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(Business Insider (Australia))   The 0.1 percent are now paying one sixth the taxes they paid in 1953   (businessinsider.com.au) divider line
    More: Fail, Tax, Taxation in the United States, tax payments, rate of taxation fall, maximum rate of income tax, American tax policy, richest Americans, average member of that elite group  
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1039 clicks; posted to Politics » on 19 Feb 2021 at 6:06 PM (8 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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2021-02-19 2:22:54 PM  
Guess we need to tax social security some more.
 
2021-02-19 2:55:56 PM  
Obvious tag puking its guts out while the Sick tag holds its hair again, subby?
 
2021-02-19 4:15:29 PM  
Broadly, the paper says, "Since 1980, American tax policy has increasingly favoured wealth over work." That includes things like the maximum rate of income tax on dividends falling lower than the maximum rate of income tax on wages, an increase in the estate tax exemption limit, and a decrease in the tax rate on corporate income.

I wonder what happened in 1980.

Hmm
Hmmmmmmm
 
2021-02-19 5:18:26 PM  

thehobbes: Broadly, the paper says, "Since 1980, American tax policy has increasingly favoured wealth over work." That includes things like the maximum rate of income tax on dividends falling lower than the maximum rate of income tax on wages, an increase in the estate tax exemption limit, and a decrease in the tax rate on corporate income.

I wonder what happened in 1980.

Hmm
Hmmmmmmm


And, let's not forget caps on Social Security contributions. I started working on the boardwalk in Seaside Heights, New Jersey in 1979 at the tender age of 15. Looking at my SS statement, by 1995, my contributions topped out. I'll be able to retire comfortably next year at the age of 57 in no small part because (1) my SS contributions were capped, leaving more money in my pocket and (2) I'll be able to draw on SS later in life.

There is no doubt that I am under-taxed on all fronts. I regularly vote to raise my own taxes and regularly vote to elect those who will raise my taxes.

/Mostly though, it was ...
//Finding a good woman, getting married, and staying married
///Finding a good house and staying in it
////Finding out neither of us wanted kids
//Finding well-paying engineering jobs
 
2021-02-19 6:08:40 PM  
I'm sure glad taxing the wealthy won't make a dent in the deficit.
 
2021-02-19 6:11:52 PM  

demaL-demaL-yeH: Obvious tag puking its guts out while the Sick tag holds its hair again, subby?


Obvious tag quietly dying of in the corner of the work exhaustion..
 
2021-02-19 6:11:56 PM  

thehobbes: Broadly, the paper says, "Since 1980, American tax policy has increasingly favoured wealth over work." That includes things like the maximum rate of income tax on dividends falling lower than the maximum rate of income tax on wages, an increase in the estate tax exemption limit, and a decrease in the tax rate on corporate income.

I wonder what happened in 1980.


Well, looking at a historical chart of wages, beginning in 1980, I see a certain plateau reached for the middle class.  And what's all that yellow fluid trickling down?
 
2021-02-19 6:13:26 PM  
If you think their tax reduction is impressive, just wait until you see the increase in their gross income.
 
2021-02-19 6:14:56 PM  
One day I will be one of them
 
2021-02-19 6:15:15 PM  
Clearly, we need a tax cut.
 
2021-02-19 6:15:22 PM  
Fark user imageView Full Size
 
2021-02-19 6:15:35 PM  
We've gone PLAID!

https://www.usdebtclock.org
 
2021-02-19 6:16:11 PM  
Our tax system is ludicrous. Americans need to take back seats from these takers who contribute almost nothing to the economy.

Wow, I sounded like a MAGAt there for a moment, didn't I? Well, my gripe is so people CAN FARKING LIVE and now so anonymous strangers can keep accumulating wealth they'll never spend.

We have empirical evidence that the economy is being intentionally tanked, and our so-called wealth is just speculative.

Why do science-fiction stories have our societies so advanced and damned-near utopian? Maybe it's after the guillotines fell.
 
