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magical thyme

(14,881 posts)

69. Also remind your friend that most of the 47%

Sat Oct 20, 2012, 09:13 AM

Oct 2012

spend all their money, and we pay property taxes (including as part of rent), sales taxes, and state and local taxes on income, along with social security, FICA, etc. It just passes through the 47% hands on the way to the top 10% bank accounts.

There was a great Will Rogers quote posted on DU not long ago:

"The money was all appropriated for the top in hopes it would trickle down to the needy.

Mr. Hoover didn't know that money trickled up. Give it to the people at the bottom and the people at the top will have it before night anyhow. But it will at least have passed through the poor fellows hands."

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RW friend says "Top 10% pay 70% of all taxes, taking care of that 47%." True? [View all] Shanti Mama Oct 2012 OP

Here's an article for you. Skidmore Oct 2012 #1

Historically, higher taxes on the rich have correlated to higher growth. Ichingcarpenter Oct 2012 #2

It's actually not counterintuitive n2doc Oct 2012 #32

Exactly! And small business men/women... WhaTHellsgoingonhere Oct 2012 #37

They own about 70% safeinOhio Oct 2012 #3

Thought the percentage was closer to 85% Doremus Oct 2012 #63

more or less true re income taxes but not "all" taxes. HiPointDem Oct 2012 #4

The top 10% is a misleading metric BainsBane Oct 2012 #5

They have over 90% of the wealth B Calm Oct 2012 #6

The top 20% hold 87.7% of the wealth. renie408 Oct 2012 #15

As a result the top 20% should pay 87.7% in taxes IMHO NotThisTime Oct 2012 #45

At the very least Generic Brad Oct 2012 #55

IMO that suggests they're getting paid too much CJCRANE Oct 2012 #7

Bingo! nt Xipe Totec Oct 2012 #9

Sounds just horrible and unfair King_Klonopin Oct 2012 #8

My way of thinking on this anymore BootinUp Oct 2012 #10

Actual data econoclast Oct 2012 #11

nicely done hfojvt Oct 2012 #52

The top 10% get 90% of the money lunatica Oct 2012 #12

I have tried to track this but if you go back a few years it was "95% of taxes" underpants Oct 2012 #13

Actually just the reverse econoclast Oct 2012 #17

The latest figures there are 2007... Spider Jerusalem Oct 2012 #42

Yes and no. It's only true if we're talking exclusively the federal income tax rates. Selatius Oct 2012 #14

People on Social Security paid into the system, aren't "taken care of" by the Top 10% at all. reformist2 Oct 2012 #16

Most get back more than paid in econoclast Oct 2012 #18

But that's to be expected, given typical returns on investments along with inflation. reformist2 Oct 2012 #22

Guess what? That would include THE TOP 10% ESPECIALLY. WinkyDink Oct 2012 #28

if you look at their figures, it's low-earners who get more than they pay in. HiPointDem Oct 2012 #62

"If you look at" the system, you'll see that low-earners get taxed on all their income, whereas THE WinkyDink Oct 2012 #65

I understand the system just fine, thanks. The fact of the cap has nothing to do with how much HiPointDem Oct 2012 #67

None of that is paid from income tax revenue. Warren Stupidity Oct 2012 #30

it clearly says that for those who retire starting in 2010, median or higher earners will HiPointDem Oct 2012 #61

If you handle your own retirement like the repukes want us to Doremus Oct 2012 #68

The 47% pay taxes. Many are retirees who paid into SS and are now receiving Warren Stupidity Oct 2012 #19

I think it's pretty close to that. sharkman25 Oct 2012 #20

If this is true... RichGirl Oct 2012 #21

The Top 10% benefit from the fact that consumers overpay for products. reformist2 Oct 2012 #23

From the CBO: sharkman25 Oct 2012 #24

You know, WTH would it matter? All it would show is that IT STILL ISN'T ENOUGH. The gap is HISTORIC. WinkyDink Oct 2012 #25

The bottom 60 percent have about 4.2 percent of the wealth ProSense Oct 2012 #26

So the top 10% have 73.1% of the money and pay 70% of the taxes. n/t ieoeja Oct 2012 #40

This is the answer! Hamlette Oct 2012 #44

The top 20% have almost 90% of the wealth gollygee Oct 2012 #27

If I was paid 100% of the income, I'd pay 100% of the taxes. Start from there with your response. stevenleser Oct 2012 #29

Study the link that econoclast gave in #17 Travelman Oct 2012 #31

It's because of the concentration of wealth louis c Oct 2012 #33

Thanks to all. Shanti Mama Oct 2012 #34

Info overload in a very good way. Shanti Mama Oct 2012 #35

Tell her that the 47% include older people on SS, the military, the disabled, and poor children. Dawgs Oct 2012 #36

And that she'd better hope she never gets a brain injury. WinkyDink Oct 2012 #38

In 2007 the top 5% had 37% of AGI and paid 60% of all income tax revenue. hack89 Oct 2012 #39

It is their responsibiltiy to give YOU proof, not that you hassle us for it. slampoet Oct 2012 #41

The truth is that its pretty balanced overall: bhikkhu Oct 2012 #43

Tell her how well this lie nadinbrzezinski Oct 2012 #46

Yeah, well, 93 percent of all financial wealth is controlled by the top 10 percent of the country. Lex Oct 2012 #47

The 1% has hoarded all the wealth so no wonder - TBF Oct 2012 #48

It's like feudal times where the Queen and the Lords owned the country's wealth Lex Oct 2012 #50

It's true that this kind of analysis should be part of the discussion. Kablooie Oct 2012 #49

I'd tell her PD Turk Oct 2012 #51

IF THEY PAID SOME FUCKING DECENT ASS WAGES THEY WOULD NOT HAVE TO TAKE CARE OF ANYONE !!!!! SmileyRose Oct 2012 #53

To all who helped me with this... Shanti Mama Oct 2012 #54

This is all academic horseshit anyway jmowreader Oct 2012 #56

Except for those like mitt who keep their money Cha Oct 2012 #57

I think tax rates should be based on wealth and income. aandegoons Oct 2012 #58

Everyone is stating evidence to the contrary durablend Oct 2012 #59

No. The 47% are paying a higher percentage of their income mmonk Oct 2012 #60

RW friend is an idiot. spanone Oct 2012 #64

Maybe so, but the statement is somewhat true. underoath Oct 2012 #71

Your friend is RW? And you think she knows "facts"? There's your difficulty, right there. WinkyDink Oct 2012 #66

Also remind your friend that most of the 47% magical thyme Oct 2012 #69

Pretty much true. underoath Oct 2012 #70

What is her point? That the 47% should be allowed to starve in the streets? yardwork Oct 2012 #72

It's a fairly simple myth to disprove. 99Forever Oct 2012 #73

So how did your discussion go after this? n/t jtuck004 Oct 2012 #74

In terms of raw dollars, it is close to true hootinholler Oct 2012 #75

Lies, Damn Lies, and Statistics... Blue Idaho Oct 2012 #76