The tax the rich myth.

[Integrityrespec]

Democrats rant on the rich paying their "fair share". What is "fair share"? Maybe a look at history will help clear up who is paying the bulk of taxes in America.
In the 1920's the highest tax rate was cut from 73% to 24 %, this was declared a tax break for he rich. The combined top marginal normal and surtax rate fell from 73 percent to 58 percent in 1922, and then to 50 percent in 1923 (income over $200,000). In 1924, the top tax rate fell to 46 percent (income over $500,000). The top rate was just 25 percent (income over $100,000) from 1925 to 1928, and then fell to 24 percent in 1929. The outcome: When the rich,(people making over $100,000 or the equivalent to a couple of million today), paid 73% income tax rate they paid 30% of the total federal tax. After the tax cuts for the rich, the rich were actually paying 65% of the federal taxes. those people making $5,000 and less were paying 15% of the federal tax prior to the tax cut after it they were paying 0.0025%, one quarter of one percent. The share of true millionaires of that time went from 4% to 19% afterwards.
So the myth of cutting taxes benefiting the rich is really just a political ploy by the liberals.
Heres the most recent numbers. This is based on total portion of the tax bill paid compared to total amount of income earned. According to the 2017 returns, which is the most complete data breakdown (done 2020) of taxes paid here are the numbers.

Who pays how much/[/B
These numbers show the percentage of the total federal tax paid compared to the total portion of income earned in the U.S.
Top 1% paid 38.5% of taxes on 21% of total income (top 1% paid 38.5% of all taxes while earning 21% of all income)
Top 5 to 1% paid 20.7% of taxes on 15.5% of total income
Top 10 to 5% paid 10.9% of all taxes on 11.2% of all income
Top 25 to 10% paid 16% of all taxes on 21.4% of all income
Top 50 to 25% paid 10.8% of all taxes on 19.6% of all income
Bottom 50% paid 3.1% of the taxes on 11.3% of total earnings

 

[lwf]

Democrats rant on the rich paying their "fair share". What is "fair share"? Maybe a look at history will help clear up who is paying the bulk of taxes in America.
In the 1920's the highest tax rate was cut from 73% to 24 %, this was declared a tax break for he rich. The combined top marginal normal and surtax rate fell from 73 percent to 58 percent in 1922, and then to 50 percent in 1923 (income over $200,000). In 1924, the top tax rate fell to 46 percent (income over $500,000). The top rate was just 25 percent (income over $100,000) from 1925 to 1928, and then fell to 24 percent in 1929. The outcome: When the rich,(people making over $100,000 or the equivalent to a couple of million today), paid 73% income tax rate they paid 30% of the total federal tax. After the tax cuts for the rich, the rich were actually paying 65% of the federal taxes. those people making $5,000 and less were paying 15% of the federal tax prior to the tax cut after it they were paying 0.0025%, one quarter of one percent. The share of true millionaires of that time went from 4% to 19% afterwards.
So the myth of cutting taxes benefiting the rich is really just a political ploy by the liberals.
Heres the most recent numbers. This is based on total portion of the tax bill paid compared to total amount of income earned. According to the 2017 returns, which is the most complete data breakdown (done 2020) of taxes paid here are the numbers.

Who pays how much/[/B
These numbers show the percentage of the total federal tax paid compared to the total portion of income earned in the U.S.
Top 1% paid 38.5% of taxes on 21% of total income (top 1% paid 38.5% of all taxes while earning 21% of all income)
Top 5 to 1% paid 20.7% of taxes on 15.5% of total income
Top 10 to 5% paid 10.9% of all taxes on 11.2% of all income
Top 25 to 10% paid 16% of all taxes on 21.4% of all income
Top 50 to 25% paid 10.8% of all taxes on 19.6% of all income
Bottom 50% paid 3.1% of the taxes on 11.3% of total earnings

Your argument seems to show that tax cuts almost entirely benefit the rich, yet you call it a myth intended as a liberal political ploy? (I bolded it above) If it is accurate, then how is it a myth?

 

[rocket88]

Democrats rant on the rich paying their "fair share". What is "fair share"? Maybe a look at history will help clear up who is paying the bulk of taxes in America.
In the 1920's the highest tax rate was cut from 73% to 24 %, this was declared a tax break for he rich. The combined top marginal normal and surtax rate fell from 73 percent to 58 percent in 1922, and then to 50 percent in 1923 (income over $200,000). In 1924, the top tax rate fell to 46 percent (income over $500,000). The top rate was just 25 percent (income over $100,000) from 1925 to 1928, and then fell to 24 percent in 1929. The outcome: When the rich,(people making over $100,000 or the equivalent to a couple of million today), paid 73% income tax rate they paid 30% of the total federal tax. After the tax cuts for the rich, the rich were actually paying 65% of the federal taxes. those people making $5,000 and less were paying 15% of the federal tax prior to the tax cut after it they were paying 0.0025%, one quarter of one percent. The share of true millionaires of that time went from 4% to 19% afterwards.
So the myth of cutting taxes benefiting the rich is really just a political ploy by the liberals.
Heres the most recent numbers. This is based on total portion of the tax bill paid compared to total amount of income earned. According to the 2017 returns, which is the most complete data breakdown (done 2020) of taxes paid here are the numbers.