2021-02-19 6:16:33 PM  
Those bastards
 
2021-02-19 6:16:35 PM  
1953.  Eisenhower was President.
That's what most boomers call The "good old days".

But everyone who calls that the "good old days" votes for policies that are completely contrary to how Eisenhower ran the country.
//quick, blame the immigrants
 
2021-02-19 6:16:48 PM  

snowjack: If you think their tax reduction is impressive, just wait until you see the increase in their gross income.


America's income distribution is now literally more insane than pre-French-Revolution France's.

And the idiots who vote GQPer think that the problem is that there rich aren't rich enough.
 
2021-02-19 6:19:18 PM  
I'm beginning to think we might not be where Republicans think we are on the laffer curve...
 
2021-02-19 6:21:07 PM  

J_Kushner: 1953.  Eisenhower was President.
That's what most boomers call The "good old days".

But everyone who calls that the "good old days" votes for policies that are completely contrary to how Eisenhower ran the country.
//quick, blame the immigrants


The people clamoring for the "good old days" back want the racism not the tax policy.
 
2021-02-19 6:25:07 PM  

thehobbes: Broadly, the paper says, "Since 1980, American tax policy has increasingly favoured wealth over work." That includes things like the maximum rate of income tax on dividends falling lower than the maximum rate of income tax on wages, an increase in the estate tax exemption limit, and a decrease in the tax rate on corporate income.

I wonder what happened in 1980.

Hmm
Hmmmmmmm


Doc Brown's shock was on point.

Fark user imageView Full Size
 
2021-02-19 6:26:14 PM  
You know what would fix this? That's right everyone, tax cuts!
 
2021-02-19 6:26:47 PM  
From 1953 to 2018, the rate of taxation as a percentage of wealth on the top 0.01% has fallen 83%.

Seems to me that subby is missing a digit... and maybe more. *shrug*


But hey, they wouldn't be so rich if they had to pay taxes, so ChexMix!
 
2021-02-19 6:29:17 PM  
I'm sure it will trickle down ANY SECOND
 
2021-02-19 6:32:37 PM  

texanjeff: I'm sure it will trickle down ANY SECOND


Less of a trickle, more of a dribble.
 
2021-02-19 6:35:18 PM  

edmo: Guess we need to tax social security some more.


If we keep stealing money from the 1% we will run out of job creators.

At the beginning of each month I keep seeing these old people buying groceries with $100 bills, they have money to spare.
 
2021-02-19 6:38:45 PM  
That was coincidentally the last year that the national debt held by the public actually decreased. It's been growing ever since, despite getting oh so close in the Clinton years.

Raise. Taxes. It's not that hard if you don't have a party that wants to use it as a wedge issue to cynically win elections at the expense of solvency.
 
2021-02-19 6:39:56 PM  
Business Insider Australia?  I never expected the Facebook embargo would make them this desperate, this quickly.
 
2021-02-19 6:40:02 PM  
.
.
REAGAN YOU UTTER BASTARD

.
.
 
2021-02-19 6:40:31 PM  
This problem will continue to get worse so long as tax rates on capital gains remain considerably lower than tax rates on wages
 
2021-02-19 6:41:07 PM  

thehobbes: Broadly, the paper says, "Since 1980, American tax policy has increasingly favoured wealth over work." That includes things like the maximum rate of income tax on dividends falling lower than the maximum rate of income tax on wages, an increase in the estate tax exemption limit, and a decrease in the tax rate on corporate income.

I wonder what happened in 1980.

Hmm
Hmmmmmmm


Remember that Reagan didn't get sworn in until 1981.

/folks like to forget that jimmy carter was the potus who first introduced neoliberal policy to this country
//https://www.salon.com/2011/02/08/li​nd_​reaganism_carter/
///from a decade ago. no grumpying about a salon link since it's back from when everyone around here was sucking salon's peepee
 
2021-02-19 6:42:56 PM  

Metastatic Capricorn: thehobbes: Broadly, the paper says, "Since 1980, American tax policy has increasingly favoured wealth over work." That includes things like the maximum rate of income tax on dividends falling lower than the maximum rate of income tax on wages, an increase in the estate tax exemption limit, and a decrease in the tax rate on corporate income.

