HSX Forum

TVStocks, MusicStocks and Life

Your quote ignores the 2nd quintile. And it defintely doesn't say anybody, including the top 0.1% is saving $190K. Made up figure?

Posted by: PhoneHome on Dec 21, 14:48 in response to dubord.s' post Check the facts: those under $25k (bottom 20%) will get a...

Glad we're using actual data:

An estimated 45.3% of American households — roughly 77.5 million — will pay no federal individual income tax, according to data for the 2015 tax year from the Tax Policy Center, a nonpartisan Washington-based research group.

That covers the 1st and 2nd quintile.  This is corroroborated by the TPC.

Despite the fact that rich people paying little in the way of income taxes makes plenty of headlines, this is the exception to the rule: The top 1% of taxpayers pay a higher effective income-tax rate than any other group (around 23%, according to a report released by the Tax Policy Center in 2014) — nearly seven times higher than those in the bottom 50%.

From TPC

Rich people pay nearly 87% of all federal individual income tax in America

Income level Share of total federal
individual income tax paid
Average income tax bill
per person
Lowest 20% -2.2% -$643
Second lowest 20% -1.7% -$621
Middle income 4.2% $1,743
Second richest 20% 12.9% $6,285
Richest 20% 86.8% $50,176

Source: Tax Policy Center

Face the facts.

Joint Committee on Taxation: Lower- and middle-income households ($10k-$75k) will likely end up paying more in taxes dubord.s Dec 21, 07:57

you are making the common mistake of reading the actual text of the bill. what the GOP really means is someone will fix this later {nm} slipping jimmy Dec 21, 09:00

Fortunately, in a couple months low and middle income Americans will see the benefits in their paychecks, and shortly thereafter those out PhoneHome Dec 21, 10:15

I'd be willing to debate, but to characterize a statement from JTC as "media lies" indicates how open you are to actual debate. {nm} dubord.s Dec 21, 10:17

The lies comes from those such as the CBC article you cited that manipulate JTC and TPC information out of context {nm} PhoneHome Dec 21, 10:21

That's just your opinion. Provide some context then, {nm} Antibody Dec 21, 10:48

According to the TPC directly (link enclosed), the bottom 40% will reap a whopping $220 a year. Then hands some back in 2025. dubord.s Dec 21, 12:41

Again with distorting by using incomplete information. The TPC also says the bottom 45% doesn't pay any taxes. Zero, none, nada. PhoneHome Dec 21, 13:08

Ludicrous? They get about $190k, which by my math, is almost 1000 times $220. But of course, that's straight math so it must be a trick. {nm} dubord.s Dec 21, 13:24

it also ignores all the other non-tax costs that will continue to go up as a result -- higher premiums for health insurance will wipe out slipping jimmy Dec 21, 13:28

Since they are already paying zero, $220/yr is coming from you and me and the top 1% in the form of credits. Actually a nice gift. {nm} PhoneHome Dec 21, 13:19

(income taxes, because they don't make enough money to get into a bracket. still pay plenty of sales and other taxes) {nm} slipping jimmy Dec 21, 13:23

Check the facts: those under $25k (bottom 20%) will get a whole $60 a year. The next quintile DO pay taxes, and get $30 a month. dubord.s Dec 21, 13:32

Your quote ignores the 2nd quintile. And it defintely doesn't say anybody, including the top 0.1% is saving $190K. Made up figure? PhoneHome Dec 21, 14:48

Really? 8 page report too long for you? Here's some help: it's in the p.3 table. Ave Fed Tax Change of $193,380 for Top 0.1% {nm} dubord.s Dec 21, 20:30

low and middle income (0 to $75k/yr) will see, at best, $202 to $2,129/year in savings (at first). $20 to $180/mo is table crumbs slipping jimmy Dec 21, 10:49

$2,129/year table crumbs? Tell them that. Avg taxes for $30-40K is $2149, $40-50k $3325, $50-75K $5634. Thats 38-100% annual tax savings! PhoneHome Dec 21, 11:56

yes, compared to the trillions that will be flowing to the top brackets, corporations, and pass-through entities, $2k a year is scraps. and slipping jimmy Dec 21, 12:15

$2000/yr avg savings as per TPC X 126,000,000 households = $250 billion/yr, $1.75 trillion over 7 years PhoneHome Dec 21, 12:26

surely they'll all turn out in the midterms to vote for the reps and senators who passed it, if it's such a great deal! {nm} slipping jimmy Dec 21, 13:25





Post a Reply

To post to the forums you must first login!


