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Economics Discuss The rich pay an outsized share of taxes at the Political Forums; Wealthy Americans earn about 50 percent of all income but pay nearly 70 percent of the federal tax burden, according ...

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Old 07-10-2012, 03:56 PM
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Default The rich pay an outsized share of taxes

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Wealthy Americans earn about 50 percent of all income but pay nearly 70 percent of the federal tax burden, according to the latest analysis Tuesday by the Congressional Budget Office — though the agency said the very richest have seen their share of taxes fall the past few years.

CBO looked at 2007 through 2009 — the latest years data are available, but enough to include the early effects of the last recession — and found the bottom 20 percent of American earners paid just three-tenths of a percent of the total federal tax burden, while the richest 20 percent paid 67.9 percent of taxes.

The top 1 percent, whom President Obama has made a target during the presidential campaign, earned 13.4 percent of all pre-tax income but paid 22.3 percent of taxes in 2009, CBO said. When tax burden is figured in, the top 1 percent took in only 11.5 percent of income.

But the richest 1 percent’s share of the total tax burden did drop 4.4 percentage points from 2007 to 2009 — a figure likely to bolster Mr. Obama’s calls for them to pay more by letting the Bush-era tax cuts expire.

The big losers over the past few years were the rest of the well-off — those in the 60th percent to 99th percent of earnings — who saw their tax burdens go up.
CBO: The rich pay an outsized share of taxes - Washington Times

the hell you say!
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Old 07-10-2012, 06:15 PM
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Post Re: The rich pay an outsized share of taxes

Predictable bait and switch in that article...
It talks about "income", but the tax side of it is not JUST about INCOME tax...
It talks about total tax...

Try comparing apples to apples next time...
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Old 07-10-2012, 10:58 PM
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Default Re: The rich pay an outsized share of taxes

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Originally Posted by foundit66 View Post
Predictable bait and switch in that article...
It talks about "income", but the tax side of it is not JUST about INCOME tax...
It talks about total tax...

Try comparing apples to apples next time...

Lets all start a fund for these poor bastards.
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Old 07-11-2012, 06:49 AM
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Default Re: The rich pay an outsized share of taxes

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Lets all start a fund for these poor bastards.
Why? Chances are, they would prefer to make it on their own......

Difference, you see. Doing it because you need to, and whining about it....
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Old 07-11-2012, 06:54 AM
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Default Re: The rich pay an outsized share of taxes

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Why? Chances are, they would prefer to make it on their own......

Difference, you see. Doing it because you need to, and whining about it....
You lost me..doing what?
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Old 07-11-2012, 07:53 AM
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Default Re: The rich pay an outsized share of taxes

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You lost me..doing what?
Paying the taxes that they do.

Have you noticed that most wealthy people have been paying their taxes, and only said something when they've been threated with raising them?

On the flip side, lower income seem to whine more about how much MORE they feel the the wealthy should pay, but not a word about themselves paying more......
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Old 07-11-2012, 08:01 AM
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Default Re: The rich pay an outsized share of taxes

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Paying the taxes that they do.

Have you noticed that most wealthy people have been paying their taxes, and only said something when they've been threated with raising them?

On the flip side, lower income seem to whine more about how much MORE they feel the the wealthy should pay, but not a word about themselves paying more......
No, I don'tsee that at all. What I see it the republicans whining that the creators should be given a tax cut when taxes are lower than they have been in decades.

It is about the fact that demand is down. Giving more tax cuts to the rich when the problem is demand is like thinking you can make a car go faster by adding more gas to the tank.
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Old 07-11-2012, 08:07 AM
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Default Re: The rich pay an outsized share of taxes

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No, I don'tsee that at all. What I see it the republicans whining that the creators should be given a tax cut when taxes are lower than they have been in decades.

It is about the fact that demand is down. Giving more tax cuts to the rich when the problem is demand is like thinking you can make a car go faster by adding more gas to the tank.
What additional tax cuts have they been asking for?

As far as I can see, they have just been asked to be left alone, and not have their taxes raised.

The lower income have been clammoring for the wealthy to have their taxes raised, but I don't hear them say 'Yes, raise them on us too!'
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Old 07-11-2012, 08:17 AM
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Default Re: The rich pay an outsized share of taxes

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What additional tax cuts have they been asking for?

As far as I can see, they have just been asked to be left alone, and not have their taxes raised.

The lower income have been clammoring for the wealthy to have their taxes raised, but I don't hear them say 'Yes, raise them on us too!'
That is right. The taxes on the rich go back to 39% from 35%. This when Romney pays 15% because the rich have huge tax loopholes.

The middle class needs all the breaks we can give them because that is where demand comes from.

So it's the difference between trickle down and build up. What creates a strong middle class builds a strong society. When wages go down, education and other costs rise you have to step in and help the middle get ahead of these situations. You cannot have growth if you don't help these people. You can cut taxes on the rich to zero and without the middle class it won't change a thing.
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Old 07-11-2012, 08:43 AM
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Default Re: The rich pay an outsized share of taxes

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That is right. The taxes on the rich go back to 39% from 35%. This when Romney pays 15% because the rich have huge tax loopholes.

The middle class needs all the breaks we can give them because that is where demand comes from.

So it's the difference between trickle down and build up. What creates a strong middle class builds a strong society. When wages go down, education and other costs rise you have to step in and help the middle get ahead of these situations. You cannot have growth if you don't help these people. You can cut taxes on the rich to zero and without the middle class it won't change a thing.
You didn't answer the questions, just dug out Romney fluff.

Technically, wages haven't gone done for those continuously employed, it's inflation (can you say quantitative easing, class?) that has devalued the purchasing power of wages.

Why do the lower income people demand that the 'wealthy' pay more, but don't ask for the same for themselves? Dollar for Dollar, the wealthy pay more into the system than they will ever use, and say little about it.

It's so easy to say 'raise taxes!' when it's someone elses' money.....
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