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Thread: Income TAX'S - A Discussion

  1. #1
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    Default Income TAX'S - A Discussion

    Saw this on the WWW the other day - What was the final census number? & how many receive a W-2?

    From 2008 AGI -
    The lower 50% - AGI under 39,048, earn 13% of all income - pay 3% of all Income Tax
    The next 25% - AGI 39048 to 67280, earn 20% of all income - pay 11% of all Income Tax
    The next 15% - AGI 67280 to 113,799, earn 21% of all income - pay 16% of all Income Tax
    The next 5% - AGI 113,799 to 159,619, earn 11% of all income - pay 11% of all Income Tax
    The next 4% - AGI 159,619 to 380,354, earn 15% of all income - pay 21% of all Income Tax
    The next 1% - AGI above 380,354, earns 20% of all income - pays 38% of all Income Tax

    So - 75% of all wage earners receive 1/3 of all income (plus whatever they get in the Underground economy?) but only pay 14% of all Income Tax. What say you??????
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  2. #2
    Senior Member Buzz's Avatar
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    Quote Originally Posted by Marvin S View Post
    Saw this on the WWW the other day - What was the final census number? & how many receive a W-2?

    From 2008 AGI -
    The lower 50% - AGI under 39,048, earn 13% of all income - pay 3% of all Income Tax
    The next 25% - AGI 39048 to 67280, earn 20% of all income - pay 11% of all Income Tax
    The next 15% - AGI 67280 to 113,799, earn 21% of all income - pay 16% of all Income Tax
    The next 5% - AGI 113,799 to 159,619, earn 11% of all income - pay 11% of all Income Tax
    The next 4% - AGI 159,619 to 380,354, earn 15% of all income - pay 21% of all Income Tax
    The next 1% - AGI above 380,354, earns 20% of all income - pays 38% of all Income Tax

    So - 75% of all wage earners receive 1/3 of all income (plus whatever they get in the Underground economy?) but only pay 14% of all Income Tax. What say you??????

    It does my heart good to know that I pay more than my fair share, lol!
    "For everyone to whom much is given, of him shall much be required." -- Luke 12:48

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  3. #3
    Senior Member Franco's Avatar
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    Time for a Flat Tax, so that everyone pays thier fair share!

    If we can get more people paying some Income Tax, it will make them better citizens
    "Well, when I went off to college, the guys I used to hang with were pumping gas and voting Democrat. Today they're still pumping gas and voting Democrat. Guess the Democrats didn't do much for them." Charles Barkley

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    Quote Originally Posted by Franco View Post
    Time for a Flat Tax, so that everyone pays thier fair share!

    If we can get more people paying some Income Tax, it will make them better citizens
    Can't argue with that.

  5. #5
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    Quote Originally Posted by Buzz View Post
    It does my heart good to know that I pay more than my fair share, lol!
    A more realistic breakdown of taxation is by wealth distribution, not AGI. This is because as you move into that top 1%, most earnings come from sources other than AGI. The last figures I saw, The top 1% controls about 35% of the wealth in the US. The bottom 40% gets about .2%. Don't forget to look at the decimal point there...

  6. #6
    Senior Member Uncle Bill's Avatar
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    Quote Originally Posted by Franco View Post
    Time for a Flat Tax, so that everyone pays thier fair share!

    If we can get more people paying some Income Tax, it will make them better citizens

    Don't think that can happen. Regardless how 'flat' it is, (like Steve Forbes suggestion of 17%) there will ALWAYS be exclusions, and politicians will always seek to extend those exclusions to benefit their voting constituancy.

    About the only tax that would involve every citizen paying in is some form of a use tax...a sales tax like we have in Sodak. This can be adjusted to exclude actual food items, and increased for items like booze and cigarettes. Of course it gets an underground economy developed in short order, much like what's currently happening in Sodak with the incredible cigarette tax. We have a black market going in that commodity bigtime.

    Sobeit. It's how we tax the use of vehicles...which is done by their age and weight, regardless of how many miles they are used, and all levels of income pay accordingly. Doesn't matter if the Mercedes is parked in the garage 90% of the time, so their wear and tear on the infrastructure isn't comparable to the teen peeling rubber at each intersection while cruising main street almost nightly.

    Same is true for the use of home electricity...the KWH charges are the same for the various home owners, only adjustment to their bill is how much they use per month.

    There are many taxes that aren't "FAIR", but to live in a country and not expect to pay anything is what's criminal. PLUS, isn't it ironic how the something-for-nothing crowd is always the first to make the most frivolous claims? They are the trial lawyer's bread and butter.

    No question there are far better ways to run a country than the current IRS policed income tax, and eliminating that entire bureaucracy is worth any other type of tax that could be assesed.

    UB
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