Since a l-e-f-t-y said it, you could pay 100% and he would want more...

As did Mick Jagger & the Rolling Sones, they went into tax exile in the 1970s because the UK tax was so high on their earnings. I think it has improved since then, but it was high.

Disagree. SS is a personal savings account for each individual paying into it. Signed into law in 1935, shortly after The Great Depression, our Gov't. assumed that citizens were too stupid to save 'for retirement,' so it created SS. If I live long enough, I will get about 1% on MY money.
SS is MY money, not an entitlement.

Given that I will likely get more out of Social Security than I put into it, just who is the wealth being transferred from?

I could support the suggestion that it is a Ponzi scheme.

I agree that many would not contribute to Social Security if it were optional but there is no doubt in my mind that many would then find themselves either destitute or working until the day they die. I believe it is the mandatory aspect of Social Security is keeping many people fed today.

What is my "fair share?" Some feel my fair share is more than what I have been taxed. I feel my fair share should be less than what I have paid.

Entitlement is a right to something, but in this case that right only exists because its beneficiaries spent their entire careers paying into it.

The context that is being pushed politically is it’s a freebie and it’s clearly not.

It's not a personal savings account because there is no money in it. If you think Social Security is not an entitlement, do the math on how the benefits are paid. You may only get 1 percent, but some low income people will get more than 100 percent.

SSA is not a personal savings account. You're not getting back the money you put into it plus an earnings percentage. You're getting back money based on what current workers are putting it.

I've seen an annual rate of return on contributions from 2.4% to 5.7%. Earners with low income get a better return. High earners get a lower return. People who die early don't do well. But live to 102 and the return is wonderful.

Wrong! Fair tax refers to billionaires, who some pay little to no taxes, to some corporations who pay 8 %, when someone who earns $11,000 a year pays 10%. $44,000 to $95,000 pay 22%. Fair tax means billionaires and corporations should pay what the rest of us pay proportionately. The national debt should be paid buy the billionaires, who received tax breaks, and the people who passed the tax breaks. Stop parroting what you hear on unreliable sources.

Everyone pays about 35% of their income, irregardless of how much they make - well, except for the top 1%. The top 1% pays zero taxes and they get a $1.9 trillion dollar tax cut because , well, you know. It's called the tinkle down theory.

Fair is everybody paying the same rate. Right now the top 10% of earners pay 90% of income taxes. Please tell me how that is "fair".

Total BS

trying to delete post but there is no delete button. Carry on.

We would need a fair money system in order to pay fair taxes. We could use treasury notes as a currency and not pay interest on the debt notes that we are forced to use. The national debt is the product of a dishonest and unfair money system. The debt notes make banker families wealthy beyond reason, and they use that wealth to push more borrowing from their dishonest and unfair money system. Why then do we use debt notes? The Creature from Jekyll Island is a book that tells the story.

The OP's question was: "How much is a 'fair share' in dollars?" You didn't answer it.

By the way, someone who earns $11,000 doesn't pay any income tax.

If true you should be able to post links.

Someone making $11,000 per year pays $0 in taxes and likely receives check for a tax credit. Stop parroting what you hear on unreliable sources.

Woohoo!! I must be special! I don't pay anything close to 35% and I'm sure not in the 1% or receiving a $1.9T tax cut.

FAIR SHARE ??

10% of your earned income, no deductions, no write offs.
7% of your savings and investment interest ....no exemptions.

If you make 10 thousand dollars, you pay 1 thousand in tax.
If you make 10 million dollars you pay 100,000 in tax.
What could be fairer than that?

The reason I say 7% on savings and investment is to encourage people to save and invest.

Saw this quote on the internet.....

“The people who are arguing that the rich should pay their ‘fair share’ of taxes, should have paid greater attention in the classes where percent and percentage were taught. There is no such thing as a mathematical ‘fair share’ “

Not sure if your percentages are correct but do agree with the concept.

Our entire tax system has been corrupted by special interests getting congress to pass bills favoring individuals and businesses.

Govt takes a higher and higher percentage of gnp and go find someone who thinks they spend money efficiently while running huge deficits.

The reason for tax deduction is that the deductions represent money spend that benefits the economy, businesses and corporations make huge outlays of money to run and expand their businesses, business create wealth by creating something of value you are willing to pay for, if you save , invest take advantage of the 401s IRAs you are contributing to the economy as well as yourself , people like Bill Gates, Steve Jobs, Jeff Bezos have amassed huge fortunes but have by their efforts made everyone much wealthier

I think it has to do with the billionaires paying less taxes than a teacher making 60k a year, or perhaps those that only have to pay into SS up to earnings on 160k, even if they earn 450k.

Probably overall the same.

In 1974 tax was 98% on incomes over £20,000 (about $220,000 at today's value.)
That's when those who could, left the country.
They kindly left the lights on for us peasants!

Tax allowance 0%..........£12570............................... (approx $15,100)
Then.
Basic rate 20%........£37,700..............................( approx. $45250)
Higher rate 40%........£37,701 to £125,140........ (approx. $150,168)
Additional rate 45%........Over £125,141

There is also National Insurance at 9% on earnings for health care and pensions.
Add 20% Value Added Tax on most services and goods, and you can use any left to pay for your local Council Taxes, mortgage etc.
Food is optional.

