The top 5% of workers pay over 50% of all Federal income taxes, yet many say not enough. How much would be "fair?

The top 5% of workers pay over 50% of all Federal income taxes, yet many say not enough. How much would be "fair? " Asked by happytoes 8 months ago Similar questions: top 5% workers pay 50% Federal income taxes fair Business > Taxes.

Similar questions: top 5% workers pay 50% Federal income taxes fair.

Let's turn the question a bit. Would it make more sense to tax people who DON'T have any money? Of course not, that's idiocy.

Thanks, Bandito. But that doesn't answer my question, How much should the top 5% of income earners pay?. Happytoes 8 months ago .

That's a very misleading statistic, which fools most everyone into thinking that the rich are taxed a lot. That's why you hear it several times a day on Fox news. A more balanced way to look at it is: how much tax do the rich pay, as a percentage, compared to regular folks?

The answer to that is illuminating-- the rich pay FAR less as a percentage, than average folks. As an example, Warren Buffet, billionaire, has complained that his secretary pays much more, percentage-wise, than he does. And he doesn't miss or have to cut back on anything to pay his paltry percentage, while his secretary definitely feels the bite of her higher tax rate.It's completely ludicrous.

And the rich have never paid less than right now, so it's not like they've gained any burden over the years, quite the opposite.

OK, that is misleading. The amount they pay, dollar wise, might be that much ( citation needed). However, here is a better way to look at it.

You, I and every other average joe pays 20 percent of our income in taxes. The rich pay 1 percent of their income in taxes. Still think the tax system is fair?

Do you really think they deserve a tax break, when we pay 19 percent more than they do? Just wondering.

It would be more accurate to call them earners, as most of them do not actually "work".

Turbo - I think you are hyperventilation a bit. About half of households pay very little to no federal income tax. Depending on how you define "the average Joe," 20% could be correct.

But where did you get 1% paid by the rich? Example: Two income household, each earning $250,000/year. Total $500,000.

If you just take the standard deduction, the tax burden is $140,041, which is 28%. Happytoes 8 months ago .

I didn't hypervent at all. I simply stated the truth. You seem to be confused about how taxes actually work, and a tad strident about presenting your ideas as the only correct one.

But, since you have your idea of what is right, and I have mine, I think we will just agree to disagree.

Thanks. Fair enough. Happytoes 8 months ago .

Seems to me that it is only fair that whatever percentage of the income they bring in is a fair percentage of the total taxes paid.

The more you earn, the higher the tax. I do think the area of "deductions" should be revisited or maybe just scrapped. Something like a "fair" or "flat tax" perhaps.

Happytoes 8 months ago .

The problem with the flat tax proposals is that they only tax wage income - which is even more inequitable since the top 5% earn no "wage" income, and therefore, those making 90% of the money earned would be paying NO taxes.

My understanding of the flat tax is not to tax income, wages, salary, at all, but rather pay a consumption tax at the cash register on purchases other than "basic needs. " The poor would pay no income tax or FICA (payroll tax) either...which is presently 7.5% from employee and another 7.5% from employer. Also savings and investments, cap gains, etc would not be taxed.

The only tax paid would be on the non-essentials as a consumption tax at the cash register. Anyway, I think it is worth consideration. Happytoes 8 months ago .

That is the national sales tax proposal - and as far as I am concerned, it is off the table. Sales tax is the most obnoxious tax a person could invent; because it forces everyone to fiddle around with it, full time.

Half of everything after living expenses are paid.

Congress is selected by the voters. Each District or State must control its own representative. But the debit is not the problem.

The problem is putting enough people to work to pay our reasonable expenses. You have to pick people that will make reasoned decisions. But you also must trust them if they say some expenditures are necessary.

Or replace them. We do get the government that we deserve.

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How much federal taxes do you pay on 45,000.

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