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How much the wealthy really pay

XVIII
Posts: 39
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11/26/2015 12:10:59 PM
Posted: 1 year ago
It seems like all you really hear about from Democrats in particular is that the wealthy do not pay their fair share in taxes. I set out to find out if they really did have a good reason to say so or if it was more of a scare tactic. I constantly hear from the left that the US should base their tax system on those of the"socialist" Scandinavian countries so I used their max tax rate as the standard to compare to ours.

Below is a list of these countries and their max tax rate:

Denmark-- 47.794%

Sweden-- 59.7%

Norway-- 55%

And lastly, the US tax rate which is broken down into federal, state and local:

United States--

Federal: 39.6%

State: 10%

Local: 0-5%

-Max Tax rate in US: 49.6%-54.6%.

It is important to note that the US is the only country that has these three different taxes-- Federal, state, and local.

Clearly this would surprise most, what the Democrats are doing is plainly looking at the Federal tax rate versus the tax rate in its entirety. Sadly, these politicians either do not look at these other taxes or know these taxes and instead use it to further their dastardly political agenda.

So next time you hear the wealthy aren't paying their fair share just remember, they already pay as much as the "socialist" Scandinavian countries.
MakeSensePeopleDont
Posts: 1,106
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11/26/2015 1:06:50 PM
Posted: 1 year ago
At 11/26/2015 12:10:59 PM, XVIII wrote:
It seems like all you really hear about from Democrats in particular is that the wealthy do not pay their fair share in taxes. I set out to find out if they really did have a good reason to say so or if it was more of a scare tactic. I constantly hear from the left that the US should base their tax system on those of the"socialist" Scandinavian countries so I used their max tax rate as the standard to compare to ours.

Below is a list of these countries and their max tax rate:

Denmark-- 47.794%

Sweden-- 59.7%

Norway-- 55%

And lastly, the US tax rate which is broken down into federal, state and local:

United States--

Federal: 39.6%

State: 10%

Local: 0-5%

-Max Tax rate in US: 49.6%-54.6%.

It is important to note that the US is the only country that has these three different taxes-- Federal, state, and local.

Clearly this would surprise most, what the Democrats are doing is plainly looking at the Federal tax rate versus the tax rate in its entirety. Sadly, these politicians either do not look at these other taxes or know these taxes and instead use it to further their dastardly political agenda.

So next time you hear the wealthy aren't paying their fair share just remember, they already pay as much as the "socialist" Scandinavian countries.

Very nice. Just make sure you mention these rates are for INCOME TAXES ONLY. This does not account for luxury taxes, Cadillac taxes, sales taxes, property taxes, corporate taxes (which also coincidentally have Fed, State, Local, etc. levels), and more.

When totaled, the top tax bracket actually ends up paying between 62% and 74% of every dollar they earn, to Uncle Sam...depending on location of residence, locations frequented, allocation of capitol, portfolios, etc.
MakeSensePeopleDont
Posts: 1,106
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11/26/2015 1:21:11 PM
Posted: 1 year ago
At 11/26/2015 1:09:34 PM, Wylted wrote:
Florida doesn't have an income tax

A few states get their income from oil fields, but FL isn't one of those.

Florida earns its revenue from tourism...or so they claim. What politicians don't yell out every time they are on a podium is that:

1) FL is one of the highest cost of living states in the nation

2) The poorer you are in FL, the harder the government hits you: poorest 20% pays ~13% of income to taxes -- Middle 60% pays ~ 8% of income to taxes -- Top 1% pays ~ 3% of income to taxes

3) Sales and Property taxes are higher contributing to the previously mentioned items
Wylted
Posts: 21,167
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11/26/2015 1:27:25 PM
Posted: 1 year ago
At 11/26/2015 1:21:11 PM, MakeSensePeopleDont wrote:
At 11/26/2015 1:09:34 PM, Wylted wrote:
Florida doesn't have an income tax

A few states get their income from oil fields, but FL isn't one of those.

Florida earns its revenue from tourism...or so they claim. What politicians don't yell out every time they are on a podium is that:

1) FL is one of the highest cost of living states in the nation

2) The poorer you are in FL, the harder the government hits you: poorest 20% pays ~13% of income to taxes -- Middle 60% pays ~ 8% of income to taxes -- Top 1% pays ~ 3% of income to taxes

Are you quoting state income tax rates for a state that doesn't have income tax?
3) Sales and Property taxes are higher contributing to the previously mentioned items
MakeSensePeopleDont
Posts: 1,106
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11/26/2015 1:35:45 PM
Posted: 1 year ago
At 11/26/2015 1:27:25 PM, Wylted wrote:
At 11/26/2015 1:21:11 PM, MakeSensePeopleDont wrote:
At 11/26/2015 1:09:34 PM, Wylted wrote:
Florida doesn't have an income tax

A few states get their income from oil fields, but FL isn't one of those.

Florida earns its revenue from tourism...or so they claim. What politicians don't yell out every time they are on a podium is that:

1) FL is one of the highest cost of living states in the nation

2) The poorer you are in FL, the harder the government hits you: poorest 20% pays ~13% of income to taxes -- Middle 60% pays ~ 8% of income to taxes -- Top 1% pays ~ 3% of income to taxes

Are you quoting state income tax rates for a state that doesn't have income tax?

Nope...read down one more line friend (#3 below)...sorry, bad order

3) Sales and Property taxes are higher contributing to the previously mentioned items

^^^^^^^^^^^^^^^^