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The problem is those people can't and won't be punished or removed from their positions of power. |
I think it irresponsible to be adding trillions more to the debt. Why don’t we cut corporate welfare? The true definition of socialism. Why have we been subsidizing fossil fuels, agriculture, technology over and over for decades , yet a child getting a free lunch at school is the problem. The multi millionaire and billionaires are making record profits as CEO’s yet typically pay a much lower percentage in taxes due to many loopholes. If I pay 20% in taxes, then it’s reasonable for a billionaire to pay at least 20% but most pay a much smaller % due to deductions. The 20% impacting me, is the same impact on a billionaire. That money would would greatly increase the federal government’s income which would make our problems much less. A first world country takes care of its citizens. It’s only 3rd world countries that don’t take care of their citizens. That’s the benefit of living in a wealthy advanced country. The more poor and homeless you have the uglier the country becomes both physically and financially. It becomes much more crime ridden and dirty. First world countries all create safety nets for their citizens. That’s the benefit of an advanced country. Yet somehow we continue to go backwards towards the 1930’s when there were less protections for citizens and more abuse of citizens by corporations. This is crazy.
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Look my problem with this BBB is not even its supporters truly know all that is in it.
I have no opinion if it is a Big Beautiful Bill or a Big Pile of Crap, I believe I've somewhat isolated myself from any damage. But our elected official on both side of the isle should go over it 10 times before they vote yea or nay. Putting an artificial deadline might sound like a good idea at the moment, but the American people are the ones that will suffer if all the i's are not dotted and the t's are not crossed. |
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And to answer your question, from the IRS: "According to the latest IRS data, the top 1% of earners paid 40.4% of all federal income taxes in 2022. This underscores the extent to which the burden of the income tax system falls on taxpayers from the highest income groups. Do the top 1% pay 40% of taxes? The top 1% of earners typically pay much more in taxes than many other Americans. Nationwide, this group contributes 45% of total personal income taxes collected. However, the top 1% doesn't pay the same amount everywhere. Therefore, some states may be more dependent on this group than others for tax revenue. What do the top 5% pay in taxes? Most of the government's federal income tax revenue comes from the nation's top income earners. In 2021, the top 5% of earners — people with incomes $252,840 and above — collectively paid over $1.4 trillion in income taxes, or about 66% of the national total. Did the top 5% pay 66% of all federal income taxes? The top 5% pay more than 65% of federal income taxes, the highest 10% pay 75% of them and the top 25% are accountable for 89%. The bottom half of earners, who make below $46,627 a year, paid just 2% of federal personal income tax, according to the report. Who pays 97% of all federal income taxes? The top 50 percent of all taxpayers paid 97 percent of all federal individual income taxes, while the bottom 50 percent paid the remaining 3 percent." And did they represent 80% of the income? Who cares, THEY EARNED IT, THEY WORKED FOR IT, AND THEY SUCCEEDED. Let's stop punishing success in this country and maybe we'll climb out of debt. |
Latest tax changes in the BBB
Income tax paid on Social Security funds the Social Security Trust Fund.
We need to understand how that proposed change affects this funding mechanism and the impact, if any, on the projected Social Security Trust Fund shortfall |
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Disclosure: I am definitely not part of 5%. While I believe I will personally benefit from parts of this bill, my country will be severely damaged by it. Who cares? If you want to stand on the 65% of overall payments then it’s important to know the other side of the equation, the percent of overall income. It’s interesting that we can easily find data on how put upon the millionaire class is but it is difficult to learn how much they benefit for shouldering such a burden. It’s almost as if the statistics were generated specifically to prove a point. |
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People in the USA have become lazy so we had to bring in people who know how to work. And in 5 years or the next generation the US will have the same problem because that group of workers will have figured out the system of "getting a higher education" and not performing physical labor. Do you then bring in millions more to work to reach the same conclusion? This touting of the poor is ridiculous when only a certain percentage of Americans are footing the bill for the rest. What did one think would happen when employers hire under the table and not providing healthcare benefits, decent wages, not paying into the SS system, no retirement benefits or 401 contributions to these off-the-record hirees. Those poor you are mentioning are a good portion of that population along with those who work the system. Then we have the number of unwed mothers and fatherless children that need supporting. How about no children if you can't care for and feed them? I am truly supportive of those who are poor and need extra help but there are millions of people in that hot air balloon basket that don't belong there and it ain't gonna fly no more. |
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20% of $50 million is much more than 20% of $100,000---in fact. 9,980,000 more. As their income goes up, the amount of tax goes up, so the fact that they represent more of the total income is IRRELEVANT. But it's even much more unfair than that---as income goes up, so does the TAX RATE. So, to make the numbers real, 38% of $50 million is $ 19 million, 14% of $100,000 is $14,000. The problem is that the top 5% could be taxed at 90% and it still wouldn't make any difference in the deficit or debt---but it would bring investment and venture capitalism to a grinding halt. People shouldn't be concerned over what their neighbor pays and pay THEIR FAIR SHARE themselves |
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I’m good with who pays how much but if you want that to mean something you also need to tell me how much they made (income, not unrealized gains). If 65% of net income before taxes paid 75% of the taxes then great. If 50% of net income before taxes paid 65% of taxes then I have no complaint at all. But if 95% of net income before taxes paid 65% of taxes then quit the dang whining! The statistics are based on facts but both the facts and the statistics are incomplete. Then there are always the “three kinds of lies: lies, damn lies, and statistics.” |
The Big Beautiful Pile of Crap bill is just that, a pile of crap. The middle class will be paying thousands more in big beautiful tariffs and getting back a fraction of that from grandiose promises that sounded good at the time but have restrictive conditions that leave you feeling that you have been suckered. Take the no tax on overtime promise. It turns out that a maximum of only $12,500 in overtime will be exempt from tax. I guess that was somehow left out of the promise. I'm sure the billionaire class got most of what they wanted in this bill though.
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