Reviving Redistributionism

#1
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VolDad

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#1
New data from the IRS will be out in a few weeks on who pays how much in taxes. My contacts at the Treasury Department tell me that for the first time in decades, and perhaps ever, the richest 1% of tax filers will have paid more than 40% of the income tax burden. The top 50% will account for 97% of all federal income taxes, while the bottom 50% will have paid just 3%.


But Barack Obama has decided the rich still don't pay enough.

Political Diary - WSJ.com
 
#2
#2
VolDad said:
New data from the IRS will be out in a few weeks on who pays how much in taxes. My contacts at the Treasury Department tell me that for the first time in decades, and perhaps ever, the richest 1% of tax filers will have paid more than 40% of the income tax burden. The top 50% will account for 97% of all federal income taxes, while the bottom 50% will have paid just 3%.


But Barack Obama has decided the rich still don't pay enough.

Political Diary - WSJ.com
Click to expand...

Not to mention that while many are complaining about the Bush tax cuts only being for the rich many lower income earners were added to the bracket that paid little or none into the system.
 
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And...can any one tell me what income amount the top 50% earns?...that should tell you that BHO is coming after 50% of us, NOT just 1%....(the answer is $36k)
 
#5
#5
i'm not making fun of anyone or putting anyone down. but the lower income earners who are complaining are probably the less educated ones. being less educated they don't realize that they pay nothing compared to most of us, and that if obama wins, their taxes will rise.
 
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Vol Mania 21 said:
i'm not making fun of anyone or putting anyone down. but the lower income earners who are complaining are probably the less educated ones. being less educated they don't realize that they pay nothing compared to most of us, and that if obama wins, their taxes will rise.
Click to expand...

But he is going to teach everyone French, so it's all good...and oh ya...free health care
 
#10
#10
Considering that the marginal tax rates haven't gone up, this says to me that the income divide or gap is growing. Is that the wrong way to look at it (or is this somehow affected by the income tax that was "given back" as part of the stimulus)?
 
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TennTradition said:
Considering that the marginal tax rates haven't gone up, this says to me that the income divide or gap is growing. Is that the wrong way to look at it (or is this somehow affected by the income tax that was "given back" as part of the stimulus)?
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This is going to sound stupid but please explain Marginal tax rates to me. I simply do not know what you mean.
 
#13
#13
I have a question about the stimulus checks...where did they get the money to send out to every in hopes of stimulating the economy?
 
#14
#14
just made new money. i heard obama is in favor of having another round of stimulus checks. i'm not a fan of the stimulus checks. i have a feeling it will bite us in the end
 
#22
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KB5252 said:
This is going to sound stupid but please explain Marginal tax rates to me. I simply do not know what you mean.
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I'm probably the stupid one here...I think that it describes the amount of tax that you pay on the next dollar (or last dollar) earned. In our tax system, as you earn more money - you, of course, pay taxes at a higher rate. So, the marginal tax rate isn't constant (I think...)...it depends on income level. So, if we haven't changed the way that we tax in the last few years...it would seem that the ratio of earnings between the wealthiest 50% and the remaining 50% may have increased (or widened the income gap) in order for the taxes paid to have increased (with no increase in marginal tax rate). But, maybe again this is me not understanding how the tax system works...
 
#25
#25
T-TownVol said:
And...can any one tell me what income amount the top 50% earns?...that should tell you that BHO is coming after 50% of us, NOT just 1%....(the answer is $36k)
Click to expand...

1) What evidence do you have that Sen. Obama is "coming after" the top 50% of income earners? Obama's and McCain's tax cuts for middle-income earners actually are pretty close, although tax cuts under Obama's plan would be slightly greater. The wealthiest .1% Americans could pay upwards of $1 million more under Obama's plan than McCain's plan. There was a story on this topic on Morning Edition today:

Both Obama, McCain Vow To Lower Taxes, But How? : NPR

2) What evidence do you have that the top 50% of income earners starts at $36K? The middle quintile starts at $36K, but that's the middle fifth (40-60%), not necessarily the top 50%. The median HHI in the US is more than $48K.

Household income in the United States - Wikipedia, the free encyclopedia

US Census Press Releases
 
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