what's "their" fair share?

[rsmartin]

Just heard another congressperson calling for the "rich" to pay their "fair share" in income taxes. She proposed that the tax rate for the "rich" should be 49%!!

So just what is fair??

According to our federal government data obtained from the IRS for 2008 tax year (latest data available) the tax burden is as follows:

There were 142.5 million tax returns filed. Total income reported $8.263 trillion. Total income taxes paid $1.032 trillion. (By the way, the ANNUAL budget deficit is now over $1.5 trillion.)

66% of taxpayers earned between $0 and $50,000 per year with an average income of $19,000. This 66% earned 21% (1.762 trillion) of the income and paid 7.6% ($78 billion) of the taxes. Their average tax rate was 4.4%.

31% of taxpayers earned between $50,000 and $200,000 with an average income of $90,200. This 31% earned 49% ($4.039 trillion) of the income and paid 40.4% ($416.9 billion) of the taxes. Their average tax rate was 10.3%.

2.4% of taxpayers earned between $200,000 and $500,000 with an average income of $285,700. This 2.4% earned 12% ($993.4 billion) of the income and paid 18.8% ($193.7 billion) of the taxes. Their average tax rate was 19.5%.

0.6% of taxpayers earned over $500,000 with an average income $1,633,500. This 0.6% earned 17.8% ($1.469 trillion) of the income and paid 33.2% ($342.9 billion) of the taxes. Their average tax rate was 23.4%.

Notice the ANNUAL budget deficit exceeds the entire income of the top group of earners which is who I think most politicians consider "the rich" since most congressperson fall in the bracket just below "the rich" and they certainly don't want to consider themselves rich, right??. So even if they taxed them at 100% it wouldn't be enough to balance the budget!

So if the richest of the rich already pay over 33% of the taxes and the lowest 66% pay less than 8%, who's not paying their fair share??

As usual, those of us in the middle 33% are paying 59% of the taxes. I think think that's at least fair if not unfair.

Just wondering??

[tjts1]

Originally Posted by rsmartin

Just heard another congressperson calling for the "rich" to pay their "fair share" in income taxes. She proposed that the tax rate for the "rich" should be 49%!!

So just what is fair??

Ask Eisenhower.

[Skippy]

I like the idea of canning the income tax entirely and replacing it with a national sales tax.

[Chas H]

Originally Posted by Skippy

I like the idea of canning the income tax entirely and replacing it with a national sales tax.

I don't like taxing food, clothing, shelter or health related costs.

[tjts1]

Originally Posted by Chas H

I don't like taxing food, clothing, shelter or health related costs.

Then you clearly don't like the current income tax.

[Skippy]

Originally Posted by Chas H

I don't like taxing food, clothing, shelter or health related costs.

If you pay for these things with after-tax income, then they are effectively taxed.

[rsmartin]

i personally support www.fairtax.org

[450slcguy]

Originally Posted by rsmartin

I think think that's at least fair if not unfair.

Just wondering??

Wonder this... Imagine 66% of the population trying to survive on an average salary of 19k a year.

If I were you I'd stop whining about the poor and start appreciating the lifestyle you now enjoy.

In the last 10 years I've experienced both the 66% tax group and the 31% tax group. Let me tell you from experience, I'm much happier being in the 33% tax group and have no complaints on what's fair.

[Chas H]

Originally Posted by tjts1

Then you clearly don't like the current income tax.

I never said I did.
Are food etc currently taxed?

[Chas H]

Originally Posted by Skippy

If you pay for these things with after-tax income, then they are effectively taxed.

Can you explain?

[MS Fowler]

We have a spending problem; not a taxing problem.
There is not enough money to fund the overspending.

[Chas H]

Originally Posted by tjts1

Ask Eisenhower.

[Chas H]

Originally Posted by Craig

The money I use to buy my food was taxed when I earned it.

That's not the same as taxing your purchase. You should know better.

[Chas H]

Originally Posted by Craig

Of course it's the same thing. If I earn $100 and only receive $70 in my paycheck, I have $30 less to buy food. The method of taxation does not matter.

Of course it matters or there would be no noise to change it.
Many wage earners would be taxed more by the so called "fair tax" on their fodod than they are currently taxed on their wages.
It's another ploy by the Republicans to eliminate capitol gains tax.

[tonkovich]

cut the defense budget. (by about 75%)
tax the rich ( like in the "good ole days" of the 50's and eisenhower)
quit giving sweetheart deals to oil lessees and timber companies
remove the $100k (or whatever it is) limit on social security taxes

just a few ideas

the flat tax/consumption tax is the brainchild of steve forbes and other rich, greedy individuals. whatever happened to "noblesse oblige"? and why do middle class people identify with the super-rich?