Why Millionaires Do Not Pay Federal Taxes

If the United States are going to tax people, then they should tax everyone fairly. Corporate welfare can be as close to those, who shouldn't receive food stamps, or people like panhandlers, who pay no taxes for the money they receive. According to Citizens for Tax Justice, “American Fortune 500 corporations are avoiding up to $600 billion in U.S. federal income taxes by holding more than $2.1 trillion” of retained profits offshore, which they identify as “permanently reinvested” to stay away from a tax liability. Millionaires and Billionaires as well regularly pay less in taxes than a middle class American. Huffington Post states that millionaires and billionaires benefit from tax loopholes, deductions, deferrals and other types of accounts. This show’s corruptness and unfairness because the 1 percent continues to profit while the 99 percent pay most of all the taxes. The 99 percent of the people struggle to pay the bills while the 1 percent worries about what sports car they will buy next. In addition, when Wall Street fails, the taxpayers have to pay for their damages. For example, Millions of taxpayers lost their jobs due to the 2008-2009 Wall Street collapse, yet they are unwilling to pay additional taxes to pay for education and healthcare for the people who bailed them out. The United States should eliminate corporate welfare until they agree

Wealth in america is only reserved for the top 1%. Even out of those who live in the

Why shouldn’t the wealthiest of Americans pay a higher percentage of their income for taxes? Certainly, things would get better if the wealthy paid more taxes. This philosophy is why welfare continues to exist today. People worry more about what is right for the other person without looking at themselves and taking responsibility. It is overrun with individuals who prefer to be on welfare than to work hard and contribute to society. This doesn’t mean welfare is not needed, but that it should not be a career. It offers no permanent solution, but only prevents a real solution from being realized. So why should the wealthy pay a higher percentage of taxes just because they can afford it? They work hard, so shouldn’t they be allowed to keep what they earn? This is not an example of scrooge-like behavior, but that hard work should have its rewards. The way to a better life should start with hard work and the desire for independence from government support. This would help people regain personal pride and become productive members of society, rather than a drain on its resources. It is not a crime for the wealthiest to earn high incomes. Shouldn’t hard work pay off? Why be penalized by paying a higher percentage of your income when you worked hard to make that income? Simpler solutions are required.

The United States is a capitalist society; money is powerful. The wealthy and those in power are able to influence tax policy. There are a few tax policies that have more of a benefit to the wealthy than to the poor. A few of them include the mortgage interest deduction, the yacht tax deduction, rental property, business meal deduction, capital gains tax rate, estate tax, social security, and savings for retirement plans.

Generally, the income earners pay less income tax and more payroll taxes while the high-end income earners pay more income tax and less payroll taxes. The low income earners however get credit benefits as the government pays for their payroll taxes. Therefore, the high income racket still suffers the burden of individual taxes. In 2014, the bottom 20% had an effective tax rate of -4.5% while the top 1% faced an average of 24.6% a margin of 29% creates a very huge economical gap between the rich and the poor. This only ends up hurting the economy more. As a result, I believe the highest effective tax that should be applied to the top 1% should not be more than 20%. If it goes beyond 20%, they shall start demanding for tax cuts and further design ways to evade the tax payments.

Amity Shlaes talks about how presidents such as Nixon, and Bush removed millions of Americans from the tax bracket completely and that those same exact people don’t want a proportional tax rate and want to tax the rich because “they can afford it”. That just seems unfair and unjust. The first video was very opinionated saying that the rich now make more money than before, of course they have the money now due to war times & depressions being over however, the less money they have the less likely they’re to make more investments into other things such as creating more offices, and hiring more people to work for their company

Alyssa Battistoni makes some very good points in her article, “The Public Overwhelming Wants It: Why Is Taxing the Rich So Hard?” regarding how the wealthy have a big part in influencing the government and taxes. Her article makes valid points on how we, as citizens, under estimate the political influence of the rich and that we have a hard time understanding the magnitude of the economic inequality and the relationship it has with political power (Battistoni, 720). She states that many of the politicians themselves are in the wealthy category. This article shows the frustration Battistoni feels by the tone and wording she uses to make her examples such as when she states that we are getting caught in a negative feedback cycle as the rich

