Those EVIL 1%ers!!!!!!!

[Tim Steelersfan]

Top 20% of Americans Will Pay 87% of Income Tax
Households with $150,000 or more in income make up 52% of total income nationally but pay large portion of total taxes

One of the least discussed parts of America’s income tax is how progressive it is, and the tax overhaul didn’t change that fact. In 2018, top earners will pay a higher share of income taxes.

The individual income tax matters—a lot—because it is the largest single source of U.S. revenue. And its share has risen in recent years. For 2018, it could raise 50% of total federal revenue, according to estimates from Congress’s Joint Committee on Taxation, up from about 48% last year.

So who pays what share of this tax?

IRS data aren’t available until long after people file, so estimates for 2017 and 2018 come from the Tax Policy Center, a nonpartisan research group.

They divided about 175 million American households into five income tiers of roughly 65 million people each. The income includes earnings from wages and investments plus untaxed amounts, such as from health coverage. These additions nearly double the income of people in the lowest tier and add about 20% for those in the highest tier.

The results show how steeply progressive the U.S. income tax remains. For 2018, households in the top 20% will have income of about $150,000 or more and 52% of total income, about the same as in 2017. But they will pay about 87% of income taxes, up from about 84% last year.

By contrast, the lower 60% of households, who have income up to about $86,000, receive about 27% of income. As a group, this tier will pay no net federal income tax in 2018 vs. 2% of it last year.

 

[Ron Burgundy]

Bomma Money from His stash.

 

[IndySteel]

How DARE we work hard and strive for success to provide a better life for our families! That is not only evil, it is extremely racist! Shame on us! Shame. Shame. Shame.

 

[madinsomniac]

Income tax is stupid.. tax 5% if you earn over 200g and everything else should be sales tax

 

[deljzc]

Income tax is stupid.. tax 5% if you earn over 200g and everything else should be sales tax

This is true. But if this was the case then there would be nothing to "politicize". And that is what we all need to learn. If the dems and rebs didn't agree to disagree on taxes, then there would be nothing..... Don't get fooled. There is no "right" taxation, only government revenue and expenditures. There is nothing else.

 

[Steelr4evr]

So a minority carries the majority here. Just not fair. That top 20% neededs to be paying 99%.

- leftist douchecookies

 

[Stewey]

But, but CNN and the democRATS told us Trumps tax cuts would only help the rich?

 

[RollRed]

I made a paltry $25K last year and paid $2K in federal income tax... plus another $1500 in FICA tax. The federal tax alone represents 8% of my income, so I don’t know how little you would have to make to pay only 2%, or in some cases be completely exempt, but it has to be very little.

 

[Steeltime]

I made a paltry $25K last year and paid $2K in federal income tax... plus another $1500 in FICA tax.

(1) FICA is not income tax. It is government mandated retirement.
(2) If you paid income tax last year on $25,000 in earnings, you really need to find a new tax consultant.

 

[Troglodyte]

And here I thought this was going to be about 1%ers shipping jobs overseas.

Anyway, this is bullshit. The 80th percentile make about $120k, not $150k. Regardless, it’s absurd to lump them in with people making $500k+. Totally separate realities. My guess is they were included to finesse the tax figures.

 

[RollRed]

(1) FICA is not income tax. It is government mandated retirement.
(2) If you paid income tax last year on $25,000 in earnings, you really need to find a new tax consultant.

I know FICA is not the same as income tax. I just wanted people to realize how much money folks that make as little as I do actually have taken out of our paychecks. I also paid about $600 to the state and another $200 in local. Add to that all of the sales tax I pay on daily purchases and it becomes clear just how large the tax burden is on the working poor. But getting back to your post.... I do my taxes online with TurboTax... are you saying they aren’t calculating it correctly?

