supraTruth » 04 May 2021, 4:48 pm » wrote: ↑
Any thinking Americans can see how unfair these tax brackets are to working poor & middle-class Americans! & it is the LIES from the RNC & Planet Fox that keep them unfair!
Inflation & the RNC have spent decades shoving the tax burden down onto the backs of the working poor & middle-class & barely rich.
Can we get President Biden & the Democrats to recognize this indisputable unfair fact & shift ALL tax brackets up & off the backs of the working poor & middle-class & barely rich? Doing so will create more demand for consumer goods, therefore creating the need for more jobs & a needed stimulus to our economy, thereby creating even more tax revenues.
ALL tax brackets all over the world start too low!
Disposable income represents the amount of money you have for spending and saving after you pay your income taxes. Discretionary income is the money that an individual or a family has to invest, save, or spend after taxes and necessities are paid.
Why should the elitely paid be allowed to skate on graduated marginal taxation of their disposable discretionary income more than the working middle-class & barely rich?
The Global Wealth Report says that the total number of millionaires in US is 18.6 million.
And according to Forbes, there are 724 billionaires in the US.
So, come on, why do our top tax brackets start so damn low? And why are we taxing incomes as low as $10k (or even $36k with the personal deduction that also stole most of the mortgage interest & property tax deductions of citizens living in states of high property values) at 12%?
I believe we should create a computer program that provides graduated taxation from the medium income to the grossly overpaid, with a top tax bracket of 49% after all deductions.
The IRS could tell US what the top income for the previous year was, & we could work down from there with maybe even a hundred tax brackets.
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The Alternative Minimum Tax.Taipan » 04 May 2021, 6:33 pm » wrote: ↑
Let's double that to make sure that the rich pay their fair share. 79.2 %
Now, DJ Trump will pay $1,500.00/yr. in taxes, instead of just $750. Happy now ??
You are not clear where the problem lies, are you ?
Let me spell it out for you so that a 6th-grader can understand it.
My name is G.E. General Electric. I am very rich. My tax dept. has 975 good people.
A mountain of tax-lawyers & tax-CPA's that are the smartest on the Earth at what they do.
They have one goal. Manipulate the 75,000 page Tax Code so that I, G.E., pay little, or
nothing, in taxes. Bill Gates and his 130 Billion Dollar Empire follows this formula.
Gates, Buffet, Winfrey, Bezos, Zuckerburg, & Trump don't pay taxes. You do, I do, but
they don't. And that just ain't right.
Get the picture now ?
There is your problem.
Can you figure out a solution to it ?
Flat taxes, like tariffs, sales, gas, tolls, payroll & fake "progressive" income taxes that have top brackets no higher than $622k, while many Americans are paid many millions of $, penalize working middle-class Americans much more than the elitely paid.
supraTruth » 05 May 2021, 1:52 pm » wrote: ↑
https://www.bloomberg.com/graphics/2016 ... arachutes/
For the umpteenth time, I want the richest person to pay PROGRESSIVE MARGINAL GRADUATED TAXATION just like we working middle-class have all my life. That means each bracket until the top bracket is reached. For 20 years, as we became the most powerful nation on this planet ever, that top rate was 89-94%. So I believe a top bracket rate of 49% would be fair & doable. The IRS can tell US what the top income is, & that should be the top bracket rate for the next year.
As our tax code has existed for the last 39 years, inflation & the RNC have ensured that the tax burden has been shoved onto the backs of the working middle-class, the barely rich & our national debt. So, also important, is that all lower rate brackets need to be shifted up to adjust for inflation.
People need to understand how progressive graduated marginal taxation actually works. I am not asking for any1 to pay 49% of their total income.
1st there are legitimate deductions, such as other taxes & mortgage interest that encourage home ownership, because children should ideally be raised in single family houses with yards rather than apartments. And I can see the legitimacy of deductions for capital investments & even a small percentage for capital gains that encourage business investments, & charity. All of these deductions are what make taxes complicated, but these days, TurboTax can sort through them for the "common" man. But then, after deductions, there is each bracket rate that is paid before paying the next bracket rate. This is what the cheating RNC mouth-offs @FoxBusiness never tell people, because that would undermine their partisan attacks on Democrats.
Only a moron of a working man would want the elitely paid to skate even more on graduated marginal taxation of disposable discretionary income.
Unfair taxation is such a hallmark for the RNC that they run on it every year.
Clearly U still don't understand how progressive graduated marginal taxation works. Paying each lower bracket 1st, would leave the highest income paying much less than 49% of total income, but still much more than now.
"20%" of what income? No, I have already laid out a simple solution several times above. Thanks anyway.Taipan » 06 May 2021, 12:58 pm » wrote: ↑
How about if the AMT was the base at 20% of gross just start ?
And then we bring in your graduated, marginal, progressive, brackets and each man can
fuss for his own particular deductions, depreciations, exemptions, & credits.
Each billionaire will pay 20%-50% in his yearly income.
Could you live with that ?
20% of of what come in door.
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