They Don’t Pay Their Fair Share

#78
#78
luthervol said:
Certainly not, just shoulder their equitable portion of the burden required to maintain a country that allows them to accumulate such wealth.
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Here’s a serious question what good is wealth if it does not generate income? It seems the only real issue should be that, the income.

If I had a lot of wealth and no money for example, what example, what benefit is that (other than the enjoyment of people like yourself hating on me)?
 
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#79
#79
Vol8188 said:
What do you guys think Luther’s benefits package and pension plan should be valued at?
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Cocktail napkin math. Looter is a public sector employee, right? I would guess that he doesn't have to hang around until 65 to receive 'full' retirement, just 20 years. So I'm guessing that he graduated college at 22... add 5 for graduate work and round up 2 more for laziness, that would be that he could retire and start drawing a pension at 50. I'll even round that up another 10 and say he could draw at 60.. Top of the food chain probably drawing a pension of $35-$40K? (And don't forget he will get COLA raises since he is public sector) So with a lifespan of around 25 years to go... I would say that pension should be valued at $875K-$1M, on the lower end. I'm betting it is much higher than that. And of course that is without any investment and compounding, so..... And there's social security which I am sure he will start taking asap.
 
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#80
#80
SpaceCoastVol said:
Cocktail napkin math. Looter is a public sector employee, right? I would guess that he doesn't have to hang around until 65 to receive 'full' retirement, just 20 years. So I'm guessing that he graduated college at 22... add 5 for graduate work and round up 2 more for laziness, that would be that he could retire and start drawing a pension at 50. I'll even round that up another 10 and say he could draw at 60.. Top of the food chain probably drawing a pension of $35-$40K? (And don't forget he will get COLA raises since he is public sector) So with a lifespan of around 25 years to go... I would say that pension should be valued at $875K-$1M, on the lower end. I'm betting it is much higher than that. And of course that is without any investment and compounding, so..... And there's social security which I am sure he will start taking asap.
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Perfect. And we get to tax this 1 million in wealth he has every year, right?

Let’s be easy on the guy. 5%? So @luthervol we will need 50,000k in additional taxes from you this year due to your “wealth”
 
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#82
#82
SpaceCoastVol said:
Cocktail napkin math. Looter is a public sector employee, right? I would guess that he doesn't have to hang around until 65 to receive 'full' retirement, just 20 years. So I'm guessing that he graduated college at 22... add 5 for graduate work and round up 2 more for laziness, that would be that he could retire and start drawing a pension at 50. I'll even round that up another 10 and say he could draw at 60.. Top of the food chain probably drawing a pension of $35-$40K? (And don't forget he will get COLA raises since he is public sector) So with a lifespan of around 25 years to go... I would say that pension should be valued at $875K-$1M, on the lower end. I'm betting it is much higher than that. And of course that is without any investment and compounding, so..... And there's social security which I am sure he will start taking asap.
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You're leaving out the more than likely free healthcare or probably negligible healthcare costs for himself and family, that's another $1500 or so a month.
 
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#84
#84
VolStrom said:
You're leaving out the more than likely free healthcare or probably negligible healthcare costs for himself and family, that's another $1500 or so a month.
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Yep.. I didn't think about that. Add in another $75/month for that.

But Pocahontas was saying (I believe) that the wealth tax should be only 1% of wealth. So @Vol8188 was a little high in taking $50K from Looter. But here's the problem: Looter will have a public sector retirement that means he won't be subject to recessions or anything like that. Where most of ours are subject to market forces and will suffer greatly in a recession, he will continue to get COLA raises every year, because for some reason, "he deserves it". So the wealth tax won't be quite as devastating to him in down times. But he will still have to come up with at least $10 - $11K every year regardless.
 
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#85
#85
I am supposed to compromise with proponents of gov who have $4T budgets and want like $4T supplemental bills? **** that
 
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#86
#86
85SugarVol said:
How much Federal Income tax did the 1% pay last year? Anyone know?

How much of the total Federal tax receipts would equate to an equitable burden?
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The number I found was 40% but wasn’t from last year.
 
#89
#89
Lets compromise folks with the Radicals. They will bend to your concerns
 
#90
#90
luthervol said:
Top 1% of U.S. Earners Now Hold More Wealth Than All of the Middle Class
Top 1% of U.S. Earners Now Hold More Wealth Than All of the Middle Class
..........but only pay 40% of taxes

Inequality and Tax Rates: A Global Comparison

Several advanced economies have top income tax rates well above the current U.S. rate. Sweden, often cited as the most progressive tax regime in the OECD, maintains a top statutory income tax rate of 57.1 percent. The rate kicks in for citizens earning more than one and half times the average income, which comes out to about $70,000 in Sweden, a much lower threshold than current U.S. proposals. Other advanced economies have slightly lower top rates that still stand above the American average: Japan (55.9 percent), France (54.5 percent), and Canada (53.5 percent), for example.
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@Vol8188 this is your discussion point:
Where does this myth that the wealthy don’t pay taxes come from? Especially given that we have the most progressive taxes in the world. Can anyone back it up with data?

Luther posted nothing related to your point. He is using a red herring to alter the discussion. And, he is succeeding. Stay on your topic. It is far more interesting than what Luther is bringing.
 
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#92
#92
McDad said:
@Vol8188 this is your discussion point:
Where does this myth that the wealthy don’t pay taxes come from? Especially given that we have the most progressive taxes in the world. Can anyone back it up with data?

Luther posted nothing related to your point. He is using a red herring to alter the discussion. And, he is succeeding. Stay on your topic. It is far more interesting than what Luther is bringing.
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Let's try this.
Who says the wealthy don't pay taxes?
Because I have never heard that myth in my life?
Since the whole question seems to revolve around the "myth", let's start there.
Fair enough?
How about a link or two supporting the existence of that "myth".
 
#94
#94
@Vol8188

The first question I have about your OP is how do those who use the phrase "fair share" define the phrase? What is the percentage of income or amount which puts one's taxes into the fair share range?
 
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#95
#95
luthervol said:
Let's try this.
Who says the wealthy don't pay taxes?
Because I have never heard that myth in my life?
Since the whole question seems to revolve around the "myth", let's start there.
Fair enough?
How about a link or two supporting the existence of that "myth".
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Read OP again. He specifically addresses the top 1%, their share of income, and their share of taxes.
 
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#96
#96
My second question: For this discussion are we only talking about taxes paid after income is paid to the employee or are we also talking about taxes paid by the employee to match the amount deducted from employee's paycheck?

I think the latter is more relevant because that money is removed before pay (it is never seen by employee) but it removes 7.65% from the funds available to the business which, now, cannot pay those funds to the employee.
 
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#98
#98
McDad said:
My second question: For this discussion are we only talking about taxes paid after income is paid to the employee or are we also talking about taxes paid by the employee to match the amount deducted from employee's paycheck?

I think the latter is more relevant because that money is removed before pay (it is never seen by employee) but it removes 7.65% from the funds available to the business which, now, cannot pay those funds to the employee.
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Again all this should go straight to the employee and then amount due settled between government and each citizen. Businesses should play no role in this.
 
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#100
#100
luthervol said:
Let's try this.
Who says the wealthy don't pay taxes?
Because I have never heard that myth in my life?
Since the whole question seems to revolve around the "myth", let's start there.
Fair enough?
How about a link or two supporting the existence of that "myth".
Click to expand...

I’ve replied to you about three times without any response.

You stated Sweden’s highest income bracket is equal to $70,000k here.

How is that a more progressive income tax system? If we taxed people making 70k the same as those making 700k like they do in Sweden, how would that be more progressive?
 
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