Why is trickle-down economics still with us?

Deregulation keeps causing greed frenzies that end in economic crashes

Then we have to do Keynesian Economics to fix the mess



When will you idiots say “we are all Keynesians now” and really mean it?
 
Poor Richard Saunders said:
Looking at the income tax alone ignores about 50% of federal revenues.

But then you also need to look at the tax rate on different kinds of income.
Someone with no wage income making $500,000 on income in Capital gains is paying $70,847 in federal income taxes.
Someone making $250,000 in wages is paying $83,387 in income tax and FICA taxes. ($96,300 if you include the employers FICA.)

The top 1% of taxpayers while it makes 20% of the total income in the US may pay 40% of the income taxes but that accounts for only about 20% of Federal revenues. Be careful how you use the numbers. There are sources that include percent of all taxes paid. They are a better choice if you want to talk about who pays what.
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Individual income taxes account for 55% of federal revenues, but the other categories basically are paid by all consumers. You could not just raise taxes on the wealthy for excise taxes or customs duties. 31% of revenues come from Social Security and Medicare taxes and those come from dedicated taxes that go into a separate trustee account and not in the general fund.

If you use percent of all taxes paid the percentages change but the generalization I made earlier still stands. The upper income are the only group that pays their "fair share" in that they pay a higher percentage of taxes than their percentage of the income. All lower groups pay less in taxes than their percentage of income. Also, as income rises so does the percent of income paid in income taxes.

https://nymag.com/intelligencer/article/fact-check-richest-1-dont-pay-40-of-the-taxes.html
 
BidenPresident said:
I keep forgetting you folk never went to college and never learned how to cite information.
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That is just copy and paste which is for the lazy. If you are citing a web site you still have to go there to read it and we know you don't read links. If you don't read links but read cited sources what is the point?
 
Flash said:
That is just copy and paste which is for the lazy. If you are citing a web site you still have to go there to read it and we know you don't read links. If you don't read links but read cited sources what is the point?
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I get tired of explaining this, but for the 167th time:

Merely posting a link is meaningless. The purpose of the link is to SHOW THE SOURCE OF A QUOTE OR OTHER SPECIFIC INFORMATION.

For example, saying that you read the novel, Moby Dick and posting the link https://www.gutenberg.org/files/2701/2701-h/2701-h.htm, proves nothing.
 
BidenPresident said:
I get tired of explaining this, but for the 167th time:

Merely posting a link is meaningless. The purpose of the link is to SHOW THE SOURCE OF A QUOTE OR OTHER SPECIFIC INFORMATION.

For example, saying that you read the novel, Moby Dick and posting the link https://www.gutenberg.org/files/2701/2701-h/2701-h.htm, proves nothing.
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But, when you deny information from the IRS/Treasury Department a link showing charts and graphs of that data supports the original claim.
 
Flash said:
You are not giving the working class less and upper class more. The upper classes earn more and they are taxed and much of that money is given to the working classes through Earned Income Tax Credit, other tax credits, educational grants, Medicaid, food stamps, housing programs, welfare (TANF), and hundreds of other programs.

If you favor these social programs, it is trickle down economics. Money from those make more is given to those who make less. If you took a much larger percentage of taxes from the wealthy to give to the working class, it is still trickle down economics because it goes from top to bottom.
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I've been listening to that old song and dance ever since the time of Reagan, and in that time I've seen the middle class gradually disintegrate, so your plutocratic fairy tales are not appreciated here.
 
Trumpet said:
I've been listening to that old song and dance ever since the time of Reagan, and in that time I've seen the middle class gradually disintegrate, so your plutocratic fairy tales are not appreciated here.
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Then explain where it is incorrect. Nobody is taking money from the working class--government gives them many different benefits. Those come from the people who pay the taxes.

What is evidence the middle class has disintegrated. It has grown smaller because more of the middle moved into higher income categories. That is just stating facts, not supporting any partisan rhetoric.
 
Flash said:
Individual income taxes account for 55% of federal revenues, but the other categories basically are paid by all consumers. You could not just raise taxes on the wealthy for excise taxes or customs duties. 31% of revenues come from Social Security and Medicare taxes and those come from dedicated taxes that go into a separate trustee account and not in the general fund.

If you use percent of all taxes paid the percentages change but the generalization I made earlier still stands. The upper income are the only group that pays their "fair share" in that they pay a higher percentage of taxes than their percentage of the income. All lower groups pay less in taxes than their percentage of income. Also, as income rises so does the percent of income paid in income taxes.

https://nymag.com/intelligencer/article/fact-check-richest-1-dont-pay-40-of-the-taxes.html
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France tried 'eating the rich' about a decade ago. It didn't work. They either left the country, moved their wealth elsewhere, or stopped dealing with France.

When President Francois Hollande unveiled a “super-tax” on the rich in 2012, some feared an exodus of business, sporting and artistic talent. One adviser warned it was a Socialist step too far that would turn France into “Cuba without sun”.
Two years on, with the tax due to expire at the end of this month, the mass emigration has not happened. But the damage to France’s appeal as a home for top earners has been great, and the pickings from the levy paltry.

“The reform clearly damaged France’s reputation and competitiveness,” said Jorg Stegemann, head of Kennedy Executive, an executive search firm based in France and Germany.

“It clearly has become harder to attract international senior managers to come to France than it was,” he added.
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https://www.reuters.com/article/us-france-supertax-idUSKBN0K11CC20141223

The rich didn't get rich by being stupid. You slap onerous, confiscatory, taxes on them and they find a way to not pay. It's that simple. Eat the rich doesn't fucking work.

What these taxes do do is hit the upper end of the Middle Class hard because they are on the cusp of becoming rich themselves. They don't have the means the truly rich do to avoid them so they are the ones either stuck paying these taxes and keeping them down, or being unwilling to continue to move up economically and become rich because they see it as a fool's errand where they'll just see their wealth confiscated by government. They too aren't stupid, unlike the Leftists that propose these taxes thinking they, like themselves, are.
 
BidenPresident said:
Bottom line:

If you don't want to source your information with the link to where you got it--I won't read it. Debate someone else. That's it.
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Another poster provided you the necessary link and I didn't post one because you said "I don't read links". You obviously weren't interested in any information that was contrary to your established views.

If you don't want to debate don't respond to my posts.
 
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