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> the top 1% still pay 40+% of federal taxes No. They pay 40% of Federal income tax, specifically. https://nymag.com/intelligencer/article/fact-check-richest-

> the top 1% still pay 40+% of federal taxes No. They pay 40% of Federal income tax, specifically. https://nymag.com/intelligencer/article/fact-check-richest-1-dont-pay-40-of-the-taxes.html https://nymag.com/intelligencer/article/fact-check-richest-1... > The bottom 50% pay no taxes Same mistake here. They pay plenty of payroll etc. tax.

loeg 1y ago
The numbers from your link are: The top 1% pays 24% of Federal taxes, and the bottom 50% pays somewhere between 7% (bottom 40%) and 16% (bottom 60%).
- dmoy 1y ago
  Yes, that sounds about correct. It's a lot more than "bottom 50% pay no tax". Also I'm unclear if that source includes only the "employee half" of the 15% FICA.
- NuclearPM 1y ago
  That’s a crystal clear sign that the top 1% have way too much money.
  - estearum 1y ago
    Yeah this argument is so silly: "the top 1% pay 60% of income tax" oh okay, so as they get closer and closer to escape velocity from the rest of us, that number will climb to 1% paying 70%, then 80%, then 90%, so your argument to tax them gets weaker while the functional need to tax them gets stronger. Brilliant!
    - NuclearPM 1y ago
      Thank you for understanding what I was trying to say. :)
throwawaymaths 1y ago
no, employees do not pay payroll tax, employers do.
- Spivak 1y ago
  And stores pay sales tax. > By law, some payroll taxes are the responsibility of the employee and others fall on the employer, but almost all economists agree that the true economic incidence of a payroll tax is unaffected by this distinction, and falls largely or entirely on workers in the form of lower wages. Who is charged the tax and who pays it are different things.
  - gamblor956 1y ago
    In some states, the stores are the ones that owe the "sales" tax (which in these states are actually excise taxes that the business can pass through to the customer). The "tax" the customer pays in those states is the "pass thru" charge. To make things fun, Hawaii imposes the excise tax (on the business) recursively on any tax charges passed thru to the customer.
- ceejayoz 1y ago
  I assure you we do. https://en.wikipedia.org/wiki/Federal_Insurance_Contributions_Act https://en.wikipedia.org/wiki/Federal_Insurance_Contribution... > The Federal Insurance Contributions Act (FICA /ˈfaɪkə/) is a United States federal payroll (or employment) tax payable by both employees and employers to fund Social Security and Medicare—federal programs that provide benefits for retirees, people with disabilities, and children of deceased workers. 7.65% of your check until you hit the cap. Employer pays a similar amount.
  - quickthrowman 1y ago
    Additionally, removing the cap on FICA contributions would likely push Social Security back into long-term solvency, but that would be far too much of a burden on the top 1% of wage earners so it’ll never happen.

loeg 1y ago

The numbers from your link are: The top 1% pays 24% of Federal taxes, and the bottom 50% pays somewhere between 7% (bottom 40%) and 16% (bottom 60%).

dmoy 1y ago
Yes, that sounds about correct. It's a lot more than "bottom 50% pay no tax". Also I'm unclear if that source includes only the "employee half" of the 15% FICA.
NuclearPM 1y ago
That’s a crystal clear sign that the top 1% have way too much money.
- estearum 1y ago
  Yeah this argument is so silly: "the top 1% pay 60% of income tax" oh okay, so as they get closer and closer to escape velocity from the rest of us, that number will climb to 1% paying 70%, then 80%, then 90%, so your argument to tax them gets weaker while the functional need to tax them gets stronger. Brilliant!
  - NuclearPM 1y ago
    Thank you for understanding what I was trying to say. :)

throwawaymaths 1y ago

no, employees do not pay payroll tax, employers do.

Spivak 1y ago
And stores pay sales tax. > By law, some payroll taxes are the responsibility of the employee and others fall on the employer, but almost all economists agree that the true economic incidence of a payroll tax is unaffected by this distinction, and falls largely or entirely on workers in the form of lower wages. Who is charged the tax and who pays it are different things.
- gamblor956 1y ago
  In some states, the stores are the ones that owe the "sales" tax (which in these states are actually excise taxes that the business can pass through to the customer). The "tax" the customer pays in those states is the "pass thru" charge. To make things fun, Hawaii imposes the excise tax (on the business) recursively on any tax charges passed thru to the customer.
ceejayoz 1y ago
I assure you we do. https://en.wikipedia.org/wiki/Federal_Insurance_Contributions_Act https://en.wikipedia.org/wiki/Federal_Insurance_Contribution... > The Federal Insurance Contributions Act (FICA /ˈfaɪkə/) is a United States federal payroll (or employment) tax payable by both employees and employers to fund Social Security and Medicare—federal programs that provide benefits for retirees, people with disabilities, and children of deceased workers. 7.65% of your check until you hit the cap. Employer pays a similar amount.
- quickthrowman 1y ago
  Additionally, removing the cap on FICA contributions would likely push Social Security back into long-term solvency, but that would be far too much of a burden on the top 1% of wage earners so it’ll never happen.