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Rich pay most federal taxes

Discussion in 'Business & Economics' started by Nammy, Feb 8, 2007.

  1. Nammy

    Nammy Guest

    Source: NY Times - Only the Rich Pay Taxes: Top 20% Pay 80% of Taxes


    "The overwhelming majority of federal income taxes are paid by the very highest income earners. The top 1% of income earners pay about 32% of all income taxes. The top 5% pays 51.4%. The top 10% of high income earners, pay 63.5%. The top 20% of income earners pays 78% of all federal income taxes."

    "Here's the final number. The bottom four-fifths, 80% - the bottom 80% of income earners pay just 20%, 22% of the federal income tax burden. The bottom 80% pay only 20% of the burden."



    Listen link: http://mfile.akamai.com/5020/wma/rushlimb.download.akamai.com/5020/clips/04/08/081304_13_taxes.asx

    And we want to give more tax breaks to the poor? How about raising taxes for the poor and lowering taxes for the rich to stimulate the economy!
     
  2. USMC the Almighty

    USMC the Almighty New Member

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    Tell me something I don't know.
     
  3. saggyjones

    saggyjones New Member

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    How would cutting taxes for the rich and raising for the poor stimulate the economy? This should be good.

    The rich pay more taxes because they have more money and can afford it.
     
  4. USMC the Almighty

    USMC the Almighty New Member

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    He might have been kidding, but lowering taxes for the rich certainly would stimulate the economy. They have more money to invest and buy goods, they can use this money to start businesses and creates jobs, etc.

    Okay, fine. But why should they have to pay a higher percent? They worked hard, they earned it, why should they be forced to distribute their income to those who weren't capable of being sucessful.
     
  5. Nammy

    Nammy Guest

    I guess if they're making billions of dollars, they should contribute more to the U.S. Government.

    Our government needs money and these billionaires don't even know what to do with their money.
     
  6. USMC the Almighty

    USMC the Almighty New Member

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    But that's the beauty of capitalism. You can do with your money whatever you want. You have freedom and the government or anyone else cannot force you to give away your money.
     
  7. Nammy

    Nammy Guest

    Our country's market isn't pure capitalism.

    We have laws and regulations that help everyone in our country.

    If our country's market was purely based on capitalism, then our country wouldn't be as good as we are now.
     
  8. saggyjones

    saggyjones New Member

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    But we are in a large deficit right now, how can we afford to cut taxes for our richest citizens?

    You don't seem to understand that rich people almost always have better opportunities for success. Someone who's born in Harlem is basically stuck there, because of this cycle: A boy with average intelligence is born into a poor family in Harlem. He tries his hardest all the time in school and gets straight A's until he reaches high school, when his intelligence level allows him to get only a 3.0 in average classes (not enough for a scholarship, especially since he's so poor). Since he can't afford college he is forced to work at the local burger joint, and he works very hard every day but since he makes minimum wage he can only afford a small place. He eventually becomes manager at the restaurant but still can't afford college because he's supporting his wife and two kids. A very hard worker yet stuck in the poor working class. On the other hand a kid whose parents are rich can get through life with money buying everything and have a much better opportunity for success. So please don't say that the more money you have the harder you work, because it's not true.
     
  9. saggyjones

    saggyjones New Member

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    And also since most rich people are conservatives who support the war why should they get out of paying for something they support and 70% of the country doesn't support?
     
  10. USMC the Almighty

    USMC the Almighty New Member

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    Spare me. Tell that to Oprah Winfrey, Frederick Douglas, Andrew Carnegie, Benjamin Franklin, or my Dad -- all self-made men who started from nothing and worked their way up to greatness.

    Anyway, this kid could get financial aid or student grants/loans. Our system isn't perfect but it's far better than any other system. At least it gives the kid an opportunity, whether or not he succeeds can't be blamed on anyone else. Self-responsibility is what this country was founded on -- not dependence on the government to hold your hand for your entire life.
     
  11. saggyjones

    saggyjones New Member

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    You listed five people. There are millions of people out there who don't have the ability to be rich because they don't have natural talent. So don't give me that rags to riches bull**** you rich, spolied ****, because you have no idea what it's like to be poor.

    But your assumption that rich people work harder is completely flawed because usually they are born into rich families and work as if not less hard than poor people because they are already financially secure.

    If you believe in this, you want to get rid of those programs that give out student loans and grants, right? So your whole "argument" is flawed and contradictory.
     
  12. USMC the Almighty

    USMC the Almighty New Member

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    I could go on to list more people, but I thought you'd get the point. Like
    I said, our system isn't perfect, but it's better than all the others because it gives people an opportunity to elevate themselves.

    And I wasn't born with a silver spoon as you assert. I was actually forced to live quite a difficult life until I was about 10. I lived in the bottom floor of a run-down apartment in the inner city. We weren't starving, but to put it nicely, I couldn't always get seconds. Every time it rained the feces and urine would rise into our living room. My Dad continued to work until he got a job on Wall St. and all of his hard work over the years finally paid off. We were able to move South and live in a large house and have all the benefits of a fairly wealthy family.

    At any rate, I find it funny that you assume I was born rich and spoiled because of my politics. I also find it ironic that your kind like to proclaim that only the "poor" are fighting this war and only the poor enlist in the military, and yet I am a Lt. in the USMC and you call me a rich, spoiled "***".

    Not true. See above for my father. Would you prefer some system akin to Communism where everyone is equally miserable in a cycle of universal squalor? Or one of the entrenched nobility seen in Europe? Or one that allows people social mobility such as in the U.S.?

    If you have such a problem with capitalism, I look forward to your alternative solution.

    No. I believe that grants and financial aid are wonderful tools provided by private donors and the institution itself. I never said I have a problem with charity. In fact, I think charity is a great thing and capitalist societies are far more charitable than socialist ones. That's probably why conservatives give more to charity than liberals, despite making less money on average.
     
  13. TVoffBrainOn

    TVoffBrainOn Member

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    We (the people) shouldn't be paying a federal income tax on our wages anyways. The Supreme Court ruled that the 16th Amendment gave Congress no new powers of taxation. It was also ruled that "income" was defined as "Corporate Profit".
     
  14. Walter

    Walter Administrator Staff Member

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    Well, now our government wouldn't function well without the income tax since much of their tax revenue comes from the income tax.
     
  15. saggyjones

    saggyjones New Member

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    Good for you and your dad then. But rich people don't work harder than poor people as I'm sure you know, and no matter what you think it's not always possible to rise up, because some people don't have the ability and skills of your dad.

    This isn't the point. You are saying that the rich work harder than the poor just because they have more money, which isn't true.

    When did I say I have a problem with capitalism?

    So you want people to be completely self-sufficient, but also have money given to them? That makes no sense.
     
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