The vast wealth inequality in America (and the rest of the world) has been cited as a problem by Obama in many of his State Of The Union address, the Chairwoman of the Federal Reserve Janet Yellen, and many other liberal politicians and economists. Their talk about the problem of how the “1%” help perpetuate the wealth inequality has brought this issue to the forefront of society. In America, many citizens believe firmly in the idea of equality. The fact that some people have more money than they could ever spend, while others live in poverty on the streets conflicts with that value of equality. The most famous reaction to this rampant inequality was the Occupy Wall Street movement that started in 2011. Tens of thousands of people camped out next to Wall Street offices in New York and several other financial centers across the nation to protest the inequality between the 1% and the other 99%. This infamous movement gained media attention as the vocal protesters wanted to make it known that the wealth divide is unacceptable and politicians must rectify the situation. One important policy tool the United States has implemented to combat wealth inequality is a progressive tax. This means that people with more income are taxed at a higher rate than those with lower income. However this tax system has many loopholes in the United States, and the wealthiest individuals are routinely able to avoid being taxed at a higher rate by distributing their wealth in bank accounts

"The most perennially political issues in the United States is the question of how much Americans should be taxed. Indeed, discounted over taxes was one of the major motivating factors in the revolution that established the United States as an independent nation"("Extending Tax Cuts", 1). Since taxes are one of the biggest topics in politics, there is always going to be two sides of the subject, and Taxes will always strike controversy in our country. The topic of having the rich pay more in tax has a deep history to consider, and there will always be both supporters and critics who continue to debate this topic.

This article written by Dave Roos explains the American situation that is already in the title itself “Is it true that only 53 percent of Americans pay income tax?” To further explain, Mr. Roos pointed out that the politicians and organizations believe that the richest Americans pay the largest share of taxes. He then gives an example of the top twenty percent of Americans that earn 53.4 percent but pay 67.2 percent of total income tax. Another shocking point that was made was half of all Americans don’t pay income tax at all; reason being that they are the 99 percent. That being said, the 53 percent of Americans who pay income tax must be given credit for keeping the US in business. This statistics states to be true because only 49 percent

Another huge problem is the way that the tax code works. As Warren Buffett explains, the “tax code is tilted towards the rich and away from the middle class.” It’s actually upside-down those with more pay fewer taxes, than people with less. Though the top rate for wage-based income is 39.6%, the rate for income from investments (capital gains) is only 20%. That means wealthy people pay a lower tax rate than the rest of us. Examples include Buffett, whose tax rate is about 17%, while

The super-rich want us to believe that taxes are too high and that those taxes are harming job creation and economic growth. It's a fabrication. First of all, taxes for most Americans have declined, according to a recent New York Times analysis:

According to a recent article, it is estimated that “in America, the wealthiest 160,000 families have as much as the poorest 145 million families (Matthews, 2015).” This translates to the top 1% of the U.S. population having as much as or more wealth than the bottom 99%, which is quite drastic. Gilson further emphasizes this fact, noting, “A huge share of the nation's economic growth over the past 30 years has gone to the top one-hundredth of one percent, who now make an average of $27 million per household... (Gilson, 2011).” Furthermore, “The average income for the bottom 90 percent of us is $31,244 (Gilson, 2011).” =======================

With rapidly rising income inequality in the United States, would the redistribution of taxes benefit the US economy? It is one of the greatest political questions that deserves to be debated since the US economy suffers with a huge deficit that topped $20 trillion this year and is expected to grow by another 10 trillion over the next decade. In Julie Borowski’s blog post,”Why Shouldn’t the Rich Pay More in Taxes,” she reveals the value of equal opportunity as she proves her argument of why the rich should not bare a larger burden on the national debt crisis through her use of ethos, logos, cynical diction and rhetorical questions. Before we analyze her views, it is important to note that our federal income taxes pay for social security

One of the obvious reasons to raise the taxes of the rich would be because they simply earn more. One example is if two people started the year off with fifty thousand but then let us say one had a rich family member that died and they had received millions through a will, then say they received a gift of one billion by the end of the year they pay the same taxes even though one of they are now a billionaire (Cohen). The reason is that the government does not tax on gifts or wills so then they would not have to pay more taxes if they received a gift that had consisted of a large sum of cash (Cohen). Now there is a large chunk of change out of circulation and now the middle/lower