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Thread: What purpose did the tax cut for the wealthiest serve?

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    Re: What purpose did the tax cut for the wealthiest serve?

    The Tax Foundation - Tax Burden of Top 1% Now Exceeds That of Bottom 95%


    Newly released data from the IRS clearly debunks the conventional Beltway rhetoric that the "rich" are not paying their fair share of taxes.

    Indeed, the IRS data shows that in 2007—the most recent data available—the top 1 percent of taxpayers paid 40.4 percent of the total income taxes collected by the federal government. This is the highest percentage in modern history. By contrast, the top 1 percent paid 24.8 percent of the income tax burden in 1987, the year following the 1986 tax reform act.



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    Re: What purpose did the tax cut for the wealthiest serve?

    Quote Originally Posted by Catawba View Post
    Completely unsubstantiated bull crap!
    the sort of unsubstantiated nonsense that is common from the left



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    Re: What purpose did the tax cut for the wealthiest serve?

    I might mention that the tax cuts from Reagan provided the capital for foreign investment, and money for the increased amount of lobbying in Congress to gain free trade. The plan to seek cheap labor markets was formed as far back as 1965. Had laws not been changed to allow cheap labor access to American markets ... supply side economics could have benefited America. When all the investment trickled to Mexico and China ... Reagans and Bushes tax cuts bit us in the ass.
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    Re: What purpose did the tax cut for the wealthiest serve?

    Quote Originally Posted by TurtleDude View Post
    You are lying

    you confuse marginal rates with share of the tax burden
    Quote Originally Posted by TurtleDude View Post
    The Tax Foundation - Tax Burden of Top 1% Now Exceeds That of Bottom 95%


    Newly released data from the IRS clearly debunks the conventional Beltway rhetoric that the "rich" are not paying their fair share of taxes.

    Indeed, the IRS data shows that in 2007—the most recent data available—the top 1 percent of taxpayers paid 40.4 percent of the total income taxes collected by the federal government. This is the highest percentage in modern history. By contrast, the top 1 percent paid 24.8 percent of the income tax burden in 1987, the year following the 1986 tax reform act.


    Insult noted.

    "Over the last 40 years, the U.S. federal tax system has undergone three
    striking changes, each of which seems to move the federal tax system in
    the direction of less progressivity. First, there has been a dramatic
    decline in top marginal individual income tax rates.
    In the early 1960s, the statutory
    individual income tax rate applied to the marginal dollar of the highest incomes
    was 91 percent. This marginal tax rate on the highest incomes declined to
    28 percent by 1988, increased significantly to 39.6 percent in 1993, and fell to
    35 percent as of 2003. Second, corporate income taxes as a fraction of gross
    domestic product have fallen by half
    , from around 3.5– 4.0 percent of GDP in the
    early 1960s to less than 2 percent of GDP in the early 2000s (for example,
    Auerbach, 2006). Meanwhile, corporate profits as a share of GDP have not declined
    over the period, suggesting that capital owners—who are disproportionately of
    above-average incomes— earn relatively more net of taxes today than in the 1960s.
    Third, there has been a substantial increase in payroll tax rates financing Social
    Security retirement benefits and Medicare
    . The combined employee– employer
    payroll tax rate on labor income has increased from 6 percent in the early 1960s to
    over 15 percent in the 1990s and 2000s. Moreover, the Social Security payroll tax
    applies only up to a cap— equal to $90,000 of annual earnings in 2005—and is
    therefore a relatively smaller tax burden as incomes rise above the cap."
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    "Since 1992, the average federal income tax actually paid by the wealthiest 400 households in the country has fallen from 26 percent to 17 percent."
    For Super Rich, Taxes Keep Falling - ABC News

    "the evidence tends to point to the conclusion that the really rich pay less in taxes as a percentage of income then their merely well-to-do counterparts -- if their income comes primarily from investments. Overall, we rate Buffett's statement True."
    PolitiFact | Warren Buffett says the super-rich pay lower tax rates than others
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

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    Re: What purpose did the tax cut for the wealthiest serve?

    You still labor under the delusion that paying less of your income in taxes means the system is less progressive. where you fail is that everyone else is paying lower federal income taxes as well.

    the fact is, and none of your posts even attempt to dispute this, is that the rich pay a HIGHER SHARE OF THE FEDERAL INCOME TAX BURDEN NOW than they have had over the last several decades



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    Re: What purpose did the tax cut for the wealthiest serve?

    Quote Originally Posted by TurtleDude View Post
    You still labor under the delusion that paying less of your income in taxes means the system is less progressive. where you fail is that everyone else is paying lower federal income taxes as well.

    the fact is, and none of your posts even attempt to dispute this, is that the rich pay a HIGHER SHARE OF THE FEDERAL INCOME TAX BURDEN NOW than they have had over the last several decades
    And you fail to understand that this is because WAGES FOR WORKERS ARE NOT GROWING BUT STAGNANT... and...

    Earnings for the top tier have increased 400-1000% over the last several decades. Therefore, if you want to increase the tax burden of the bottom 95%, increasing their wages at least in keeping with cost of living would accomplish this. If those that control the finances want to keep all the money for themselves... they can have the tax burden too...

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    Re: What purpose did the tax cut for the wealthiest serve?

    Quote Originally Posted by Occam's Razor View Post
    And you fail to understand that this is because WAGES FOR WORKERS ARE NOT GROWING BUT STAGNANT... and...

    Earnings for the top tier have increased 400-1000% over the last several decades. Therefore, if you want to increase the tax burden of the bottom 95%, increasing their wages at least in keeping with cost of living would accomplish this. If those that control the finances want to keep all the money for themselves... they can have the tax burden too...
    I see red herrings swimming. That has no relevance to me demonstrating that a few of your fellow travelers have lied when they claim that the tax system is less progressive

    How does that establish anything. You are talking about the very top one hundredth of the top bracket again.



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    Re: What purpose did the tax cut for the wealthiest serve?

    Quote Originally Posted by TurtleDude View Post
    You still labor under the delusion that paying less of your income in taxes means the system is less progressive. where you fail is that everyone else is paying lower federal income taxes as well.
    Wrong, as documented above, the very rich are paying a smaller percentage of their increased income in taxes, while the middle class are paying a higher percentage of their reduced income in taxes.

    the fact is, and none of your posts even attempt to dispute this, is that the rich pay a HIGHER SHARE OF THE FEDERAL INCOME TAX BURDEN NOW than they have had over the last several decades
    No, they don't. As documented above, they are paying a smaller percentage of their income compared to GDP and their income than they did when our tax system was more progressive.
    Last edited by Catawba; 09-06-11 at 11:07 PM.
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

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    Re: What purpose did the tax cut for the wealthiest serve?

    I think the US lost 6 or 7 million middle class taxpayers since 2000 when unemployment was around 4%.
    If everyone is thinking alike, then somebody isn't thinking. Patton
    New opinions are always suspected, and usually opposed, without any other reason but because they are not already common. John Locke

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    Re: What purpose did the tax cut for the wealthiest serve?

    Quote Originally Posted by Catawba View Post
    Wrong, as documented above, the very rich are paying a smaller percentage of their increased income in taxes, while he middle class are paying a higher percentage of their reduced income in taxes.



    No, they don't. As documented above, they are paying a smaller percentage of their income compared to GDP and their income than they did when our tax system was more progressive.
    You continually are confused about the percentage of one's income they pay versus their share of the income tax. a more progressive system means the top payers pay more of the total tax burden which is what has happened

    I can only conclude that you are intentionally ignoring the truth because you cannot admit you have made such a massive error



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