Biden's Approval Rating is Identical to Trump's at Same Point in Presidency

Tony Stark said:
The 1 % use to pay around 70% of tax revenue, now they pay around 40%
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Clinton complained about this, Obama complained about this and Biden complained about this...

No matter what they do to try to get the 1% to pay more tax...the 1% have people (corporate lawyers) in the right places to find loopholes in the corporate tax system that are not available to regular folks.

Yeah, they made a shit load of money during the Pandemic from Day 1 via positioning themselves with the appropriate investments...new investments that regular folks could not afford to get involved with.

We all encourage their wealth. Seriously, do you know how many new Amazon warehouses sprung up during the Pandemic ? We eagerly welcomed those warehouses and purchased merchandise from them too...making Amazon billions of dollars.

:(

wrbtrader
 
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Tony Stark said:
The 1 % use to pay around 70% of tax revenue,now they pay around 40%
More...


And the super rich don't pay taxes on stocks or real estate until they sell ,then when they do they only pay the small capital gains rate potentially paying only 15% on billions in profits and a million other loop holes.
 
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Tony Stark said:
The 1 % use to pay around 70% of tax revenue,now they pay around 40%
More...
The Social Security tax rate today is more than twice as high as it was in 1960 and the amount of income subject to the tax is far bigger.

In 1960, only the first $4,800 of income was taxed — and at a rate of just three percent. This year the Social Security tax rate is more than twice as high, 6.2 percent, and the first $106,800 of earned income is taxed. (The amount subject to taxation goes up every year, using a formula based on increases in average wages.)

Another reason the payroll tax burden today is heavier than it was in 1960 is that 50 years ago there was no Medicare — and thus no Medicare tax (that didn’t arrive until 1966.)

Workers in 1960 didn’t have to pay the 1.45 percent Medicare tax which workers pay today. And that Medicare tax applies to all earned income, not just to the first $106,800, as the Social Security tax does.

One thing that has not changed appreciably since 1960: the biggest piece of the revenue pie comes from taxes on incomes. In 1960, 44 percent of all federal revenues came from income taxes, while in 2008, 46 percent came from the income tax.
 
Tony Stark said:
The 1 % use to pay around 70% of tax revenue,now they pay around 40%
More...
In 1979, the top 10 percent of households, as measured by income, paid 40.6 percent of all federal taxes; other ninety percent paid 59.4 percent.

But by 2005, the top 10 percent accounted for nearly 55 percent of all federal tax revenues, while the rest of the population paid about 45 percent.
 
The only proper way to do taxes is to have everyone pay the same tax rate,which would be an increase for the majority of Americans, especially the ones who pay nothing or even negative tax rates.----Or have a national sales/consumption tax, which would accomplish the same thing, only better with less waste.
 
Tony Stark said:
And the super rich don't pay taxes on stocks or real estate until they sell ,then when they do they only pay the small capital gains rate potentially paying only 15% on billions in profits and a million other loop holes.
More...
Capital Gains need to be rewarded, not punished.
 
Buy1Sell2 said:
The only proper way to do taxes is to have everyone pay the same tax rate,which would be an increase for the majority of Americans, especially the ones who pay nothing or even negative tax rates.----Or have a national sales/consumption tax, which would accomplish the same thing, only better with less waste.
More...


No.We need to go back to the days when the 1% paid 70% of the taxes and have a 3% yearly wealth tax over 1 million.
 
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