Biden's America

[DevoHusker]

 

 

[Archy1221]

2 hours ago, Guy Chamberlin said:

 

Again, if you remember an earlier America as a Greater and more business friendly America, the top marginal tax rate on the wealthiest Americans was 81% in 1940, 84% in 1950, 91% in 1960, 72% in 1970, 70% in 1980, 28% in 1990, 40% in 2000, and 35% in 2010.

 

Of course they fought those rates, too, and had their lawyers find every loophole possible.

 

Some folks simply wanted Obama to restore the rate from 35% to 37% when the Bush tax cuts went into sunset mode, but Republicans s#!t bricks about the war on the wealthy. Obama chose other battles to lose. Since the wealthy were also quite wealthy in those previous decades when the American economy was cooking, it seems like 35 - 40% isn't exactly class warfare. 

I understand you are answering the questions I asked by providing a top tax rate range instead of what the questions were.  
 

What percentage of the overall personal tax the government collects is fair for the “pay their fair share crowd” (who is the their) to pay?  50%? 60%? 70%? 100% and everyone else goes income tax free?  

[BigRedBuster]

But, I thought he was going to destroy the industry. 
 

 

[teachercd]

13 minutes ago, BigRedBuster said:

But, I thought he was going to destroy the industry. 
 

 

Enviro-bros won't like this one bit!!

 

Sidenote, I have a friend that found out he has about 4 acres worth of mineral rights in Wyoming (Montana maybe), some company is paying him to check it out AND he gets 21% of whatever they mine (coal mostly), and the other day he got an offer to sell it for 68K.  

 

He never even knew he owned it, it was his step-dads land from like 50 years ago.

[Archy1221]

19 minutes ago, BigRedBuster said:

But, I thought he was going to destroy the industry. 
 

 

Why does the headline say “now energy independent for the first time in 40 years”?   We have been since like 2018/2019 according to their very own graph!  

[BigRedBuster]

 

[Guy Chamberlin]

12 hours ago, Archy1221 said:

I understand you are answering the questions I asked by providing a top tax rate range instead of what the questions were.  
 

What percentage of the overall personal tax the government collects is fair for the “pay their fair share crowd” (who is the their) to pay?  50%? 60%? 70%? 100% and everyone else goes income tax free?  

 

What a willfully odd response.

 

The "they" are the folks in the wealthiest tax bracket, as indicated, the 35%-40% is the number you specifically asked for, and no one ever suggested everyone else goes income tax free, hence the phrase "fair share."

 

You okay? 

[Archy1221]

1 hour ago, Guy Chamberlin said:

What a willfully odd response.

Not really.  If we’re being honest. 
 

1 hour ago, Guy Chamberlin said:

 

The "they" are the folks in the wealthiest tax bracket, as indicated, the 35%-40% is the number you specifically asked for, and no one ever suggested everyone else goes income tax free, hence the phrase "fair share."

 

You okay? 

I specifically asked what percentage of the intake Government gets do you want to come from “the people who need to pay their fair share” or as you now finally said are in the 37% tax bracket (I assume you are not talking about the 35% bracket by your word choice).  
 

So I’ll ask again, what percentage of the tax revenue the government receives from the overall population do you want the 37%ers to pay, for them to be considered paying their fair share?  Because certainly you understand that a tax rate is just an arbitrary number with loopholes galore (thanks Congress).  Let’s figure out what percentage of the tax revenue you want coming from to top 1% (their fair share) then you can figure out how to get to that point.  
 

Am I ok about what?  I mean the Royals still need starting pitching so I’m not ok about that.   The Chiefs need to sign a number 2 receiver, so not ok about that.   I haven’t hit the lottery numbers and I’m definitely not ok about that.   I’m still walking on this side of the grass so I am certainly ok about that.   Kinda depends on what you’re asking about when saying “you okay?”

[VectorVictor]

On 3/12/2024 at 10:53 AM, DevoHusker said:

WTF are you saying here? I am blaming everyone in Washington since Clinton balanced the budget spending too much...and you go off on me about MAGA? 

 

Because people keep saying it's a spending problem when it's simply a revenue problem caused by the GOP. People keep wanting to tiptoe around this, but things like Social Security and Medicare would be fine if the GOP would have left them alone (also see, the USPS and the money taken from their budget and never returned). 

 

As Guy already pointed out, the top marginal tax rate was 91% in 1960. It actually went up to 92% before Ike took office, and his campaign promise was to get it to 90% or lower--he got it to 87% before he left office and those that followed him from the GOP continued to gut that percentage until it literally is less than a third of what it was. 

 

Kick the tax rate back up to 90% for the top income tax bracket, fully fund the IRS, and you won't have a revenue problem. Full stop.

 

On 3/12/2024 at 12:38 PM, Archy1221 said:

Ahhh, he was on a roll, just let him go.    I guess I didn’t see any relevant sourcing for all those numbers presented though.  

 

https://www.washingtonpost.com/business/2024/02/29/tax-returns-irs-millionaires/

 

This article covers the 150k that haven't filed in years. 25k of those make $1m annually or more. 

 

https://www.cbsnews.com/news/tax-irs-says-unpaid-tax-gap-at-record-688-billion/

 

Funny what happens when the IRS is underfunded. 

 

[VectorVictor]

5 hours ago, Archy1221 said:

Why does the headline say “now energy independent for the first time in 40 years”?   We have been since like 2018/2019 according to their very own graph!  

 

Because the graph is only detailing net imports vs. exports of only coal, oil, and natural gas and is only half of the equation. The other half is the generation of electricity, which we're getting from alternative sources (I don't want to aggravate your windmill cancer, so I'll just say 'alternative' instead of 'green') and not having to use coal-fire or natural gas-fire plants to generate. 

