Poverty is only expensive for fools and mistake makers. You are what you put into your life... Anyone can make it in america if theyre smart. Dont give in to the lies
@@dissolutevoid what if you have nothing at all in life? Isn't your goal harder to achieve comparing to people who are born in upper middle class to the richest which are going to be richer and richer. Think deeply before putting out ur comment.
Only in America can you hear people complaining that those who struggle with basic things such as food or shelter aren't paying their fair share of taxes.
Well if you are honest with yourself it is true. Rather than being an asset to the tax system in America they are on social programs which increases government spending. That said I think welfare should only go to the disabled who have trouble find work or cannot work. I know many people who have had children/more children partially because they would get an increase in their benefits from the government. Not sure what is the best way to solve this problem as you can't just leave kids in property when it wasn't their fault.
@@dr.martinlroberts1908 The reason poor people aren't paying as much in taxes is because they literally can not afford to. Perhaps if wages weren't stagnant for 30 years and income inequality wasn't rising drastically (after accounting for inflation), then maybe they'd be able to pay more in taxes.
Having lived in both America and Canada, I've found that I pay roughly the same amount in taxes in both countries. However, in Canada, I receive significantly more benefits and services for my tax dollars. Many Americans harbor a strong disdain for their government and are reluctant to part with their money because they have rarely experienced effective governance.
EXACTLY!! I notice it in things me and my family do. So for instance, I get used tires because I can’t afford new tires. Since they’re used I have to get them more often. If I got new ones they’d cost less than I spend on constantly getting new tires. I try to save up for new tires all the time. But random expenses always get in the way and the priority moves to those things. And don’t get me started on student loans 😭😂. Trying to get myself out of this predicament but it’s a hard climb.
Wait so you count a refrigerator as a luxury good you count refrigerated fresh food as a luxury good so anybody who earns blow certain income should only be allowed to eat f****** rice and beans f*** you
I've lived in America and Canada. Paid about the same in taxes but get way more for my taxes in Canada. Most Americans hate the government (hate giving them their money even more) because they've never experienced good governance.
I honestly think America needs a completely restructure of their political system. It is just not working. Trump and Biden being elected out of 300 million people to run the country is evidence for that too.
This is why the US should elect more progressive politicians, who know how to manage budgets and give us (yes, pur country's initials literally spell out that pronoun) much better tax credits in return for better public education and better public healthcare. but since these are nonexistent, my husband and I are being guided to finance our retirement and healthcare through a diversified investment portfolioportfolio
It's good you make your own research. and make sure whoever you work with is licensed n verifiable with a repute, this Sonya looks the part but i'd do my due diligence. I set up a call, thanks.
Don’t forget “charities”, like how bezos made his own charity, donated 100 mil to it, took it back because it’s still his money, then got a ton of tax refunds from “donating to charity”
crashie but hes created thousands of jobs and billions of dollars of value created. He created a business model that makes peoples lives easier. And you? Sitting here on youtube complaining about what hes doing.
Wildfire I bet you didn’t consider writing out that comment on your smartphone or computer was you contributing to the prosperity of ‘the rich’ who build your homes, cars and provide you with food, water and gas and most likely employ you or one of your family members
@@bobbyohnio1287 you mean exploiting people for low wages, over working them, subsidizing the middle class to pay for Healthcare and food stamps, finding tax loopholes by holding business nationalities in other countries, and the "charity" this guy is talking about, is a LITERAL scam of the US government taking OUR money. Being deceptive and shady does not mean he's smart, good, honest or has "gumption". You seriously need a reality check.
South Korea. Because there is a key feature - preventing them from escaping to tax heavens. And there is a history lesson connected to that country aka _the law introduced by one president in the past that helped South Korea prosper while making him the most hated person in the country, but somehow not being nulled or revoked by ANY of the next presidents._
I never had an issue with paying my fare share, the issue I have is with government making up new ways to get my money and use it to bailout Banks and corporations.
You touched on this a little but until you actually experience it... The working poor are often cheated out of fair wages. Between a perpetually lowering purchase power minimum wage and employers not providing benefits the tiny paychecks pay the same utility rates to heat/cool poorly insulated, high priced rentals they will never own. Tiny paychecks mean bills often aren't paid in full on time. Translate that to low credit scores which then make them pay significantly more for many things. In that situation, usery tends to happen when purchasing anything on credit. I'd say the working poor pick up the tab so many employers can be in the upper income tiers.
Maybe we need lower cost options for decent living accommodations. Search Japanese micro apartments. Stepping stones so people can afford to live while they try to advance. Apartments like those would not be permitted in the states.
@@Poindexters-Obsession . Brilliant... punish the lower classes by throwing them in a 6*6 box with no windows when there is so much land available in the US and while the wealthy continue to live their best life at the expense of the lower classes. What a disgrace!
Spud there’s 400 billionaires in the US, so he’s saying imagine being the richest millionaire, the 401st richest person in the nation, but not quite rich enough to attain 1% status. That was actually pretty funny btw, OP.
Stacey Grosche doesn’t matter at the end of the day it comes down to paying dollars. Poor people can’t afford to give away the same percentage as the rich and they also can’t afford to give e same amount.
@@staceygrosche6381 yes, but it's a lot easier to live on 1mil than 1 dollar. People who are poor can't afford to give the same percentage of their money as people who are rich
It is scary out there, no doubt. After I got older, I saw how my mother struggled when she had to raise me. I looked back and saw that sometimes she was lucky enough to just have $100 or $200 at the end of the month in the bank. A single catastrophic event could've bankrupted her/us. She worked hard and built a home and a life for the two of us. I miss her dearly, and I'm thankful each day for what she's given me, hoping to continue a good legacy. Thanks to her, I'm better off now than I was back then when I was younger.
It’s worse than that. The poorest people don’t have savings. They live paycheck to paycheck, if they’re even paid at all. Taxing them more takes away from their ability to even live.
@@amanawolf9166 Hopefully you learn from you mothers mistakes and don't have a kid on purpose like her until you are financially stable. Glad to see she loved you enough to build a good life for you as is a possibility for everybody in America. Since everybody is able to become rich here as long as they want to work.
@Cant_Touch_This besides it's their own choices that made them rich and by no means are there choice in later parts of their career infringes human ethics .
not only that but once you make over 539,900$ you pay 162,718$ Plus 37% of your income that's why rich people invest in property real-estate so they can get what's called depreciation that ovetime is money they can get tax free and there is a lot that goes into it but if you have a apartment building that is worth over 100Million$ and over the course of 10 years you got between all of your investments 40Million in Depreciation you could refinance your business take out 40Million dollars (TAX FREE) and still own everything and now you have 40 million
If you're only making $10,000, you aren't paying income tax. Since I've been retired, my SS income has been ~$15,000 and I haven't owed any federal or state income tax for the last 10 years.
@@3506Dodge My Federal taxes were once 32%, Think on that reality and I sure did not see myself as rich, especially since I knew some actually rich people. back then. I estimate I paid 250k in just Federal taxes over the course of my life and I am 71 nowMy only income now is from my book royalties, Social Security a small VA and NSA payment. I can't even qualify to get Food Stamps either,
clichè American logic is to not get pregnant before marriage, graduate high school, and get a job. In America that will get you to at least middle class.
This is why living in Washington feels so wrong. Lots of sales tax but no state income tax. Meanwhile, down in Oregon they charge income tax but zero sales tax. Helps balance things out in the right way.
Your explanation of tax implementations makes it appear that the purpose of tax is to somehow even things out? You are aware it's to fund the government, right?
Having lived and worked in both states I believe I prefer Washington's tax. I saw more money in my check even while earning less per hour. Food is generally not taxed either, so for the most part as long as you are primarily spending your money on needs I believe you'll have more left over.
@@thooper4380 The governments job is to spend money raised on a multitude of things, one of the major ones being social programs which do in a way even things out
Maybe one day, if I win the lottery and become a multimillionair and own multiple houses, most of which are empty year-round, I too will complain about how unfair the tax system is for the rich and how poor people dont contribute enough
Rich people may actually do not really want the poor people to pay more tax. If tax for poor people were risen, the rich should pay them more (so that they can at least survive)
Or, you could get rid of the victim mentality, learn new skills, start a business and not rely on 200 million to 1 odds you will win the lotto. I did not have a phone in my house until I was 14 I was so poor. Unless you are a paraplegic or have some other crippling disability you can change your future but you have to believe it’s possible. Good luck to you.
Keep in mind that LOTTERY TICKETS are a poor tax designed to give false hope to those who are unable to comprehend the fact that they are being scammed.
@@AnyFile They should but in business profit is more important than anything else to a ceo that doesnt actually go to the stores he owns his workers dont seem like people more like numbers on a spreadsheet so keeping labour costs low (wages) Increases profit which means they can give themselves bigger bonus's they probably dont think of the people who suffer because of it since they dont see them all they see is a bunch of numbers
@@briceking669 the thing is, its literally impossible for some of these people and you not having a phone until your 14 is absoultetly nothing. i am 16 and i do not have one and i am typing this on my dads work laptop
The poor aren’t paying their fair share of the taxes? Imagine being so cold-hearted that you would want to take money away from someone who can barely afford to eat.
@@ooidwrioo8968 They don't make a lot in DIRECT pay, but once you add in perks, donations, and such, NOBODY in Congress is exactly going broke or likely to - and don't get me started on "book deals" and the like.
You mean like the way Nancy Pelosi made sure the minimum wage law didn't affect American Samoa, where he husband owns $17 million worth of Starkist tuna cannery operations?
If you calculate in tax returns and government subsidies you will see that the middle class is actually the one that's taking on the biggest tax burden.
Not just the middle but the upper class too its , last time I did the numbers people earning $300,000 were paying a higher effective tax burdens Than People earning 3 million and higher, the greatest irony in the world that the 1% have convinced the 50-99% that the bottom 50% arent paying their fair share and are out to get them
I think you are confusing absolute combined tax contribution with individual tax burden. The middle class pays the bulk of all the taxes that are collected. In aggregate. But poor may often pay a higher proportion of their total income. But it doesn't add up to much. That said there are also the poor in income tax who do get away with a bit less like students who live at home, or retired rich people not earning any income.
