Meaningless. This is the case with most taxes we pay. The dollars you spend on sales taxes have also already been taxed.
Go read something and let me know if you find a different result. I welcome you refuting that statement outside of your idiotic response.
From the National Taxpayers Union: Tax Shares in Tax Year 2021 The IRS's Statistics of Income division publishes annual data showing the share of taxes paid by taxpayers across ranges of Adjusted Gross Income (AGI). The newly released report covers Tax Year 2021 (for tax forms filed in 2022). The newest data reveals that the top 1 percent of earners, defined as those with incomes over $682,577, paid nearly 46 percent of all income taxes – marking the highest level in the available data. Notably, the amount of taxes paid by this percentile is nearly twice as much as their share of Adjusted Gross Income (AGI), underscoring the progressive nature of the tax system.
I'm saying you apparently don't understand that federal income taxes are but one of the taxes we pay. And even then, the top 1% don't pay 50% of the federal income tax.
I understand taxes fine. This thread is about Federal taxes. I think you are trying to fit your warped view into a narrative that isn’t supported by facts. I guess that pesky sales tax the bottom 99% pay really levels the scales. Half our country pays effectively zero federal tax. Widen the net and raise the top rate if you want to; that’s fine. But more people need to be paying in versus just living off what others pay.
The facts are that the top 1% percent don't pay anywhere close to 50% of the taxes in the US. You claimed otherwise. You were wrong. If you want to only focus on the federal income tax, which only makes up about 25% of the total taxation in the US, you should actually specify that when you make the claim. But even then you'd still be wrong (but at least less wrong), because the top 1% don't pay 50% of the federal income taxes either.
I guess the chart I posted was photoshopped. You enjoy paying your fair share of taxes because by our interaction I’d wager you are in the half of our society that pay zero in federal taxes.
46 vs 50. That’s your entire point of this waste of time? Man I knew there was a reason I didn’t come to this forum often.
I'm more than happy to take advantage of low capital gains rates, but it seems rather unfair to tax what is essentially passive income at a lower rate than that from 9 to 5 labor. Further, it is clearly a tx law favoring the wealthy. Only 60% of Americans even invest in the stock market.
To be fair what Warren was advocating was a tax on the increase in wealth, which is a form of income. Given the relatively small number of Uber rich, administering such a tax wouldn’t be that difficult. You don’t need a ton of people to review the limited numbers of returns. What isn’t clear is whether a wealth tax would actually work. Usually when it is tried the wealth flees and that’s an even bigger problem.
