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Thread: Tax The Rich.

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    Quote Originally Posted by PostmodernProphet View Post
    since you have already been proven wrong I see no reason to repeat myself......
    He’s a dim-wit and wrong and a colossal waste of time and you just proved it.

    Thanks.

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    Quote Originally Posted by PostmodernProphet View Post
    there is no minimum.
    YES THERE IS...the minimum is $0.10 because the EITC is an earned income tax credit, and $1 of income is taxed at 10%.
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    Quote Originally Posted by PostmodernProphet View Post
    if you "earn" a dollar you owe no taxes and you can get a check for several thousand from the IRS.....
    You might get around payroll taxes for a single dollar, but you earn any real money, and you are paying payroll taxes. That is why people like trump avoid earning money.

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    Quote Originally Posted by PostmodernProphet View Post
    there is no minimum......and why do you fuckwits always attack my religion when I start showing how stupid you are?.....
    The minimum is $0.10 because the minimum earned income threshhold to qualify for the EITC is $1, and that $1 is taxed at 10%.
    "While you're worried about bad apples
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    Everyone must pay their fair share...it's only fair.

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    Hello Nordberg,

    Quote Originally Posted by Nordberg View Post
    The poor pay a larger portion of their money in taxes than the wealthy. I suppose we should not have them pay state, local taxes. sales tax and pay for licenses. Then they can pay the tax rightys prefer.
    That is such a good point. The poor typically rent, and so they pay no property tax directly. But since their landlords include their property taxes in the price of rents charged, it is really the poor who are paying them. All maintenance work being done to the rental property is taxable income for the person performing the work, and naturally the person indirectly paying for that work and the income taxes on it is the poor tenant.

    Typically every cent the poor earn is paid out for products and services, and the same thing happens. If it is a product, sales tax is charged. If it is a service, then the provider is taxed for their supplies and income, with those amounts being passed on to the customer, namely the poor person who pays for it.

    The rich do not spend all their income on needs, and are able to save a significant portion (not taxed,) or in the case of the super-rich, they invest the greater portion of their income (once again, not taxed.)

    Unscrupulous rich people and corporations take full advantage of every loophole (often beyond the point of legality,) with the result being they pay a lower percentage of their income in taxes. Donald Trump was proud of this, and claimed this made him 'smart.'

    If everyone were as 'smart' as that, the country would go into default, (interestingly enough, just as Republicans are currently trying to force.)
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    Hello Mr.Badguy,

    Quote Originally Posted by Mr.Badguy View Post
    Here in TN we don't pay a state income tax, but we have one of the highest sales tax at 9.5%. Obviously the rich get the best deal out of that because EVERYONE needs to buy groceries/etc and yet for the rich, household goods are a very small portion of their income. Property taxes are going to up as well, further pricing out all but the wealthy.
    So true. Even a homeless person has to eat. Every dime they get their hands on is paid out for something consumed and taxed.

    The rich spend far less of their income on taxed needs.
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    The rich have all the power. They use it to lower their taxes.

    That is why the federal debt is so high.

    The poor have no power.

    That is why they pay a higher percentage of their income in taxes.
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    Quote Originally Posted by Earl View Post
    Everyone must pay their fair share...it's only fair.
    Exactly...so if you own 99% of the wealth, you should pay 99% of the taxes.
    "While you're worried about bad apples
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    -Jessica Foster, June 2020

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    WASHINGTON (Reuters) - The White House on Thursday published a new economic analysis that showed how the wealthiest Americans pay far less in taxes than others - an effort to bolster President Joe Biden's push to increase taxes on the rich to fund his economic agenda.

    "I'm sick and tired of the super-wealthy and giant corporations not paying their fair share in taxes," Biden wrote on Twitter on Wednesday. He is pushing a $3.5 trillion bill that would expand federal efforts to fight climate change, reduce the cost of child care and decrease poverty by getting the super rich and corporations to pay more taxes.

    The White House analysis from two economists suggests that the wealthiest 400 households in the country those with net worth ranging between $2.1 billion and $160 billion pay an effective federal income tax rate of just over 8 percent per year on average.

    It finds that between 2010 and 2018, those top 400 households, when including the rising value of their wealth, earned a combined $1.8 trillion and paid an estimated $149 billion (8%) in federal individual income taxes.

    Its tax rate calculation uses data on income from high earners, wealth and taxes paid from the Internal Revenue Service and the Federal Reserve's Survey of Consumer Finances.

    The analysis was first reported by the New York Times.

    https://www.msn.com/en-us/money/mark...Yeh?li=BBnb7Kz


    thank you President Biden for sticking up for middle and lower classes, god speed

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    Quote Originally Posted by reagansghost View Post
    WASHINGTON (Reuters) - The White House on Thursday published a new economic analysis that showed how the wealthiest Americans pay far less in taxes than others - an effort to bolster President Joe Biden's push to increase taxes on the rich to fund his economic agenda.

    "I'm sick and tired of the super-wealthy and giant corporations not paying their fair share in taxes," Biden wrote on Twitter on Wednesday. He is pushing a $3.5 trillion bill that would expand federal efforts to fight climate change, reduce the cost of child care and decrease poverty by getting the super rich and corporations to pay more taxes.

    The White House analysis from two economists suggests that the wealthiest 400 households in the country — those with net worth ranging between $2.1 billion and $160 billion — pay an effective federal income tax rate of just over 8 percent per year on average.

    It finds that between 2010 and 2018, those top 400 households, when including the rising value of their wealth, earned a combined $1.8 trillion and paid an estimated $149 billion (8%) in federal individual income taxes.

    Its tax rate calculation uses data on income from high earners, wealth and taxes paid from the Internal Revenue Service and the Federal Reserve's Survey of Consumer Finances.

    The analysis was first reported by the New York Times.

    https://www.msn.com/en-us/money/mark...Yeh?li=BBnb7Kz


    thank you President Biden for sticking up for middle and lower classes, god speed
    The difficult thing to understand is why people of far more modest means stick up for the super-rich, who do not need any help.

    It's complicated to understand how they can be so few super-rich, but hold so much power over what our 'representative' government does.

    It is painfully obvious these few incredibly rich people need to be paying more to support our country, and it is a shame and an embarrassment that the situation persists.

    We must right this wrong.
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