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Topic: OT-Politics Thread: please TRY to keep it civil, you damned dirty apes
(Read 4374584 times)

medinabuckeye1 · « **Reply #46466 on:** July 07, 2025, 01:58:52 PM »

Quote from: OrangeAfroMan on July 04, 2025, 10:35:10 AM

Why??

The why is because they PAY a lot more so any cut is always going to be bigger for them.

Since this is based on households, I'll use the Married Filing Jointly deduction and tables. For simplicity I'll use Standard Deduction which is currently $30k for MFJ.

So the household with $35k only has $5k in taxable because the Standard Deduction takes out 86% of their income. Their tax is then 10% or $500.

The household with $217,000 has $187,000 after the Standard Deduction. That is taxed at:

10% up to $23,850 or $2,385
12% on $23,850-96,950 or $8,772 cumulatively $11,157
22% on the rest of their income or $19,811 cumulatively $30,968

It is hard to cut taxes on families at $35k because they aren't paying much in Federal Income Tax. A household making $217k has 6.2x the earnings of a household making $35k and they pay 61.9x as much in Federal Income Tax.

MikeDeTiger · « **Reply #46467 on:** July 07, 2025, 02:11:02 PM »

Quote from: medinabuckeye1 on July 07, 2025, 01:46:24 PM

If the proposal succeeds it would be ludicrous to say that @medinabuckeye1 should decline the lawncare because I AM paying for it so I should get the service.

Did you just tag yourself?

FearlessF · « **Reply #46468 on:** July 07, 2025, 02:15:08 PM »

Quote from: medinabuckeye1 on July 07, 2025, 01:58:52 PM

A household making $217k has 6.2x the earnings of a household making $35k and they pay 61.9x as much in Federal Income Tax.

they're not paying their fair share!!!!

Cincydawg · « **Reply #46469 on:** July 07, 2025, 02:18:56 PM »

One idea that rattled around briefly was an additional marginal tax rate on very high incomes, say 40% on income above a million. I thought that was a good idea politically, even though it wouldn't raise all that much additional revenue.

Then Republicans could claim they were indeed taxing the "rich".

medinabuckeye1 · « **Reply #46470 on:** July 07, 2025, 02:19:40 PM »

Quote from: MikeDeTiger on July 07, 2025, 02:11:02 PM

Did you just tag yourself?

Yes @MikeDeTiger , @medinabuckeye1 tagged himself.

utee94 · « **Reply #46471 on:** July 07, 2025, 02:22:25 PM »

medinabuckeye1 · « **Reply #46472 on:** July 07, 2025, 02:22:56 PM »

Quote from: Cincydawg on July 07, 2025, 02:18:56 PM

One idea that rattled around briefly was an additional marginal tax rate on very high incomes, say 40% on income above a million. I thought that was a good idea politically, even though it wouldn't raise all that much additional revenue.

Then Republicans could claim they were indeed taxing the "rich".

Current for MFJ:
Married Filing Jointly:
10%: $0 to $23,850
12%: $23,851 to $96,950
22%: $96,951 to $206,700
24%: $206,701 to $394,600
32%: $394,601 to $501,050
35%: $501,051 to $751,600
37%: $751,601 or more

847badgerfan · « **Reply #46473 on:** July 07, 2025, 02:24:06 PM »

Quote from: medinabuckeye1 on July 07, 2025, 01:58:52 PM

The why is because they PAY a lot more so any cut is always going to be bigger for them.

Since this is based on households, I'll use the Married Filing Jointly deduction and tables. For simplicity I'll use Standard Deduction which is currently $30k for MFJ.

So the household with $35k only has $5k in taxable because the Standard Deduction takes out 86% of their income. Their tax is then 10% or $500.

The household with $217,000 has $187,000 after the Standard Deduction. That is taxed at:

10% up to $23,850 or $2,385
12% on $23,850-96,950 or $8,772 cumulatively $11,157
22% on the rest of their income or $19,811 cumulatively $30,968

It is hard to cut taxes on families at $35k because they aren't paying much in Federal Income Tax. A household making $217k has 6.2x the earnings of a household making $35k and they pay 61.9x as much in Federal Income Tax.

