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View Diary: Sen. Chuck Schumer wants to have Bush tax cut fight before election (82 comments)

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  •  Could I have a link, please? (4+ / 0-)

    Please support your statement, that "most millionaires pay about 29%".

    •  Here ya go.. (0+ / 0-)

      From HuffPo

      This year, households making more than $1 million will pay an average of 29.1 percent of their income in federal taxes, including income taxes, payroll taxes and other taxes, according to the Tax Policy Center, a Washington think tank.
      If I get time, I will try to find one of the recent articles that links back to IRS tables.
      •  What does that even mean? Income taxes (2+ / 0-)
        Recommended by:
        One Opinion, tuma

        and payroll taxes?

        How many households make a million in salary rather than on investments?

        •  I think he means (1+ / 0-)
          Recommended by:

          both... there are a lot of very wealthy medical and legal professionals, for example, who may make $500K or more in salary, and also have another $500K in investment income, taxed at 15%.  It is possible that someone making $1 million per year would have significant payroll tax withheld.

          “If the misery of the poor be caused not by the laws of nature, but by our institutions, great is our sin.” Charles Darwin

          by ivorybill on Mon Mar 05, 2012 at 01:53:37 PM PST

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        •  Income tax is what wage slaves pay. (0+ / 0-)

          Payroll tax is not a real tax, it is Social Security retirement/pension benefit payments.

          Millionaires pay a small tax (Capital Gains) on the money they $kim from the system in their positions as bankers, speculators and other Masters of the Universe; but only on the $kim that they are unable to hide offshore. They earn nothing.

          That Giant Sucking Sound Is Wall Street Billionaires Drinking Your Blood.

          by olo on Mon Mar 05, 2012 at 04:35:28 PM PST

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      •  Your link does not support your (2+ / 0-)
        Recommended by:
        One Opinion, aliasalias

        assertion; nowhere in it does it say that "most millionaires pay 29%." In fact, the closest thing to quantifying the whole article comes at the end, where we find this gem (emphasis mine):

        Treasury Secretary Timothy Geithner was pressed at a White House briefing on the number of millionaires who pay taxes at a lower rate than middle-income families. He demurred, saying that people who make most of their money in wages pay taxes at a higher rate, while those who get most of their income from investments pay at lower rates.
        •  I should have said "average".. (0+ / 0-)

          As many as 25% of folks in that income class pay very little in taxes.  But that means the rest are paying even more than 29%.

          This is why we need tax reform.  No deductions, no loopholes.  

          •  Face it, if this article is the basis for (0+ / 0-)

            your statements, you will want to rethink. The author does a terrible job of giving us apples to apples comparisons for the numbers he throws around.
            Here's a good one:

            In 2009, 1,470 households filed tax returns with incomes above $1 million yet paid no federal income tax, according to the Internal Revenue Service. But that's less than 1 percent of the nearly 237,000 returns with incomes above $1 million.
            The first sentence speaks to those who pay no income tax. The second? Who knows how much tax they pay, because he hasn't done his homework. Just because they pay the majority of the federal government's income, it does not mean they are individually paying out anything close to his/your 29% figure.
      •  "Average" is not "most" (0+ / 0-)

        and other numerical inaccuracies. Also, lumping ALL taxes (like property taxes for all we know) into a pot when the discussion is STRICTLY about  sunsetting a law that cuts income tax only is, well, we like to say "disingenuous" to the liars in my family.

        I pay more federal income taxes than General Electric, Boeing, DuPont, Wells Fargo, and Verizon all put together.

        by Daddy Love on Mon Mar 05, 2012 at 02:25:06 PM PST

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        •  You are right.. (4+ / 0-)
          Recommended by:
          ZedMont, bryduck, olo, BobBlueMass

          I should have read that more carefully.  I thought when I read that some weeks ago it was 29% in federal income tax, so I didn't read the quote I pulled very carefully.

          •  You get a gold star for intellectual integrity (0+ / 0-)

            What'd the devil give you for your soul, Tommy? He taught me to play this here guitar REAL good. Oh son, for that you traded your everlastin' soul? Well, I wuddn' usin' it.

            by ZedMont on Mon Mar 05, 2012 at 02:32:57 PM PST

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