441–450 of 467 posts
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You get the money from other places than income tax on the poor
The poor are already an insignificant tax base, I thought you meant 5% for the middle class.
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Companies pay, behind the scenes, another chunk of payroll tax that is roughly equal to what the employee pays. It doesn’t make the total 50%, but the taxes paid on your salary are higher than just 25%, even if it doesn’t show up on your paystub.
So now we're including taxes paid by the company when discussing personal income tax rates?
It seems disingenuous to not consider it a part of the taxes paid based on your income (though it certainly sounds better to say that we only pay, say, 25%, instead of 40%).
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No one pays that much in a progressive tax system. Every time this discussion comes up people spout off these numbers but if you calculate out how much you actually pay it's probably in the 20-30% of total salary range. That's still high but it's just dishonest and makes people look like idiots when they throw around 40% etc. If you are truly paying 40% of your income in tax you are earning millions and are benefitin…
What a load of horseshit, just take a look at a bunch of western european countries. https://taxfoundation.org/taxing-high-income-2019/ Then there's a 21% sales tax for everything but food and medicine in the Netherlands aswell
- VAT - Excise - Kwartje van kok (was supposed to be temporary, already > 20 years there)
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And seen in another thread: Microsoft is lobbying the US govt to spend 250 million to make more software engineers by introducing computer courses in schools so that there are more SE on the market in the future so that they can hire for cheaper. Meanwhile, individuals are paying 20–50% income tax. What a wonderful world.
This argument comes up a lot but nobody is paying 50% income tax in the US. Even if you make a million dollars a year in W2 income, in California, which has the highest marginal tax rate, you'll pay roughly 40% effective, almost entirely to the federal government. Realistically you're going to make a lot less than that W2, which drives the effective rate down considerably, and as remote work becomes more of an expect…
You can verify in the link below: 330K federal taxes, 106K state, 30K FICA (employee contribution) and 30K FICA (employer contribution)
That adds up to 496K / $1M in taxes on income, or effective rate of 49.6%. If you're married, however, that drops to ~45% effective.
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Companies pay, behind the scenes, another chunk of payroll tax that is roughly equal to what the employee pays. It doesn’t make the total 50%, but the taxes paid on your salary are higher than just 25%, even if it doesn’t show up on your paystub.
So now we're including taxes paid by the company when discussing personal income tax rates?
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Taxing mega corporations is essential. I would add that you need to tax them to oblivion after shareholder’s expectations are reasonably satisfied. If you don’t, you essentially create rogue institutions with deep pockets that will attempt to take political control of the nation for their selfish interests. Adam Smith had interesting things to say about that.
Why is a corporation with political power worse than a government? You will probably say that I have more control over government because of democracy. But in practice I have a stronger control mechanism over corporations, who I can choose to pay for services. When there is a problem with my Amazon package, I get quick responsive customer service. If you have a problem with government, good luck!
If corporations capture the market/government and become monopolies/oligopolies and you have no choices (i.e. Comcast in some regions), you will have no more recourse.
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The revenue is only the same because we dont actually collect corporation tax because we let people avoid it. To act like there's no additional benefit on taxing literally billions in revenue is absolutely nonsensical.
$100 -> corp. $90 -> expenses, $10 -> profit. $4 -> corp tax, $6 -> shareholders dist. $100 -> corp. $90 -> expenses, $10 -> profit -> shareholders dist. $4 -> personal income tax. In principal it's the same. Path 1 is easier to dodge, because what constitutes "expenses" is hard to define, but distributions are obvious. And the numbers don't have to add to 100. So reality looks more like: $100 -> corp. $95 -> "expens…
We should stop all taxation and use inflation to pay for everything instead. Much simpler and no one can get out of it.
Inflation hurts people who hold mostly cash more i.e the poorest in society
Realistically we need a private debt jubilee - inflation is just one way to get there.
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> 88% of the cost of the US Fed gov is paid for by taxes by workers (income taxes). Less than 12% comes from all corp/business taxes combined with capital gains (taxing the rich 1%). "the rich" pay income taxes as well: https://itep.org/who-pays-taxes-in-america-in-2020/ In fact, the top 1% paid 24.3% of all income tax. And the top 5% paid 40.6% of all income tax. So it is most definitely taxing the rich. The top 25%…
> In fact, the top 1% paid 24.3% of all income tax. And the top 5% paid 40.6% of all income tax. Those numbers aren't normalized btw. Americans in the top 1% net worth account for more than 30% of the total net worth of all Americans [1] [2]. 30% > 24.3% so it is slightly regressive from that standpoint. But there's a bigger picture and that is, what do these rich people do with their money? Does it help people or no…
They don't need to be, they are what they are. 40.6% of all income tax is 40.6% of all income tax. No normalization needed.
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Oh, it's great that it's great society. Sucks pretty hard for him though.
"Pay your fair share". I cringe every time I hear this from people. Rich people pay WAY more than what they get back from the gov.
Where as someone who worked 40 hours a week for the whole year and made $200K gets taxed... exact same 20% effective (federal), and another ~15% (employer+employee) in FICA.
Part of the value of paying taxes is to ensure that the people who's labor you're extracting value from don't rebel and rise up against you.