 

Seriously--all you had to to was open the article and read. 

 

[Archy1221]

10 minutes ago, VectorVictor said:

This article covers the 150k that haven't filed in years. 25k of those make $1m annually or more. 

I can’t read the WAPO article so no idea what it says, but the CBS article shows $77 billion from non filers as a whole.  It also doesn’t state if they are Republican or Democrat and you were making the case this is a Republican issue of not paying taxes.  Would be great to have, and those people should pay, whoever they are, but we will be paying almost $1 trillion a year in interest alone. 


In 2021, about $77 billion in taxes were unpaid due to nonfiling, the IRS said.

 

15 minutes ago, VectorVictor said:

Funny what happens when the IRS is underfunded. 

The article talks about the underreported taxes amounting to $582 billion.   Of all the things the article could point out in that large number…billionaires under reporting, millionaires under reporting, business under reporting…..the article talked about cash under the table.   
 

Underreporting is when people don't report all their income, such as when people who are paid in cash fail to report that on their annual returns, which can result in lower taxes than they actually owe. Underreporting accounted for $542 billion of 2021's tax gap, the IRS said.

 
 

This number represents 79% of the IRS gap.   I’m thinking the increased agents are going to have a hard time reducing this number in any meaningful way, especially if people making under $400,000 aren’t audited further.  I suspect illegal activities account for a large portion of this number, and side jobs etc, also accounts for a good portion of it. 

[DevoHusker]

28 minutes ago, VectorVictor said:

 

Because people keep saying it's a spending problem when it's simply a revenue problem caused by the GOP. People keep wanting to tiptoe around this, but things like Social Security and Medicare would be fine if the GOP would have left them alone (also see, the USPS and the money taken from their budget and never returned). 

 

As Guy already pointed out, the top marginal tax rate was 91% in 1960. It actually went up to 92% before Ike took office, and his campaign promise was to get it to 90% or lower--he got it to 87% before he left office and those that followed him from the GOP continued to gut that percentage until it literally is less than a third of what it was. 

 

Kick the tax rate back up to 90% for the top income tax bracket, fully fund the IRS, and you won't have a revenue problem. Full stop.

 

 

https://www.washingtonpost.com/business/2024/02/29/tax-returns-irs-millionaires/

 

This article covers the 150k that haven't filed in years. 25k of those make $1m annually or more. 

 

https://www.cbsnews.com/news/tax-irs-says-unpaid-tax-gap-at-record-688-billion/

 

Funny what happens when the IRS is underfunded. 

 

Thanks for this reply...which is a far cry from "Maga boomers suck"

[teachercd]

30 minutes ago, VectorVictor said:

 

Because people keep saying it's a spending problem when it's simply a revenue problem caused by the GOP. People keep wanting to tiptoe around this, but things like Social Security and Medicare would be fine if the GOP would have left them alone (also see, the USPS and the money taken from their budget and never returned). 

 

As Guy already pointed out, the top marginal tax rate was 91% in 1960. It actually went up to 92% before Ike took office, and his campaign promise was to get it to 90% or lower--he got it to 87% before he left office and those that followed him from the GOP continued to gut that percentage until it literally is less than a third of what it was. 

 

Kick the tax rate back up to 90% for the top income tax bracket, fully fund the IRS, and you won't have a revenue problem. Full stop.

 

 

https://www.washingtonpost.com/business/2024/02/29/tax-returns-irs-millionaires/

 

This article covers the 150k that haven't filed in years. 25k of those make $1m annually or more. 

 

https://www.cbsnews.com/news/tax-irs-says-unpaid-tax-gap-at-record-688-billion/

 

Funny what happens when the IRS is underfunded. 

 

I mean...why would the IRS just not go after the 25,000 people that make over a million dollars that don't pay taxes?

 

The info is right there for them, it is not like they have to hunt them down.  My counselors at school are each responsible for about 200 kids at a time.  One IRS agent can't deal with 250 grown a$$ people on their case load?

 

80,000 people work for the IRS!  How much more funding do they needed?   

 

People need to work when they are at work and not just post all day (like all of us do! Hahaha)  I know I know, pot meet kettle, but come on IRS workers, you can do more in a day.

 

I have seen The Untouchables. 

[Crusader Husker]

Flat tax....

 

National Sales tax...

 

Why make it hard.

 

 

[DevoHusker]

34 minutes ago, VectorVictor said:

 

Because people keep saying it's a spending problem when it's simply a revenue problem caused by the GOP. People keep wanting to tiptoe around this, but things like Social Security and Medicare would be fine if the GOP would have left them alone (also see, the USPS and the money taken from their budget and never returned). 

 

As Guy already pointed out, the top marginal tax rate was 91% in 1960. It actually went up to 92% before Ike took office, and his campaign promise was to get it to 90% or lower--he got it to 87% before he left office and those that followed him from the GOP continued to gut that percentage until it literally is less than a third of what it was. 

 

Kick the tax rate back up to 90% for the top income tax bracket, fully fund the IRS, and you won't have a revenue problem. Full stop.

 

 

https://www.washingtonpost.com/business/2024/02/29/tax-returns-irs-millionaires/

 

This article covers the 150k that haven't filed in years. 25k of those make $1m annually or more. 

 

https://www.cbsnews.com/news/tax-irs-says-unpaid-tax-gap-at-record-688-billion/

 

Funny what happens when the IRS is underfunded. 

 

 

Regarding the rates, and the top 1%, I have seen articles that indicate your solution would produce an additional $500 billion...over ten years. So $50 billion a year. The current debt is increasing at $1 TRILLION dollars every 100 days. So, a drop in the proverbial bucket. But the left would be able to crow about "eat the rich." 

 

Any idea/source for how many of those top earners are Democrats?