Any comments about Mr Madoff? - Page 9

sugarpop · 03-05-2009, 07:26 AM

Quote:

Originally Posted by TheMercenary

What do you mean? You don't believe that a minority of income earners pay the majority of income taxes?

I don't understand what you're saying. I'm probably having a Homer moment.

I believe most of the money paid out in income taxes comes from the majority of the people - you know, the middle class, the working class, and upper middle class - not the people at the top who end up paying less because of tax loopholes and offshore accounts.

sugarpop · 03-05-2009, 07:28 AM

Quote:

Originally Posted by TheMercenary

What do you mean? You don't believe that a minority of income earners pay the majority of income taxes?

I don't understand what you're saying. I'm probably having a Homer moment.

I believe most of the money paid out in income taxes comes from the majority of the people - you know, the middle class, the working class, and upper middle class - not the people at the top who end up paying less because of tax loopholes and offshore accounts.

So what did you mean by this? When the minority of income earners pay income taxes there is a huge problem.

classicman · 03-05-2009, 08:16 AM

Quote:

Percentage of Federal Personal Income Tax Paid 2006

Top 1% $388,806 39.89%

Top 5% $153,542 60.14%

Top 10% $108,904 70.79%

Top 25% $64,702 86.27%

Top 50% $31,987 97.01%

Bottom 50% <$31,987 2.99%

These were the latest figures I could find.

Trilby · 03-05-2009, 08:25 AM

"Dear Mr. Madoff,

I hope you sit on a sno-cone."

Love, America

sugarpop · 03-05-2009, 11:07 AM

Quote:

Originally Posted by classicman

These were the latest figures I could find.

OK that is really confusing. Does the top 50% include the other tops? What are the income levels?

classicman · 03-05-2009, 01:53 PM

Sorry - I forgot to include the link

The column headers are:
1st - Percentiles Ranked by AGI
2nd - AGI Threshold on Percentiles
3rd - Percentage of Federal Personal Income Tax Paid

Note: AGI is Adjusted Gross Income
Source: Internal Revenue Service

TheMercenary · 03-05-2009, 08:53 PM

Quote:

Originally Posted by sugarpop

OK that is really confusing. Does the top 50% include the other tops? What are the income levels?

Read it like this: The top 10% pay 71% of all income tax collected, the top 25% pay 86% of all income taxes collected, etc.

classicman · 03-05-2009, 09:42 PM

Also an interesting side statistic - 90% of Americans make less that 108k

sugarpop · 03-07-2009, 01:24 AM

Quote:

Originally Posted by classicman

Also an interesting side statistic - 90% of Americans make less that 108k

That's why they end up paying less of the total amount I suppose. But, they DO pay a bigger PERCENTAGE of their actual salary. Unless they are self-employed, and they can write off a bunch of expenses.

You know, really, if you make a half billion dollars, you can afford to pay a large chunk of it. It really wouldn't affect your lifestyle because you would never miss it. Who can spend that much money? No one. If you make $50,000, you WOULD miss it. It would affect your lifestyle. Or if you make $30,000, or $20,000, or shit, $10,000. It's much harder to give away part of your earnings when you're barely making money, and let's face it, those salaries, that is not much to live on. $500,000,000.00 though? Come on. You (not you personally classic) can't honestly say you think they should have the same tax rate as someone who only makes $30k? That is insane!

classicman · 03-07-2009, 01:34 AM

Look at it if they both paid 15%.

Do you think its fair to take almost 40% of someones income on federal taxes, not to mention any applicable state, local, county and/or city taxes? That puts their gross tax rate well over 50%. How would you like that? Does that seem fair to you?

sugarpop · 03-07-2009, 11:10 PM

Quote:

Originally Posted by classicman

Look at it if they both paid 15%.

Do you think its fair to take almost 40% of someones income on federal taxes, not to mention any applicable state, local, county and/or city taxes? That puts their gross tax rate well over 50%. How would you like that? Does that seem fair to you?

If they have a billion dollars, yea, I do. And EVERYONE pays all those other taxes. You make it sound like only rich people pay them. We are taxed to death in this country.

classicman · 03-08-2009, 12:09 AM

And how many people have a billion dollars? GTFOH.

xoxoxoBruce · 03-08-2009, 03:57 AM

Quote:

Originally Posted by classicman

Also an interesting side statistic - 90% of Americans make less that 108k

Individuals or households?

tw · 03-08-2009, 05:10 AM

Quote:

Originally Posted by classicman

Look at it if they both paid 15%.

Do you think its fair to take almost 40% of someones income on federal taxes,

Which is why the people who pay a higher percentage - the average income earning - do not pay 40%.

A flat tax does not become fair until the numbers are more like 23%. Then the rich will pay more taxes.

40% is the myth classicman keeps promoting. A 15% flat tax is only another mythical tax cut as defined by Buffet. Since the only tax cut also cuts spending, then a 15% flat tax only makes more recessions - as demonstrated repeatedly by history.

If the flat tax required the rich to pay 23%, then the rich suffer a tax increase. Flat tax is not the problem. Problem is a mythical and economically destructive number - 15%. A number not possible due to unpaid bills such as $1trillion for "Mission Accomplished".

sugarpop · 03-08-2009, 06:54 AM

Quote:

Originally Posted by classicman

And how many people have a billion dollars? GTFOH.

I don't know, exactly, and I was exaggerating, sort of. But, there are quite a few billionaires in this country. Quite a few. And there are many people who have hundreds of millions...

http://www.commondreams.org/archive/2007/10/22/4734

03-05-2009, 08:25 AM	#124
Trilby Slattern of the Swail Join Date: Jul 2004 Posts: 15,654	"Dear Mr. Madoff, I hope you sit on a sno-cone." Love, America __________________ In Barrie's play and novel, the roles of fairies are brief: they are allies to the Lost Boys, the source of fairy dust and ...They are portrayed as dangerous, whimsical and extremely clever but quite hedonistic. "Shall I give you a kiss?" Peter asked and, jerking an acorn button off his coat, solemnly presented it to her. —James Barrie Wimminfolk they be tricksy. - ZenGum

03-05-2009, 01:53 PM	#126
classicman barely disguised asshole, keeper of all that is holy. Join Date: Nov 2007 Posts: 23,401	Sorry - I forgot to include the link The column headers are: 1st - Percentiles Ranked by AGI 2nd - AGI Threshold on Percentiles 3rd - Percentage of Federal Personal Income Tax Paid Note: AGI is Adjusted Gross Income Source: Internal Revenue Service __________________ "like strapping a pillow on a bull in a china shop" Bullitt

03-05-2009, 09:42 PM	#128
classicman barely disguised asshole, keeper of all that is holy. Join Date: Nov 2007 Posts: 23,401	Also an interesting side statistic - 90% of Americans make less that 108k __________________ "like strapping a pillow on a bull in a china shop" Bullitt

03-07-2009, 01:34 AM	#130
classicman barely disguised asshole, keeper of all that is holy. Join Date: Nov 2007 Posts: 23,401	Look at it if they both paid 15%. Do you think its fair to take almost 40% of someones income on federal taxes, not to mention any applicable state, local, county and/or city taxes? That puts their gross tax rate well over 50%. How would you like that? Does that seem fair to you? __________________ "like strapping a pillow on a bull in a china shop" Bullitt

03-08-2009, 12:09 AM	#132
classicman barely disguised asshole, keeper of all that is holy. Join Date: Nov 2007 Posts: 23,401	And how many people have a billion dollars? GTFOH. __________________ "like strapping a pillow on a bull in a china shop" Bullitt

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)