ECP NetHappenings The Real Story of Who Pays Federal Taxes

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@HeresTheRant

The Real Story of Who Pays Federal Taxes

The claim that “the top 1% pay 40% of all taxes” is deeply misleading. It cherry-picks income tax data while ignoring payroll taxes, which make up a huge share of federal revenue and disproportionately burden low- and middle-income earners. Let’s break this down with the actual numbers.

Federal Tax Breakdown
The federal government collects $2.2 trillion in income taxes and $1.63 trillion in payroll taxes each year.
While employers nominally pay half of payroll taxes, economists widely agree that this cost is passed on to workers in the form of lower wages. This means workers effectively pay the full $1.63 trillion in payroll taxes, which must be included in any honest discussion of tax burdens.

Who Pays What?
Bottom 50% (Under $50K):
Income tax: $22 billion (largely offset by credits like the EITC).
Payroll tax: $652 billion (including both employee and employer shares).
Total: $674 billion, or 18.6% of all federal taxes.

Middle Income ($50K-$200K):
Income tax: $650 billion.
Payroll tax: $815 billion.
Total: $1.465 trillion, or 40.4% of all federal taxes.

Top 1% (Over ~$540K):
Income tax: $880 billion (a significant share of income tax revenue).
Payroll tax: $33 billion (due to the Social Security cap and reliance on investment income).
Total: $912 billion, or 25.2% of all federal taxes.

The Truth About Tax Burdens
The full picture shows that low- and middle-income earners bear the brunt of federal taxes, while the wealthiest pay far less as a percentage of their income and total federal tax revenue. Here’s why the “40% of all taxes” claim is flawed:

Payroll Taxes Are Excluded: Payroll taxes bring in $1.63 trillion—nearly as much as income taxes—yet they’re completely left out of the “40%” narrative.
Payroll taxes are flat taxes that hit wages up to $160,200, meaning middle- and low-income workers pay the same rate on every dollar they earn. High earners, however, stop paying Social Security taxes once they exceed the cap.

Middle-Class Americans Pay the Most:
The $50K-$200K brackets contribute 40.4% of total federal taxes, far more than any other group. They pay heavily into both income and payroll taxes, carrying the system on their backs.

The Bottom 50% Contributes More Than It Seems:
While often dismissed as “not paying taxes,” this group contributes $674 billion annually through payroll taxes, even if their net income tax liability is small or negative due to credits.

The Top 1% Is Not Overburdened:
The top 1% contributes 25.2% of total taxes—far less than the commonly cited “40%” figure. This is because they pay little in payroll taxes, with much of their income coming from investments (capital gains, dividends) taxed at lower rates.

The Big Picture

When you include payroll taxes, the federal tax system looks very different:

The middle class ($50K-$200K) pays the largest share of federal taxes, contributing over 40% of the total.

The bottom 50% still pays nearly 19% of all federal taxes, driven by regressive payroll taxes.

The top 1%, while significant income tax contributors, pay far less in payroll taxes and only account for 25% of total federal taxes.

Why This Matters

The “40% of all taxes” myth is a convenient tool to push back against reforms that would make the tax system more equitable. It obscures the reality that the federal tax system is regressive for the working class, who pay a significant portion of their income in payroll taxes, while the wealthiest benefit from wage caps and lower tax rates on investment income.

It’s time to stop cherry-picking statistics.
When we look at the full tax system—income taxes, payroll taxes, and beyond—it’s clear that the middle class and working Americans are carrying the heaviest burden, while the wealthiest pay far less relative to their income and economic power.
11:24 PM · Dec 26, 2024

@SenSanders
Our country is rapidly evolving into two Americas.
One, where the vast majority live, consists of millions of working class families struggling to get by. The other: less than a thousand billionaires who have never had it so good.
That is not democracy. That is oligarchy.