Because my wife and I worked hard and saved for our retirement, we still have the privilege of paying tax on our pensions and savings!
But.
We get FREE Health Care!!

A fair share is not a dollar number. If you make $400,000 and pay $40,000 in taxes is it fair that a person making $40,000 pays $10,000. That’s 10% vs $25%. Make it so everyone over a minimum level pays the same percentage. In the above example that would be $60,000 vs $6,000 in the above example at 15% tax.

You have got to be kidding me

With 64 posts and 47 posters, it would be useful to provide a clue as to whom you are replying.

Your comparing percentage to dollars. Apples to oranges. Someone earning $200,000 a year has a heck of a lot more money left over after paying for necessities than someone making $30,000 a year.

Is it middle vs. upper - OR us vs. business?
 

Fair Share
 

this is a stupid term.......there is nothing fair in a capitalist system....its ability to pay as we have a progressive tax....BUT, wealthier citizens do not pay more because they are given more deductions from income...

progressive tax is good but better without deductions
the key to taxes is deductions............we need to lower the max tax to 33%band create a simple tax form for the wealthy

We will call it the 1040EZM....ez form for millionaire income
you write your name and social security number and your income, then you pay 33% on that money. Pretty straight forward and progressive. The govt has no business creating deductions
that make it unfair. There is no fair share as the end result of capitalism is income bias. And as such there should be tax bias or more on the wealthy. Capitalism is not the problem, its great,
politicians cater to their donors and thats not fair. Its bribery.

There is a rumor out of DC that illegals can apply for a $50 thousand bebit / gift card for free if they qualify to help settle in this country, with government funding

You should have stopped right there.

The "facts" that people hear are frequently untrue, the rumors they hear are even less reliable.

It is true that NYC is giving out $53 million dollars to illegals there in the form of reloadable debit cards. I'm not sure how many they are giving out.

“Anyone may arrange his affairs so that his taxes shall be as low as possible; he is not bound to choose that pattern which best pays the treasury. There is not even a patriotic duty to increase one's taxes. Over and over again the Courts have said that there is nothing sinister in so arranging affairs as to keep taxes as low as possible. Everyone does it, rich and poor alike and all do right, for nobody owes any public duty to pay more than the law demands.”

― Learned Hand

Rumors....great song from Timex Social Club

So far, the only debit cards are given in NYC.

Social Security has made it so that senior citizens went from being the demographic group most likely to live in poverty in 1935 to the demographic group least likely to live in poverty.

Some folks say they could have done better investing on their own then what they’ll get from Social Security. That’s true. But many would also have done worse, and many may not have invested at all.

And Social Security is not just about retirement. It provides income to families with kids who lose a parent. It provides income to the permanently disabled and Medicare provides health coverage to the permanently disabled and those with end stage renal disease. We might do better than Social Security for retirement, but it would be almost impossible to replicate the lifelong safety net for situations described in this paragraph.

As for your “fair share,” that is subjective for sure. But I think we can start with the wealthiest should at least pay the same percentage of their income as everyone else. Warren Buffett has said many times that his secretary pays a higher tax rate than he does. That being said, oppressive taxes on the rich will not solve our dilemma. There must be some combination of more revenue and less spending to balance the budget. It was done 4 straight years in the late 90’s and that’s it for many decades.

Yup - that begins with all of the people who mow your lawn, do your pesticides, the "handyman," the guy who resurfaces your driveway, the person who will come to your house to fix your golf cart, and everyone else who prefers that you pay them in cash. Cash payment = easier to not include in income when it's time to send your forms in to the IRS.

Right but you called them to do that work to save some cash (not a bad thing). Mostly to avoid paying for a company that has to pay a worker a fair wage, health insurance, 401K etc. And the taxes. We’ve now come full circle

rustyp is suggesting that people who get paid cash, should be the FIRST people to look at, when it comes to solving the "fair share" payments of taxes. Some who agree, might even be trying to say "them thar illeguls" without actually saying "them thar illeguls," which is nasty (especially since it's their bosses who are doing the illegal thing by hiring them in the first place).

I pointed out why he's shooting himself in the foot when he suggests such a thing.

There are wealthy people who have so many write-offs and deductions and back doors to tax avoidance measures, that they pay no income tax at all. One wealthy person's income tax will be enough to cover all "them thar illeguls" income tax in a year. Two wealthy person's income tax will cover them, AND the retirees who don't want Social Security to know they're still working (and thus reduce their monthly check), AND the single women who can't make ends meet without a side gig like making soap or other crafts.

Three wealthy people? Fuggedaboudit. Now we're getting into "paying an entire small town's expenses for 6 months."

I agree that if you work and genuinely earn a certain minimum income, you should be accountable to pay income tax on it. But the little guy who gets $500/week mowing lawns in The Villages is not the first guy I'd go to, to set the example.

Like George Harrison said.
 

There's one for you, nineteen for me. TAXMAN