Biden proposes higher taxes

[tijlover]

Even the Republicans would love to say: higher taxes! But they know better to say that! You have to be brave today to suggest higher taxes!

[Goodnight]

The OP's article indicates "top", I don't think this will balance the budget but it will make the system more fair.

Good graph how tax rates for those at the top have decreased.

In the 1960s, the 400 richest Americans paid more than half of their income in taxes.
Higher tax rates for the wealthy kept inequality in check and helped fund the creation of social safety nets like Medicare, Medicaid and food stamps.

Today, the superrich control a greater share of America’s wealth than during the Gilded Age of Carnegies and Rockefellers.That's partly because taxes on the wealthy have cratered. In 2018, America's top billionaires paid just 23 percent of their income in taxes.

https://www.nytimes.com/interactive/...aires-tax.html

[Kristinas_Cap]

i would gladly pay more taxes if it means more funding for the 4th branch of government (planned parenthood)

[rantiquity]

Originally Posted by tijlover

Even the Republicans would love to say: higher taxes! But they know better to say that! You have to be brave today to suggest higher taxes!

Bush in 1993 said this 'read my lips..no new taxes'. He raised taxes and was defeated by Clinton.

[rantiquity]

Originally Posted by Kristinas_Cap

i would gladly pay more taxes if it means more funding for the 4th branch of government (planned parenthood)

I am pro life but with limits.

You can donate al you want to planned parenthood but leave the rest of us out of your 'our taxes' nonsense.

[rantiquity]

Originally Posted by Goodnight

The OP's article indicates "top", I don't think this will balance the budget but it will make the system more fair.

Good graph how tax rates for those at the top have decreased.
https://www.nytimes.com/interactive/...aires-tax.html

23% of on billion is $230 million. sounds like a lot to me.

In all, the top 1 percent of taxpayers accounted for more income taxes paid than the bottom 90 percent combined. The top 1 percent of taxpayers paid $723 billion in income taxes while the bottom 90 percent paid $450 billion.
The share of income taxes paid by the top 1 percent increased from 33.2 percent in 2001 to 42.3 percent in 2020. Over the same period, the share paid by the bottom 50 percent of taxpayers fell from 4.9 percent to just over 2.3 percent in 2020.
https://taxfoundation.org/data/all/f...a-2023-update/

The real reason is the tax loop holes that congress passed so their donators pay less taxes meaning more donation to the very people who benefit the most. Your Congressperson.

[InformedConsent]

Originally Posted by rantiquity

The top 50% of federal taxpayers pay 96.5% of all federal income taxes and the bottom 50% pays 3.5%.
Actually the top 50% federal taxes increased while the bottom 50% of federal taxpayers decreased.

The top 1% of federal taxpayer pay 25.6% of all federal income taxes which is seven times higher than the bottom 50% combined.

Your numbers are way off. Since the Trump tax cuts (which were actually a tax INCREASE on the rich), the top 1% (the rich) pays 45.8% of the Federal Income Tax. The IRS's most recent published tax data (2021):

Chart: Share of Federal Income Tax vs Share of Income, by Income Group (2021)

For those who wish to confirm the accuracy of that chart, here's the IRS's published data: https://www.irs.gov/pub/irs-soi/21in41ts.xls

[Taratova]

40% capital gains tax. The rich people aregoing to start moving out of America. They will invest somewhere else.

[Taratova]

Originally Posted by Goodnight

The OP's article indicates "top", I don't think this will balance the budget but it will make the system more fair.

Good graph how tax rates for those at the top have decreased.


https://www.nytimes.com/interactive/...aires-tax.html

The wealthy when they are over taxed find loopholes and ways to avoid taxes. They have the money and the incentive to do it. The middle class just have to pay and pay. Thee new back door tax on the middle class and poor is inflation.

[rantiquity]

Originally Posted by Taratova

40% capital gains tax. The rich people aregoing to start moving out of America. They will invest somewhere else.

The majority of people who will have to pay a capital gains tax are people who have stocks and bond in their retirement plans. Meaning the little guy who bust their butts working blue collar jobs.