Posted by laramiebob on 2/15/2023 8:39:00 AM (view original):
"I just googled it. The top 50% pay over 96% of taxes. The bottom 50% pay 3.06%. This is per the IRS.
Per CNBC, the 61% of Americans paid no income taxes in 2020."
These stats are for income taxes!! That's NOT the FDIC deduction that funds SSI! Which is what I thought we were discussing.
EVERY worker on every paycheck (except a few NOT in the program, is there any?) has $$$ deducted to fund their SSI. It's called the FDIC deduction. (Stands for Federal Deposit Insurance Corp.)
BUT, once you reach a certain dollar amount you stop paying in! It's capped for RICH earners. Those who earn 6 figures and above yearly get to STOP paying the deduction partway thru the year once they reach a certain level of earnings. They pay nada for the rest of the work year!!
Folks who only earn 150 K or less per year keep paying in all year. On 100% of their income, while the wealthier earners sometimes pay for less than 6 months of paychecks and on a small percentage of THEIR work income. Thus they put in a far less percentage of THEIR wealth towards their OWN retirement account than a 30,000/yr. full time employed farm worker (or teacher, etc) pays into the fund.
Most of us pay on 100% of our earnings while the wealthier do NOT!!
Income tax paid in is a whole nother matter!!!
Pluswise we KNOW, the wealthy do everything they can to avoid paying ANY taxes!!
How much has our so-called wealthy former POTUS (Trump) paid in in taxes over the years.
He's NOT an outlier. They all do it!!
Yes, at $130k you stop paying FDIC. We stop paying, but we also stop receiving at that amount. In your opinion, why do you think people should be responsible to pay into an insurance plan that they’re not going to receive benefits from?
It is a common talking point that the rich try to avoid paying taxes and to an extent it’s true, but they fail miserably. From an income tax standpoint the rich pay almost all of the taxes. I’m still curious what you consider to be a “fair share”.
Also, you often hear the argument that those stats only apply to income tax. You hear people say that all of the other taxes are less progressive. What that tells me is that we have too many taxes. We tax absolutely everything in this country. We tax the same money over and over and over again.
STOP SPENDING! Most people agree that we need to be more fiscally responsible as a government/country, but then we can’t agree on a single thing to cut. Every voter has their “off-limits” area. We can’t find a single penny to cut from the $800B military budget. Apparently our country couldn’t survive if we touched the arts (I know we don’t spend a ton on this, but it’s something). We have 10M open jobs right now and we’re still spending trillions on welfare programs. We can’t hold people that went to college responsible for paying back the money that THEY borrowed. The list goes on and on.