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Who Pays Taxes in the US? Everyone but the Super-Rich
Friday, 05 June 2015 11:01
By The Daily Take Team, The Thom Hartmann Program | Op-Ed
Why are our seniors paying higher taxes on their social security benefits than billionaires pay on stocks?
The IRS released a new report that reveals the staggering amount of money that the top one-thousandth of the 1% in the US is hoarding.
While the top earners in the bottom 50 percent of Americans only make 36,000 dollars a year - the bottom earners in the top one-thousandth of the 1% "only make" more than 62 million dollars a year.
Sixty-two million dollars per year is what it takes to be a top one-thousandth one percenter - and those are the poorest of the richest households - on average the top earners make more than 160 million dollars a year.
That's 160 times richer than the average one percenter who only makes about 1.5 million dollars. ..............(more)
http://www.truth-out.org/opinion/item/31201-who-pays-taxes-in-the-us-everyone-but-the-super-rich
yeoman6987
(14,449 posts)They get paid with stock options which taxes aren't paid on until they are sold. The entire tax structure needs changed.
Igel
(35,393 posts)I don't know how much I'd be making a year if my income was calculated the way some CEO's "salaries" (i.e., compensation packages) were.
They get stock options (not something I get, to be sure). But their health benefits are included, while my employer's contribution isn't. Their retirement compensation is included, while my retirement benefits aren't. I continue to be amazed, nonetheless, in my federal income tax rate: it's routinely < 6%, between tax deductions, income deductions, and income that is just non-taxable or sheltered because of pre-tax health contributions or retirement contributions. And, no, I don't pay FICA taxes, just Medicare; I'm in a state-run DCP.
I suspect that this would move me from near median income to very close to the top 20%, and would move my family's income from near the top 20% into the top 10%. Then again, it would affect millions of people so the entire ranking system would need rejiggering and, for all I know, I'd wind up barely in the top 60%.
At the same time, a lot of CEOs have boom-and-bust periods. They get huge incomes, then are dropped and it takes them 6-8 months or longer of pretty much no income to find another job. Now, before somebody accuses me of sympathy (since non-condemnation = praise around here, where "you're with us or against us" is derided in others but lauded in ourselves), those people can easily afford it. The point is that it alters the numbers, so that the top ______% often changes considerably from year to year. (In other words, there's a lot of upward and downward mobility on some social strata. The media focus on the mobility from the bottom 10% to the top 5%, which is, I think, a fairly silly metric.)
n2doc
(47,953 posts)brewens
(13,678 posts)to be analyzed. How much of our tax dollars go right to the 1% in the first place?