Willyßagseed;6073066 said:
Reagan started the tax on disabled and old peoples social security. Just like he raised most taxes on the middle class whilst lowering the top rates.... Republicans seem to "forget" this.. lol
I am not defending Reagan but I wanted to just do some simple math here.
Let's say you are a CEO of a small time corporation, or a proud owner of a small business that is booming and you make an annual income of $500,000 a year and file as the head of the household.
According to the 2011 tax bracket you first off have to pay $106,637.50 from the baseline income of the top tier bracket which is $379,150 PLUS you then owe 35% of everything you make over the $379,150.
So $500,000.00
-$106,637.50
$393,362.50 <--- This is what your down to just after the baseline tax. Then you have to subtract another 35% off everything you made over $379,150.00 So that's 35% of $120,850 which comes out too $42,297.50
$393,362.50
- $ 42,297.50
$351,065.50 <--- That number is what you net only after federal taxes, not including the states cut, and whatever you would have to pay into SS.
If you that person you just handed the government $148,935 before any deductions simply in income taxes. Percentage wise that is 29.79% (rounded) of your income. 1/3 Just chopped right off. Money your probably worked hard for from a position you spent most of your life straining to get.
$148,935..
Compared to more common income of say $70,000 from simplicities sake. Once again, assuming Head of household filing status. Out of that gross number you would be taxed $12,267.50 before any deductions. That's 18.11% of your gross income. A lower rate than the "top tier" earners. (For simplicity sake I didn't put up the steps as before because , well the number just aren't as mind boggling)
Now let's put those numbers side by side
$148,935 vs. $12,267.50
(29.79% of a $500k gross income) (18.11% of a $70k gross income)
Not only are the rich going to pay almost 10% more than what I consider a "middle class" salary and they pay more than 12 times as much income tax as the person earning 70k.
Their water does come out 12 times faster,or 12 times hotter. Their returns don't come back 12 times quicker and the police don't respond for them 12 times quicker do they?
My point is I'm tired of this "the rich have to do their part. Pay their fair share" montra, it's completely bullshit. The top 1% earners in this country covers almost 95% of the taxes our government "collects" from us.
Class warfare is at an end and it's just beating a dead horse. Would do we allow the country villainize the rich whom not only pay more percentage wise but pay many times the amount of tax we do?
I am not rich, I am on the very opposite end but I am sick of this mindset I keep seeing that somehow the rich are "responsible" for the bad yet they are the key supporters when it comes to keeping the government pumped full of money. It's fallout and blame meant to distort us. The rich should not be a target or a villain..
