The wealthiest 10% of Americans own a record 89% of all U.S. stocks

Re:The wealthiest 10% of Americans own a record 89% of all U... by klyrs on Monday October 18, 2021 @12:22PM (#28907241)

There's a $10k deduction for state taxes. If the state tax rate is greater than the federal rate, then they won't pay federal income tax. Also, federal income tax doesn't include payroll taxes. Indeed, the last paragraph mentions this:

> Federal income taxes do not include payroll taxes. The Tax Policy Center estimates that only 20% of households paid neither federal income taxes nor payroll taxes. And “nearly everyone” paid some other form of taxes, including state and local sales taxes, excise taxes, property taxes and state income taxes, according to the report.

Nice cherry-picked, but meaningless, statistic you've got there.

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Re:The wealthiest 10% of Americans own a record 89% of all U... by drdec on Monday October 18, 2021 @03:21PM (#28910254)

> There's a $10k deduction for state taxes. If the state tax rate is greater than the federal rate, then they won't pay federal income tax.

That would be true if it were a credit, but it is a deduction.

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Re:The wealthiest 10% of Americans own a record 89% of all U... by lotsofpulp on Monday October 18, 2021 @12:30PM (#28907375)

The $10k SALT deduction does not apply to the 90% of tax filers who do not itemize since the standard deduction is worth more.

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