He’s a dim-wit and wrong and a colossal waste of time and you just proved it.
Thanks.
Tax The Rich.
- Thread starter PoliTalker
- Start date
He’s a dim-wit and wrong and a colossal waste of time and you just proved it.
Thanks.
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%.
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.
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%.
PoliTalker
Diversity Makes Greatness
Hello Nordberg,
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.)
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.)
PoliTalker
Diversity Makes Greatness
Hello Mr.Badguy,
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.
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.
PoliTalker
Diversity Makes Greatness
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.
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.
Exactly...so if you own 99% of the wealth, you should pay 99% of the taxes.
reagansghost
eternal
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/mar...ss-in-taxes-than-others/ar-AAOJYeh?li=BBnb7Kz
thank you President Biden for sticking up for middle and lower classes, god speed
"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/mar...ss-in-taxes-than-others/ar-AAOJYeh?li=BBnb7Kz
thank you President Biden for sticking up for middle and lower classes, god speed
PoliTalker
Diversity Makes Greatness
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.