Me and my family is middle class but when my parents pay taxes that are with the bills it is under $100 every month so is that very is expensive or do we just not pay as much?
And that's the situation the middle class has voted themselves into, always putting the interests of the wealthiest ahead of their own. Because to do otherwise is "communism".
very true, once you notice that 400 rich people are paying nearly the same amount in taxes as the hundreds of millions of our poorest people, you realize the balance.
@Fabius Maximus Well of course that’s the case. Those 400 rich people pay a certain percent of their yearly income, which is significantly larger than the yearly income of an average American. The fact that the 1% makes up half of our countries income tax clearly shows they are paying more than their share. Why on earth should we punish someone for being rich?
That’s true but unfortunately that’s just how money works, you have to cycle it around the system and get rewarded for it. This creates jobs, tax money and circulates the economy. If it was easier to make money with the less money you had then we would easily have a recession.
from personal experiences of my life and everyone ive known, rich or poor.@@max-ol7ov And its a fact that people rarely leave the class they are born into unless its to a poorer class.
Here, the middle class pays the most bc govt policies appease the poor and the rich so they don't have to be taxed. Instead the middle class is the most politically moral considering patriotism is our duty and don't nudge the taxes
This is a great place to start thinking, but it is oversimplified. Medicare and SS tax are taxes that come with a benefit. That benefit represents a much greater percentage the retirement income for poor and middle class than the rich. There is no mention of earned income credit or welfare benefits on the low end which are actually tax rebates. The rich also have more vehicles to get out of paying taxes. It's the middle class that pay the most taxes when all things are considered.
Another argument for progressive taxation is that poorer people have a lot less of their income left after basic expenses like housing, electricity, food, clothes, travel to/from work. So you could argue that for total equality (nlt equity) taxes should be set to compensate for that fact, so that everyone have the same percentage of their income left after taxes and basic spending
@@andreasnygaard98 Or the tax should be calculate on what is left after paying for basic needs (i.g. shelter/house, food, health, etc) and what you spend to e able to work
what benefit does a 35 year old get from paying medicare and SS tax❓ im pretty sure i wont be receiving either of those things when im old. so please, explain.
this "benefit" is basically forced on you. If you are smart and active person you could use that money to ensure yourself you retirement funds. But in reality governement takes you money and then gives back some standard of money 40 years later with inflation, it is worth nothing
The problem with SS and medicare is that you cannot live on it without savings of your own. I understand the point and it is very helpful but a UBI would be much more effective for this. But I would also say that anytime a UBI has been tested it hasn’t worked very well so why don’t we try to come up with some sort or merge of both systems? Honestly I feel like everyone forgets that things don’t just have black and white answers.
That’s because the lower income get tax free benefits (sometimes in cash) which is not described here. Effectively some poor people pay negative taxes.
You know the poorest (employed) Americans live better than nearly everyone on earth right? "Poor" people in this country have televisions, computers, cars, smartphones etc. These things are just distant fantasies to the majority of people on this planet
"Why don't the middle class and the poor contribute more?" Maybe because you taxation laws milk so much money out of them that they have to pay what is left just to survive.
@@82wtughlaf and search for "Inheritance tax" and "trump" you will know why... also the some itemized deduction been canceled/decreased, which is not good for people who live in high tax states like CA. Basically rich people and poor people are happy but mid level people are suffering after the change.
Scam religions then? Cause they can get away with defrauding taxes LEGALLY and do not have to fear getting caught and paying penalties on top of the defrauded tax :D Sadly that HAS become a business model in the US with tens of thousands of "pastors" competing for the sweet sweet tax free income and the even sweeter jets to enjoy it in... Mind you ... your local run of the mill baptist or 7DA reverend probably just makes a "so so" living and has not much in terms of wiggle room or luxury... many even only are part time preachers and have to work a real job to make a living... but the televangelists and internet ministries THEY are going for the full on scam factor and the effortless Millions...
Consider this as well: If I make $500,000 a year and pay half of that in taxes, I still have plenty. If I am making $50,000 and pay half in taxes, I am struggling. If I make much less, I am starving.
@@hellohello-tp4mb the quality of life in the EU countries is way better than in the US. At least we can give birth for free, unlike in the US where you have to pay 10000$
@Elias Håkansson tell me Elias, who earns that amount? Because unlike Sweden or Germany, the US has higher income inequality than Russia, with its corruption and oligarchs. Frankly, money isn't everything, and living standarts have much more depth to them than just the "income average". If you take Jeff Bezos's monthly income and mash it with 2 million americans, you'll get the average wage of a German. But those 2 million americans can earn $400 per month...
As a US accountant and payroll person... The entire video I was shouting the average US person pays 20 to 30% overall in taxes out of their income... In my experience... And then we get to the end of the video and there it is.. .I felt like I I actually knew something... Go me
I mean doesn’t the average American know that though? They tax you to make money, they tax you to spend money, they tax you to own property, they tax you to invest money. I guess it’s so complicated most people don’t really know
If you can't save your money cause you need it. The entire income after income tax gets another tax! Consumer taxes! Congratulations! Businesses pay it to the government but they businesses take it from you! While the rich don't spend much of their income, they save it or invest it, which has lower taxes (saving it has ZERO tax) than using it. They say estate taxes are a burden the middle class and the poor can't afford... But with the exemptions and deductions, the middle class is too poor to pay any estate tax. So reducing estate taxes just make the rich richer and the poor getting less help from the government! What vox shows is fairly accurate.
@@CallOfDutyProOwner yes but you have Healthcare benefits in those taxes and university benefits. We do not, if you add adverage employee benefits with deductibles and out of pocket cost, plus student loans, it is about 40-50% give or take. Some don't go to uni, and some don't use or have healthcare. So there is a much larger variance when it come to those costs.
Very true once you include tax credits ect a huge portion of my taxes are nixed as a percentage. those same credits for the rich wouldent even be a tick up or down. its silly to include SS and medicare as well as i doubt most rich even use these programs. If i was a billionare i wouldent...
@@Lunarskuld That's because you're not a Billionaire. If you were one you would maximize your subsidy and claim full SS. That's how you got rich. Probably the rich don't even pay attention it's just something their accountant does and the accountant also puts the cheque into the bank account for them.
lucky you had a moral teacher lol! my economics teacher in HS was grossly and openly conservative, he said “poor people are choosing to be poor” referring to the fact that families living under the poverty line tend to have a smart phone, and other pricy things like a computer or car. gotta love boomers.
How about we look at the amount the rich our giving not the percentage and it’s not even close being taxing the poor isn’t a good example of why they aren’t rich because most rich people started out there🤫
The reason Social Security caps at a certain income is because what you receive when you retire is proportional to what you put in while you were working. There is a cap on what you can receive so naturally there is a cap on what you put in.
That would be a great point, if SS was putting money into an account for you to retire with. It doesn't. It pays for the people currently retired. When that very rich person retires, the people who are working then will be the ones covering them. Ideally, a social retirement program would have 5-6 workers contributing to every retiree. Right now, that looks more like 2 workers for each retiree in the US. Lift the cap.
Small taxes can affect investment decisions such as whether to choose tax-free municipal bonds over taxable bonds or do a Roth IRA conversion. I’ve been sitting on over $745K equity from a home sale and I want to invest on the stock market, how do I achieve this without being taxed twice?
There’s more benefit to holding fixed-income assets in tax-deferred retirement accounts as opposed to taxable accounts. If you're not who understands strategies to invest in the market, seek a Financial advisor to guide you.
Indeed, I did make use of a financial counselor. As I get closer to retirement, their advice has been really helpful. I thought compound interest on index funds wouldn't be sufficient because I started late. It's amusing how I've done better than colleagues who have more years of investment experience. I've profited more than $886k tax free.
this is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
GREGORY LEO CATTEL is the licensed FA I work with, I can't speak much about him you should make a search with his name, you'd find the necessary details to schedule an appointment.
@@viper_7712 but no. fox news it heavily Republican, a party that pushes a similar agenda to the one outlined in this video. Republicans push for rich billionaires, and to do that they push for poorer lower classes. that comment was completely relevant. at least you got the number of o's in r/woooosh... oh wait
And this doesn't even factor in that poor people don't get their fair share in the first place, but instead are constantly being robbed by their employers.
@@victorsilva-oz7rm I hope they elect Bernie Sanders so they can see how wrong they are. Some people still think that socialism is good when in reality it is just taking from some to give to some. Bernie Sanders would be worse than the 10 worst presidents combined
Yep, 16 year old here just trying to get educated cause the school I pay for rather teach me that the mitochondria is the powerhouse of the cell and make me solve for x
23% of a massive number is still a massive amount, and those billionaires aren’t entitled to any of the social benefits. They send their kids to private schools, pay for their own medical care, own security, etc.
There's a problem when a small group of people have the means to grossly over represent themselves because they have the needed resources, this being truly a plutocracy, only people with money can "donate" big to get their agenda pushed first. Allowing them to get more things such as loopholes, inturn allowing them to keep more money, inturn allowing them to lobby more.
@leicanoct I agree but I wasn't talking about should's, I was just stating how things are currently. If it were up to me we'd truly stride as close to a meritocracy as we can.
2:59 - "But economists have found that in practice, the way companies pay their part of the payroll tax is by just paying workers less." ...and they come so close to getting it...
@Guillermo LombanaThe reason higher taxes equates lower wages is because companies are allowed to get away with doind that. How about we make so that the companies cant do that? The way the system is currently run is not the only way there is.
@mozak plesa im not saying I have a solution, but taxation is not the problem. but we are clearly at a point where we have to stop letting companies get away with lowering wages for workers as soon as their taxes get raised. the gouvernement has the power to not let them do that, but doesnt. This tells me that the gouvernment would rather protect the interests of wealthy companies (by letting them go abroad and exploit workers in other countries for pennies a day, which does nothing for workers here) than those in need who require help here right now (like north-american factory workers who now dont have a job). Yes, this would mean less billions for the billionaires, and yes this would mean gouvernment intervention, but this would also mean that we have a gouvernment that wants to take care of the people who dont have access to work, privilege, and wealth by holding industries to certain standards. We should be taking care of ALL people, everywhere, and that should ALWAYS be more important than profit. Thats why I think a solution would have to involve taxing the rich, and not letting them go build factories elsewhere. I realize this is simplistic, and its not as straightforward, but this is what we should aspire to.