Elon Musk’s charitable foundation ballooned to $9.5 billion in assets last year while handing out $237 million in gifts — most of which went to other entities,… controlled by him
https://www.bloomberg.com/news/articles/2024-12-13/musk-s-foundation-sent-most-of-its-millions-to-his-own-entities

What Is Charity Washing And How Can We Spot It?
Charity washing, broadly, involves companies hiding their less-than-savory investments and practices underneath their charitable donations.

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ECP NetHappenings #BITCOIN HITS $100,000 FOR FIRST TIME EVER!

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BTC

ECP NetHappenings
#BITCOIN HITS $100,000
FOR FIRST TIME EVER!

Congratulations on $100,000! This is history!

The price of Bitcoin (BTC) is $102,950.91 today as of Dec 5, 2024, 5:11 am EST

7 years ago 2017, we hit we passed $10k.
The guy who reported about #Bitcoin breaking $100 back in 2013 still uses the same set-up to report about #Bitcoin breaking $100k. Don’t buy shit, just HODL
2008  is exactly when Satoshi was developing Bitcoin instead of occupying Wall Street.

Bitcoin – The Currency of the Internet
Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. Unlike traditional currencies such as dollars, bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. As such, it is more resistant to wild inflation and corrupt banks. With Bitcoin, you can be your own bank.

To all the bitcoiners who held bitcoin through the ups and downs.
Congratulations on $100,000!
Mood at $100,000 #Bitcoin today.
We fucking won!

If you survived…
• The FTX collapse
• BTC crashing to $15k
• The Great AI pivot
• Gary Gensler’s SEC
& still HODL’ed #Bitcoin to $100k Congrats, you’re an OG

BTC crosses $100,000
Can’t wait to see when Bitcoin overtakes Gold’s market cap!!

The DoJ needs to hand over their coins to the DoD

The path to $1 million will be 10x faster than the path to $100k.

@dotkrueger
The supply demand economics have changed.
All the people who “sold at 69K”, “sold at 73K” and finally “sold at 98k” are gone.
Those Bitcoin are inside of MSTR and IBIT and FBTC. Most of them are not moving forever.
Available supply is much lower.
And all the people who waited until buying the ETF, all the advisors who were “studying the asset” for the last 11 months are now short.
The passive flows from the QQQs which will incorporate MSTR will start December 20th.
IBIT is going to start showing up in a ton of funds and managed accounts. And pension funds. And insurance companies. And retirement accounts.
The lower 50% of the retail bell curve will buy Tron and Hawk coin and XRP instead, but the everyday stock market holder with a Schwab account will buy IBIT.
Demand is going to go through the roof.
Draw your own conclusions as to what this means.
But Peter Schiff was wrong. Taleb was wrong. Bianco was wrong. The NY Times was wrong. Elizabeth Warren was wrong. Gensler was wrong. Jay Powell and that absolute idiot Kashkari were both wrong.
And all of us fringe bitcoiners were right.

Why the 100,000 yesterday?
Bitcoin touched $100,000 just hours after Atkins was announced as Trump’s choice for SEC chair. By Thursday morning it rose above $103,000.
Atkins, a crypto advocate and former SEC commissioner, is expected to regulate cryptocurrency with a lighter touch than Gary Gensler, who leads the commission under the Biden administration. Gensler, who aggressively fought the industry’s expansion in the US, is set to resign on Inauguration Day.

MICHAEL SAYLOR: Once you master #Bitcoin, you can economically prosper. [Otherwise] you can make billions, but the money will just drain out of your capital structure because you’re storing it in a currency which is collapsing faster than you can actually generate it.

