They pay 42% of INCOME taxes, which are only 40% of the annual federal tax receipts. Which means their income tax only amounts to about 17% of the overall tax receipts. Their FICA contributions are capped and they pay no FICA on anything over about $140,000. FICA tax accounts for 25% of overall federal tax receipts. The majority of remaining tax receipts are consumption taxes and property taxes, both of which are regressive and impact lower income citizens more.
Your statement implies that the top 1% pay 42% of all taxes, which is untrue. When called out on your lie of omission you cried like a bitch and tried to shift the goalposts to seem like you didn’t lie.
The comment I replied to said the rich don’t pay taxes. What was important is that the rich pay a lot of taxes. I forgot a word and when it was pointed out I told them it was a fair correction.
Their analysis counted all federal receipts. 13% of federal tax receipts were corporate taxes. So they implied that the rich pay less than they do of all federal receipts and I was curious if they would respond to me asking.
No goalpost shift. The point was the rich pay taxes. They reminded me I forgot a word and I accepted the correction like an adult.
You accepted the correction and then added your own edit asking about corporate taxes - the implication being that person who corrected you isn’t being honest. Projection.
No. They counted 1% income tax liability vs total federal receipts and I was curious if they considered that. It’s a separate issue. My point was rich people pay taxes, and they do. A lot of taxes.
The top 1% pays 42% of taxes.
They pay 42% of INCOME taxes, which are only 40% of the annual federal tax receipts. Which means their income tax only amounts to about 17% of the overall tax receipts. Their FICA contributions are capped and they pay no FICA on anything over about $140,000. FICA tax accounts for 25% of overall federal tax receipts. The majority of remaining tax receipts are consumption taxes and property taxes, both of which are regressive and impact lower income citizens more.
https://taxfoundation.org/data/all/federal/us-tax-revenue-by-tax-type-2020/
https://www.bench.co/blog/tax-tips/fica-tax
https://www.investopedia.com/terms/r/regressivetax.asp
Fair correction. So, you’re saying they do pay taxes?
Edit: do you consider corporate taxes part of the 1%, or nah?
Keep shifting the goalposts. That’s how you win, right? How’s that boot leather taste?
I’m not the one that shifted them. What was the comment I first replied to? I’ll wait.
Your statement implies that the top 1% pay 42% of all taxes, which is untrue. When called out on your lie of omission you cried like a bitch and tried to shift the goalposts to seem like you didn’t lie.
The comment I replied to said the rich don’t pay taxes. What was important is that the rich pay a lot of taxes. I forgot a word and when it was pointed out I told them it was a fair correction.
Their analysis counted all federal receipts. 13% of federal tax receipts were corporate taxes. So they implied that the rich pay less than they do of all federal receipts and I was curious if they would respond to me asking.
No goalpost shift. The point was the rich pay taxes. They reminded me I forgot a word and I accepted the correction like an adult.
You people are fucking wild.
You accepted the correction and then added your own edit asking about corporate taxes - the implication being that person who corrected you isn’t being honest. Projection.
No. They counted 1% income tax liability vs total federal receipts and I was curious if they considered that. It’s a separate issue. My point was rich people pay taxes, and they do. A lot of taxes.
You fuckin’ kids are something else.
That’s the truth, 110%.