Workers do not get paid based on taxes or payroll taxes workers get paid based on supply in them and if there's a large supply of workers than they will get paid less if there's no workers then they will get paid more to attract to work. That's how it works in a market economy supply demand labor is a commodity just like anyting which is exactly why places like India and China have such cheap labor because there's billions of people the supply outweighs the demand
@@gizmodrama if the company is not happy with the taxes they will move to some low labour country.Pretty much making the economic benefit 0 as compared to them staying and paying taxes.
@@aerojetrocketdyners-2538 This is because companies are allowed to get away with moving abroad, because we have a system that makes that an ok sollution. It's not. How about we make so that the companies cant do that? The way the system is currently run is not the only way there is.
Generally taxes in America aren't that high compared to other countries. It's mostly as you said that the people do not get their value of money back. For example you're paying for a Healthcare that is to most people still unaffordable.
Musicos Wateros they also aren’t low enough to justify, how expensive post secondary education, healthcare etc are provided compared to other countries
Good vid, but I'm missing two things: 1. Tax exemptions and loopholes (such as shell companies). I know this is hard to verify and bring in to the calculation, but this makes it that much more important. 2. Net effect on income. If you're paying 30% tax on a 1,000$ income, this will have a much stronger impact on your life than 30% on a 100,000$ income. After all, you don't pay rent or grocery prices based on a percentage of your purchasing power. If only that was the case, being poor wouldn't be a problem. When you talk about a "fair share" you need to account for the effect of your share on your quality of life.
Why not simply calculate what everyone needs to survive ( food, healthcare, education) and tax everything extra that they make at 100%. Wouldn't that be the fairest way possible? Equality for everyone!!
@@kunalkunal861 Woah slow down there buddy, shouldn't people be allowed at least a little indulgence? You wouldn't even be able to buy cake in your ideal economy. Even if you left a bit of room for indulgence, demand for "unnecessary" products would plummet and thousands of businesses would suddenly go bankrupt and the country's economy would crash very quickly.
@@MrGamerdrengen I am totally being sarcastic here. I believe that taxes for everyone should be as low as possible, because the best judge of using money is done by the person that earns it, not the government. What I jokingly described above was the essence of socialism, and we all know how that ends. Yes, it brings equality, i.e. everyone becomes equally poor, besides the government
Isn’t that because they barely operated at a net positive? Since they’re such a huge company and spend so much, they were able to get away with a small federal income tax %.
@@ploof1012 just checked last years financials in their 10K. Net income of 11.5 billion in 2019. They have 36 billion in liquid cash as of the beginning of this year. I'm not a federal tax pro but any company operating at that scale regardless of whatever technicalities they may have should be mandated to contribute their share, and you're a bonehead if you think otherwise
@@KM-pf9eb no they don’t get more proportional for how much they spent 30% for a man who earns 1 billion a year is 300 million meanwhile 30% for a man who earns 10 thousand a year is only 3 thousand so do the math
@@bossuntamson you are looking at it very narrowly. That 3k for a person that makes 10k is much more catastrophic than 300m on top of 1b. So now that rich person has 700m, He's still so much farther from any type of poverty, or lifestyle change its laughable. He can still easily satisfy any need he has, and uses that money for excess luxuries. Meanwhile that 3k the poor is taxed could have been used for necessities like healthy food options, fixing the car, or rent. I'm not advocating for the rich to be taxed into oblivion, but for anyone to net 700 million after taxes and still complain is so strange. Also for you to defend that man confuses me, what is your thought process I'd really like to know.
Before I even watch this video… I looked down and see that vox made it and then I click out eight seconds in because I realize that there is virtually no possibility that this will contain correct information at any point.
@@nightheist2191 Not true, Americans are more likely to buy more expensive things. Try selling Nike in Vietnam at their current prices. The amount of people that will buy the shoes will be real small.
There was a guy that had real estate and wealth in New Jersey. He decided to move. New Jersey had to redo their budget due to the loss of taxes he took away by just moving. That my friends is too much money and influence on others.
@@KillerXoX yes, they can afford it. But the same time, local city council don't have enough budget for public service.... Don't you see the problem? Nothing wrong to be rich, but the rich don't pay tax... Only the poor and middle pay tax.
The US has some of the most reasonable tax rates in the world for the middle and lower class. This video does not consider the amount of government aid the poor receivers compared to the rich.
Austria's sales tax is 20%. Denmark 25%. Sweden 25%. Spain 21%. Should I go on? Far cheaper to be poor in the USA if you actually want to buy anything. And isn't buying something what working hard is all about?
Gamer Watch depends on how long u had ur investment for. If more then one year then it could be as high as 20%. Less then a year then it will be whatever ur income tax rate will be according to how much u made that year.
They’re only putting their taxes in percentage. The average household income is roughly about 59k per year, the taxes paid overall (25%) would be 14k. Now the richest one percents income is around $421k per year. If we calculate according to the chart, the overall taxes paid would be roughly 130k per year. Comparing to the 14k that the poor contribute, 130k is almost 10 times more. Tell me again how unfair this is. Not to mention the richer you are, the less tax return you receive.
@@jenchrollin6035 The percentage represents the proportional sacrifice each person is making. making bill gates pay 10k isnt the same as making a poor person pay 10k. So we need to instead look at what fraction of their wealth they are sacrificing, to truly see the relative sacrifice that each party is making.
jenny W living off of 290k is much easier to do than 45k. A person towards the top generally won’t care about losing that percentage. It’s annoying, sure, but it won’t make or break them. On the opposite end, 45k is difficult to live off of just about anywhere you live and that taxes that they took is actually an issue. People really could’ve used that percentage to help them get by.
@@slacklinesteve4893 because when I came up from 15k up through 60k it felt like quality of life didn't improve. I'm curious how all the tax credits and assistance dropping off interacts.
@@onijabroni1822 rich write the laws so that's obvious in the grand scheme. I worry the incentive to make more on the low end is too small because you loose benefits/credits/assistance and your quality of life hardly changes. So why bother busting a nut to get ahead?
Ian Niculescu lol no, the IRS collects taxes and the fed sells and buys govt bonds to increase or decrease the money supply, or it just prints money it increase it.
As Jesus sat near the temple treasury, he watched the people as they dropped in their money. Many rich men dropped in a lot of money. Then a poor widow came along and dropped in two little copper coins, worth about a penny. He called his disciples together and said to them, "I tell you that this poor widow put more in the offering box than all the others, for the others put in what they had to spare of their riches, but she, poor as she is, put in all that she had. She gave of what she had to live on." Mark 12:41-44
Nice man very beautiful story , we have a very similar story too in our religion ,where a very poor man(beggar) wants to contribute but he has nothing ,and he was having only one hand and no legs ,he goes to some house to ask if they had some work for him ,they said just take the money , then he replied no I want money in return of my work then house honour ask him to water the garden ,he use his one hand and teeth to draw water from well and he water the whole garden , and then he take those money and give to prophet for charity , it was very less but he told the desciple to spread his coins on the whole collection , so that everyone collection get accepted just because of his contribution
I mention this story to open a conversation about what it means to talk about a fair distribution of the tax burden. This video seems to suggest that fairness is achieved by leveling out the bars representing taxes as percentages of income. But is this the only, or even the best, way to measure fairness in taxing? What about taxes viewed not as a percentage of income but as a percentage of wealth? Or, as Jesus is suggesting in this story, as a measure of the impact on your life. The person trying to live on a minimum wage income feels the impact from the very first dollar in taxes removed from that weekly paycheck, while the billionaire would not see a single bit of impact on his or her life style should every dollar of this year's income be taxed.
I think its that every class needs to pay for what they use, top 10% should pay more estate and property, and less payroll, and middle class should have less income tax and more payroll tax
It could also be that Warren Buffet and others in his income class have so much money, that they dont care about higher taxes as it wouldn't even effect them. Also if they don't mind higher taxes, then instead of waiting for their taxes to increase they could just give more money to different charities?
Warren Buffet can say whatever he likes. He has more money than he can ever spend in his life or the next. Warren Buffet says things like that to gain more power that leads to even more money.
wait you do realize that the fact buffet says that billionaires need to be taxes higher, doesnt actually mean he will pay the higher taxes? there are many ways to evade high taxes, hes saying so to destroy his competition, not to 'give to the poor'
I’d like to see this same chart after applying tax credits and subsidies. As someone in a single income lower middle class household with 2 children, I can guarantee I received more money on my return that I ever paid into income tax and FICA combined. It would be nice to see a graphic that compares income tax payments vs tax benefits.
You are an example of why taxes exist. You are in a single income household with 2 children. You get help from the government to subsidize your babies. You get that money because you are exempt from paying taxes on a certain amount of income. Usually this is around the Poverty line. So you still pay taxes through out the year, but when you file, the government gives it back to you (because you didnt need to pay taxes, you are in Poverty.) and they give you extra because your circumstances call for it. Me, a single person with no children, i usually end up owing a tiny bit in taxes every year, because I dont have anything the government figures is worth subsidizing, like children. All i get is a basic $5000 tax break, you get that +more for every kid you got. Thats why you receive more than you put in. Unfortunately, the rest of the picture isnt so rosy.
@@proton8689 the narrative that the rich don t pay their «fair share» of all the free stuff people want to get a their expense. Oh and btw, need or suffering is not a claim on the production of others.
“Anyone who has ever struggled with poverty knows how extremely expensive it is to be poor.” -James baldwin
I like this comment
Poverty is only expensive for fools and mistake makers. You are what you put into your life... Anyone can make it in america if theyre smart. Dont give in to the lies
@@dissolutevoid No
@@dissolutevoid "mistake makers" 😂😂😂😂
@@dissolutevoid what if you have nothing at all in life? Isn't your goal harder to achieve comparing to people who are born in upper middle class to the richest which are going to be richer and richer. Think deeply before putting out ur comment.
Why am I watching this I have a test tomorrow and I am 14 and live in the netherlands
Yea...
I ask myself the same questions.
Specerijen
Ahahaha
@@Arthurnijssen dat kan je wel zeggen. Niet geleerd voor de toets van morgen
Only in America can you hear people complaining that those who struggle with basic things such as food or shelter aren't paying their fair share of taxes.