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ECP NetHappenings Clemency Recipients 1960 – Present

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U.S. Department of Justice
Office of the Pardon Attorney
950 Pennsylvania Avenue NW
Washington DC 20530
US***************@***oj.gov
Email is the preferred method of contact.
Attachments should be in PDF format.
202-616-6070

Office of the Pardon Attorney:

President Joseph R. Biden (2021-Present) Pardons Commutations

President Donald J. Trump (2017 – 2021) Pardons Commutations

President Barack H. Obama (2010 – 2017) Pardons Commutations

President George W. Bush (2001 – 2009) Pardons Commutations

President William J. Clinton (1993 – 2001) Pardons Commutations

President George H.W. Bush (1989 – 1993) Pardons Commutations 

President Ronald W. Reagan (1981 – 1989) Pardons Commutations

President Jimmy E. Carter (1977 – 1981) Pardons Commutations

President Gerald R. Ford Jr. (1974 – 1977) Pardons Commutations

President Richard M. Nixon (1969 – 1974) Pardons Commutations


Nikola Tesla describing a cell phone in an interview conducted by journalist John B. Kennedy and published in a Jan. 30, 1926, article in Collier’s magazine.

“When wireless is perfectly applied the whole earth will be converted into a huge brain, which in fact it is, all things being particles of a real and rhythmic whole. We shall be able to communicate with one another instantly, irrespective of distance.
Not only this, but through television and telephony we shall see and hear one another as perfectly as though we were face to face, despite intervening distances of thousands of miles, and the instruments through which we shall be able to do all of this, will fit in our vest pockets.”
Nikola. Tesla, 1926
THE EVENT CHRONICLE

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ECP NetHappenings Can Trump Order a Strategic Bitcoin Reserve?

©1998 *Educational CyberPlayGround®
https://edu-cyberpg.com
Sign Up NetHappenings Blog News Headlines Email List
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#bitcoin DOESN’T have a CEO or marketing department.

How do folks that support Bitcoin organize?

Bitcoin Policy Institute

A Think Tank Studying the Future of Money
To ensure sound policy, we provide research that moves past hype and cynicism alike.

Can Trump Order a Strategic Bitcoin Reserve?
What is the Exchange Stabilization Fund? And does it allow the Treasury Department to create a Strategic Bitcoin Reserve?
There is a legal mechanism for the Treasury Department to purchase bitcoin
A practical method for the Treasury to acquire bitcoin through the ESF involves utilizing convertible instruments of credit. Under 31 U.S.C. § 5302(b), the Secretary of the Treasury is authorized to “deal in gold, foreign exchange, and other instruments of credit and securities the Secretary considers necessary.” While bitcoin itself is not an instrument of credit, the Treasury can engage in transactions where bitcoin is acquired through such instruments.

Trump nominates crypto-friendly Scott Bessent as Treasury Secretary
Bessent has been a major donor to Trump, giving $1 million to the Republican candidate for his 2016 inauguration.

PlanB “Yes indeed, 2021 was clipped off by China, Luna, FTX, Celsius etc. And despite the clip off, 2021 still had 5 RSI 80+ months that pushed bitcoin from 20k to 60k. Imagine 3x from today’s 90k … and imagine no clip off in 2025″

“you can’t make this stuff up” department

Steven Lubka
“How are you so productive while tweeting bangers all day”
Wrong question, impossible to be this productive without tweeting bangers Bangers are the release value for a brain operating at high levels, you need to vent off heat in the form of bangers.
@DzambhalaHODL
If you aren’t tweeting, doing your job, and cracking jokes in the group chat at the same time every day you need to step up and do better!

While spacewalking I realized something: I used to think I was scared of heights but now I know I was just scared of gravity»

— NASA astronaut Reid Wiseman

 

When you look for crypto investors, find the man who bought the duct taped banana.  RECENT: Tron founder Justin Sun paid $6M for a banana taped to a wall This is not just an artwork; it represents a cultural phenomenon that bridges the worlds of art, memes, and the cryptocurrency community. He calls it a “cultural phenomenon” that bridges art, memes, and crypto.

DOJ has officially brought both its cases against Trump to an end, despite ample evidence of Trump’s guilt and multiple grand jury indictments for crimes including espionage, conspiracy, and obstruction of justice. Garland is a disgrace to the rule of law.

