The Internal Revenue Service recently released its income and tax statistics for 2020, and they show the top 1% of earners paid 42.3% of the country’s income taxes. That’s a two-decade high in the share of taxes the 1% pay.
That statistic only tells part of the story. maybe too much wealth is going to a very small number of people. If they are paying less percent in taxes than middle class me, then it is not fair.
I find it unfair that super wealthy citizens can pay less than 10% in taxes while I pay 42%. how is that fair? Sure, they are paying more amount in taxes, but the percentage is less.
Your statistic only highlights the fact that they have an awful lot of money in the top 1%. Lets talk percentage and then we can see who is paying their fair share. Share means portion, percentage, bit, part, allocation, piece.
what is a “fair share”.
I have no sympathy for a billionaire paying a larger amount, but a smaller share. Lets talk about “fair share”
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No, it’s the reverse. The top 1% pays 42.3% of all the taxes.
That’s not happening. They are paying way more than their fair share. Musk will pay $11.5 billion this year, more taxes than anyone in all of human history.
Yes, it means portion of income (that’s why it is called income tax). Not portion of their post-tax net worth that they’ve accumulated. That would be an immoral wealth tax and we don’t tax wealth.
That’s insane. The rich are paying an all-time high percentage of the taxes collected.
This is real simple Nick.
Should a worker sweating his butt off in some Amazon warehouse be paying a higher percentage of his pay towards taxes than Jeff Bazos?
WHat percentage of Jeff Bazos pay goes toward taxes - Google Search
Jeff Bezos paid a true tax rate of less than 1% between 2014 and 2018. During this period, his wealth soared $99 billion while he reported just $4.22 billion in income. Bezos ended up paying just $973 million in total taxes.
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I would say he can afford it, based on this here:
Amassing a fortune of more than $169 billion over the past decade, Tesla CEO Elon Musk makes $46.3 million per day on average or more than $1.9 million per hour .
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His wealth includes all his assets, land, businesses etc. That is far different than income.
Example, my company may be worth $3million (it’s not) but that does not mean I had $3 million in income.
He should not be paying a higher percentage of his income. And, he could be wealthy in assets and you would never know it. My grandparents saved like crazy working blue collar jobs and become wealthy. This never would have happened if you taxed their wealth along the way.
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He is not paying a higher percentage and I don’t care what mis-written article you reference. The tax code is a public document. The more income you make… the more you pay, and the greater percentage you pay.
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I have always believed in a flat tax. 10% on every dollar.
Make a dollar, pay $.10, make a million, pay $100,000.
Stop these social programs and other crap. The fact that people want more from successful people is crap, they just want more of the pie.
Everyone pays the same %, regardless…but if they do that then they can not turn us on each other.
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It is disgusting and immoral to take someones wealth by force and give it to bureaucrats simply because “he can afford it.”
We tax income, not a man’s wealth. How much he saves or grows his wealth is not, and should not be taxed until realized.
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The rich would love that, because that is a regressive proposal.
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If Warren Buffet pays less tax than his secretary, I’ll give you and everyone on this thread a ____. Stop reading nonsense articles. The tax code is a public document written in English.
I’ll allow you a mulligan on that one. You can take that back.
tax is a percent.
Buffet pays less percent tax on his income than his secretary.
tax laws are incredibly complex.
There are different types of income that are taxed at different rates. Salary is taxed the highest.
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New OMB-CEA Report: Billionaires Pay an Average Federal Individual Income Tax Rate of Just 8.2%
Do the rich pay their fair share? | Oxfam (oxfamamerica.org)
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10%
8.2%
???
And it continues, the lowest hanging fruit gets picked first. Has anyone figured out that the people who write tax laws are also the same ones who benefit from it the most?
Only two politicians I am aware of have interest in severing the relationship between the establishment and big business. RFK Jr and Bernie Sanders. One is currently being deep sixed by the DNC and the other was previously deep sixed by the DNC.
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Nick, please delete your last message, please…