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“Fair Share” Tax Policy

Bernie Sanders: “We tell the billionaire class, they cannot have it all!  For a start, they’re going to start paying their fair share of taxes.”

John Stossel: “Yeah!  Rich people aught to pay their fair share.  Warren Buffett says he pays a lower percentage tax than his secretary.  That’s disgusting!  Right, Steve Moore?

Steve Moore: “That’s one of these prevalent myths that’s been around for about ten years now.  Warren Buffett keeps saying he pays less than his secretary but when you…”

John Stossel: “Well, it is a higher percentage? It’s factually true.”

Steve Moore: “Well, no, it isn’t really.  Because what does Warren Buffett do?  He owns companies.  He invests in these companies and those companies pay a whole heck of a lot of taxes.  If you take in account all of those taxes, Warren Buffett’s tax rate is much higher.”

John Stossel: “According to Forbes, his secretary makes between $200-500 thousand dollars a year. So, they’re both in the top bracket.”

Steve Moore: “Yeah, she’s pretty rich too.  Most of his money comes from capital gains and dividend income and that’s taxed both at the corporate level and at the individual level as well.  So, taking that into account he is not paying a lower tax rate than his secretary.”

Everything progressives, Occupy Wall Street protesters, and Bernie Sanders supporters believe is most likely completely untrue when it comes to the “evil 1%.”  

The top 1% paid 37.8% of all federal income taxes.  The top 10% paid 69.8% of all federal income taxes, and that’s not including the taxes on capital gains and dividends.

Bernie is lying to you about the rich.  Don’t be a sucker.

vimeo

We talk a lot about how Washington’s tax code is wicked regressive, but not everyone has a super-firm understanding of why that is or how it works or if it could ever be improved. Which is fair! Taxes are fucking complicated!

But basically, the issue is that, though tax payers shell out plenty of money each year to keep the roads paved and the schools open and the government officials paid (you may have seen people whinging about this in recent weeks regarding the school levy propositions), the state’s revenue sources are pretty busted. 

This video explains some of why this is—particularly, that we balance a large portion of our books on property taxes and sales tax, both of which a.) disproportionately impact lower-earners, and b.) really don’t allow for much growth or expansion. Despite the additional folks we’re adding to the city, property and sales tax simply don’t keep up. They do, however, place undue burden on poor people:

Neat.

What this video fails to mention is why we have the 1% property tax cap. Because, though homeowners often kvetch about how they’re getting gouged on property tax, the truth is that actually, property taxes have been artificially kept down thanks to none other than Tim Eyman. And though a re-instatement of the cap was (kind of) bipartisan, the truth is that tax and policy professionals know it’s one of the reasons why the state and local governments are facing huge shortfalls. 

Anyway, the point is that if you really want to see a more equitable tax base—or if you just want to not see most of the budget propped up by sales and property tax—you should probably get on board with a more progressive tax system, like one with an income tax (which basically ensures that people who earn a lot also pay into the system to a more equitable degree). 

So now you know! This is what we mean when we talk about our tax system. 

creepingsharia.wordpress.com
Obama pledges $890M more US taxpayer dollars to Muslim "refugees"
Source: US pledges $890 million to Syria aid effort The United States added another $890 million to the Syrian humanitarian aid effort Thursday, pledging increased support for refugee aid. Addressi...

The figure covers the current US fiscal year, which runs until August, and is in addition to previous contributions.

“The United States has provided over $4.5 billion to help Syrian refugees and those displaced within Syria, and I’m proud that that makes us the largest single external donor in the world,” Kerry said.

Meanwhile, here at home, our roads and bridges are in dire need of repair, our students are crushed under student loan debt, etc.  But look at this, Traitor in Chief Obama and US State Department Traitor Kerry are giving billions of tax dollars to import potential terrorists into the United States.

Least anyone think I’m joking, it must be pointed out that the perpetrators of the Paris terrorist attacks were Muslim refugees. It must be pointed out that the rapists running amok throughout Europe are Muslim refugees.

Apparently, Obama and Kerry feel the US has a national shortage of terrorists and rapists.