Well if you are honest with yourself it is true. Rather than being an asset to the tax system in America they are on social programs which increases government spending. That said I think welfare should only go to the disabled who have trouble find work or cannot work. I know many people who have had children/more children partially because they would get an increase in their benefits from the government. Not sure what is the best way to solve this problem as you can't just leave kids in property when it wasn't their fault.
Yes because only America is just. You think you deserve more if you do less? That is unjust.
@@dr.martinlroberts1908 Tell that to AOC and the Socialists. They want to pay people who are not able or do not WANT to work.
@@dr.martinlroberts1908 The reason poor people aren't paying as much in taxes is because they literally can not afford to. Perhaps if wages weren't stagnant for 30 years and income inequality wasn't rising drastically (after accounting for inflation), then maybe they'd be able to pay more in taxes.
Yeah, it’a actually baffling.
Having lived in both America and Canada, I've found that I pay roughly the same amount in taxes in both countries. However, in Canada, I receive significantly more benefits and services for my tax dollars. Many Americans harbor a strong disdain for their government and are reluctant to part with their money because they have rarely experienced effective governance.
I lived in Canada a their healthcare system is abysmal. No thank you.
EXACTLY! So True!
🎯
@@buckupbaby Elaborate.
Well, we spend $900B on the military compared to Canada’s $30B. Whether or not that’s “effective governance” can be debated forever.
It’s almost like the programs funded by those dollars are in need of scrutiny, not the taxation method itself…
It’s almost like it’s expensive to be poor and cheap to be rich.
Let's keep it that way...
EXACTLY!! I notice it in things me and my family do. So for instance, I get used tires because I can’t afford new tires. Since they’re used I have to get them more often. If I got new ones they’d cost less than I spend on constantly getting new tires. I try to save up for new tires all the time. But random expenses always get in the way and the priority moves to those things. And don’t get me started on student loans 😭😂. Trying to get myself out of this predicament but it’s a hard climb.
@Noiseless Sounds If you mean poor by Luxembourger standards then yes. If by worldly standards no.
that's how capitalism works ma man
@@luxembourgishempire2826
>Luxembourg
>Empire
pick one
greetings from a friendly neighbor :)
Poor person: I bought my essentials!
What did it cost?
Everything
Essentials in this country include 2 TVs and an IPhone.
thomabb you are ignorant
That's pretty much definition of poor
Wait so you count a refrigerator as a luxury good you count refrigerated fresh food as a luxury good so anybody who earns blow certain income should only be allowed to eat f****** rice and beans f*** you
anon4234 to some people outside the U.S it is a luxury. People in the U.S. live in a bubble
Vox: Who pays the lowest amount of taxes?
Me: the one who evades them all
Very true, those kinds of loop holes really shouldn't exist.
AN-CAP intensifies
hol up
like and subscribe if you've committed tax evasion 😎
@@knightlypoleaxe2501 The problem is that there's a loop hole in every system ever invented.
I've lived in America and Canada. Paid about the same in taxes but get way more for my taxes in Canada. Most Americans hate the government (hate giving them their money even more) because they've never experienced good governance.
I honestly think America needs a completely restructure of their political system. It is just not working. Trump and Biden being elected out of 300 million people to run the country is evidence for that too.
This is why the US should elect more progressive politicians, who know how to manage budgets and give us (yes, pur country's initials literally spell out that pronoun) much better tax credits in return for better public education and better public healthcare. but since these are nonexistent, my husband and I are being guided to finance our retirement and healthcare through a diversified investment portfolioportfolio
SONYA LEE MITCHELL is the manager I use. Just research the name. You'd find necessary details to set up an appointment.
It's good you make your own research. and make sure whoever you work with is licensed n verifiable with a repute, this Sonya looks the part but i'd do my due diligence. I set up a call, thanks.
Stay in Canada then. Good luck chief
Don’t forget “charities”, like how bezos made his own charity, donated 100 mil to it, took it back because it’s still his money, then got a ton of tax refunds from “donating to charity”
crashie but hes created thousands of jobs and billions of dollars of value created. He created a business model that makes peoples lives easier. And you? Sitting here on youtube complaining about what hes doing.
@@bobbyohnio1287 ok boomer
Wildfire I bet you didn’t consider writing out that comment on your smartphone or computer was you contributing to the prosperity of ‘the rich’ who build your homes, cars and provide you with food, water and gas and most likely employ you or one of your family members
@@bobbyohnio1287 you mean exploiting people for low wages, over working them, subsidizing the middle class to pay for Healthcare and food stamps, finding tax loopholes by holding business nationalities in other countries, and the "charity" this guy is talking about, is a LITERAL scam of the US government taking OUR money. Being deceptive and shady does not mean he's smart, good, honest or has "gumption". You seriously need a reality check.
@@hismajestysacha8220 Ok boomer
Would love to see a sequel comparing this system to system in Canada, Europe, China and Japan etc.
This would be super interesting
I third this
I fourth this
South Korea. Because there is a key feature - preventing them from escaping to tax heavens. And there is a history lesson connected to that country aka _the law introduced by one president in the past that helped South Korea prosper while making him the most hated person in the country, but somehow not being nulled or revoked by ANY of the next presidents._
@vox
I never had an issue with paying my fare share, the issue I have is with government making up new ways to get my money and use it to bailout Banks and corporations.
No one should be bailed out. Ever. Let them fail.
It's socialism for the rich haha...
obama did that in 2008. trump is refusing to bailout the democrat states that failed due to covid lol
@@fender8415 Let's keep it that way
@@fender8415 think about what you said.
You touched on this a little but until you actually experience it...
The working poor are often cheated out of fair wages. Between a perpetually lowering purchase power minimum wage and employers not providing benefits the tiny paychecks pay the same utility rates to heat/cool poorly insulated, high priced rentals they will never own. Tiny paychecks mean bills often aren't paid in full on time. Translate that to low credit scores which then make them pay significantly more for many things. In that situation, usery tends to happen when purchasing anything on credit. I'd say the working poor pick up the tab so many employers can be in the upper income tiers.
Maybe we need lower cost options for decent living accommodations. Search Japanese micro apartments. Stepping stones so people can afford to live while they try to advance. Apartments like those would not be permitted in the states.
Japan is a small island compared to the U.S. if we had Texas built up like that, everyone in the U.S could fit there.
@@Poindexters-Obsession . Brilliant... punish the lower classes by throwing them in a 6*6 box with no windows when there is so much land available in the US and while the wealthy continue to live their best life at the expense of the lower classes. What a disgrace!
@@MrSupernova111 options to live below your means and get ahead is the enemy?
@@Poindexters-Obsession . The "means" that the wealthy dictate?
I pay the lowest taxes
because I commit tax fraud
big yoshi
✊😔
Beeg yosh
Hahahahahh
Looks like you're on THE LIST
When you're top 401 rich guy:
*Sad capitalist sounds*
Discovaria what?
Spud there’s 400 billionaires in the US, so he’s saying imagine being the richest millionaire, the 401st richest person in the nation, but not quite rich enough to attain 1% status. That was actually pretty funny btw, OP.
@@Ki-yg1ds correct me if I'm wrong but I'm pretty sure the 1% is rounded, it's not actually 1% but it's easier to say that than a decimal
grace rose I’m not going to comment here.
Lol
It feels bad to even accuse poorer people that they’re not paying their fair share when they can’t afford to “share” as much in the first place
^^^ Didn't watch the video
@@carlosvasquez7755 he did
but he is talking about the 10 secs they showed news where they accused the poor
Right
Stacey Grosche doesn’t matter at the end of the day it comes down to paying dollars. Poor people can’t afford to give away the same percentage as the rich and they also can’t afford to give e same amount.
@@staceygrosche6381 yes, but it's a lot easier to live on 1mil than 1 dollar. People who are poor can't afford to give the same percentage of their money as people who are rich
"Why are these poor people not contributing!!"
Imagine wanting to take people's life savings so that it would be "fair" to the rich...
It is scary out there, no doubt. After I got older, I saw how my mother struggled when she had to raise me. I looked back and saw that sometimes she was lucky enough to just have $100 or $200 at the end of the month in the bank. A single catastrophic event could've bankrupted her/us. She worked hard and built a home and a life for the two of us. I miss her dearly, and I'm thankful each day for what she's given me, hoping to continue a good legacy. Thanks to her, I'm better off now than I was back then when I was younger.
Instead take less from the rich
It’s worse than that. The poorest people don’t have savings. They live paycheck to paycheck, if they’re even paid at all. Taxing them more takes away from their ability to even live.
@@evilsharkey8954 They choose to live paycheck to paycheck.
@@amanawolf9166 Hopefully you learn from you mothers mistakes and don't have a kid on purpose like her until you are financially stable. Glad to see she loved you enough to build a good life for you as is a possibility for everybody in America. Since everybody is able to become rich here as long as they want to work.
And this isn't even incorporating how much they actually pay because of legal loopholes and tax evasion
right?? I made less than $20K last year and paid more taxes than Donald Trump did before he was in office
@@michelleaguilar8361 He makes more money, so he has to pay more in taxes. It is likely he paid a large percentage early.
@@levijudson3561 Hahahahahaha okay bud keep believing that 👌
@@mattmieres
Didn't dude's tax returns get leaked actually? Anybody here look at them
@@knes167 he only payed 750 dollars
Children pay the least amount of taxes in every country.
Unbelievable. I say we make children work! They’ve had it to easy!
@@TheInterestingInformer well all adults were children too at one point so If that's what you think... I don't think its fair tbh..
@@TheInterestingInformer fair point... should make a kids into a popular star on internet and make moneyyy
exactly newborns don’t pay any taxes they should go into exile
If they dont earn anything and dont pay any taxes than they are paying 100% income tax.
This whole video was an uno reverse card
@Cant_Touch_This huh? I agree with most of your statement but is it not fair for the people of China and India if they're given jobs.
@Cant_Touch_This besides it's their own choices that made them rich and by no means are there choice in later parts of their career infringes human ethics .