Who pays how much/[/B
These numbers show the percentage of the total federal tax paid compared to the total portion of income earned in the U.S.
Top 1% paid 38.5% of taxes on 21% of total income (top 1% paid 38.5% of all taxes while earning 21% of all income)
Top 5 to 1% paid 20.7% of taxes on 15.5% of total income
Top 10 to 5% paid 10.9% of all taxes on 11.2% of all income
Top 25 to 10% paid 16% of all taxes on 21.4% of all income
Top 50 to 25% paid 10.8% of all taxes on 19.6% of all income
Bottom 50% paid 3.1% of the taxes on 11.3% of total earnings

So tax the poor and middle class. You guys should run on that, I can't see how that could be a losing strategy :lamo

Or, you could run on reducing spending. For the umpteenth time, even though your administrations never follow through.

See, one simple reason to vote Democrat - at least they think SOMEBODY should pay for ****. Republicans treat money like it grows on trees.

 

[Aunt Antifa]

Democrats rant on the rich paying their "fair share". What is "fair share"? Maybe a look at history will help clear up who is paying the bulk of taxes in America.
In the 1920's the highest tax rate was cut from 73% to 24 %, this was declared a tax break for he rich. The combined top marginal normal and surtax rate fell from 73 percent to 58 percent in 1922, and then to 50 percent in 1923 (income over $200,000). In 1924, the top tax rate fell to 46 percent (income over $500,000). The top rate was just 25 percent (income over $100,000) from 1925 to 1928, and then fell to 24 percent in 1929. The outcome: When the rich,(people making over $100,000 or the equivalent to a couple of million today), paid 73% income tax rate they paid 30% of the total federal tax. After the tax cuts for the rich, the rich were actually paying 65% of the federal taxes. those people making $5,000 and less were paying 15% of the federal tax prior to the tax cut after it they were paying 0.0025%, one quarter of one percent. The share of true millionaires of that time went from 4% to 19% afterwards.
So the myth of cutting taxes benefiting the rich is really just a political ploy by the liberals.
Heres the most recent numbers. This is based on total portion of the tax bill paid compared to total amount of income earned. According to the 2017 returns, which is the most complete data breakdown (done 2020) of taxes paid here are the numbers.

Who pays how much/[/B
These numbers show the percentage of the total federal tax paid compared to the total portion of income earned in the U.S.
Top 1% paid 38.5% of taxes on 21% of total income (top 1% paid 38.5% of all taxes while earning 21% of all income)
Top 5 to 1% paid 20.7% of taxes on 15.5% of total income
Top 10 to 5% paid 10.9% of all taxes on 11.2% of all income
Top 25 to 10% paid 16% of all taxes on 21.4% of all income
Top 50 to 25% paid 10.8% of all taxes on 19.6% of all income
Bottom 50% paid 3.1% of the taxes on 11.3% of total earnings

Most wealth in our country is not generated via “income.”

 

[Rogue Valley]

By 2021, just a few months away, 70% of America's wealth will be in the hands of millionaires and billionaires.

Under Donald Trump, US wealth inequality is the greatest in history.

 

[Omniscient]

 

[Moderate Right]

Democrats rant on the rich paying their "fair share". What is "fair share"? Maybe a look at history will help clear up who is paying the bulk of taxes in America.
In the 1920's the highest tax rate was cut from 73% to 24 %, this was declared a tax break for he rich. The combined top marginal normal and surtax rate fell from 73 percent to 58 percent in 1922, and then to 50 percent in 1923 (income over $200,000). In 1924, the top tax rate fell to 46 percent (income over $500,000). The top rate was just 25 percent (income over $100,000) from 1925 to 1928, and then fell to 24 percent in 1929. The outcome: When the rich,(people making over $100,000 or the equivalent to a couple of million today), paid 73% income tax rate they paid 30% of the total federal tax. After the tax cuts for the rich, the rich were actually paying 65% of the federal taxes. those people making $5,000 and less were paying 15% of the federal tax prior to the tax cut after it they were paying 0.0025%, one quarter of one percent. The share of true millionaires of that time went from 4% to 19% afterwards.
So the myth of cutting taxes benefiting the rich is really just a political ploy by the liberals.
Heres the most recent numbers. This is based on total portion of the tax bill paid compared to total amount of income earned. According to the 2017 returns, which is the most complete data breakdown (done 2020) of taxes paid here are the numbers.

Who pays how much/[/B
These numbers show the percentage of the total federal tax paid compared to the total portion of income earned in the U.S.
Top 1% paid 38.5% of taxes on 21% of total income (top 1% paid 38.5% of all taxes while earning 21% of all income)
Top 5 to 1% paid 20.7% of taxes on 15.5% of total income
Top 10 to 5% paid 10.9% of all taxes on 11.2% of all income
Top 25 to 10% paid 16% of all taxes on 21.4% of all income
Top 50 to 25% paid 10.8% of all taxes on 19.6% of all income
Bottom 50% paid 3.1% of the taxes on 11.3% of total earnings

The left don't give a crap about facts. They believe that while 50% of Americans pay zero federal income taxes, the rich, who pay the lion's share of income tax revenues, should pay their fair share. Their minds can't get past that, to hell with the facts. Bobby has more than Billie so we need socialism to make them more equal.