The Top 10% of income earners paid 71% of federal income tax

reply to post by Eurisko2012


I do agree with you that the tax code is horrible. 9-9-9 was equally horrible though. The tax code needs to be nullified and a new simple system put in place.

reply to post by Kali74


If I am reading your post here correctly, you have made an assumption error with your calculations.

You have compared all of the 5%-28% to the 28% - up + capital gains?

Every person that pays into a tax bracket, has paid into every tax bracket below it.

Ie:

I have to fulfil my tax obligations at the 10% bracket before I fill my obligation to the 15%, etc.

So you would have to remove all of the taxes paid by the 28% and up listings from the previous brackets to even start to get a true value.

reply to post by Eurisko2012


Bright future as in nuclear explosions seen on the horizon

reply to post by Eurisko2012


Canada has her problems and I wouldn't worry about Keystone...it's not one of the major ones.

We have our own tax issues, just on a smaller scale, and without pesky, full-level, 'person hood' rights to corporations.

As for oil, well, it has made up less and less of our total earnings for a very long time now.

reply to post by peck420


I'm not following you sorry. and I went 5-25% then 28% and up + capital gains.

Originally posted by ImaFungi
reply to post by Eurisko2012

 

Bright future as in nuclear explosions seen on the horizon

edit on 23-2-2012 by ImaFungi because: (no reason given)

No. We are going back to the moon.

Helium-3 and tourism. Are you ready to jump into the Marriott swimming pool

with only 1/6th gravity?

reply to post by Kali74


The best shot at apples to apples is to take "your style" info from 2010 IRS data and compare to Schuyler's post, but remember an apparent contradiction doesn't indicate which is correct. His post seems pretty straightforward and doesn't have any room for misinterpretation. There must be a way to actually resolve this question.

Originally posted by Kali74
reply to post by Eurisko2012

 

I do agree with you that the tax code is horrible. 9-9-9 was equally horrible though. The tax code needs to be nullified and a new simple system put in place.

It won't be easy.

I can already see K Street throwing a hissy fit.

Originally posted by Kali74
reply to post by peck420

 

I'm not following you sorry. and I went 5-25% then 28% and up + capital gains.

edit on 23-2-2012 by Kali74 because: (no reason given)

And therein probably lies the problem somehow.

reply to post by Kali74


It makes perfect sense and is how most of the Western world operates their tax structures.

Lets say I make $100,000 dollars for tax purposes.

Of that, the following will occur (based on 2012 tax table):

$8,700 taxed at 10% = $870 taxes paid
$26,650 taxed at 15% = $3,997.50 taxes paid
$50,300 taxed at 25% = $12,575.00 taxes paid
$14,350 taxed at 28% = $4,018 taxes paid

Total: $100,000.

Total taxes paid: $21,460.50

Average tax rate: 21.46%

reply to post by DenyObfuscation


Not that I can see because as other posters have shown the top 10% income level starts at 113K, which is taxed at 28% so obviously the claim the top 10% pay more taxes would be based on taxes generated by the 28% tax rate bracket and up.

Originally posted by peck420
reply to post by Kali74

 

It makes perfect sense and is how most of the Western world operates their tax structures.

Lets say I make $100,000 dollars for tax purposes.

Of that, the following will occur (based on 2012 tax table):

$8,700 taxed at 10% = $870 taxes paid
$26,650 taxed at 15% = $3,997.50 taxes paid
$50,300 taxed at 25% = $12,575.00 taxes paid
$14,350 taxed at 28% = $4,018 taxes paid

Total: $100,000.

Total taxes paid: $21,460.50

Average tax rate: 21.46%

I believe someone has called "bingo". Well earned star.

reply to post by peck420


Would not the IRS data reflect that in the tax dollars generated though?

Originally posted by Jean Paul Zodeaux
reply to post by LErickson

 

Well, at least the good graces to admit you're clueless.

Seeing as how that never happened, I am guessing my time is better spent than to read petty personal insults from someone so obviously having a problem grasping simple concepts.
Any of you know what a number even looks like?

I never said I was clueless. Stating I admitted I was is either lying about what I have said or clear evidence you do not understand. So either quote me admitting that or see if you can act like a human being and start your post off with something a little more honest.

Originally posted by Skyfloating
reply to post by DenyObfuscation

 

The top 10% make 113 000. I wasnt aware of how much they make and was surprised to read that. I wouldnt consider them rich and I'd have to consider myself part of the 10%.

I avoid talking about the 1% because they are not the focus of this thread, even though many try to focus on them exclusively.

$113,000 is top tier? That is not the top 10% that is BS. Thats the near average for middle class America E.G. Husband and Wife filing jointly. If they have kids they are not payng very much tax at all!

reply to post by Kali74


Not necessarily.

They may have simply stated that they received 'x' amount of dollars from each tax bracket.

They do, of course, have those tables internally, but I'm not 100% sure on how specific they can be on public releases.

Originally posted by peck420
reply to post by Kali74

 

Not necessarily.

They may have simply stated that they received 'x' amount of dollars from each tax bracket.

They do, of course, have those tables internally, but I'm not 100% sure on how specific they can be on public releases.

The Majority of Americans get $3,000+ as EIC credit each year. Many millions get $6,000+. Even those making $113,000 will not have much tax liability if they have kiddos!

Single persons with no kids, and those making the big bucks pay the most. Thank god for lesbians and gay dudes as they pay some tax brother! Well unless they have dependant children.

reply to post by peck420


Exactly and that is the data used for both the claim in the OP and my own. If it's inaccurate that's on the IRS but either way it doesn't justify a claim that any tax bracket pays 71% of federal taxes.

reply to post by Donkey_Dean


Yes, and the upper middle to upper brackets get a lot of tax breaks as well. There's no way to generate a rough figure if you're going to factor in all deductions and credits.

Originally posted by LErickson

Originally posted by Jean Paul Zodeaux
reply to post by LErickson

 

Well, at least the good graces to admit you're clueless.

Seeing as how that never happened, I am guessing my time is better spent than to read petty personal insults from someone so obviously having a problem grasping simple concepts.
Any of you know what a number even looks like?

Oh it happened, sport. You openly admitted you had no clue as to what I was talking about, but it certainly doesn't take a rocket scientist to figure out what I am saying. Simple math will do.

Numbers are symbols used to describe units or digits. Words are also symbols. In regards to the tax code one cannot determine how much someone owes before first determining if that person is liable. Someone not liable for the tax owes nothing. That is simple math.