Lesbian, Gay, Bisexual and Trans (LGBTQ) 1000 37.43 (+0.01)          Ronan Boyle and the Bridge of Ri (RBOYL) 86780 8.47 (+0.04)          Photograph 51 (PHO51) 110900 7.46 (+0.04)          Frozen III (FROZ3) 11555 355.03 (+0.05)          Girls Trip 2 (GRLT2) 59297 16.92 (-0.04)          Wet (WET) 128000 5.81 (-0.04)          Miami Vice '85 (MIVIC) 21675 120.39 (-1.01)          Naruto (NARUT) 39250 36.65 (-0.92)          CBS: NCIS: New York (NCISNY) 10000 14.72 (+0.02)          Resident Evil $140M Blockbuster (RESE8.BW) 1000 13.20 (0.00)          The Horror Fund X (SPOOK) 1000 61.94 (-0.02)          Jessica Chastain (JCHAS) 4249 14.11 (-0.12)          Zachary Levi (ZLEVI) 25000 8.18 (+0.05)          Anne Hathaway (AHATH) 504 118.93 (0.00)          Will Poulter (WPOUL) 25000 9.92 (+0.07)          Tommy Lee Jones (TLJON) 25000 12.05 (+0.10)          Twilight of the Dead (TWOTD) 150000 3.03 (-0.43)          Miami Vice '85 (MIVIC) 150000 120.39 (-1.01)          Gatto (GATTO) 150000 147.53 (0.00)          Noah Centineo (NCENT) 25000 42.76 (+0.33)          Noah Centineo (NCENT) 25000 42.76 (+0.33)          Compassionate Release aka The Fr (CMPSN) 149000 35.70 (+0.21)          Kurt Russell (KRUSS) 25000 120.39 (+0.66)          Jeremy Allen White (JEAWH) 25000 48.89 (-0.16)          Jay Duplass (JDUPL) 25000 11.78 (+0.20)          Proxy (PROXY) 50000 0.01 (0.00)          Jessica Chastain (JCHAS) 25000 14.11 (-0.12)          Francis and the Godfather (FGODF) 1 0.01 (0.00)          Billy Magnussen (BMAGN) 25000 53.33 (+0.16)          Turpentine (TURPN) 10000 7.33 (-0.10)          The Masque Of The Red Death (MOTRD) 10000 14.52 (-0.02)          Tangles (TNGLS) 12500 2.61 (0.00)          Nasty (NASTY) 27500 17.84 (+0.28)          The Horror Fund X (SPOOK) 1000 61.94 (-0.02)          Days of Thunder 2 (DTHU2) 1000 127.39 (+0.11)          Billy Magnussen (BMAGN) 1000 53.33 (+0.16)          Focker In-Law (MPRN4) 25000 117.23 (-0.28)          Focker In-Law (MPRN4) 55000 117.23 (-0.28)          Hexed (HEXED) 20000 103.71 (-0.26)          Hexed (HEXED) 50000 103.71 (-0.26)          Tyrant (TYRNT) 100 20.89 (+1.08)          Ebenezer (EBNZR) 150000 91.62 (-0.12)          Ebenezer (EBNZR) 150000 91.62 (-0.12)          Naruto (NARUT) 100 36.65 (-0.92)          How To Rob A Bank (HTRAB) 25000 40.67 (-0.20)          How To Rob A Bank (HTRAB) 25000 40.67 (-0.20)          The Cat in the Hat (TCATH) 25000 95.06 (-0.05)          The Cat in the Hat (TCATH) 50000 95.06 (-0.05)          Ebenezer (EBNZR) 25000 91.62 (-0.12)          Ebenezer (EBNZR) 50000 91.62 (-0.12)