@@MrAashutoshp97 un you do know you have to pay self employed taxes too
10% off $10,000 hurts a lot more than 20% off $1,000,000
not only that but once you make over 539,900$ you pay 162,718$ Plus 37% of your income that's why rich people invest in property real-estate so they can get what's called depreciation that ovetime is money they can get tax free and there is a lot that goes into it but if you have a apartment building that is worth over 100Million$ and over the course of 10 years you got between all of your investments 40Million in Depreciation you could refinance your business take out 40Million dollars (TAX FREE) and still own everything and now you have 40 million
If you're only making $10,000, you aren't paying income tax. Since I've been retired, my SS income has been ~$15,000 and I haven't owed any federal or state income tax for the last 10 years.
@@marpop4056 based
You clearly don't understand money, or percentages.
@@DoremiFasolatido1979 if you're poor, every penny hurts. If you're rich, not so much.
Jeff Bezos wants to know your location
Oliver Piers don’t worry he does:)
Jeff Bezos would like the keys to your location for an expensive door lock _he_ sold to you.
@@massimookissed1023 He will sell himself the key from his own stock using your money.
HAAA LOL
Does Khabib want's to know to ?
Paying the "lowest tax" and paying the lowest "percentage of your income in tax" are two very different things.
Huh?......no, it's the same thing.
@@davidcharles7106 No it isn't. 10 percent of a small number is smaller than 10 percent of a big number.
@@3506Dodge My Federal taxes were once 32%, Think on that reality and I sure did not see myself as rich, especially since I knew some actually rich people. back then. I estimate I paid 250k in just Federal taxes over the course of my life and I am 71 nowMy only income now is from my book royalties, Social Security a small VA and NSA payment. I can't even qualify to get Food Stamps either,
@@peytonquinn3095 So, no one should pay taxes because the rich figured how not to pay any taxes both legally and illegally?
It’s all proportional but progressive taxation is supposed to be off of percentage not seer number
*AMERICAN LOGIC* : don't be poor.
clichè American logic is to not get pregnant before marriage, graduate high school, and get a job. In America that will get you to at least middle class.
@@c.i.a.932 graduate highschool and get a job will net you $12 an hour, which will be lower class bud.
@@c.i.a.932 lower class not mid
OfficialSwisher what’s your source?
@@c.i.a.932 what's your source?
This is why living in Washington feels so wrong. Lots of sales tax but no state income tax. Meanwhile, down in Oregon they charge income tax but zero sales tax. Helps balance things out in the right way.
Your explanation of tax implementations makes it appear that the purpose of tax is to somehow even things out? You are aware it's to fund the government, right?
Having lived and worked in both states I believe I prefer Washington's tax. I saw more money in my check even while earning less per hour.
Food is generally not taxed either, so for the most part as long as you are primarily spending your money on needs I believe you'll have more left over.
this is why i wanna move to nevada. no state income tax, no sales tax.
@@ianciti Nevada does actually have sales tax it’s 6.8 percent state sales tax and a max of 1.5 percent on local sales tax
@@thooper4380 The governments job is to spend money raised on a multitude of things, one of the major ones being social programs which do in a way even things out
Rachel (Friends) first paycheck - "Who's FICA? Why's he getting all my money?"
Haha! Same thing poped in my head when they mentioned FICA.
omg. yes!
Sad thing is we really don't need it
What's that
😮😮😮😨
Me: **Stops paying taxes**
The Goverment: "Your free trial of living has ended"
use za warudo
technically it has just begun
Just A Dio Who's A Hero For Fun The free trial ends when you turn 18. 🇺🇸
It's not free if you have to pay it 😂
This is such a contradiction 😂😂😂
if you're paying taxes it's not exactly a free trial
Vox: Who pays the lowest taxes in the U.S.?
Me, a European: I don’t need sleep I need answers
Me too. And I think these taxes are not very high
*a European
Diegopiffa true but in America things like medical bills are substantially higher than in Europe
I disliked it due to bad grammar.
The American tax system is different from Europe.
Maybe one day, if I win the lottery and become a multimillionair and own multiple houses, most of which are empty year-round, I too will complain about how unfair the tax system is for the rich and how poor people dont contribute enough
Rich people may actually do not really want the poor people to pay more tax. If tax for poor people were risen, the rich should pay them more (so that they can at least survive)
Or, you could get rid of the victim mentality, learn new skills, start a business and not rely on 200 million to 1 odds you will win the lotto. I did not have a phone in my house until I was 14 I was so poor. Unless you are a paraplegic or have some other crippling disability you can change your future but you have to believe it’s possible. Good luck to you.
Keep in mind that LOTTERY TICKETS are a poor tax designed to give false hope to those who are unable to comprehend the fact that they are being scammed.
@@AnyFile They should but in business profit is more important than anything else to a ceo that doesnt actually go to the stores he owns his workers dont seem like people more like numbers on a spreadsheet so keeping labour costs low (wages) Increases profit which means they can give themselves bigger bonus's they probably dont think of the people who suffer because of it since they dont see them all they see is a bunch of numbers
@@briceking669 the thing is, its literally impossible for some of these people and you not having a phone until your 14 is absoultetly nothing. i am 16 and i do not have one and i am typing this on my dads work laptop
The poor aren’t paying their fair share of the taxes? Imagine being so cold-hearted that you would want to take money away from someone who can barely afford to eat.
@A Man Of Truth i just ordered a smartphone 😥
lol they should tax the rich and poor less tho and cut all these expensive programs
@@Destinyingamephisics taxing the rich doesnt work, since the poor end up paying through job loss and the raised prices of goods and services
@@bruh-so8vp you are misinterpreting my comment lol
@@bruh-so8vp bruh he meant cut taxes for everyone and cut some expensive programs.
These 400 controls the Congress, which will not tax their campaign donors.
Tbh I don’t think congressmen and women don’t make that much for such a high ranking government position.
@@anti-ticktickspecialforces1871 They don't
@@ooidwrioo8968 They don't make a lot in DIRECT pay, but once you add in perks, donations, and such, NOBODY in Congress is exactly going broke or likely to - and don't get me started on "book deals" and the like.
Well it is quite logical since they won't bite the hand that feeds them, I find that to be more shameful.
You mean like the way Nancy Pelosi made sure the minimum wage law didn't affect American Samoa, where he husband owns $17 million worth of Starkist tuna cannery operations?
If you calculate in tax returns and government subsidies you will see that the middle class is actually the one that's taking on the biggest tax burden.
Not just the middle but the upper class too its , last time I did the numbers people earning $300,000 were paying a higher effective tax burdens Than People earning 3 million and higher, the greatest irony in the world that the 1% have convinced the 50-99% that the bottom 50% arent paying their fair share and are out to get them
I think you are confusing absolute combined tax contribution with individual tax burden. The middle class pays the bulk of all the taxes that are collected. In aggregate. But poor may often pay a higher proportion of their total income. But it doesn't add up to much. That said there are also the poor in income tax who do get away with a bit less like students who live at home, or retired rich people not earning any income.
Me and my family is middle class but when my parents pay taxes that are with the bills it is under $100 every month so is that very is expensive or do we just not pay as much?
And that's the situation the middle class has voted themselves into, always putting the interests of the wealthiest ahead of their own. Because to do otherwise is "communism".
@@LakeNarrow You do realize the reason middle class pays more tax is because of the social programs for the poor.
There is a difference between total tax paid and tax paid as a percentage of income
the latter matters more to the individual, while the former matters more to the government/the people using the money
Exactly
very true, once you notice that 400 rich people are paying nearly the same amount in taxes as the hundreds of millions of our poorest people, you realize the balance.
@@fabiusmaximus3382 "400 rich people are paying nearly the same amount in taxes as the hundreds of millions of our poorest people" citation needed.
@Fabius Maximus
Well of course that’s the case. Those 400 rich people pay a certain percent of their yearly income, which is significantly larger than the yearly income of an average American. The fact that the 1% makes up half of our countries income tax clearly shows they are paying more than their share. Why on earth should we punish someone for being rich?
The less money you have, the harder it is to make money.
no way, nobody had ANY idea
That’s true but unfortunately that’s just how money works, you have to cycle it around the system and get rewarded for it. This creates jobs, tax money and circulates the economy. If it was easier to make money with the less money you had then we would easily have a recession.
@@max-ol7ov A shocking number of people think DJT is some type of genius for inheriting half a billion.
*where did those results come from*
from personal experiences of my life and everyone ive known, rich or poor.@@max-ol7ov And its a fact that people rarely leave the class they are born into unless its to a poorer class.
me: gets my paycheck
goverment: *our paycheck*
Whoa! You're so woke!
Ussr anthem starts playing
Watermelon Ridge you’re woke
@@socaranectien1933 :)
sike
And being poor in India, it is a pain to pay tax knowing most of it is going straight to corrupt politicians' pockets.
Here, the middle class pays the most bc govt policies appease the poor and the rich so they don't have to be taxed. Instead the middle class is the most politically moral considering patriotism is our duty and don't nudge the taxes
BPL don't pay taxes in India. I think you mean middle class?
Here in Kerala, the poor are much better off than in the rest of the country
As an Indonesian, I fell you man.
@@Comm3mihir yes very sad and shameful
This is a great place to start thinking, but it is oversimplified. Medicare and SS tax are taxes that come with a benefit. That benefit represents a much greater percentage the retirement income for poor and middle class than the rich. There is no mention of earned income credit or welfare benefits on the low end which are actually tax rebates. The rich also have more vehicles to get out of paying taxes. It's the middle class that pay the most taxes when all things are considered.
Another argument for progressive taxation is that poorer people have a lot less of their income left after basic expenses like housing, electricity, food, clothes, travel to/from work. So you could argue that for total equality (nlt equity) taxes should be set to compensate for that fact, so that everyone have the same percentage of their income left after taxes and basic spending
@@andreasnygaard98 Or the tax should be calculate on what is left after paying for basic needs (i.g. shelter/house, food, health, etc) and what you spend to e able to work
what benefit does a 35 year old get from paying medicare and SS tax❓ im pretty sure i wont be receiving either of those things when im old. so please, explain.
this "benefit" is basically forced on you. If you are smart and active person you could use that money to ensure yourself you retirement funds. But in reality governement takes you money and then gives back some standard of money 40 years later with inflation, it is worth nothing
The problem with SS and medicare is that you cannot live on it without savings of your own. I understand the point and it is very helpful but a UBI would be much more effective for this. But I would also say that anytime a UBI has been tested it hasn’t worked very well so why don’t we try to come up with some sort or merge of both systems? Honestly I feel like everyone forgets that things don’t just have black and white answers.
