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News & Current Events Discuss OMB: Top 20% pay 95% of taxes, middle class 'single digits' at the General Forum; Tell me again why the rich should pay more in taxes? OMB: Top 20% pay 95% of taxes, middle class ...

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Old 10-27-2017, 10:37 AM
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Default OMB: Top 20% pay 95% of taxes, middle class 'single digits'

Tell me again why the rich should pay more in taxes?

OMB: Top 20% pay 95% of taxes, middle class 'single digits'
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Old 10-27-2017, 10:53 AM
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Default Re: OMB: Top 20% pay 95% of taxes, middle class 'single digits'

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Originally Posted by Hairy Jello View Post
Tell me again why the rich should pay more in taxes?

OMB: Top 20% pay 95% of taxes, middle class 'single digits'
That question goes into the 'just because' column.

Part of the issue that some people don't care to acknowledge, is that the higher earning income brackets contribute to a societal pool that it is highly unlikely they will use - assistance programs, unemployment and the like. In addition, they donate on a personal and corporate level to most charities, build libraries and hospitals.

They also pay for infrastructure, and for those who want to say 'but they get breaks on taxes for corporations', those corporations pay more than income taxes in the average state. Business licenses, road taxes, import/export fees, commercial telecommunication fees, to name a few.

But for those who want wealth redistribution, it will never be enough.
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Old 10-27-2017, 11:07 AM
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Default Re: OMB: Top 20% pay 95% of taxes, middle class 'single digits'

Best illustration of taxes I've ever seen, but I think it bares repeating here...

Quote:
Suppose that every day, ten men go out for lunch and the bill for all ten comes to $100.

If they paid their bill the way we pay our taxes, it would go something like this:

The first four men (the poorest) would pay nothing.
The fifth would pay $1.
The sixth would pay $3.
The seventh would pay $7.
The eighth would pay $12.
The ninth would pay $18.
The tenth man (the richest) would pay $59.
So, that's what they decided to do.
(Note this is an old story, 59+18=77 according to OP 9 and 10 would now be paying 95 but I don't know how accurate that is, so we'll just go on.)

The ten men ate lunch in the restaurant every day and seemed quite happy with the arrangement, until one day, the owner threw them a curve ball.

"Since you are all such good customers," he said, "I'm going to reduce the cost of your daily lunch by $20.00." So lunch for the ten men would now cost just $80.

The group still wanted to pay their bill the way we pay our taxes. So the first four men were unaffected. They would still eat for free. But what about the other six men? How could they divide the $20 windfall so that everyone would get his fair share?

They realized that $20 divided by six is $3.33. But if they subtracted that from everybody's share, then the fifth man and the sixth man would each end up being paid to eat his lunch.

So the bar owner suggested that it would be fair to reduce each man's bill by a higher percentage the poorer he was, to follow the principle of the tax system they had been using, and he proceeded to work out the amounts he suggested that each should now pay.

And so the fifth man, like the first four, now paid nothing (100% off).
The sixth now paid $2 instead of $3 (33% off).
The seventh now paid $5 instead of $7 (28% off).
The eighth now paid $9 instead of $12 (25% off).
The ninth now paid $14 instead of $18 (22% off).
The tenth now paid $49 instead of $59 (16% off).
Each of the six was better off than before. And the first four continued to eat lunch for free. But, once outside the bar, the men began to compare the amount they got off.

The sixth man said, "I only got $1 off out of the $20 while the tenth man got $10 off!"

"Yeah, that's right," exclaimed the fifth man. "I only got $1 off, too. It's unfair that he got ten times more benefit than me!"

"That's true!" shouted the seventh man. "Why should he get $10 off, when I got only $2? The wealthy get all the breaks!"

"Wait a minute," yelled the first four men in unison, "we didn't get anything at all. This new tax system exploits the poor!"

The nine men surrounded the tenth and told him they they were angry that he got so much off while they each got very little.

The next day the tenth man didn't show up for lunch, so the nine sat down and had their lunches without him. But when it came time to pay the bill, they discovered something important. They didn't have enough money among all of them for even half of the bill!
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Old 10-27-2017, 11:13 AM
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Post Re: OMB: Top 20% pay 95% of taxes, middle class 'single digits'

Quote:
Originally Posted by Hairy Jello View Post
Tell me again why the rich should pay more in taxes?

People take home more salary => pay more in taxes.
HJ wants to fixate on only the second part of that equation...

Top 1% of Earners Take Home Majority of Income Growth | Money
The study, released Thursday from the Economic Policy Institute, found that the top 1% of U.S. citizens, in terms of income, took home 85% of income growth between 2009 and 2013. In 15 states, the top 1% captured all income growth during the same four-year period.
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Old 10-27-2017, 11:21 AM
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Default Re: OMB: Top 20% pay 95% of taxes, middle class 'single digits'

Quote:
Originally Posted by Hairy Jello View Post
Tell me again why the rich should pay more in taxes?

OMB: Top 20% pay 95% of taxes, middle class 'single digits'
It's old news that the upper 10% support the government while using less of the perks. It's also news that the upper 10% provide most of the jobs and new innovations that all enjoy.

It's older news that those who contribute little to nothing think they are contributing more than their fair share and the 10% are getting off scot free.
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Old 10-27-2017, 02:01 PM
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Default Re: OMB: Top 20% pay 95% of taxes, middle class 'single digits'

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Originally Posted by foundit66 View Post

People take home more salary => pay more in taxes.
HJ wants to fixate on only the second part of that equation...

Top 1% of Earners Take Home Majority of Income Growth | Money
The study, released Thursday from the Economic Policy Institute, found that the top 1% of U.S. citizens, in terms of income, took home 85% of income growth between 2009 and 2013. In 15 states, the top 1% captured all income growth during the same four-year period.
The part you are missing is that those not in the upper levels of income are free to work hard and/or innovate and put themselves into those brackets. Sure, not everyone is going to make it, but let's quit hamstringing those that do just so that everyone at the bottom feels good that the rich are getting soaked.
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