Silly me thought "income" was subject to tax and than you use after tax funds for investments.

Why pick on the wealthy? What is wealthy? I’m tired of paying taxes when there are a lot of deadbeats don’t pay any and use/abuse the system much more than we do.
A 10% flat tax should be implemented across the board. If you are lazy but can work, you get no handouts anymore. If you are disabled and can’t work, then you should get something every month. Even if you make $30k a year, you pay 10%.
All illegals don’t get a dime, no free school or health care, or future social security. They need to work.
Illegals have more benefits than the people paying the taxes.

Run for office will get my vote.

Wealthy is a gross of 1 million per year..........if you cant live on 500,000 or more a year after taxes, there is something wrong with you.
If you make more than god bless you........you have the ability to donate more to the general good that you are stealing from....

If someone makes more than say a million a year they are stealing from the general good? Seriously?

The Devil is in the details....once the details on how come to light, yes they will be found out

I guess you are not making a million a year. If you are to what and whom are you donating "the excess"?

You don't have to donate, just pay your 33% to the people

What part of adding a new tax results in lowering taxes?

Actually it is already 37% + 3.8% Obamacare tax at that level. Duh!

So the parasites want to live on the efforts of the productive? What else is new?

No Business Pays Taxes
 

No business pays taxes. Their customers pay whatever taxes the business passes through from state or federal authorities. Increase how much a business is 'taxed' just increases how much more their customers have to pay for the product or service. Don't fool yourself that business taxes is ever a solution to increasing government revenues without impacting you and me.

Since I'm retired I'm not making any money so there's no need to pay Taxes. I thought retirement was termed the 'Golden Years' because there's no need to pay taxes. If you die owing Tax that exceeds your estate your tax debt will then be forgiven.

Mainly because the federal government has been "out of control" for many years :swear:

Fred

However, if the productive find ways to eliminate labor, both by offshoring or by automation, where will the customer growth come from? How do the customers make a living to buy the products offered?

The end game of capitalizm is monopoly with minimal costs and maximum margin. . if the offering is a product, it is all materials and minimal labor. If the offering is a service, it is minimally qualified and minimally paid labor . .

As technology productivity improved with automation, and more jobs are lost, how does the economy sustain itself? This dilemma has no acceptable answer as the individual corporation has its mandate to its shareholders, and the theoretical answer is that there are always jobs available. . but the answer doesn't always work when there are job skillset mismatched due to the recently unemployed not having the skillset of the open jobs of other skillsets. .

This scenario will just slowly worsen until there is a major event which reset the entire economy from excess to deficits everywhere. . or the corporations are taxed to support UBI to create customers for the products the corporations with minimal domestic employees want to sell. .

FYI, this view is very long term, slowly progressing view of the US economy as technology continues being advanced.

Yeah, they gotta pay for those 87,000 agents they hired. Once they get done with the wealthy, they'll come after the rich, then they will scam the middle class because they can't afford lawyers. Those that get checks from the treasury will probably get an increase.

Certain people have been predicting the same thing for at least 100 years. Maybe automation from farming should be banned. That would "create" a lot of jobs.

Interesting...

61% of households pay no Federal income taxes.

We always hear about the rich not paying their fair share. No one ever defines "fair share".

I'll offer this definition. Since a majority of the households don't pay any federal income taxes, I guess that majority rules, and fair share is $0.00.

The devil is in the details.

Less than 40% of households pay federal income taxes. Businesses also pay, but again, not all of them.

For the people complaining about businesses and the rich not paying their fair share, how do they defend the fact that a majority of households don't pair anything?

Did the IRS collect from Al Sharpton who convoluted his non-profit "businesses" with his for profit businesses.

Unpaid Taxes, asserting more than $4.5 million in current state and federal tax "liens" had been taken out against the civil rights activist.
What say the IRS's slow wheels of collection from tax evaders like Al and 1st son?

it will be no longer about creating jobs. . it will be about creating customers due to lack of high paying jobs. . which is why the number of households aren't paying taxes keeps increasing, and the income tax receipts are falling

37 to 38% after deductions around 20, 33% is fair to help the parasites they created.........

Welcome to capitalism a terrible, horrible system but strangely enough there has been no better system created.

People have been worried about jobs being lost since the beginning of the industrial revolution and strangely enough larger middle class than ever before.

Do believe that many and better paying jobs will be created as industrialization continues.

Who says that somebody should be able to live off of $500,000 a year? What makes somebody declare what is a good living wage? Throughout your life, we all increased our salary each year and most of us changed our lifestyles for the better to correspond to our increase in pay. Nothing wrong with this, you get rewarded for your success. Nobody should tell me what I can make or what I can spend.
Everybody should pay taxes, no matter if you make $20k a yr or you make $1B a yr. Each person should pay a flat tax of 10% and not some higher amount just because you make more. I think Musk paid $6B in taxes a couple years ago and a politician said he needs to pay more: really?
If a millionaire/billionaire pay no taxes because they follow the tax rules, good for them. Everybody has to follow the tax laws and if they find loopholes, then the government needs to plug those loopholes.