The title: Who pays the lowest taxes in the US?
Me: babies
Dogs
Oof
they pay their tax by being good bois
The dead?
@@chrono-glitchwaterlily8776 idk they might've paid their taxes when they were alive
When you find the cheater, but the cheater is the controler.......
Its like gambling, the house always win.
Only Americans think, that the poor people should be taxed more.
Not all of us :(
Our government stands for the rich. So will our new president. Our system has failed us.
The rich politicians do not Americans.
That’s because the lower income get tax free benefits (sometimes in cash) which is not described here. Effectively some poor people pay negative taxes.
Yes this is extremely simplified version of how much people pay for taxes.
So, what I’m understanding is that the government is taxing me a lot
Yes
You’ve just realized ?
it's taxing everyone and the output isn't really that great
@@ivanrodriguez268 Did you see anything in the video?
You seem to have missed the point. Taxes are needed, the rich and corporations need to be paying more.
It's going to trickle down any minute now guys!
It's not going to be handed you on a platter. You got to work for it!
#. Yeah people do it, but the fact is that many americans work 40+ hours and still can’t make ends meet
Oh yeah it’s raining.
You know the poorest (employed) Americans live better than nearly everyone on earth right? "Poor" people in this country have televisions, computers, cars, smartphones etc. These things are just distant fantasies to the majority of people on this planet
@@wedeldylan aa far as I'm aware, the poorest Americans live on the streets. You've clearly never been to New York, have you?
I should become a billionaire to start paying less taxes.
Billionaires don't have billions in cash. It's stuck in their stock.
@@Chicodon008 Lol no it's not
@@mysticmac5431 It is. Jeff Bezoz or Warren Buffett cannot sell their stock straight away because nobody has the money to buy it.
@@mysticmac5431 Do you understand economics or the stock market?
If you become a billionaire, you would pay more tax than the poor; the only difference is you will have more money to spend.
"Why don't the middle class and the poor contribute more?"
Maybe because you taxation laws milk so much money out of them that they have to pay what is left just to survive.
John Golde you do realize that tax cuts preformed by the Republican Party never favors lower income people.
@@declanmorden lol 💯 wrong. Read the tax code, specifically Pub 17 and the TCJA. Which party recently increased your standard deduction?
@@82wtughlaf Nice dodge 👏
@@82wtughlaf and search for "Inheritance tax" and "trump" you will know why... also the some itemized deduction been canceled/decreased, which is not good for people who live in high tax states like CA. Basically rich people and poor people are happy but mid level people are suffering after the change.
that's not true for everyone in the middle class, especially those with stock portfolios (capital gains are taxed lower for stocks).
Poor people pay a way larger percentage of their income on a loaf of bread.
Duh.
“There actually is someone in this group who might not be paying their fair share”
*vox logo pops up*
1:32
Eminem's bro (?)
Sus
@@crimson9748 ur mom
@@totallyrandompersob1664 😐
@@crimson9748 ur mom sus
“I just have a lot of money to waste.”
-Ricegum
Asian Jake Paul*
@@crumb6332 "Chinese" more specifically, cause you can't call a Canadian a American just because he lives in American Content lol
@@NativeVsColonial why not
The Non Smoker oh but white people are from Europe so if your saying we call chinese American or other Asian then we can say your an american european
@@NativeVsColonial hes vietnamese
tax fraud technically is the lowest income tax
guys it was a joke please stop attacking eachother
Panema Papers anyone lel
living on welfare is the lowest, since you literally live off of other peoples taxes. basically a negative tax rate
Scam religions then? Cause they can get away with defrauding taxes LEGALLY and do not have to fear getting caught and paying penalties on top of the defrauded tax :D
Sadly that HAS become a business model in the US with tens of thousands of "pastors" competing for the sweet sweet tax free income and the even sweeter jets to enjoy it in... Mind you ... your local run of the mill baptist or 7DA reverend probably just makes a "so so" living and has not much in terms of wiggle room or luxury... many even only are part time preachers and have to work a real job to make a living... but the televangelists and internet ministries THEY are going for the full on scam factor and the effortless Millions...
Koolkid In socialism no one lives on welfare. Keep that in mind
Koolkid this person likes fish sticks
This video was just evidence for the quote:
"The rich get richer, the poor get poorer.
I never understand it until I saw this video
Well you can't be rich without being poor first.
Nice Jellal without a moustache
@smb actually if the world was a zero sum game that would be the case but it isn't so... The Rich get richer and the poor get richer.
Imagine blaming your own failures on someone else
Consider this as well: If I make $500,000 a year and pay half of that in taxes, I still have plenty. If I am making $50,000 and pay half in taxes, I am struggling. If I make much less, I am starving.
Annie Mosienko It’s a good thing you aren’t taxed half your income like how it is in some European countries
@@hellohello-tp4mb the quality of life in the EU countries is way better than in the US. At least we can give birth for free, unlike in the US where you have to pay 10000$
@@icecrocodile2536 did you not watch the video?
@Elias Håkansson tell me Elias, who earns that amount? Because unlike Sweden or Germany, the US has higher income inequality than Russia, with its corruption and oligarchs. Frankly, money isn't everything, and living standarts have much more depth to them than just the "income average".
If you take Jeff Bezos's monthly income and mash it with 2 million americans, you'll get the average wage of a German. But those 2 million americans can earn $400 per month...
hello hello And Europeans get free healthcare and education unlike the USA, land of the debt
As a US accountant and payroll person... The entire video I was shouting the average US person pays 20 to 30% overall in taxes out of their income... In my experience... And then we get to the end of the video and there it is.. .I felt like I I actually knew something... Go me
Ehh! A fellow accountant! You must be pro business like me.
Go you guys! I'm paying like 45% here in Denmark
I mean doesn’t the average American know that though? They tax you to make money, they tax you to spend money, they tax you to own property, they tax you to invest money. I guess it’s so complicated most people don’t really know
If you can't save your money cause you need it. The entire income after income tax gets another tax! Consumer taxes! Congratulations! Businesses pay it to the government but they businesses take it from you!
While the rich don't spend much of their income, they save it or invest it, which has lower taxes (saving it has ZERO tax) than using it.
They say estate taxes are a burden the middle class and the poor can't afford... But with the exemptions and deductions, the middle class is too poor to pay any estate tax. So reducing estate taxes just make the rich richer and the poor getting less help from the government!
What vox shows is fairly accurate.
@@CallOfDutyProOwner yes but you have Healthcare benefits in those taxes and university benefits. We do not, if you add adverage employee benefits with deductibles and out of pocket cost, plus student loans, it is about 40-50% give or take. Some don't go to uni, and some don't use or have healthcare. So there is a much larger variance when it come to those costs.
Well please do the same equation with absolute numbers. It is nice to say that they pay less, but i would love to see a comparison in real numbers
This chart is missing one major piece of context: tax write-offs.
Yes! I wish they'd make an episode about that.
Very true once you include tax credits ect a huge portion of my taxes are nixed as a percentage. those same credits for the rich wouldent even be a tick up or down. its silly to include SS and medicare as well as i doubt most rich even use these programs. If i was a billionare i wouldent...
@@Lunarskuld That's because you're not a Billionaire. If you were one you would maximize your subsidy and claim full SS. That's how you got rich. Probably the rich don't even pay attention it's just something their accountant does and the accountant also puts the cheque into the bank account for them.
Communism comrade
Thank you for educating me
As my economics teacher said "it costs more to be poor than it does to be rich"
lucky you had a moral teacher lol! my economics teacher in HS was grossly and openly conservative, he said “poor people are choosing to be poor” referring to the fact that families living under the poverty line tend to have a smart phone, and other pricy things like a computer or car. gotta love boomers.
In some respects yes, in others no. Being a low credit risk has benefits. Buying things in bulk also gets volume discounts. Etc.
How about we look at the amount the rich our giving not the percentage and it’s not even close being taxing the poor isn’t a good example of why they aren’t rich because most rich people started out there🤫
Alex Gonzales facts
i've learned more in 5 minutes about taxes than i have the past decade i've been at school
u learn taxes in school?
I’m nearly 4 years old and this is deep
Smaller proportion and smaller portion are very very different things.
"This man represents the poorest"
My man has glasses. Glasses cost more than an arm & a leg here.
Mashallah tbark Allah alhamudillah inshallah better astgfrallah
He stole them 😎
@muhammad noor Convertion at it's worst
@@allahm-ast3mnlywlatstbdlny164 I think ur replying to the wrong comment, or you're in the wrong video
@@allahm-ast3mnlywlatstbdlny164 im sorry mate i dont speak chinese so could you translate it
Well according to the New York Times it’s Donald Trump
Look up trump's tax plan he released after going into office. Im a liberal and love it. Idk why it hasnt been done yet tho so idk
No its Jeff Bazos
@deadshot be smart then 🤣🤣.
deadshot because you can get deductions and tax credits
deadshot that’s what trump did
Didn't our forefathers start a war about getting taxed for everyday necessities such as paper?
From a nation across the ocean that they had no elected representation in the assembly of
@@zackerycooper1206 but Puerto Rico is getting taxed without representation
Taxed without representation specifically.
Everyone in the USA has representation now.
@@DBArtsCreators DC
@@DBArtsCreators Puerto Rico
The reason Social Security caps at a certain income is because what you receive when you retire is proportional to what you put in while you were working. There is a cap on what you can receive so naturally there is a cap on what you put in.
Great point!
That would be a great point, if SS was putting money into an account for you to retire with. It doesn't. It pays for the people currently retired. When that very rich person retires, the people who are working then will be the ones covering them.
Ideally, a social retirement program would have 5-6 workers contributing to every retiree. Right now, that looks more like 2 workers for each retiree in the US.
Lift the cap.
Who pays the least amount of taxes
Minecraft villagers
yep
Minecraft villagers are an indigenous people
@@bootmii98 last time I committed villager genocide
@@why-hf6gc Should've spared one and call it "endangered."
Wait what an idea. What if they introduce a system where you can become a village chief or smt and villagers have to pay u emeralds in taxes.