A simple concept that hardly anyone understands.

In our peak earning year, we paid $80K+ in taxes and used no services (except roads).

Our unfair share was paid.

FearlessF · « **Reply #46474 on:** July 07, 2025, 02:29:49 PM »

Quote from: medinabuckeye1 on July 07, 2025, 02:22:56 PM

Current for MFJ:
Married Filing Jointly:
10%: $0 to $23,850
12%: $23,851 to $96,950
22%: $96,951 to $206,700
24%: $206,701 to $394,600
32%: $394,601 to $501,050
35%: $501,051 to $751,600
37%: $751,601 or more

what percentage of households are paying 37%?

847badgerfan · « **Reply #46475 on:** July 07, 2025, 02:39:55 PM »

About a million or so.

Cincydawg · « **Reply #46476 on:** July 07, 2025, 02:40:12 PM »

As of recent data (around 2022-2025), approximately 0.7% of U.S. taxpayers fall into the top marginal income tax bracket, which has a rate of 37%.

This means that only a small percentage of households have taxable income high enough to reach this highest tax bracket. However, these high-earning households contribute significantly to the total federal income tax revenue.

Cincydawg · « **Reply #46477 on:** July 07, 2025, 02:41:17 PM »

Comparative Table

[th]Metric[/th] [th]1950s[/th] [th]Today (2023)[/th]
Top Marginal Tax Rate	91%	37%
Effective Tax Rate (Top 1%)	42-45%	26-28%
% of Total Income Taxes Paid (Top 1%)	30-35%	~40%
Number of People Paying Top Rates	Fewer than 10,000 households	~1.4 million households

FearlessF · « **Reply #46478 on:** July 07, 2025, 02:47:43 PM »

Quote from: medinabuckeye1 on July 07, 2025, 02:22:56 PM

Current for MFJ:
Married Filing Jointly:
10%: $0 to $23,850
12%: $23,851 to $96,950
22%: $96,951 to $206,700
24%: $206,701 to $394,600
32%: $394,601 to $501,050
35%: $501,051 to $751,600
37%: $751,601 or more

causes me to wonder what a proposal such as this would do to the overall numbers
8%: $0 to $23,850
18%: $23,851 to $96,950
25%: $96,951 to $206,700
27%: $206,701 to $394,600
35%: $394,601 to $501,050
38%: $501,051 to $751,600
40%: $751,601 or more

you know....... tax the rich

Cincydawg · « **Reply #46479 on:** July 07, 2025, 02:49:45 PM »

In Europe, they hit the middle class hard, not only with income taxes, but also the VAT. That is where the additional tax revenue is, in theory, but to tap it in the US would mean an economic downturn.

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Topic: OT-Politics Thread: please TRY to keep it civil, you damned dirty apes

medinabuckeye1

Re: OT-Politics Thread: please TRY to keep it civil, you damned dirty apes

MikeDeTiger

Re: OT-Politics Thread: please TRY to keep it civil, you damned dirty apes

FearlessF

Re: OT-Politics Thread: please TRY to keep it civil, you damned dirty apes

Cincydawg

Re: OT-Politics Thread: please TRY to keep it civil, you damned dirty apes

medinabuckeye1

Re: OT-Politics Thread: please TRY to keep it civil, you damned dirty apes

utee94

Re: OT-Politics Thread: please TRY to keep it civil, you damned dirty apes

medinabuckeye1

Re: OT-Politics Thread: please TRY to keep it civil, you damned dirty apes

847badgerfan

Re: OT-Politics Thread: please TRY to keep it civil, you damned dirty apes

FearlessF

Re: OT-Politics Thread: please TRY to keep it civil, you damned dirty apes

847badgerfan

Re: OT-Politics Thread: please TRY to keep it civil, you damned dirty apes

Cincydawg

Re: OT-Politics Thread: please TRY to keep it civil, you damned dirty apes

Cincydawg

Re: OT-Politics Thread: please TRY to keep it civil, you damned dirty apes

FearlessF

Re: OT-Politics Thread: please TRY to keep it civil, you damned dirty apes

Cincydawg

Re: OT-Politics Thread: please TRY to keep it civil, you damned dirty apes