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stumpy
OC, CA
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Capitalism Part 2
Aug 11 2019 12:31AM more by stumpy
Tags: Current Events



2 Small for Porn,

Currently the US corporate income tax rate for regular corporations is a flat 21%.

A married couple that was getting all of their income from wages would need to be making around $900,000 in Federal Taxable income before they would be paying 30% of their income in federal income taxes and a single person getting all of their income from wages would need to be making around $500,000 in Federal Taxable Income before they would paying the same 30%

I don't think most people posting here are having to worry about making either the $900,000 or the $500,000 in taxable income.

Of course we are only talking about Federal income taxes and the State of California also taxes individuals and Corporation.

For those that are interested some more information is below.


For 2019 a married couple starts paying 32% to the Federal Government on taxable income that exceeds $321,450 and single individuals start paying 32% on taxable income that exceeds $160,725. The income tax paid on the taxable income less than $321,450 and $160,725 ranges from 0% to 24%. However as noted above you would have to reach much higher numbers before you would be paying a total of 30% of your taxable income to the IRS in income taxes..

Just so everyone understands Federal taxable income is a number that is arrived at by taking your total gross income and subtracting any adjustments to gross income such as IRA contributions (if your employer has no pension plan) and itemized deductions such property taxes. mortgage interest, etc or the standard deduction.

      
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Abe_Froman
LA, CA
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Aug 11 2019 01:12AM     link to this

Corporations don’t really pay taxes, the taxes are actually paid by the consumer and passed through as increased prices and fees for services and products. Further, when that same corporation pays dividends on the profits to the shareholders of the corporation the money is now taxed again as income to shareholder at their current income tax rate. So in actuality the money is getting tax twice.
BigOnes
Aliso Viejo, OC, CA
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Aug 11 2019 03:59AM     link to this

The original lock and this one shows exact what’s wrong with the world today...


Some of the people in this world are completely and utterly fucked up in the head... I actually feel sorry for some of you!
Grumpy
Inland Empire, CA
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Aug 11 2019 05:56AM     link to this

Ain't nuttin wrong wit me Niggah!
thedon60
Long Beach, LA, CA
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Aug 11 2019 07:30AM     link to this

Apparently 20% of the population owns 86% of the nations wealth. This is probably a conservative estimate. Capitalism does work for some it seems. This figure will only go up due to Trumps tax cuts for the wealthy. This kind of wealth disparity is not consistent with a democracy. This is one of the main reasons we are seeing such turmoil , homelessness , divisiveness, etc. now.
In truth we no longer have a free enterprise system. Capitalism has morphed into a system of monopolies controlling the market. More than that capitalism is a system that seeks to maximize profits. That is its essential law. So in order to do so capitalism expands beyond national borders in seek of the cheapest labor.
TCD500
OC, CA
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Aug 11 2019 09:41AM     link to this

jim_jones is correct about double taxation of corporate earnings, but who pays the tax is different from the incidence of the tax which is whom the tax burden falls on. The incidence depends on the elasticity of supply and demand.

I have to disagree respectfully with thedon60 about monopolies. I’m sure if you run a business yourself, you recognize that there is a tremendous amount of competition in the US marketplace. Consumers have so many choices if they don’t like a particular company’s offerings. The sheer volume of product and service diversity is really almost unbelievable.
operaagent
OR
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Aug 11 2019 10:00AM     link to this

It may come as a shock to some people but the United States is not and has never had a completely capitalist economy.

In fact we have the exact same system as every other advanced democracy. It is called a mixed economy. By mixed we have a mix of both public and private investment. The differences are the amount of public vs private investment.

Facephuckker
Austin, TX
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Aug 11 2019 11:08AM     link to this

private investment is the same as public, just on a much larger scale

capitalist/ free market is only distorted by monopolies and gov't lack of regulation
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