Bernie explains how raised taxes saves families thousands in health costs

Voter: “Senator Sanders, the first thing I hear about you is you’re going to raise taxes on the middle class. I support my family on a salary of $41,000 a year. I’m wondering, if you raise my taxes, how does that help me?”

Bernie Sanders: “Thanks very much for that good question. This is what we are going to do. The United States is the only major country on Earth that doesn’t guarantee health care to all people, and we end up spending far, for more per capita on health care as the people of any other country; Canada, UK, France, whatever. What we are gonna fight for is a Medicare-for-all, single-payer program which will provide comprehensive health care for your family and every family in America. So let me tell you what we do. We raise your taxes, you’re in about the middle of the economy, about 500 bucks, but you know what we’re gonna do for health care? We’re gonna reduce your health care costs by about $5,000. So you’re gonna pay a little bit more in taxes but you’re no longer gonna have to pay private health insurance premiums. Now I’ve been criticized for this, but I believe that healthcare is a right of all people; that we should not have these deductibles and co-payments; we should not be paying the highest prices in the world for prescription drugs. And our Medicare-for-all program will guarantee comprehensive health care to all people and save middle class families thousands of dollars a year.”

Moderator: [to voter] “Does that math work for you?”

Voter: “If it saves me on health insurance premiums, I’ll gladly pay more taxes.”

4

Bernie Sanders says what no other candidate will: “We will raise taxes.”

Breaking with decades of bipartisan political convention, Democratic presidential hopeful Sen. Bernie Sanders (I-Vt.) on Monday night reaffirmed that he would raise taxes on middle-income Americans to fund his Medicare-for-All health care plan. But Sanders claims the middle class will still save money.

Hey Bernie Sanders fans

You want the 1% to pay, what? 90% tax? For all those programs you want, let’s do the math

Say a man brings home one million dollars a year. His wife probably doesn’t work because why would you if your spouse is making that much money? You don’t need to work. If the wife does work, that’s okay, too, but for this example, let’s have the father be the only source of income. The couple has two kids and a dog. The man started in a low level job but worked his way up the ranks in twenty years, and now he’s the CEO or something up there.

Now, if you tax that man 90%, he will only take in $90,000 a year. That’s still a lot of money, don’t get me wrong, but it’s a lot different than currently, where the 1% is taxed approximately 70% already.

But, he still has to pay for his house monthly. Let’s say it’s about $5,000 a month if living in the Upper East Side of New York City. He’s already down $60,000 now.

The family is left with $30,000. He probably wants to send his children to private school in New York, right? It’s about $10,000 a year for each kid. With two kids, he’s down to $10,000 now.

He still has to pay for groceries and cell phone plans and electricity and plumbing and laundry and all those things.

But he should give to charity, too, right? Because he’s in the top 1% and that’s his humanly duty! right? With all of those bills piling up, he probably has $500 in his pocket a year. That’s more than some people, but still.

If a family of four plus one dog only has $500 a year to spend after all that, soon enough, they aren’t even going to have that. Prices will go up, he won’t have enough to donate to charity, rent could go up, his fridge breaks, his kid gets in a car crash.

He wouldn’t have enough money. Then, the one percent would shift to cover the next group of people. Those people were told–no promised that they wouldn’t be taxed, but the top one percent ran out money so someone has to cover the free education and free healthcare and whatever else free stuff you want us to have.

According to bankrate.com, if you get about $350,000 a year, you are the top one percent. I don’t know about you guys, but that’s not what I thought the top one percent was. I thought they would have more money.

You will dry the top one percent out of money. Then, everyone will have to pay for the taxes that they can’t afford because the taxes are already so high. Are you going to be happy when the top one percent only makes five bucks more than you?

taxfoundation.org
Details and Analysis of Senator Bernie Sanders’s Tax Plan
Key Findings: Senator Sanders (I-VT) would enact a number of policies that would raise payroll taxes and individual income taxes, especially on high-income households. Senator Sanders’s plan would raise tax revenue by $13.6 trillion over the next decade on a static basis. However, the plan would end up collecting $9.8 trillion over the next decade when accounting for decreased economic output in the long run.