Your states tax rate

[Dos Perros]

Yea this is a marginal tax rate....in the 1950s, the top marginal tax rate in the US was 90% or so....

I guess that makes this a great deal then huh?

 

[bsnedeker]

Did you read the article? This is a marginal tax rate that will affect almost zero people reading this thread. It’s factual, yes, but a bit misleading in the title.

It’s this type of media that creates divisiveness in our country.

And if you have an incredibly short-sighted view of the world where if something doesn't directly affect YOU it isn't important I can see how you would have that opinion.

The top tax rate in this country has a downstream affect on everyone. Guess who pays the top tax rate? If you guessed "People who own and run large corporations that employ thousands of people" you win the prize!!!! Do you think these people will just put up with ever-increasing tax rates forever?

 

[accountantsanonymous]

And if you have an incredibly short-sighted view of the world where if something doesn't directly affect YOU it isn't important I can see how you would have that opinion.

The top tax rate in this country has a downstream affect on everyone. Guess who pays the top tax rate? If you guessed "People who own and run large corporations that employ thousands of people" you win the prize!!!! Do you think these people will just put up with ever-increasing tax rates forever?

No, it affects me. Let’s not get all bent out of shape over me pointing out a fact in the article. That’s all I was doing. We can put away the pitchforks.

 

[5MilesBack]

Fair. That was an over generalization, but I think we can agree it’s not helping.

It should be helping.......all of these changes adversely affect our nation as a whole.......even if it doesn't immediately affect some individuals. So EVERYONE should be aware and understand how these things impact them and the nation in the long run. It's just like the gun debate......some folks say "well, banning AR-15's doesn't affect me". Really? Think again. ANY rights we give up as a nation affects the nation and eventually every individual. Folks will approve of a tax hike to others that doesn't appear to affect them (but eventually it will on its own), but then they'll scream when a tax hike is imposed on them. The problem is NOT "which individuals are affected". The problem is that our nation is detrimentally affected. People need to start understanding these things......or at least start caring more about our nation as a whole instead of "what's in it for me".

 

[accountantsanonymous]

It should be helping.......all of these changes adversely affect our nation as a whole.......even if it doesn't immediately affect some individuals. So EVERYONE should be aware and understand how these things impact them and the nation in the long run. It's just like the gun debate......some folks say "well, banning AR-15's doesn't affect me". Really? Think again. ANY rights we give up as a nation affects the nation and eventually every individual. Folks will approve of a tax hike to others that doesn't appear to affect them (but eventually it will on its own), but then they'll scream when a tax hike is imposed on them. The problem is NOT "which individuals are affected". The problem is that our nation is detrimentally affected. People need to start understanding these things......or at least start caring more about our nation as a whole instead of "what's in it for me".

I don’t think anyone is approving of the tax hikes, and I’m sure that there are trickle down effects from those tax hikes, but not to the extent people think. My point was that the articles headline was misleading.

 

[bsnedeker]

No, it affects me. Let’s not get all bent out of shape over me pointing out a fact in the article. That’s all I was doing. We can put away the pitchforks.

Ok, we'll just ignore the fact that you keep repeating that this tax rate doesn't matter because it only affects the rich.

My point was that the articles headline was misleading.

The headline of the article is "Fair Share"? Here's Every State's Top Tax Rate Under Biden's Massive Spending Bill"...care to share what part of that is misleading?

 

[accountantsanonymous]

Ok, we'll just ignore the fact that you keep repeating that this tax rate doesn't matter because it only affects the rich.

The headline of the article is "Fair Share"? Here's Every State's Top Tax Rate Under Biden's Massive Spending Bill"...care to share what part of that is misleading?

Sorry, you’re actually correct there. I stand corrected. It’s the overall tone of the article I didn’t agree with. But we can agree to disagree on how a marginal tax rate impacts people differently. Tough to look at that objectively.

 

[mattferg84]

Taxation is theft

 

[5MilesBack]

I don’t think anyone is approving of the tax hikes

Then you haven't been paying attention. There's a whole movement out there for taxing the heck out of the "rich", when they already put ~80% into the federal coffers in this country.

But we can agree to disagree on how a marginal tax rate impacts people differently. Tough to look at that objectively.

