Really rich people are suddenly paying quite a bit more in taxes
washingtonpost.com
Really rich people are suddenly paying quite a bit more in taxes
1–10 of 184 posts
Re: Really rich people are suddenly paying quite a bit more in taxes
#2Good. About time some of these people paid their fair share instead of exploiting loopholes that they can access because they have so much wealth.
Re: Really rich people are suddenly paying quite a bit more in taxes
#3It would be interesting to compare these yearly figures with movement of capital between US and other international markets.
For example, how connected is this late raise in effective tax rate with the fact that US seemed (at least, from what I seen) increasingly interesting for investors compared to other markets in this period, especially with the slowing growth of China?
Could it be that when the capital flows in, US decides to get a bigger cut, but when investment is slowing down, US tries to slow the process by making capital taxes lower? The article mentions that Bush's tax cuts happenned in 2001, right in the recession and after dot-com burst, when growth stopped and investors started to pay more attention to China.
This is just a thought; I honestly don't know enough to understand if I'm right about it.
Re: Really rich people are suddenly paying quite a bit more in taxes
#4The top marginal long-term capital gains rate in 1992 was 28%. From 2003-2012 it was 15%. In 2013 it went up to 20%. I bet the difference between 20% and 28% explains the rest of the gap noted in the NYT article.
Re: Really rich people are suddenly paying quite a bit more in taxes
#5I better call my local representative, I'm going to be rich any day now...
Re: Really rich people are suddenly paying quite a bit more in taxes
#6The top marginal long-term capital gains rate in 1992 was 28%. From 2003-2012 it was 15%. In 2013 it went up to 20%. I bet the difference between 20% and 28% explains the rest of the gap noted in the NYT article.
What does this translate to in terms of dollars from the 400 so called high earners? And then what portion of US overall tax revenue is from that group vs other segments? Any such data broken out like that exist?
Re: Really rich people are suddenly paying quite a bit more in taxes
#7The key takeaway:
> But today's IRS report suggests the biggest reason the super-rich paid lower tax rates over the last decade was the fact that Congress lowered taxes on the super-rich, particularly taxes on capital income.
Re: Really rich people are suddenly paying quite a bit more in taxes
#8Most of the these articles never consider state/local level income taxes. For a person in California the total top capital gain tax rate is more than 33%. This is actually the second highest in the world.
If you consider the regular income tax its even much worse, currently the combined income tax rate in California is more than 50%
Re: Really rich people are suddenly paying quite a bit more in taxes
#9I'd be happier if taxes were cut from the bottom up, instead of increased from the top down.
Re: Really rich people are suddenly paying quite a bit more in taxes
#10I'm not a Trump fan, and despite likely tax hits, his proposal of simplifying the tax code (as many have done before him), getting rid of the IRS (yes jobs lost, but really, I got a certified letter owing $0.51 and they were "too busy with this category to answer. click") would be a positive thing.
One short summary of his proposal -- http://www.thepoliticalinsider.com/donald-trump-unveils-his-...
I think a pure flat tax would actually be bad for the country implemented immediately, but maybe a gradual rescinding of tax breaks (mortgage, etc -- i use said benefit) might be worth considering.
Wall Street bankers running off pure capital gains is a big problem.