Thread: Rich people pay all the taxes

I already posted this, but the top 25% of earners pay 83% of all the taxes in this country.

The highest tax bracket pays 50% of their income for your schools, roads, police, army, libraries, etc.

Just protection payments. Ever heard word “revolution”?

Originally Posted by RonaldReaganRocks

I already posted this, but the top 25% of earners pay 83% of all the taxes in this country.

So what????

SO, big whoopty doo. If you're making $40,000,000 a year, what do you expect to pay? Many of the top earners in this country also do diddly squat and are overpaid (i.e. actors, musicians, politicians, corporate executives, athletes). My place of employment pays the children of the founder 6 HIGH digits and they works a total of 6 hours a week. You think I'll cry over their high taxes? NOPE.

Who Rules America: Wealth, Income, and Power

The above link shows why. If you look at net worth (all marketable assets, exclusive of highly depreciating consumables), the top 5% of Americans own 59% of the wealth. The next 15% of Americans own 25% of the wealth. This means that the top 20% of Americans own 84% of the wealth.

If you exclude home equity (because it is not the liquid wealth - you know, the icing on the cake), that would leave what is referred to as financial wealth. As to financial wealth, the top 5% of Americans own 68% of the financial wealth. The next 15% own another 23% of the financial wealth. This means the top 20% of Americans own 91% of the financial wealth. That is just staggering!!!!! Not to mention, the word on the block is the wealth gap has ben growing (these were 2001 figures).

It is hard to believe that 80% of Americans own only 16% of the wealth, and when you take their home equity out of the equation, they only have 9% of the financial wealth.

So, if tax policy is to be based on ability to pay, consider this.... The figures for both wealth and financial wealth show that the wealthy are paying proportionately less in taxes. Also, let's just throw in the idea that there should be some base point (a minimal point of sustenance, where no tax should be paid). When you carve that off of the bottom, then, it would result in the wealthy paying far less in taxes - proportionately speaking.

But, hey, I'm not saying raise my taxes. This is just a statistic. For all I know, I might fit in that top 20%. I know I definitely do as far as income is concerned, but I am still relatively young. Even though we've accumulated a little wealth, I have no idea where that fits into the percentages.

.... also, I will add to my prior post by pointing out that the graduated tax system is well-rooted in terms of fairness. Yet, the figures show that you might as well forget a graduated tax policy in the sense that on a tax/wealth ratio, the ratio of taxes paid by wealthy and not wealthy is not even average. It certainly does not graduate. Fairness would dictate that it graduates because the more wealth one has, the more income the person can afford to pay in taxes.

I know. Sounds like I'm a liberal tax whiner. I'm not, and I want my taxes lowered. I just think it's okay to be a hypocrite when you're talking about taking my money.

Originally Posted by RonaldReaganRocks

I already posted this, but the top 25% of earners pay 83% of all the taxes in this country.

The highest tax bracket pays 50% of their income for your schools, roads, police, army, libraries, etc.

Rich people pay none of the taxes, they own the money system, the banks and hold the people of the USA in debt...and make money on us.

and they created the money out of thin air.

"It is well that the people of the nation do not understand our banking and monetary system, for
if they did, I believe there would be a revolution before tomorrow morning." -- Henry Ford
"The regional Federal Reserve banks are not government agencies. ...but are independent,
privately owned and locally controlled corporations." -- Lewis vs. United States, 680 F. 2d 1239
9th Circuit 1982
"We have, in this country, one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board. This evil institution has impoverished the people of the United States and has practically bankrupted our government. It has done this through the corrupt practices of the moneyed vultures who control it". -- Congressman Louis T. McFadden in 1932 (Rep. Pa)
"The Federal Reserve banks are one of the most corrupt institutions the world has ever seen.
There is not a man within the sound of my voice who does not know that this nation is run by the
International bankers -- Congressman Louis T. McFadden (Rep. Pa)
"Some people think the Federal Reserve Banks are the United States government's institutions.
They are not government institutions. They are private credit monopolies which prey upon the people
of the United States for the benefit of themselves and their foreign swindlers" -- Congressional
Record 12595-12603 -- Louis T. McFadden, Chairman of the Committee on Banking and
Currency (12 years) June 10, 1932

Robo, please tell me what on earth your various quotes have to do with paying taxes? Instead of using quotes like you do, how about just flat-out explaining it to us.... be sure to use some logic. I cannot see how the Federal Reserve Banks play any substantial role other than to be banks.

Also, let me give you a little hint on using quotes as precedent. Quotes from people of influence in 1932 are not as effective as quotes from people who are currently in influence. Too much changes over time. So, stay current please.

Henry Ford

Hey I love that guy!

Except for the... you know... Nazi part...

Wealth Distribution

Here you go. Another chart which actually juxtaposes wealth distribution and income distribution. As is shown, the bottom 40% of Americans own .3% (which might as well be 0) of the wealth, yet they earn 12 percent of the income. So, apparently 12% of the income gets you nowhere. I am going to take off and play basketball for awhile, but I bet someone could, if they wanted, post a follow-up link to a chart to see what portion of taxes are paid by the bottom 40% of Americans.

Anyway, looking at these statistics I can see why a sales tax is called "regressive." I can also see why proprty taxes on homesteads would also be regressive.