Q: Who pays the lowest taxes in the US?
A: Not you.
I'm a kid so I pay $0 in taxes 😝
the milk that you drink and the food that you're eating kid is taxed 😂😂😂 its called sales tax😜😜
Eze Kiel I don't buy food tho 👀👀👀
@@TheHippo your stealing then🥵
@@ezekiel4230 What if he is a kid that lives in a NON - Sales Tax state such as Oregon?
It’s almost like being poor means you have less money
It's almost like Fox News blatantly lied aigan.
@@lebowlmart4425 Fox. If you hear closeley, they actually said that the poor don't pay anything considerable. lol
it's almost like conservatives are choosing to ignore data and statistics again
What a horrible world we live in eh
Michael Hill aha man I’m just playing around
Small taxes can affect investment decisions such as whether to choose tax-free municipal bonds over taxable bonds or do a Roth IRA conversion. I’ve been sitting on over $745K equity from a home sale and I want to invest on the stock market, how do I achieve this without being taxed twice?
There’s more benefit to holding fixed-income assets in tax-deferred retirement accounts as opposed to taxable accounts. If you're not who understands strategies to invest in the market, seek a Financial advisor to guide you.
Indeed, I did make use of a financial counselor. As I get closer to retirement, their advice has been really helpful. I thought compound interest on index funds wouldn't be sufficient because I started late. It's amusing how I've done better than colleagues who have more years of investment experience. I've profited more than $886k tax free.
this is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
GREGORY LEO CATTEL is the licensed FA I work with, I can't speak much about him you should make a search with his name, you'd find the necessary details to schedule an appointment.
he appears to be well-educated and well-read. I ran a Google search for his name and came across his website; thank you for sharing.
Love that a Bernie Sanders ad played at the beginning of this video 😂
HRS Darwish same lol
Yeah
Same 😂
Same
Name one country that succeeded with socialist leader
Did people really complain about the poor not paying enough?
I've never heard of anyone complain that the poor don't pay their fair share only that progressive taxation punishes success.
Yes...because some people realize losing...let's say 30% of their income per month is DIFFERENT from person to person.
news karen: WHY ISNT 45% OF THE POPULATION NOT PAYING THEIR FAIR SHARE?!
gee karen, do you want more homeless then there already is?
I still wouldn't mind a less tax rate for mid class
@@loganshelton195 lord know we need it
One thing I noticed: income taxes for billionaires are smaller than for top 10%. Now that’s weird
Edward C.V r/wooosh
@@viper_7712 but no. fox news it heavily Republican, a party that pushes a similar agenda to the one outlined in this video. Republicans push for rich billionaires, and to do that they push for poorer lower classes. that comment was completely relevant. at least you got the number of o's in r/woooosh... oh wait
And this doesn't even factor in that poor people don't get their fair share in the first place, but instead are constantly being robbed by their employers.
I'm pessimistic that this will ever chance since the extremely rich have such strong lobbying power and are able to inflluence politics effectiviely.
Fire Panda Party Penguin it’s unfortunate but true 😔
that's why we have to give bernie sanders a chance to root it out :)
Bernie sanders would be the worst president in america history.
@@victorsilva-oz7rm probably not , i doubt he'd be as bad as the rest of the war criminals , since he's been against the wars .
@@victorsilva-oz7rm I hope they elect Bernie Sanders so they can see how wrong they are. Some people still think that socialism is good when in reality it is just taking from some to give to some. Bernie Sanders would be worse than the 10 worst presidents combined
Moral of the story: Become rich
Moral of the story: tax fraud
Sure! Let's all become rich! That will balance things out! 😄😄
Not possible in this socioeconomic environment
@@seb612schuth become richer than everyone else then
Lester Sanchez if everyone is rich no one is rich
How can you become rich if you even pay more taxes than they do?
who's under 18 and has barely any clue how this works
I'm not even american lol
its's like we should be learning this in school or something
Yep, 16 year old here just trying to get educated cause the school I pay for rather teach me that the mitochondria is the powerhouse of the cell and make me solve for x
@@myles432 12 here
Because our public school system is a failure
23% of a massive number is still a massive amount, and those billionaires aren’t entitled to any of the social benefits. They send their kids to private schools, pay for their own medical care, own security, etc.
Tax exemptions and loopholes should also be taken into account
Alex Spittel we can’t make the rich look *too* bad now
I'm sure those would be really difficult to accurately measure due to the shady nature of those things
Anyone can use them though. But the poor will always complain about which they are too ignorant to learn from.
There's a problem when a small group of people have the means to grossly over represent themselves because they have the needed resources, this being truly a plutocracy, only people with money can "donate" big to get their agenda pushed first. Allowing them to get more things such as loopholes, inturn allowing them to keep more money, inturn allowing them to lobby more.
@leicanoct I agree but I wasn't talking about should's, I was just stating how things are currently. If it were up to me we'd truly stride as close to a meritocracy as we can.
He left off the part where the poorest get tax refunds that exceed their initial tax payments. I know because I was poor most all my life.
What’s a tax refund?
@@agent_sus3273 It what you get paid back by the government, if it thinks due to your circumstances, you overpaid your taxes.
@@haroonejaz22 Ohh... I remember now.
Imagine paying only a few percent less and lose heathcare
"Who pays the least taxes in America?"
Probably children
2:59 - "But economists have found that in practice, the way companies pay their part of the payroll tax is by just paying workers less."
...and they come so close to getting it...
@Guillermo LombanaThe reason higher taxes equates lower wages is because companies are allowed to get away with doind that. How about we make so that the companies cant do that? The way the system is currently run is not the only way there is.
@mozak plesa im not saying I have a solution, but taxation is not the problem. but we are clearly at a point where we have to stop letting companies get away with lowering wages for workers as soon as their taxes get raised. the gouvernement has the power to not let them do that, but doesnt. This tells me that the gouvernment would rather protect the interests of wealthy companies (by letting them go abroad and exploit workers in other countries for pennies a day, which does nothing for workers here) than those in need who require help here right now (like north-american factory workers who now dont have a job). Yes, this would mean less billions for the billionaires, and yes this would mean gouvernment intervention, but this would also mean that we have a gouvernment that wants to take care of the people who dont have access to work, privilege, and wealth by holding industries to certain standards. We should be taking care of ALL people, everywhere, and that should ALWAYS be more important than profit. Thats why I think a solution would have to involve taxing the rich, and not letting them go build factories elsewhere. I realize this is simplistic, and its not as straightforward, but this is what we should aspire to.
Workers do not get paid based on taxes or payroll taxes workers get paid based on supply in them and if there's a large supply of workers than they will get paid less if there's no workers then they will get paid more to attract to work. That's how it works in a market economy supply demand labor is a commodity just like anyting which is exactly why places like India and China have such cheap labor because there's billions of people the supply outweighs the demand
@@gizmodrama if the company is not happy with the taxes they will move to some low labour country.Pretty much making the economic benefit 0 as compared to them staying and paying taxes.
@@aerojetrocketdyners-2538 This is because companies are allowed to get away with moving abroad, because we have a system that makes that an ok sollution. It's not. How about we make so that the companies cant do that? The way the system is currently run is not the only way there is.
I think all Americans pay way too much in taxes, especially for the results we get.
Generally taxes in America aren't that high compared to other countries. It's mostly as you said that the people do not get their value of money back. For example you're paying for a Healthcare that is to most people still unaffordable.
Cut military spending!
@@vedanthariharan4094 agreed! The amount of money spared into the military is ridiculously huge
Your taxes go to army so you can't see results because US army is world wide spread like virus too
Musicos Wateros they also aren’t low enough to justify, how expensive post secondary education, healthcare etc are provided compared to other countries
Good vid, but I'm missing two things:
1. Tax exemptions and loopholes (such as shell companies). I know this is hard to verify and bring in to the calculation, but this makes it that much more important.
2. Net effect on income. If you're paying 30% tax on a 1,000$ income, this will have a much stronger impact on your life than 30% on a 100,000$ income. After all, you don't pay rent or grocery prices based on a percentage of your purchasing power. If only that was the case, being poor wouldn't be a problem. When you talk about a "fair share" you need to account for the effect of your share on your quality of life.
throw in there health costs and quality of life too
They did include the last one at 3:40
Why not simply calculate what everyone needs to survive ( food, healthcare, education) and tax everything extra that they make at 100%. Wouldn't that be the fairest way possible? Equality for everyone!!
@@kunalkunal861 Woah slow down there buddy, shouldn't people be allowed at least a little indulgence? You wouldn't even be able to buy cake in your ideal economy. Even if you left a bit of room for indulgence, demand for "unnecessary" products would plummet and thousands of businesses would suddenly go bankrupt and the country's economy would crash very quickly.
@@MrGamerdrengen I am totally being sarcastic here. I believe that taxes for everyone should be as low as possible, because the best judge of using money is done by the person that earns it, not the government. What I jokingly described above was the essence of socialism, and we all know how that ends. Yes, it brings equality, i.e. everyone becomes equally poor, besides the government
I don't hate rich, I hate I am not Rich
Just remember amazon paid -1% income tax last fiscal year
BCBS got back quite a bit of money last year too.
Isn’t that because they barely operated at a net positive? Since they’re such a huge company and spend so much, they were able to get away with a small federal income tax %.
@@ploof1012 just checked last years financials in their 10K. Net income of 11.5 billion in 2019. They have 36 billion in liquid cash as of the beginning of this year. I'm not a federal tax pro but any company operating at that scale regardless of whatever technicalities they may have should be mandated to contribute their share, and you're a bonehead if you think otherwise
@@ploof1012 the government basically gave them money to run their business like tf?
@@ploof1012 and its from the rest of the Americans, including the poorest of them
The one thing not mentioned is the tax benefits received by each group.
Yeah of course they won’t give you the full picture typical media
@@bossuntamson you do know that the rich get more tax benefits right? So that makes this video have an even better point
@@KM-pf9eb no they don’t get more proportional for how much they spent 30% for a man who earns 1 billion a year is 300 million meanwhile 30% for a man who earns 10 thousand a year is only 3 thousand so do the math
yeah I'm sure a billionaire would really benefit by a welfare check which is basically pocket change to them?
