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Christina :] | Is it true the richer you are the less you have to pay for taxes? |
i was just wondering.
im writing a paper on eaqulity and ya
Additional Details
im trying to make apoint in like america how we arnt totaly like everyone equal |
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C-LO
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No. The richer you are the more you pay taxes. It's lame. Taking money from the rich will not solve budget needs. The more you take from people the less they have to put back into the economy. |
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Mathew
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In America we have a progressive income tax system. The more you make the higher the tax rate. In addition several of the available tax breaks are reduced or eliminated after given amounts of income. It may also be true that the more you make the greater number of deductions that may be available for you to reduce your tax liability. For example the Federal income tax for a single person with no dependents having a net taxable income of $20,000 is $2,245. For that same person with a net taxable income of $500,000 the tax would be $148,251. The $20K person is paying 11.23% tax while the $500K person is paying 29.65%. Now you may be able to find a person who made a gross of $1,000,000 and was able to reduce that the $500 K after deductions but that would be rare and they would still be paying 14.83% of the gross. |
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Judy1
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No, not true. The higher your income, the more taxes you pay. The top 50% of income-earners pay over 96% of the taxes collected. The top 5% pay over half of the total taxes collected. |
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TMLeaf Fan
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No...the more you make, the higher the tax bracket, the more taxes you pay. Some of those with high incomes find ways to reduce their taxes by investing, charity etc, but in the end, they pay higher taxes... |
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Tomk
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Nobody ever said that in America we are all totally equal. That would be a lie.
The richer you are, the more taxes you pay, but the less it affects you. If I make a million a year and pay $300,000 a year in taxes, I still have a whopping $700,000 a year to spend/invest as I like.
If I make $30,000 a year and pay $9,000 in taxes, I might pay roughly the same percent as the millionaire, but where he can easily afford to pay his three hundred grand, the nine grand I pay can put me into financial difficulty.
For that reason, lower income people pay a lower percentage of their gross pay as tax. But it is still harder for them to part with the tax money than it is for the millionaire who pays a much higher percent. |
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stephenweinstein
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The rich pay more in income tax. The rich also pay more in real estate tax, because they own more real estate.
However:
(1) as a percentage of all income, the rich pay less in social security tax, because only the first xx,xxx (approximately $80,000, look up the exact figure) is subject to this tax
(2) as a percentage of all income, the rich pay less in sales tax, because the rich save or invest their money or buy real estate and the poor buy taxable stuff
(3) as a percentage of all income, the rich sometimes pay less in income tax, because more of their income is from capital gains and qualified dividends, because they are more likely to be in 401K's, IRA's, etc., and because they can deduct their home mortgage interest and real estate taxes (the poor are less likely to own homes and more likely to rent). |
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hi91977
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the richer you are, the more you pay in taxes. the rich appear to pay less in taxes because they lower their taxable income (itemized deductions, business expenses, 401k, ira, etc) by understanding the tax code. |
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Keezee
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Usually, but not exactly. The more money you make the more taxes you have to pay, but usually if your grossing more than 150k you own an business and with that comes tax write-offs. If you own a business in America you pay very little tax and more often than not the rich people are business owners.
Hope it helps! |
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Hister07
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Yes and No. When you are rich, you pay more taxes based on all your assets: properties, cars, yachts etc. Most rich people have problems beating the IRS. Bill Gates, the ex- CEO of Microsoft for instance, is rich enough for the IRS to set up a private computer just to calculate his taxes. Leona Helmsley who just passed away was quoted saying "only little people pay taxes" by an employee of hers. Rich people however have great powers to influence NEW taxes aiming at them as well as many new regulations that would influence their industry in a negative way. They do that by lobbying certain law makers, legislators, and most importantly the senators once the law proposal is to be voted. Rich people have great influence in the politics of America. When i am rich, i will prefer to be elsewhere. America tends to be much less flexible towards rich people when compared to countries like Russia and China. I personally believe that rich people in America are different than rich people in Russia or China. A perfect example of what i am saying would be Roman Abramovich. (interesting person) He is rich and is a very close friend with president Putin of Russia. This guy contributed so much to the city that he governed with his own money and governments look at things from the bigger scales . That means if Roman was to pay less taxes, it would be fine because what his contributions were great enough to have this privilege. I hope all of the answers will help you answer your question. |
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