It's fairly easy to look at that objectively......numbers and economics don't lie, people lie about the numbers and economics to obtain their agenda. And most people have no idea how these things work, and how it all affects them directly. It's just like putting specific minimum wages into law, instead of allowing the free market to dictate those. That affects EVERYONE adversely in the long run, and we're already seeing some of the affects from that.

 

[accountantsanonymous]

Where I think we can agree on corporate tax hikes having a (more substantial) trickle down effect (price increases, inflation, etc),

I’m hoping someone can help me understand something else, because I want to objectively understand. And this is a serious question, using the info in the article as an example. If I, as an individual, make 25MM/year, how does that trickle down to affect other people?

 

[long hunter]

Sure it is going too have a impact on everyone, the rich, the companies, the little guy. How price increase on goods too off set the loss that manfactures pay in these taxes. All ready happening. We are becoming a third world country thanks too the IDIOT. thanks joe. So in a sense your taxes are going too sky rocket.

 

[Moserkr]

High taxes affect everyone, and it affects the lower income families the worst. Corporations absolutely pass tax costs to consumers. Top tax bracket business owners absolutely have ways to defer tax liabilities and pay less - not all take advantage of these options - I would know, its part of my business.

Who gets screwed the most?? W2 workers - the backbone of the work force. Lets call it what it is - trickle down taxes, plus inflation, no write-offs, and tax upon tax upon tax. Taxation is absolutely theft!! Its going beyond it now to indentured servitude - who is on the hook for that massive deficit??? Your future work taxes are already spent for your lifetime. Plus sales tax, gas tax, property tax, medicare tax, ss tax, dmv fees, penalties, etc. We keep pennies on the dollar, its disgusting.

 

[accountantsanonymous]

Then you haven't been paying attention. There's a whole movement out there for taxing the heck out of the "rich", when they already put 80% into the federal coffers in this country.

I was speaking more to the users here on Rokslide, reading this post. I’m very well aware of the call to increase taxes on the rich. And while I agree somewhat with that, it’s unfortunately not that easy. It’s not that we need to necessarily increase taxes, but maybe lessen the available loopholes.

 

[Moserkr]

Taxing the “rich” more, especially to fund “social infrastructure”, aka socialist commie BS, is a terrible, terrible, asinine, horrid idea. Read my other post #32.

A much better idea is lowering tax rates, as Trump did. Its makes companies earn more and give more back to their employees or consumers, and allows them to grow. Bigger companies means more tax revenue without raising taxes. Amazingly simple.

Even better, less government spending…. More efficient use of our current taxes would be real nice too. Not sure how the gender studies money sent to pakistan turned out, but im sure its a thrilling report. That was only $100m or something. Wheres the other trillions they waste??

 

[accountantsanonymous]

Not sure how the gender studies money sent to pakistan turned out, but im sure its a thrilling report. That was only $100m or something.

Interesting. Hadn’t heard about this. Do you have a source on that?

 

[isItFallYet]

https://docs.house.gov/billsthisweek/20201221/BILLS-116HR133SA-RCP-116-68.pdf

Page 1486

 

[Moserkr]

Interesting. Hadn’t heard about this. Do you have a source on that?

• Pakistan: $15 million for “democracy programs” and $10 million for “gender programs” (page 1486).

$10m, but still, feast your eyes on the rest of the intelligent spending that puts that to shame. This was LAST YEARS $2.3T spending bill that I believe passed, so Trump would have signed it.

Billions Going to Foreign Aid in Bill: Gender Programs in Pakistan

Americans will be shelling out billions to foreign countries if Congress passes a $2.3 trillion spending bill unveiled Monday. | Politics

www.breitbart.com

https://docs.house.gov/billsthisweek/20201221/BILLS-116HR133SA-RCP-116-68.pdf

Page 1486

View attachment 345167

Thanks for the correction. Dont let a measly zero get in the way of the point…

 

[Beendare]

Did you read the article? This is a marginal tax rate that will affect almost zero people reading this thread. It’s factual, yes, but a bit misleading in the title.

It’s this type of media that creates divisiveness in our country.

How is this deceiving, it list top tax rates for each state. It clearly illustrates that the attack on “The Rich” is in full swing in this administration”

The Top 10% already pays 71% of the total income tax collected….with the top 1% paying about 40% of the total tax.

YOU TALK ABOUT MISLEADING AND DEVISIVE- Ha. BIDEN is the chief of misleading people when he constantly claims “ The rich dont pay their fair share” so when you talk about misleading, the current administration is the most misleading in history.