@@bossuntamson you are looking at it very narrowly. That 3k for a person that makes 10k is much more catastrophic than 300m on top of 1b. So now that rich person has 700m, He's still so much farther from any type of poverty, or lifestyle change its laughable. He can still easily satisfy any need he has, and uses that money for excess luxuries. Meanwhile that 3k the poor is taxed could have been used for necessities like healthy food options, fixing the car, or rent. I'm not advocating for the rich to be taxed into oblivion, but for anyone to net 700 million after taxes and still complain is so strange. Also for you to defend that man confuses me, what is your thought process I'd really like to know.
Press F to pay respects to the headphone users who thought their phone was vibrating at the end of this video.
ThePark 627 yes, I was listening at work and picked up my phone to read the notification
F
F
F
Before I even watch this video… I looked down and see that vox made it and then I click out eight seconds in because I realize that there is virtually no possibility that this will contain correct information at any point.
hi! you forget a very important thing, the richest people have many ways for TAX AVOIDANCE, they have off-shore companies.
@luvcheney1 or we could increase taxes in companies that go abroad/store money overseas
@@yaboikillermemestar5665 😂😂 company will move completely
@@nightheist2191 Not true, Americans are more likely to buy more expensive things. Try selling Nike in Vietnam at their current prices. The amount of people that will buy the shoes will be real small.
@@yaboikillermemestar5665 so they'll export to USA 💁🏼♀️.
@@nightheist2191 That's what they're already doing
Kim Kardashian and her neighbour have their own fire fighter.
That's enough saying
Raymond Roy hope they get a fire when he's out the country
There was a guy that had real estate and wealth in New Jersey. He decided to move. New Jersey had to redo their budget due to the loss of taxes he took away by just moving. That my friends is too much money and influence on others.
@@raywhichway1790 Who?
They can afford it, why not?
@@KillerXoX yes, they can afford it.
But the same time, local city council don't have enough budget for public service....
Don't you see the problem?
Nothing wrong to be rich, but the rich don't pay tax...
Only the poor and middle pay tax.
poor people pay taxes to a point where it hurts them. rich people pay taxes in chump change ...
No no rich people would pay more
The US has some of the most reasonable tax rates in the world for the middle and lower class. This video does not consider the amount of government aid the poor receivers compared to the rich.
Austria's sales tax is 20%. Denmark 25%. Sweden 25%. Spain 21%. Should I go on? Far cheaper to be poor in the USA if you actually want to buy anything. And isn't buying something what working hard is all about?
Colorado 450L Actually plenty of things are affordable in the US...food, clothes, technology, apartment rent, etc.
@@rmh941 Basically, you just pulled a substance-less "No u"
How awful that the rich suffer sooo much in America! My heart bleedsfor them! The poor little guys!
“These 10 people represent everyone in America.” Lowkey forgot what this was about and thought the video was talking about Electoral colleges.
Happens to the best of us friendo
Funny... the graph is all wrong... 44% pay NO federal income tax.
I’ve been trying to explain this to coworkers and friends for literally years now. So glad this video was made. Thank you!
doesn't matter as soon as they see vox they'll say it isn't true. Then how do we defend it?
@@Rdasboss The resources are at the bottom of the video. Link to the studies and don't let up. Their argument doesn't hold up to NY times
@The Irish Italian which is the lowest in all of the categories.
So how does tax exemption and returns figure in to the chart?
Gamer Watch depends on how long u had ur investment for. If more then one year then it could be as high as 20%. Less then a year then it will be whatever ur income tax rate will be according to how much u made that year.
There is no bigger tax than being payed so little that you have to worry about money.
Alexandru Popescu wise words
They’re only putting their taxes in percentage. The average household income is roughly about 59k per year, the taxes paid overall (25%) would be 14k. Now the richest one percents income is around $421k per year. If we calculate according to the chart, the overall taxes paid would be roughly 130k per year. Comparing to the 14k that the poor contribute, 130k is almost 10 times more. Tell me again how unfair this is. Not to mention the richer you are, the less tax return you receive.
*cries in intern*
@@jenchrollin6035 The percentage represents the proportional sacrifice each person is making. making bill gates pay 10k isnt the same as making a poor person pay 10k. So we need to instead look at what fraction of their wealth they are sacrificing, to truly see the relative sacrifice that each party is making.
jenny W living off of 290k is much easier to do than 45k. A person towards the top generally won’t care about losing that percentage. It’s annoying, sure, but it won’t make or break them. On the opposite end, 45k is difficult to live off of just about anywhere you live and that taxes that they took is actually an issue. People really could’ve used that percentage to help them get by.
Gotta do the opposite graph of how much benefit each person gets directly from the government.
Lol who do think the government is helping more the extremely rich or the extremely poor?
@@onijabroni1822 Well really rich people don't use medicare or public schools or a bunch of other social programs designed to help the poor.
@Josh why?
@@slacklinesteve4893 because when I came up from 15k up through 60k it felt like quality of life didn't improve. I'm curious how all the tax credits and assistance dropping off interacts.
@@onijabroni1822 rich write the laws so that's obvious in the grand scheme. I worry the incentive to make more on the low end is too small because you loose benefits/credits/assistance and your quality of life hardly changes. So why bother busting a nut to get ahead?
Poor person: *has money*
Federal Reserve: hippity hoppoty your income is my property
The Federal Reserve is not responsible for collecting taxes...
You mean the IRS
You mean your boss and other CEO’s
@@rocketwill9640 well they print money so yes they do.
Ian Niculescu lol no, the IRS collects taxes and the fed sells and buys govt bonds to increase or decrease the money supply, or it just prints money it increase it.
As Jesus sat near the temple treasury, he watched the people as they dropped in their money. Many rich men dropped in a lot of money. Then a poor widow came along and dropped in two little copper coins, worth about a penny. He called his disciples together and said to them, "I tell you that this poor widow put more in the offering box than all the others, for the others put in what they had to spare of their riches, but she, poor as she is, put in all that she had. She gave of what she had to live on." Mark 12:41-44
Nice man very beautiful story , we have a very similar story too in our religion ,where a very poor man(beggar) wants to contribute but he has nothing ,and he was having only one hand and no legs ,he goes to some house to ask if they had some work for him ,they said just take the money , then he replied no I want money in return of my work then house honour ask him to water the garden ,he use his one hand and teeth to draw water from well and he water the whole garden , and then he take those money and give to prophet for charity , it was very less but he told the desciple to spread his coins on the whole collection , so that everyone collection get accepted just because of his contribution
I mention this story to open a conversation about what it means to talk about a fair distribution of the tax burden. This video seems to suggest that fairness is achieved by leveling out the bars representing taxes as percentages of income. But is this the only, or even the best, way to measure fairness in taxing? What about taxes viewed not as a percentage of income but as a percentage of wealth? Or, as Jesus is suggesting in this story, as a measure of the impact on your life. The person trying to live on a minimum wage income feels the impact from the very first dollar in taxes removed from that weekly paycheck, while the billionaire would not see a single bit of impact on his or her life style should every dollar of this year's income be taxed.
Jesus was most definitely a socialist
@@amila_ In the best possible way.
Facts
You know the tax burden is real when even Warren Buffett said that Billionaires need to pay more of their share in taxes...
I think its that every class needs to pay for what they use, top 10% should pay more estate and property, and less payroll, and middle class should have less income tax and more payroll tax
It could also be that Warren Buffet and others in his income class have so much money, that they dont care about higher taxes as it wouldn't even effect them.
Also if they don't mind higher taxes, then instead of waiting for their taxes to increase they could just give more money to different charities?
Warren Buffet can say whatever he likes. He has more money than he can ever spend in his life or the next. Warren Buffet says things like that to gain more power that leads to even more money.
wait you do realize that the fact buffet says that billionaires need to be taxes higher, doesnt actually mean he will pay the higher taxes? there are many ways to evade high taxes, hes saying so to destroy his competition, not to 'give to the poor'
Did Warren Buffett ever volunteer the tax money he thought was "his fair share"?
Great video. Unfortunately, with Trump now elected, the inequity is likely to get much worse.
If being poor was financially secure it wouldn’t be called “being poor”
Being poor should mean you can't buy a new car or fancy clothes. It should not mean you are homeless and lacking healthcare.
@@seanbutterfield1 is that the definition that the data use? Or you just use your own definition?
Here in Brazil the consumer taxes are monstrous. Some itens have tax percentage as big as 70%.
What products do those taxes get applied to?
@@100Mmore games, electronics, etc.
@@100Mmore try buying an IPhone, you pay enough taxes to buy another for the government
@Motivation they are from brazil, of course they're not going to talk about your country. do it yourself.
The wealthy need a 70% tax bracket
I’d like to see this same chart after applying tax credits and subsidies. As someone in a single income lower middle class household with 2 children, I can guarantee I received more money on my return that I ever paid into income tax and FICA combined. It would be nice to see a graphic that compares income tax payments vs tax benefits.
You are an example of why taxes exist. You are in a single income household with 2 children. You get help from the government to subsidize your babies. You get that money because you are exempt from paying taxes on a certain amount of income. Usually this is around the Poverty line. So you still pay taxes through out the year, but when you file, the government gives it back to you (because you didnt need to pay taxes, you are in Poverty.) and they give you extra because your circumstances call for it. Me, a single person with no children, i usually end up owing a tiny bit in taxes every year, because I dont have anything the government figures is worth subsidizing, like children. All i get is a basic $5000 tax break, you get that +more for every kid you got. Thats why you receive more than you put in. Unfortunately, the rest of the picture isnt so rosy.
No that wouldn t fit the narrative
Thank you!!
@@maximemeis2867 what narrative? That we should tax rich people so the poor don't suffer?
@@proton8689 the narrative that the rich don t pay their «fair share» of all the free stuff people want to get a their expense. Oh and btw, need or suffering is not a claim on the production of others.
I conclude from this that the middle and lower class should start buying less, curb the consumerism.
"buy less" ok i will buy less food, spend less on education, buy less books for education, and sell my house.
then i can pay my taxes for the month
@@Boypogikami132 I think he meant buy less luxurious things.
The guy with grey hair and a brown shirt seems to be doing okay lol
Nismokid206 that’s what I thought to.
i'm walking to goodwill to find a brown shirt