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Thread: Five Tax Fallacies Invented by the 1 Percent

  1. #1
    Bite my shiny metal ass! beNder's Avatar
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    Default Five Tax Fallacies Invented by the 1 Percent

    We hear these claims often, even though they’re entirely false. An analysis of the facts should make that clear.

    (1) The Rich Pay Almost All the Taxes

    That’s simply not true. The percentage of total taxes paid by the very rich (the top 1%) is approximately the same as the percentage paid by middle class Americans (the 4th quintile, average income $68,700). Here are the details:

    Internal Revenue Service figures show that the very rich paid 23% of their incomes in federal income taxes in 2006. The middle class paid about 8% of their incomes in federal income taxes. Based on U.S.Congressional Budget Office figures, the very rich pay just under 2% of their incomes toward social security, while the middle class pays just under 10%. According to a study by The Institute on Taxation and Economic Policy, the very rich pay about 7% of their incomes in state and sales and property and excise taxes, while the middle class pays approximately 10%. Another year of Bush tax cuts will reduce the taxes of the very rich by at least 3% more than the middle class.

    So total taxes for the very rich are 29% of their incomes (23% + 2% + 7% – 3%). Total taxes for the middle class are 28% of their incomes (8% + 10% + 10%). These figures agree with CTJ’s 2011 estimate of total taxes paid.
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    Not Goat Roping Shermbodius's Avatar
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    To be honest, I only care about what I have to pay and that should be as little as possible.

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    How's that Hopey Changey thing workin'? C.Puffs's Avatar
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    Way to play the deception game there. Now tell us in dollar amounts what percent that comes out to for the various "classes". DOH!

    http://www.thesoapboxers.com/what-pe...d-by-the-rich/

    "•The top 20.57% of returns – those with AGI of $75,000 or more – earn 62.37% of the nation’s AGI and pay 83.96% of the taxes. So the much quoted stat about the top 20% paying 80% of taxes is true (assuming it means 20% of returns).

    •What about the rich paying half the taxes? This depends on your definition of “rich”, but returns with more than $200,000 in AGI represent 2.79% of all returns, earn 25.76% of AGI, and pay 50.14% of taxes."

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    Senior Member Mujo2000's Avatar
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    Quote Originally Posted by shermbodius View Post
    To be honest, I only care about what I have to pay and that should be as little as possible.
    Hear hear!!

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    Senior Member skyeye's Avatar
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    Iím retired and got mine. Suck it you poor working sods.

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    Not Goat Roping Shermbodius's Avatar
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    Quote Originally Posted by skyeye View Post
    I’m retired and got mine. Suck it you poor working sods.
    I hear ya. Lucky sum gun!

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    The soul that is within me no man can degrade bd popeye's Avatar
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    Quote Originally Posted by skyeye View Post
    Iím retired and got mine. Suck it you poor working sods.
    I have my US Navy retired pay monthly been receiving that for nearly 21 years...SS is about three years away...

    Presently, I work part-time..so does my wife...

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    Senior Member Mujo2000's Avatar
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    Quote Originally Posted by bd popeye View Post
    I have my US Navy retired pay monthly been receiving that for nearly 21 years...SS is about three years away...

    Presently, I work part-time..so does my wife...
    I see the need, the need for Soylent Green.



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    Senior Member Mu-Meson's Avatar
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    Based on U.S.Congressional Budget Office figures, the very rich pay just under 2% of their incomes toward social security, while the middle class pays just under 10%.
    I would just like to point out the blatant dishonesty being stated here. Social Security (SS) was sold by Roosevelt as a mandatory individual saving scheme and NOT as welfare. The reason for the rich paying 2% and the middle class paying 10% is because there is a cap on the amount of SS taxes which occurs at incomes of about $100,000. It was done that way so that people would at least theoretically get back from SS as much as they put in, while people who earn less than the cap (ie low income) would get more than they put in. Thus, it maintains the appearance of an actual social insurance program.

    If you want to eliminate the cap, then SS will become a straight up welfare redistributionist program. If you are in favor of doing that then fine. But you are going to have to be honest about the fundamental change in the program that you are proposing. It would no longer be an individual saving for their retirement years with help from the govt for low income earners. It would become a straight up govt pension.

    As for the rest of the article? Just more evidence about lies, damn lies and statistics. The lack of actual hard numbers in favor of %'s in that article would be laughable if it wasn't so deceptive.

  10. #10

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    So far at least in the US, Atlas has not shrugged.

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    Waywickedcool Federal Ninja Laconian's Avatar
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    ^^With the amount of regulation and government intrusion into our daily lives, Atlas is most assuredly shrugging.

  12. #12

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    Quote Originally Posted by Laconian View Post
    ^^With the amount of regulation and government intrusion into our daily lives, Atlas is most assuredly shrugging.
    I am beginning to think that Atlas has a broader and stronger back than you think.

  13. #13
    Senior Member archibald harry tuttle's Avatar
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    Quote Originally Posted by Mu-Meson View Post
    [...]
    As for the rest of the article? Just more evidence about lies, damn lies and statistics. The lack of actual hard numbers in favor of %'s in that article would be laughable if it wasn't so deceptive.
    Unfortunately the people this kind of "article" is meant for will only read what their controllers tell them and reject anything that won't match their rendition of reality. Amazingly most if not all of the programable activists regard themselves as cult while the oposition is regarded as ignorant because they dare to read instead of believe and when confronted with facts they get angry and gang up on those that dared show them some reality. This all comes from the same type of elite that destroyed Mexico almost a hundred years ago, they then called themselves "the scientists" (los cientificos).

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