Do you deny that the current admin is not raising taxes on just about everything?
In many cases is slight but the Biden admin is ABSOLUTELY raising taxes to everyone either individually or through higher corp taxing, which is a pass through tax to everyone.

From the tax foundation;
“The plan would also redefine the tax base to which the 3.8 percent net investment income tax (NIIT) applies to include the “active” part of pass-through income—all taxable income above $400,000 (single filer) or $500,000 (joint filer) would be subject to tax of 3.8 percent due to the combination of NIIT and Medicare taxes.”

Why didn’t you copy the whole paragraph? It affects a lot more folks than you imply.

Speaking of this current Democrat admin being horribly misleading, we have all heard their Corporations are bad mantra and they want to raise taxes to Corporations.

Below is the facts, Corporations in the US paid a record amount of tax…but this admin wants to raise them. An accountant of all people knows, taxes (expenses) are passed through to the public- its a stealth tax disproportionally affecting the poor and middle class just like the horrible inflation we have now.

The current Democrats have a clear objective, tax everyone and everything…and spend like a drunken sailor.

Tax foundation
From the Tax foundation;
The Congressional Budget Office (CBO) now estimates that the federal government received $370 billion in corporate tax revenue over the past year (fiscal year 2021), matching the record high level from 2007. This is a 75 percent increase over the previous year’s total, reflecting a rebound in corporate profits and the broader economy.

This year’s robust corporate tax collections calls into question efforts by the administration and congressional Democrats to increase the corporate tax rate and raise other corporate taxes based on claims of relatively low tax collections following the Tax Cuts and Jobs Act (TCJA) in 2017. In fact, corporate tax collections this year are about 25 percent higher than the $297 billion collected in 2017, prior to passage of TCJA. Likewise, as a share of GDP, corporate tax collections are higher this year (1.63 percent) than in 2017 (1.52 percent).

In addition, the rebounding economy has boosted individual income tax collections to an all-time high of $2.052 trillion for the fiscal year. Payroll tax revenue came in at $1.308 trillion, close to last year’s total, and other receipts came in at $317 billion. In total, federal tax collections reached $4.047 trillion in fiscal year 2021, an all-time high in nominal terms.

 

[30338]

When you are running trillions in deficits, the tax rate no longer matters. The dollar is going to collapse. That equals heavy taxation but no one seems to care.

 

[String&stick]

Taxing the “rich” more, especially to fund “social infrastructure”, aka socialist commie BS, is a terrible, terrible, asinine, horrid idea. Read my other post #32.

A much better idea is lowering tax rates, as Trump did. Its makes companies earn more and give more back to their employees or consumers, and allows them to grow. Bigger companies means more tax revenue without raising taxes. Amazingly simple.

Even better, less government spending…. More efficient use of our current taxes would be real nice too. Not sure how the gender studies money sent to pakistan turned out, but im sure its a thrilling report. That was only $100m or something. Wheres the other trillions they waste??

How's that working with Amazon??? Bezos becomes the richest man in the world ( alternating with musk) builds rockets for fun space flights. . . And dodges taxes completely some years! Meanwhile his workers have limited health care and shit work conditions. . .

Walmart??? Was the countries largest employer for a Looong time! What did they do? Seek tax breaks from towns to come bring jobs, then kill as many jobs as they bring while strategically paying most workers just enough to live while qualifying for social benefits (food stamps, rent assistance, etc) and supplying shit benefits to most workers!

Corps aren't altruistic for the most part, they want to make money for their shareholders and that is their #1 objective. They will dodge taxes and cut corners where they can to achieve their ends.

But the tax rate isn't so much the problem, it's the fact that their are so many loop holes that it's fricken swiss cheese!!! Having the top 40 richest families average 8% in taxes over the last 10 years is a joke of epic proportions while the average working family is paying in 14-27%.

A flat tax with 0 and I mean 0 deductions would be the most balanced approach. Set a minimum income qualifications at 1.5x the poverty line, and then tax all income above that at x% with no deductions. Then everyone would pay their fair share.

How much money you contribute is irrelevant, it's what % of your income you contribute that is relevant!

Ps. Taxation isn't theft, it's how structured societies work. Fraud is the bullshit way your taxes get spent!