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REPORT COPYRIGHT VIOLATION IN REPLY
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Message Subject
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Chances are less than 20% of your income goes to Federal taxes
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Poster Handle
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Anonymous Coward |
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Post Content
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I recently found a chart showing the effective tax rate for various segments of the population over the past 33 years. I was surprised to see that taxes are so low. About a fifth of your income. Even more surprising is the effective tax rate for corporate taxes. It is common Grover Norquist propaganda to say that "America has the highest corporate tax rate in the world." Total B.S. The effective tax rate for corporations is only about 3%. Looking at the data, you can tell that many of our budget problems have been caused by unsustainably low taxes. Ronald Reagan, George Bush, Bill Clinton, George W. Bush, and Barack Obama already spent the money. The question is whether you love your country enough to actually pay for what they bought. For many posters, I'm guessing that the answer is no. [ link to www.taxpolicycenter.org] The corporate tax rate you refer to is = capital gains an individual recieves / individual income * 15% capital gains tax rate. It has nothing to do with what taxes a corporation pays, just what a person pays. As it is 5% or so for top 20%', shows that 1/3 off their income is capital gains ... 1/3* 15%. What this actually shows is that even after all Reagan and Bush tax cuts, the richest quartile pay about the same dropped from 27.5 to 25. But, all other groups dropped by 4% or more. Thus, the narrative that rich get all the breaks are bogus. So, if people want more like health care, we all should pay into it as HC taxes will wipe out that 2.5% reduction in taxes for top quartile.
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