Not the average of the top 5%. They pay 60% of all taxes. So you are saying the governments own statistics are wrong. The numbers my dear don’t lie. https://www.dailysignal.com/wp-content/uploads/FBIP-SOCIAL-04.jpg
That's because these folks have concentrated the wealth into the upper echelon. The numbers don't lie the top 10% earners control 70% of the wealth which suggests the top 5% ought to be contributing more than 60% of the revenue.
Yes, a prime example is the dramatic increase in the wealth of the top 5% during the pandemic. That's crazy! And, the fact that due to IRS loopholes most don't pay any taxes.
Well of course the percentage is higher. But it's deceptive. Look at it this way. Someone making $40,000 a year - let's just say they pay a flat 30% in taxes on that. That's $12,000.
Now, for someone making $400,000, that same 30% is $120,000.
Are you beginning to see how your math doesn't show what you think it does? And just FYI, $40,000 is the very high end of income earned by the bottom 50%. The average is significantly less.
Good point. To me we want to create a system that encourages opportunity and income mobility. We also want to grow our economy so we can pay everyone well without unemployment. Personally I think a basic baseline National HC system is essential and would likely pay off in a big way. I don’t think our economy grows fast enough if the government commands 40% of GDP. We want to find the balance and lift all boats.
Continued economic growth is unsustainable. Growth as we have measured it in our lifetimes can only be at the detriment of an already over taxed earth and its natural resources. We definitely cannot afford that. It's past time to find new ways to measure a nation's health. Plenty of economists and others have been on to this for years now, it's nothing I'm making up. We'd all do well to listen to those under the age of 40; they're figuring it out but it's not going to look like your daddy's economy anymore.
Thanks, Beth. You've hit on the elephant in the room, imo. No one wants to talk about this fact but it's the reality. And many young people can see this and are advocating for sustainable lifestyles. Ouch!
Why do you add the "my dear?" Why is that necessary? What does it bring to the conversation? If you are uncomfortable, that is your problem. Let's be respectful and talk about the issues, not one another.
Not the average of the top 5%. They pay 60% of all taxes. So you are saying the governments own statistics are wrong. The numbers my dear don’t lie. https://www.dailysignal.com/wp-content/uploads/FBIP-SOCIAL-04.jpg
Definitely not “your dear”, but clearly able to recognize a multi level method of widening the wealth gap.
Easy way to undermine statement by a woman.
Oldest tool in the man book.
Yes, let me mansplain that to you honey...
Thank you, Gail, for that comment. Insufferable!
Agree Gail. Cringing descriptor.
That's because these folks have concentrated the wealth into the upper echelon. The numbers don't lie the top 10% earners control 70% of the wealth which suggests the top 5% ought to be contributing more than 60% of the revenue.
Thanks for p(l)aying...
Yes, a prime example is the dramatic increase in the wealth of the top 5% during the pandemic. That's crazy! And, the fact that due to IRS loopholes most don't pay any taxes.
Well of course the percentage is higher. But it's deceptive. Look at it this way. Someone making $40,000 a year - let's just say they pay a flat 30% in taxes on that. That's $12,000.
Now, for someone making $400,000, that same 30% is $120,000.
Are you beginning to see how your math doesn't show what you think it does? And just FYI, $40,000 is the very high end of income earned by the bottom 50%. The average is significantly less.
Good point. To me we want to create a system that encourages opportunity and income mobility. We also want to grow our economy so we can pay everyone well without unemployment. Personally I think a basic baseline National HC system is essential and would likely pay off in a big way. I don’t think our economy grows fast enough if the government commands 40% of GDP. We want to find the balance and lift all boats.
Continued economic growth is unsustainable. Growth as we have measured it in our lifetimes can only be at the detriment of an already over taxed earth and its natural resources. We definitely cannot afford that. It's past time to find new ways to measure a nation's health. Plenty of economists and others have been on to this for years now, it's nothing I'm making up. We'd all do well to listen to those under the age of 40; they're figuring it out but it's not going to look like your daddy's economy anymore.
Thanks, Beth. You've hit on the elephant in the room, imo. No one wants to talk about this fact but it's the reality. And many young people can see this and are advocating for sustainable lifestyles. Ouch!
Why do you add the "my dear?" Why is that necessary? What does it bring to the conversation? If you are uncomfortable, that is your problem. Let's be respectful and talk about the issues, not one another.
How can you object to such charming condescension from Mr. Carroll and other friends of the "Heritage Foundation?"
As Heather points out, we are mere "mudsills" with an inability to grasp "real" economic theory.
Haha, fellow VT-er! Yes, I sincerely apologize for mudsilliness!