 

[Troglodyte]

I know FICA is not the same as income tax. I just wanted people to realize how much money folks that make as little as I do actually have taken out of our paychecks. I also paid about $600 to the state and another $200 in local. Add to that all of the sales tax I pay on daily purchases and it becomes clear just how large the tax burden is on the working poor. But getting back to your post.... I do my taxes online with TurboTax... are you saying they aren’t calculating it correctly?

To the extent that your wages are your income FICA is absolutely an income tax. And the rich pay far less as a percent of their income than people like you. A person making $2.5 million pays about 3.5% FICA tax where you pay 7.65%.

 

[Steeltime]

To the extent that your wages are your income FICA is absolutely an income tax. And the rich pay far less as a percent of their income than people like you. A person making $2.5 million pays about 3.5% FICA tax where you pay 7.65%.

So dig up FDR and read him the riot act. And leftists bitching about paying government-mandated social security. Hah, welcome to the club, *******.

And for **** sake, Trog, those who earn significant money put a lot into private retirement accounts. If I could opt out of social security and put the money under my control for retirement investment, believe me, I would. I have put more than $170,000 into the social security pit over the last 11 years. If I had been allowed to invest my own money, that amount would now be worth more than $250,000 - and it would be money I CONTROL, not the government.

So stop acting like social security is some scheme by the rich. The rich don't even want social ******* security, they want to keep and invest their own money.

 

[ZonaBurgh]

I know FICA is not the same as income tax. I just wanted people to realize how much money folks that make as little as I do actually have taken out of our paychecks. I also paid about $600 to the state and another $200 in local. Add to that all of the sales tax I pay on daily purchases and it becomes clear just how large the tax burden is on the working poor. But getting back to your post.... I do my taxes online with TurboTax... are you saying they aren’t calculating it correctly?

And when you turn 62, or 66, or 70, the government will send you a check in the mail each month. I think it sucks too, even though I am now receiving said check. But the fact is most people are too stupid to plan for their retirement and this keeps them in their homes and food in their stomachs.

And at 25K a year I would look at getting some advice on your taxes.

 

[ark steel]

So dig up FDR and read him the riot act. And leftists bitching about paying government-mandated social security. Hah, welcome to the club, *******.

And for **** sake, Trog, those who earn significant money put a lot into private retirement accounts. If I could opt out of social security and put the money under my control for retirement investment, believe me, I would. I have put more than $170,000 into the social security pit over the last 11 years. If I had been allowed to invest my own money, that amount would now be worth more than $250,000 - and it would be money I CONTROL, not the government.

So stop acting like social security is some scheme by the rich. The rich don't even want social ******* security, they want to keep and invest their own money.

Not to mention that the benefit they get is significantly lower % of pre retirement income than it is for the lower class.....

Dude making 20k pays 7.65 of that. Guy making 256k, may be "only" paying 3.8% of that, but he is paying almost 10k vs about 1500.

 

[Steeltime]

Dude making 20k pays 7.65 of that. Guy making 256k, may be "only" paying 3.8% of that, but he is paying almost 10k vs about 1500.

More like $16,000 per year for the "rich" who are self-employed, and pay both the employee portion AND the employer portion ...

Guys like me.

 

[RollRed]

And when you turn 62, or 66, or 70, the government will send you a check in the mail each month. I think it sucks too, even though I am now receiving said check. But the fact is most people are too stupid to plan for their retirement and this keeps them in their homes and food in their stomachs.

And at 25K a year I would look at getting some advice on your taxes.

I’m not understanding why you guys think I’m paying more in taxes than I should? The standard deduction is a lot more than if I itemized so I take what the government gives me and that’s it. What other options do I have? I’m single with no dependents other than myself. I do my taxes online using TurboTax and that is the number it comes up with. I’ve used the tax calculator from several other tax preparer websites.... H&R, TaxAct, TaxSlayer, Quicken.... they all come up with the same amount.

 

[Troglodyte]

So dig up FDR and read him the riot act. And leftists bitching about paying government-mandated social security. Hah, welcome to the club, *******.

