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Veteran Advisor

Re: taxing the rich

Has anyone really ever calculated their actual tax rate. Say your income was $90000. Last year that put you in the 25% bracket but you don’t really pay 25%. Last year our income put us in the 22% bracket. But what we actually had to pay after the individual and itemized deductions were applied what we actually paid was about 9%. So the Uber rich are in the 37% bracket but they are able to use deductions that people without huge sums of money can’t use so their actual tax rate ends up pretty close to mine but their income might be 100 or more times mine.
Senior Contributor

Re: taxing the rich

everybody eats, that is a fair tax!

 

NOW just because someone eats shrimp doesn't mean they aren't paying their fair share, just like the guy on baloney and chips...

 

or rot gut and jerky.

Senior Contributor

Re: taxing the rich

I do understand your point but you do realize only part of your income was in the 22% bracket right?  And some was not taxed at(income tax) all just like everyone.

Senior Contributor

Re: taxing the rich

Schnurrbart, two people drive their identical pickup down the road.  One is rich and one is poor.  Do they not both do the same amount of damage to the road?  Should they not both pay the same amount to maintain the road?

 

Two people pay taxes to support the military.  They are equally defended.  Do they both get the same protection?  One would think so.  Why should one pay more tax?

 

Progressive taxes are a way for one person (the poorer one) to transfer some of that person's cost to the person who has more money.  Isn't that all it is?

 

The poorer person will always dislike a consumption tax, like paying for road maintenance based on actual use, and will like a progressive income tax.  That way the poorer person gets better services than they can pay for.

Senior Contributor

Re: taxing the rich

Make sure you add your State, Property, School and sales tax. When you get all those added to your numbers there isn't much left.

Veteran Advisor

Re: taxing the rich

Katz, they do pay the same road tax on a per gallon basis. They pay on what they use.

Girly, in 2017 paid in 2018 ALL income was taxed. Depending on how many deductions you could come up, you were taxed 10% up to a little over $19000. That means if you had $15000 in deductions and your income was only $19000, you had a taxable income of $4000 and your tax was $400.
Senior Contributor

Re: taxing the rich

Please comment on the other parts of my post, that progressive taxes take more money from the rich than they do from the poor although the rich get no more benefit.

 

What is the rationale that a rich man to pay more income tax when he gets no more out of it than the poor man who pays little or nothing?

 

BTW, this is why I have no quarrel at all with use or consumption taxes because they directly charge for the choice to use some good or service.

 

 

Senior Contributor

Re: taxing the rich

If you are married filing jointly your standard deduction was 12,700 dollars, so no taxes under 12,700.

Veteran Advisor

Re: taxing the rich

Girly if married filing joint if your total income is$19000 and whatever the standard deduction is $10000 and you had another deduction of $5000 then you would pay 10% of the difference between $19400 and $15000.
Veteran Advisor

Re: taxing the rich

Katz I guess that is socialism for you. The military is socialism and we have a progressive system. I don’t think a flat tax is fair because ten% of someone who only makes $25000 is much worse off than 10% of someone who makes $100000!