The Congressional Budget Office's latest numbers show that the wealthiest 10 percent of Americans pay about 70 percent of all taxes, while the poorest 50 percent pay about 3 percent. In fact, some people pay nothing at all when tax credits and deductions are factored in.
Should the wealthiest among us pay more taxes?
That is the biggest bunch of balony I have ever heard. How can 10 percent of any population pay more than the majority? I would like to know who did the math on that one, and how they get their figures. Who are these weathiest Americans? And what does this budget office consider wealthy?
The facts are backwards. The only break the poor get is that they might be lucky enough to have a job to live on, and receive a tax refund, because they didn't make enough money to owe taxes. So, the 3 percent that they are talking about, may be the ones who did not get a refund.
There was a report on the news stating that people making between 40,000 and 250,000 a year pay a majority of the taxes to the tune of 37 percent, while the wealthiest and the very poor pay the least. Mainly because a majority of the poor they counted are on welfare, and the rich have so many tax breaks and loopholes to get out of paying their taxes. that they eventually end up paying little or nothing.
I agree that a flat tax on your weekly income would be fair to every one. We all have taxes taken out of our paychecks as it is. We could still have the regular tax deductions to help out, but, we need to end all this other crap, like not having to report money you send to a foreign country, to avoid paying taxes on it, like the rich often do. NO LOOPHOLES!
A payment that is propotional is more fair than one that is flat because it represents a similar psychological/lifestyle imposition.
Flat tax may be the way to go, but that tax better be based on each individual's income. If not, then you are proposing an annual burden on many who are incapable of keeping their heads above water, so to speak, let alone pay a yearly flat tax.
Yes, flat tax means a percentage of your income but it's not based on individual income. If the law is 10% flat tax, and you earn $100, you pay $10 or 10%. If you earn $500,000 you pay 10% or $50,000. The way it is now, the low earner pays a low percentage and the high earner pays a high percentage, as high as 45% or thereabout.
Any tax is a robbery, yet if everyone has to be robbed anyway flat tax no exemptions is more fair. And btw saves a lot of taxpayer money because you don't need IRS any more, at least not of the current humongous size.
If entitlements like Medicaid increase as is planned with ObamaCare, then the govt's revenues will have to increase. Revenue can increase only if the economy expands (that is, if business grow and hire) or if the tax rate goes up for the 50% who do pay taxes. Since businesses are not hiring because they have several disincentives to do so like increasing regulatory and benefits costs, that leaves only higher taxes, which will ultimately result in higher unemployment, more foreclosures, and increasing numbers of people not paying taxes. So the tax base continually shrinks as the govt gets larger and more expensive. Not a formula for happiness.
No tax scheme, including a flat tax, helps to cut the govt's need for revenue. Only cutting the bloated Federal bureaucracy will do that.
I like the idea of a national sales tax. Luxury items would be heavily taxed: yachts, expensive cars, big diamonds, etc. Those buying only necessities like food and clothing would pay little. We could do away with most of the IRS, and none of us would have to dread April 15 every year.
This is the info I found:
"The latest data show that a big portion of the federal income tax burden is shouldered by a small group of the very richest Americans. The wealthiest 1 percent of the population earn 19 percent of the income but pay 37 percent of the income tax. The top 10 percent pay 68 percent of the tab. Meanwhile, the bottom 50 percent—those below the median income level—now earn 13 percent of the income but pay just 3 percent of the taxes. These are proportions of the income tax alone and don’t include payroll taxes for Social Security and Medicare."
by Paul Swendson 8 years ago
I'm no economics expert, but I've noticed that people from all sides of the political spectrum don't like the American tax code. Republicans always want to cut taxes, and Democrats want to close loopholes.It also seems to me that taxes on both businesses and individuals could be lowered if the...
by ptosis 14 months ago
federal income tax rates history, During the eight years of the Eisenhower presidency, from 1953 to 1961, the top marginal rate was 91 percent. (It was 92 percent the year he came into office.)What does it mean, though? For the duration of Eisenhower’s presidency, that rate affected individuals...
by Cindy Pierre 5 years ago
Could a flat tax work if it was implemented with exceptions?If a flat tax was implemented having exclusions like food, but a higher rate on luxury items would it work?
by Jesusjohn78 2 years ago
Everyone hates the "rich" and I do not understand why. I was always under the impression the American dream was to become successful and stay successful? SO why are we always trying to punish the rich?
by MikeNV 8 years ago
ACCORDING TO AN ASSOCIATE PRESS STORY RELEASED TODAY... THE "RICH" ARE ALREADY PAYING THE MAJORITY OF FEDERAL INCOME TAXES.I'm not sure I buy into their numbers but here is what they had to say:"The result is a tax system that exempts almost half the country from paying for programs...
by Flightkeeper 7 years ago
Let's face it, Republicans and Democrats have been big spenders and now have new taxes for us to pay. Should we riot and protest like the French? That way we can finally become European just the way the Democrats have always wanted it? All views are welcome.
Copyright © 2018 HubPages Inc. and respective owners. Other product and company names shown may be trademarks of their respective owners. HubPages® is a registered Service Mark of HubPages, Inc. HubPages and Hubbers (authors) may earn revenue on this page based on affiliate relationships and advertisements with partners including Amazon, Google, and others.
|HubPages Device ID||This is used to identify particular browsers or devices when the access the service, and is used for security reasons.|
|Login||This is necessary to sign in to the HubPages Service.|
|HubPages Traffic Pixel||This is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.|
|Remarketing Pixels||We may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.|
|Conversion Tracking Pixels||We may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.|