I wonder what happened in 1980.

Hmm
Hmmmmmmm

And, let's not forget caps on Social Security contributions. I started working on the boardwalk in Seaside Heights, New Jersey in 1979 at the tender age of 15. Looking at my SS statement, by 1995, my contributions topped out. I'll be able to retire comfortably next year at the age of 57 in no small part because (1) my SS contributions were capped, leaving more money in my pocket and (2) I'll be able to draw on SS later in life.

There is no doubt that I am under-taxed on all fronts. I regularly vote to raise my own taxes and regularly vote to elect those who will raise my taxes.

/Mostly though, it was ...
//Finding a good woman, getting married, and staying married
///Finding a good house and staying in it
////Finding out neither of us wanted kids
//Finding well-paying engineering jobs


The fact you seem to have no understanding of how social security withholdings work make me question the veracity of your story.
 
2021-02-19 6:43:29 PM  

Metastatic Capricorn: I regularly vote to raise my own taxes and regularly vote to elect those who will raise my taxes.


You don't have to wait for your taxes to go up before you give money to people who need it.

How much do you think you should be paying in taxes? How much do you pay now?

Why not donate the difference to a food bank or a homeless shelter or a pet shelter? I realize it doesn't solve the systemic inequality, but if you feel you should be doing something, nothing is stopping you.
 
2021-02-19 6:48:20 PM  
But they deserve it
 
2021-02-19 6:49:05 PM  

a particular individual: Metastatic Capricorn: I regularly vote to raise my own taxes and regularly vote to elect those who will raise my taxes.

You don't have to wait for your taxes to go up before you give money to people who need it.

How much do you think you should be paying in taxes? How much do you pay now?

Why not donate the difference to a food bank or a homeless shelter or a pet shelter? I realize it doesn't solve the systemic inequality, but if you feel you should be doing something, nothing is stopping you.


Well. Except, maybe, the truth.
 
2021-02-19 6:49:07 PM  
The cost of luxury items has gone up tremendously since then, their taxes have been reduced to balance things.
 
2021-02-19 6:50:09 PM  

Scythed: This problem will continue to get worse so long as tax rates on capital gains remain considerably lower than tax rates on wages


BINGO!!

When investments are taxed less than wages, you know that buying politicians and lobbyists worked.
You also know things are headed for the toilet, and lobbyists on the whole should be banned.
Welcome to toilet.
 
2021-02-19 7:06:43 PM  
i.imgur.comView Full Size
 
2021-02-19 7:07:52 PM  
Wait... they're actually paying taxes? I didn't think they did that at all. Must have lousy "tax specialists."
 
2021-02-19 7:09:06 PM  

a particular individual: You don't have to wait for your taxes to go up before you give money to people who need it.

You assume I do no charitable giving. That is an incorrect assumption.

Por que tan serioso: The fact you seem to have no understanding of how social security withholdings work make me question the veracity of your story.


There is a ceiling on Social Security contributions. I exceeded that limit in 1995 and have every year since. This year, the limit is $142,800. Earnings above that will not experience SS withholding. What did I miss?
 
2021-02-19 7:09:46 PM  

lithven: J_Kushner: 1953.  Eisenhower was President.
That's what most boomers call The "good old days".

But everyone who calls that the "good old days" votes for policies that are completely contrary to how Eisenhower ran the country.
//quick, blame the immigrants

The people clamoring for the "good old days" back want the racism not the tax policy.


That's such an exaggeration. They also want the misogyny.
 
2021-02-19 7:10:58 PM  

Scythed: This problem will continue to get worse so long as tax rates on capital gains remain considerably lower than tax rates on wages


This - merely tinkering with the marginal rates on earned income will accomplish zilch.
That will affect a few movie stars, rappers and athletes.
The real, big money is in capital gains, and we don't even pretend to tax them on a fair basis.
 