According to economists, the cost of corporate taxes are usually split between the companies and the customers, so after a tax increase there will be a modest product price increase. You might think that a company can still try to raise prices to totally cover the tax increase , but it won't work. If they do that, their competitors will sell at the true market price, undercutting them and gaining all the customers.This is assuming the company does not have a monopoly. And it also depends on the product. If consumers decide they can't afford the product, they just won't buy it. But studies have shown the opposite is not true. Did consumer prices drop after the 2017 corporate tax rate cut. NO!

The "parasites" several people have referred to DO pay taxes, usually quite a lot of taxes. Just not Federal Income Tax. They pay payroll taxes, if employed. (That FICA thing that comes out of paychecks--and it's substantial--is on top of regular income tax. It funds Social Security and Medicare.) They pay sales tax every time they buy something (which benefits the state they live in). If they own property (even a car), they pay property taxes. They pay gas taxes. Those in lower income brackets actually pay a higher percentage of their income in taxes than the wealthy do. It's just not Federal Income Tax. There's a reason those in higher tax brackets have money to sock away in savings and investments (with lower tax rates). Those in lower tax brackets often have nothing left over to sock away, even if they're working two full-time (but low-paying) jobs. Are the people mowing your lawn or serving your food or checking you out at the grocery store "parasites"? I don't think so.

Your points would be relevant if not for the fact that the federal government and many states operate in the red every year. And would continue to do so if the scenarios you mention come to fruition. Nothing would change except debt will continue to grow and grow and grow.

You are exactly correct..........The graduated tax is based on ability to pay and it works. The problem is that the rich overtime convinced congress to create tax loopholes for them so that system doesn't work. The fault is in the system. Its simple as I said, once you make 1 million you pay on the gross 33%, all deductions go away. And you won't need 87,000 workers and you could employ 6th graders to check returns. It works, but the rich control the system and the politicians.

"The average income tax rate in 2020 was 13.6 percent. The top 1 percent of taxpayers paid a 25.99 percent average rate, more than eight times higher than the 3.1 percent average rate paid by the bottom half of taxpayers.
The top 1 percent’s income share rose from 20.1 percent in 2019 to 22.2 percent in 2020 and its share of federal income taxes paid rose from 38.8 percent to 42.3 percent.
The top 50 percent of all taxpayers paid 97.7 percent of all federal individual income taxes, while the bottom 50 percent paid the remaining 2.3 percent."

From: Summary of the Latest Federal Income Tax Data | Tax Foundation.

He did not "get away with being a tax cheat". This story goes back 10-15 years and most all the money due has been paid back. Sharpton has a net worth of just 500K, well below what most of us are worth.

You can “spin” numbers around and around until you get the answer you think that you want on the subject of more IRS agents. The facts are that more agents would more than pay for the salaries/benefits of any that would be hired.

FICA taxes is not a good example. Lower income earners pay FICA taxes, but when they receive the Social Security and Medicare benefits, it is the high income earners who actually fund the benefits because the low income earners receive a much higher benefit relative to what they pay in taxes. The Social Security income payout schedule greatly favors low income workers in terms of how much they receive in proportion to what they paid in. And, Medicare premiums are based on income, so high income individuals pay much higher premiums for the exact same benefit. They also pay in more during their working years.

The bottom line is that, if you eliminated FICA taxes for everyone, the wealthy would become wealthier, and the poor would become poorer.

There is no proof of the new irs agents will find more than the billions of $$$ it’s going to cost to hire them. That was a heresy political push to get them on board. There are not 85000 billionaires in this country and I’m not sure how many thousands of people who have hundreds of millions of $$$ for these 85000 agents to go after. Bottom line, they will be going after each of us, not just the super wealthy

Many independent yard care and house cleaners work for cash and pay no taxes on income. Based on their very low reported incomes they frequently receive other subsidies, food stamps (now known as Electronic Benefits Transfer - EBT) Section 8 housing, Obamacare, Medicaid, and so on. Many are quite smart and expert on how to obtain the greatest amount of welfare (which is what subsidies are) from federal, state and municipal government entities. Some are multigenerational in working welfare systems. It is their lifestyle choice, just as it is with many if not most of the homeless.

Most grocery store workers are union I imagine as when I went to work part time at age 14 in 1956 bagging groceries I was forced to join the union and pay it a percentage of my fraction of a dollar hourly wage. Might have been 35 cents per hour. I cannot recall.

I'm not worried because I'm not guilty. Are you?

Google tawana brawley and let me know what kind of person he is.

Never heard that he did pay it back but most people who did what he did would find themselves behind bars for a few years.

85% of the wealth is owned by 15% of the population..........time to tax them more........just get rid of their deductions.....too simple for all the thinkers

I wish someone would tell me what these deductions are. I pay more in taxes than I spend on everything else combined. I can only claim the standard deduction, nothing else.

You do realize that those people invest their monies and supply lots of jobs for the rest of us. They also buy a lot of stuff keeping others employed.

God Bless You!

Good for them........they should pay their taxes also........

There is no 'fair share'. Its a political battle of who can manipulate tax law to their advantage. Care to tell me why churches pay no Tax? What makes them different from any other business? Non profit organizations are Tax exempt also, but with some restrictions and those drawing salaries pay at normal tax rates. It is NOT a fair system, its a politically motivated system.