rehmwa 2 #1 August 27, 2004 http://www.heritage.org/Research/Taxes/bg1791.cfm But it has some info I was looking for: The top quintile earns about 49.7% of the income and pays about 82.5% of the taxes - the bottom quintile earns about 3.5% of the income and pays about 1.1% of the taxes. Or, if you correct the incomes based on the article's studies: The top quintile earns about 35.8% of the income and pays about 82.5% of the taxes - the bottom quintile earns about 12.3% of the income and pays about 1.1% of the taxes. either way, it's extremely progressive - and much more lopsided than I'd originally thought. ... Driving is a one dimensional activity - a monkey can do it - being proud of your driving abilities is like being proud of being able to put on pants Quote Share this post Link to post Share on other sites
TomAiello 26 #2 August 27, 2004 I've always heard that the top half percent or so of income earners pays some staggeringly low amount of tax (presumably because of their ability to take advantage of loopholes, hire accountants and attorneys, move money offshore, etc). Any idea if this is true or not? I agree with the general finding of the article, which is that people with higher incomes on average (talking about working people here) work more. I have several friends with 6 figure incomes who seem to _always_ be at work. This applies particularly to attorneys and surgeons.-- Tom Aiello Tom@SnakeRiverBASE.com SnakeRiverBASE.com Quote Share this post Link to post Share on other sites
turtlespeed 226 #3 August 27, 2004 I had to turn down a bonus this year. It would have made me pay more in taxes than the bonus was worth.I'm not usually into the whole 3-way thing, but you got me a little excited with that. - Skymama BTR #1 / OTB^5 Official #2 / Hellfish #408 / VSCR #108/Tortuga/Orfun Quote Share this post Link to post Share on other sites
kallend 2,150 #4 August 27, 2004 QuoteI've always heard that the top half percent or so of income earners pays some staggeringly low amount of tax (presumably because of their ability to take advantage of loopholes, hire accountants and attorneys, move money offshore, etc). Any idea if this is true or not? I agree with the general finding of the article, which is that people with higher incomes on average (talking about working people here) work more. I have several friends with 6 figure incomes who seem to _always_ be at work. This applies particularly to attorneys and surgeons. "Taxes are for the little people", Leona Helmsley... The only sure way to survive a canopy collision is not to have one. Quote Share this post Link to post Share on other sites
turtlespeed 226 #5 August 27, 2004 Quote "Taxes are for the little people", Leona Helmsley Then why don't they pay them?I'm not usually into the whole 3-way thing, but you got me a little excited with that. - Skymama BTR #1 / OTB^5 Official #2 / Hellfish #408 / VSCR #108/Tortuga/Orfun Quote Share this post Link to post Share on other sites
kallend 2,150 #6 August 27, 2004 QuoteQuote "Taxes are for the little people", Leona Helmsley Then why don't they pay them? They paid more than she did.... The only sure way to survive a canopy collision is not to have one. Quote Share this post Link to post Share on other sites
juanesky 0 #7 August 28, 2004 And yet another meaningless troll from the doctor...."According to some of the conservatives here, it sounds like it's fine to beat your wide - as long as she had it coming." -Billvon Quote Share this post Link to post Share on other sites
kallend 2,150 #8 August 28, 2004 QuoteAnd yet another meaningless troll from the doctor.... It's only meaningless to those who don't have a clue how the really wealthy live.... The only sure way to survive a canopy collision is not to have one. Quote Share this post Link to post Share on other sites
billvon 3,120 #9 August 28, 2004 >I had to turn down a bonus this year. It would have made me pay > more in taxes than the bonus was worth. That's why we need a simple continuous formula instead of those silly tax brackets. That way an increase in income before taxes always results in an increase in income after taxes. On the downside, it does involve math. Quote Share this post Link to post Share on other sites
ahegeman 0 #10 August 28, 2004 Quote I had to turn down a bonus this year. It would have made me pay more in taxes than the bonus was worth.Unsure Clint, How is that possible? Our income tax system is stupid for sure, but at no point is the marginal rate greater than 100%. We're gettin' there, but this isn't Sweden yet.--------------------------------------------------------------- There is a fine line between 'hobby' and 'mental illness'. --Dave Barry Quote Share this post Link to post Share on other sites
billvon 3,120 #11 August 28, 2004 >Then why don't they pay them? They do. The very rich have tax dodges not available to "the little people." Lenoa Helmsley is one of the very rich, and thus considers people who make a mere $250,000 a year "little people." Apparently Bush thinks the same. From the Virginia Daily Press: ---------------------- While on a campaign stop in Annandale, Virginia President Bush "criticized Kerry's plan to eliminate the tax cuts for those making more than $200,000 a year, saying that the 'the rich in America happen to be the small business owners' who put people to work. Bush also said high taxes on the rich are a failed strategy because 'the really rich people figure out how to dodge taxes anyway.'" ---------------------- Quote Share this post Link to post Share on other sites
ahegeman 0 #12 August 28, 2004 Tom, you are absolutely right. Here's a good example. In addition to the loopholes and shelters, the wealthy derive much of their income from capital gains, which are generally taxed at 15%, vs the 25% to 33% incremental rate most of us are at. Even better is income from muni bonds, which is tax free. Also, props to you for making the commonly missed distinction between "wealth" and "income".--------------------------------------------------------------- There is a fine line between 'hobby' and 'mental illness'. --Dave Barry Quote Share this post Link to post Share on other sites
Jimbo 0 #13 August 29, 2004 QuoteQuote I had to turn down a bonus this year. It would have made me pay more in taxes than the bonus was worth.Unsure Clint, How is that possible? Our income tax system is stupid for sure, but at no point is the marginal rate greater than 100%. We're gettin' there, but this isn't Sweden yet. My understanding of the tax system says that it isn't possible. TS - you turned down good money. Sucks to be you. - Jim"Like" - The modern day comma Good bye, my friends. You are missed. Quote Share this post Link to post Share on other sites
mnealtx 0 #14 August 29, 2004 Because tax rate affects your entire earnings for that year.. A small bonus that "puts you over the top" into the next bracket can easily cost more intaxes than the bonus itself was.Mike I love you, Shannon and Jim. POPS 9708 , SCR 14706 Quote Share this post Link to post Share on other sites
kallend 2,150 #15 August 29, 2004 QuoteBecause tax rate affects your entire earnings for that year.. A small bonus that "puts you over the top" into the next bracket can easily cost more intaxes than the bonus itself was. No it doesn't because the brackets are incremental.... The only sure way to survive a canopy collision is not to have one. Quote Share this post Link to post Share on other sites
mnealtx 0 #16 August 29, 2004 I stand corrected - yay, math! Salary: 65k Tax due (tax tables): 13,054 (single) Tax due (tax rate): 3,910 + 25% of (65,000-28,400) = 13060 Salary + bonus: 70K Tax due (tax tables): 14,339 Tax due (tax rate): 14,010 +28% of (70,000-68,800)=14,346Mike I love you, Shannon and Jim. POPS 9708 , SCR 14706 Quote Share this post Link to post Share on other sites