2021-02-19 7:20:32 PM  
Buying legislators is a sound investment for them.  Our laws have made it easy for them to do so.
 
2021-02-19 7:24:15 PM  

Metastatic Capricorn: a particular individual: You don't have to wait for your taxes to go up before you give money to people who need it.

You assume I do no charitable giving. That is an incorrect assumption.

Por que tan serioso: The fact you seem to have no understanding of how social security withholdings work make me question the veracity of your story.

There is a ceiling on Social Security contributions. I exceeded that limit in 1995 and have every year since. This year, the limit is $142,800. Earnings above that will not experience SS withholding. What did I miss?


Bra. Bro. Broseph.  Brosephine.  Brosephus.  Brotato.  Potassium Bromide.  You just KFC Doubled Down on that sh*t, son! Hell yeah, boi!
Fark user imageView Full Size
 
2021-02-19 7:28:55 PM  
But really tho. I'm sure you gotta go have sex with your wife and her hot sister.  Don't let me hold you up.
 
2021-02-19 7:30:47 PM  
Income tax paid as a percentage of wealth?  What a useless metric.
 
2021-02-19 7:34:36 PM  

Metastatic Capricorn: a particular individual: You don't have to wait for your taxes to go up before you give money to people who need it.

You assume I do no charitable giving. That is an incorrect assumption.

Por que tan serioso: The fact you seem to have no understanding of how social security withholdings work make me question the veracity of your story.

There is a ceiling on Social Security contributions. I exceeded that limit in 1995 and have every year since. This year, the limit is $142,800. Earnings above that will not experience SS withholding. What did I miss?


lol he trol u.
 
2021-02-19 7:36:18 PM  
Is it time to eat the rich yet?
 
2021-02-19 7:41:40 PM  

Por que tan serioso: But really tho. I'm sure you gotta go have sex with your wife and her hot sister.  Don't let me hold you up.


Whether you believe me about my own circumstances or not, there is a limit on what amount of income subject to SS withholding and there should not be. There's no reason a high earner should be paying a smaller percentage of their income into SS than a low earner.
 
2021-02-19 7:42:30 PM  

Percise1: From 1953 to 2018, the rate of taxation as a percentage of wealth on the top 0.01% has fallen 83%.

Seems to me that subby is missing a digit... and maybe more. *shrug*


But hey, they wouldn't be so rich if they had to pay taxes, so ChexMix!


1/6 = .16666666
 
2021-02-19 7:44:28 PM  

thehobbes: Broadly, the paper says, "Since 1980, American tax policy has increasingly favoured wealth over work." That includes things like the maximum rate of income tax on dividends falling lower than the maximum rate of income tax on wages, an increase in the estate tax exemption limit, and a decrease in the tax rate on corporate income.

I wonder what happened in 1980.

Hmm
Hmmmmmmm


This is what every right-wing loony that tells you to "read an economics textbook" conveniently ignores, much like how Evangelicals tend to ignore stuff in the Gospel like "love thy neighbor as thy self", etc.

Beyond funding the government, taxes are a lever.  Whatever you want more of, tax it less.  Whatever you want less of, tax it more.  Obviously this is a gross oversimplification and generalization... but it applies.  Especially when you sub in things like "Rent-Seeking Vampires and Speculators Galore" (of which we get more and more), and "Hard Working People Making A Living" (of which we get less and less).

If so-called Conservatives were really so gung-ho about the work ethic of making one's own way... they wouldn't favor capital gains so much with tax policy.
 
2021-02-19 7:52:51 PM  

Metastatic Capricorn: Por que tan serioso: But really tho. I'm sure you gotta go have sex with your wife and her hot sister.  Don't let me hold you up.

Whether you believe me about my own circumstances or not, there is a limit on what amount of income subject to SS withholding and there should not be. There's no reason a high earner should be paying a smaller percentage of their income into SS than a low earner.


It was not readily apparent if you were stating that you were exceeding the threshold for deductions or had reached some social security life time payment deduction limit. Sounds like things are going pretty well.
 
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