And for **** sake, Trog, those who earn significant money put a lot into private retirement accounts. If I could opt out of social security and put the money under my control for retirement investment, believe me, I would. I have put more than $170,000 into the social security pit over the last 11 years. If I had been allowed to invest my own money, that amount would now be worth more than $250,000 - and it would be money I CONTROL, not the government.

So stop acting like social security is some scheme by the rich. The rich don't even want social ******* security, they want to keep and invest their own money.

Don’t change the subject. This has nothing to do with the merits of social security. We’re discussing tax burdens relative to income levels.

 

[Troglodyte]

Not to mention that the benefit they get is significantly lower % of pre retirement income than it is for the lower class.....

Not necessarily. It’s not guaranteed and conversely, there’s no maximum payout. A person can collect it for 40 years, or never see a dime if they die before they’re ever eligible.

 

[Ron Burgundy]

I know FICA is not the same as income tax. I just wanted people to realize how much money folks that make as little as I do actually have taken out of our paychecks. I also paid about $600 to the state and another $200 in local. Add to that all of the sales tax I pay on daily purchases and it becomes clear just how large the tax burden is on the working poor.

I've mentioned that here for years. When I owned my own business I paid double FICA on my profit (my income) plus my employer's share on all my employees' wages every month.

But getting back to your post.... I do my taxes online with TurboTax... are you saying they aren’t calculating it correctly?

Yes. My dad swears by Turbo Tax. I think he ends up paying too much but then he's too cheap to pay an CPA. I pay my guy $250* every year but he saves me more than that.
Frankly if you're making $25k a year I don't see why you even need Turbo Tax unless maybe you're self-employed. You should be able to use a 1040-EZ or 1040-A and take the instructions and be done in a half hour or less.

*This year he only charged me $150. My business taxes were very simple because I don't have a business anymore. Just writing off losses thanks to 8 years of Obamunism. Hell, last year I didn't even have capital gains tax from selling my company since I sold it at a loss.

To the extent that your wages are your income FICA is absolutely an income tax. And the rich pay far less as a percent of their income than people like you. A person making $2.5 million pays about 3.5% FICA tax where you pay 7.65%.

"The Rich" pay the same FICA rate but only on the first $120k or so they earn. The logic behind that is that there is a maximum amount of SS benefits you can receive therefore there is a maximum amount of tax you pay in.

 

[Ron Burgundy]

I made a paltry $25K last year and paid $2K in federal income tax... plus another $1500 in FICA tax. The federal tax alone represents 8% of my income, so I don’t know how little you would have to make to pay only 2%, or in some cases be completely exempt, but it has to be very little.

(1) FICA is not income tax. It is government mandated retirement.
(2) If you paid income tax last year on $25,000 in earnings, you really need to find a new tax consultant.

It depends. Are you self-employed or do you get a W-2 or 1099 from someone else?
When I had my company I never paid a lot of income tax most years but I got whacked on the double FICA I had to pay.

 

[Troglodyte]

"The Rich" pay the same FICA rate but only on the first $120k or so they earn. The logic behind that is that there is a maximum amount of SS benefits you can receive therefore there is a maximum amount of tax you pay in.

Right, but it’s that much more of their income “the rich” can use as they see fit. People making less than $120k have a higher percentage of their income tied up in FICA whether they want it or not. Personal tax burden.

 

[Ron Burgundy]

Right, but it’s that much more of their income “the rich” can use as they see fit.

One reason why there is an incentive to be rich.

People making less than $120k have a higher percentage of their income tied up in FICA whether they want it or not. Personal tax burden.

And people making over $120k pay a higher rate of Federal income tax. Personal tax burden. What's your point?

 

[Booted]

One reason why there is an incentive to be rich.


And people making over $120k pay a higher rate of Federal income tax. Personal tax burden. What's your point?

**** rich people!

 

[ark steel]

not necessarily. It’s not guaranteed and conversely, there’s no maximum payout. A person can collect it for 40 years, or never see a dime if they die before they’re ever eligible.

omg!!!