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The rich need to pay their fair share

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    The rich need to pay their fair share

    We hear this statement all of the time. "The rich need to pay their fair share." And I agree with that. But the question becomes, what is their fair share, and perhaps more importantly, who is rich?

    According to the Tax Foundation, 45 percent of workers in the U.S. don't pay a single dime of income tax. The other 55 percent are funding the Treasury. Of that 55 percent, [COLOR=#e74c3c][B]the top 8 percent are funding 60 percent of the Treasury. [/B][/COLOR]So are the rich paying their fair share?

    Here are a couple of interesting charts for discussion.

    [ATTACH=JSON]{"alt":"Click image for larger version Name:\tno federal income tax.jpg Views:\t0 Size:\t28.4 KB ID:\t724208","data-align":"none","data-attachmentid":"724208","data-size":"full","title":"no federal income tax.jpg"}[/ATTACH]


    [ATTACH=JSON]{"alt":"Click image for larger version Name:\trich fair share.jpg Views:\t0 Size:\t76.6 KB ID:\t724209","data-align":"none","data-attachmentid":"724209","data-size":"full","title":"rich fair share.jpg"}[/ATTACH]
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    Last edited by TexasHusker; 05-27-2021, 03:18 PM.

    #2
    I just wrote a $32,000 check to the IRS for capital gains on the sale of a property in August of 2020. Curious who the 45% who pay no income taxes are.

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      #3
      [QUOTE=QuarterMillionMan;n724214]I just wrote a $32,000 check to the IRS for capital gains on the sale of a property in August of 2020. Curious who the 45% who pay no income taxes are. [/QUOTE]

      This link has a little more detail. It explains that some have no income to tax and the others receive more federal assistance than taxes paid.

      My grandmother falls into this category. She has no income and collects SS. It’s actually quite sad why she’s in this position but that’s another story. My parents take care of all of her expenses.
      77.5 million households do not pay federal individual income tax.

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        #4

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          #5
          Moderator note: moved this to 'everything else financial', is a discussion of fiscal policy, not personal finance or saving.
          james.c.hendrickson@gmail.com
          202.468.6043

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            #6
            [QUOTE=james.hendrickson;n724221]Moderator note: moved this to 'everything else financial', is a discussion of fiscal policy, not personal finance or saving. [/QUOTE]

            enjoyed the thread while it lasted!

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