fair share is? Fact is, there is no objective measure of fair share. Perhaps the fairest measure is that everyone pays the same rate as a percentage of income. Friedman suggested 17%, so if you make $100000/yr, you pay $17,000. If you make a million dollars a year, you pay $170,000. But, that's not how it works.
The top 1 percent paid a greater share of individual income taxes (38.8 percent) than the bottom 90 percent combined (29.2 percent).
The top 50 percent of all taxpayers paid 97 percent of all individual income taxes, while the bottom 50 percent paid the remaining 3 percent.
The top 1 percent (taxpayers with AGI of $546,434 and above) earned 20.1 percent of total AGI in 2019 and paid 38.8 percent of all federal income taxes. The bottom 50% of taxpayers (AGI of $44,269) paid 3.1% on their income.
We denigrate the rich and praise the poor? Why? It's the rich who invest in the economy, promote economic growth, and create new jobs. How many of you were hired by a poor person? I've heard stupid people say: "Bezos has too much income!" Really? If you feed, clothe, and provide a roof over the heads of more than 250,000 people, I might listen to you. Until then, sit down and STFU.
If Harris were really serious about a fair share, she's had three and a half years to do something about it and has done nothing. Harris and the rest of Congress don't mess with tax loopholes because that where their re-election funds come from. If Congress wants to point fingers, point them at yourselves. After all, you wrote the tax code and could fix it...if you really wanted to.
How 'bout this instead. Everyone pays 17%--no deductions or anything else that could distort the allocation of resource. You could file your taxes on a postcard.
If you really want to help the poor, promote a growing economy. The real objective is not your income, but your standard of living. Take a poor person's income to some undeveloped countries and they could live like a king. Suppose there are only two people in an economy. One making a $90000/year and another making $10000. In other words, the economic pie is $100,000.Now, grow the economy by 10%, so the economic pie is $110,000. With stable prices, the standard of living for rich AND poor increases by 10%.
This is even more true if a flat tax is in place.
If you think taxing the rich even more is a good idea, look what happened to England, South Africa, India, and a host of other countries who tried this approach. You drive the investors out of the country, growth stops, and unemployment increases. It's then when you realize your policies killed the goose that's been laying those golder eggs for you.
She talks out of both sides of her a@@. It might elicit a prurient interest, but I find the top part of her, such as facial expressions, bone structure of face, hair and demeanor, so repulsive that I cannot bring myself to look at her a@@, even when she talks out of it.
Just what exactly is that fair share number and is the politician prepared to set that in stone in a Constitutional amendment.
If not shut the hell up because it is congress passing laws that establishes such things.
Oh, that’s right. I forgot you want the “pen and the phone” executive order way of governing.
i asked her where she was going to get the money for that. THEN she started going on about taking the money from billionaires like Elon Musk (she used HIM as an example). I felt like I was talking to a communist. These people ARE revolutionaries and ARE going to plunge this nation into violence. I REALLY don't think the masses (wild, immoral, feral pigs) see the trap. If this nation is not persuaded to repent and take on Biblical values, it is time to leave and go somewhere else if one can. What is going to happen here will make Mexico, China, Spain most anywhere except Haiti, North Korea or Venezuela look good by comparison.
No: I was surprised as this being listed as the source, and acted contrary to FR "tradition" and actually when the linked source, which argues just that contrary. ("the wealthiest 400 billionaire families in the U.S. paid an average federal individual tax rate of just 8.2 percent. For comparison, the average American taxpayer in the same year paid 13 percent" "According to the Institute on Taxation and Economic Policy, at least 55 of the largest corporations in America paid no federal corporate income taxes in 2020."
What it does not say (and to substantiate what the OP does not) is that,
The average income tax rate in 2021 was 14.9 percent. The top 1 percent of taxpayers paid a 25.9 percent average rate, nearly eight times higher than the 3.3 percent average rate paid by the bottom half of taxpayers. The top 1 percent’s income share rose from 22.2 percent in 2020 to 26.3 percent in 2021 and its share of federal income taxes paid rose from 42.3 percent to 45.8 percent. The top 50 percent of all taxpayers paid 97.7 percent of all federal individual income taxes, while the bottom 50 percent paid the remaining 2.3 percent.- https://taxfoundation.org/data/all/federal/latest-federal-income-tax-data-2024/
In 2021, the top 5% of earners — people with incomes $252,840 and above — collectively paid over $1.4 trillion in income taxes, or about 66% of the national total. If you include the top 10% — everyone who made at least $169,800 — that figure rises to $1.7 trillion, or 76% of the total. The top 50% of earners contributed 97.7% of federal income tax revenue. - https://usafacts.org/articles/who-pays-the-most-income-tax/
But the average tax rate paid by the top 1% has declined in recent decades, according to the Tax Foundation analysis. For instance, in 2001, the nation's top earners had an effective tax rate of 27.6% — almost two percentage points higher than their current rate. - https://www.cbsnews.com/news/tax-irs-income-taxes-who-pays-the-most-and-least/
But the OP was wrong to list Oxfam as the source in order to post this, though it warrants refutation.
this phrase has been used by them for decades and still people dont remember the end result, how stupid people really are, hope and joy win the day and stupidity follows. The rich donate to these socialist commies and they get off the hook while the hook sets deeper in the middle class
Democrats have been attacking the rich for years in their effort for wealth redistribution and shaming the successful. And where do they want the “fair share” to go? To them for more social programs, bloated government, and vote-buying schemes.
DOES THAT INCLUDE ALL OF CONGRESS/BIDENS/BUSH’S, CLINTONS AND GATES? KAMALA HARRIS NET WORTH. https://www.oklahoman.com/story/news/politics/elections/2024/08/16/kamala-harris-net-worth-tim-walz-what-to-know/74810180007/
I will argue the poor must pay their share. A free ride turns the poor into parasites
They don’t even grasp Hayek’s Road to Serfdom.
What is serfdom Hayek?
Hayek’s The Road to Serfdom is a compelling but imperfectly understood intellectual statement about the relationship between economic institutions and personal and political freedom. Hayek’s original thesis is that the fully planned economy can set a society on a path to totalitarianism.
I hope this comes up in the VP debate. Vance will explain this like no else.
Wow, she’s so original! LOL
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