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tellmeaboutyourcat t1_j9w9uka wrote

Reply to comment by Responsible-Type-392 in Bucks County Has Two Millionaires for Every One Homeless School Child by Open_Veins_8

Millionaires should pay their fair share and the government should use that money to support low income families to prevent homelessness.

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Responsible-Type-392 t1_j9wb4id wrote

Millionaires pay a lot already. What percentage is their “fair share”? Top income tax rate is 37%.

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FlakeyMuskrat t1_j9wblvv wrote

Which they don’t actually pay because loopholes.

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drxdrg08 t1_j9wqefd wrote

> Which they don’t actually pay because loopholes.

PA state taxes have no loopholes. Have you ever read the PA tax code?

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Responsible-Type-392 t1_j9wctz6 wrote

… then where do all our taxes come from?

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FlakeyMuskrat t1_j9wddr1 wrote

You really think income tax from millionaires makes up a large portion of our state tax?

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Responsible-Type-392 t1_j9wewsj wrote

I would say that income tax makes up the largest source to the PA budget and millionaires pay a significant portion of that source. So yes.

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FlakeyMuskrat t1_j9wireu wrote

Ooof I admire your optimism that money actually comes from millionaires and not the working class.

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Responsible-Type-392 t1_j9wiyfs wrote

I’m just looking at the official PA budget on the treasury website. Give it a try. Unless you think those numbers are falsified.

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FlakeyMuskrat t1_j9wjupj wrote

Might wanna check your source and be sure to click the revenue tab at the top. Individual estimated tax payments is literally the 4th biggest source of revenue for taxes. But you think millionaires pay their fair share in taxes, I’m not surprised you can’t do proper research.

https://www.patreasury.gov/transparency/revenue.php

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Responsible-Type-392 t1_j9wou3s wrote

“I’m not surprised you can’t do proper research”

Yikes! Shots fired. I wish I was as pompous as you.

Hey… what is “withholding” anyway? Hmm. Look at page 2.

https://www.revenue.pa.gov/News%20and%20Statistics/ReportsStats/TaxCompendium/StatSupplement/Documents/2021-22_stat_supp.pdf

Try and be less of a total jerk next time.

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FlakeyMuskrat t1_j9ww5a4 wrote

I’ve already wasted enough time arguing with someone who supports millionaires. That’s my fault.

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Advanced-Guard-4468 t1_j9yaepa wrote

There maybe loopholes to lower your income but you still have to pay taxes on your reported income. You only pay taxes on your income, not your net worth.

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FlakeyMuskrat t1_ja07p7r wrote

Yes and those are the issues (loopholes) I’m talking about. If one makes millions of dollars, they can “lower” their income on paper for massive amounts of money that are then, untaxed.

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Advanced-Guard-4468 t1_ja08mtr wrote

No they can't. There is only so much you can do by itemized deduction to lower their incomes.

Someone who is a millionaire only has to be mid to late 40s with a 401k, a home and two incomes that total 150k.

You might be thinking super wealthy

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