Bob Lefsetz Rationalization
“I’m sick and f*cking tired of the Democrats trying to put a positive spin on the election of Donald Trump. Saying he didn’t win by a majority, didn’t win by that much, pointing to minor victories in Congress and the states… The Democrats got their ass SPANKED! And this spin is just further evidence how out of touch the DNC, elected officials and left wing commentators are. If you can’t admit your faults, if you can’t analyze your loss, how in the hell are you going to adjust for changing conditions and succeed the next time around?
Yes, when it comes down to the issues, most people are aligned with the left. They want abortion rights. They want the protection of the rights of minorities. But those weren’t the foremost issues in the election.
Have you ever been broke? I have, and when that’s the case money is all you can think about, 24/7. Anyone who romanticizes the life of a starving artist has never been one. You can’t even create, you’re so freaked out. And my worst times were when the economy was considered to be raging. But not for me!”

Bob Lefsetz She died. Who’s that? Alice Brock from “Alice’s Restaurant”!

Bob Lefsetz Celebrity Endorsements I guess music can’t change the world.
Or to put it another way, we haven’t had that spirit here since 1969.
Yes, in the sixties, there was a youthquake, and who did you look to for answers? MUSICIANS! Even the Beatles sang about revolution, and the Jefferson Airplane asked for volunteers and Crosby, Stills, Nash & Young sang about Ohio (although that was 1970…) In other words, music doesn’t hold the same place in society. Doesn’t have the same meaning, the same power.

@UnrealBluegrass Re Musk:
In his present form he is wealthy, whispers like WormTongue into the ear of the president elect.
Two of his goals but I missed one earlier.
Elon wants “celebrity”.
He bought Twitter so he can constantly write about himself and then “like” them all.
So celebrity above all else.
Celebrity is the real ultimate enticement .
Celebrity and a welcome mat across all media.
Musk wants to be a “star”.
For a teetering ego like Elon’s he’ll never obtain it or won’t know when he has.
Wealth, political influence and an out of control ego, not a good combination.

Musk buying twitter – a means to an end
MEANS

– Systematic Disinformation
– devaluing objective information (media, journalism)
END
Unaccountable power
– protecting untold wealth
– stopping regulation, no taxes, no criminal charges, keeping govt contracts

Trump will be remembered for in 2020 a weak pandemic response and insurrection, and in 2027 for a second Great Depression…

Samuel Sinyangwe @samswey

We are living through a historical period where a tiny network of billionaires has teamed up across USA/Russia/Europe/Middle East to absolutely destroy the futures of everyday people and our planet, all to further enrich themselves.

Just like Karl Marx predicted, actually.

Timothy Snyder: Trump’s Plan to Destroy Our Government
Timothy Snyder, professor of history at Yale University, is the author of On Tyranny. He writes and speaks frequently on television about the importance of defending our institutions against authoritarianism and resisting Putin’s quest to reclaim the Soviet Union.

Zorka Milin @ZorkaMilin
Big Oil is not invincible. I know because I was a part of the fight to get them to publish what they pay
@PWYPUSA. We took on this powerful industry that sued and lobbied hard against the law. But now, at long last, some of those secrets are out.
@ICIJorg Nov 25
READ MORE For a decade, the Western oil industry fought bitterly against a basic anti-corruption rule. ICIJ’s #CaspianCabals shows the lengths to which some U.S. oil companies and their allies were willing to go to thwart greater transparency.

White House appointments for sale.
Video: Fmr White House Aide Boris Epshteyn on Russian tv speaking fluent Russian-he was born there & worked there before too. #TrumpRussia
https://x.com/funder/status/871910229956587520
https://x.com/FurrieChief/status/1736081024696860936

the press is still up to their relentless fuckery
the malpractice just keeps coming
hey, remember all the journalistic ass-clownery that the worthless scribblers of the corporate-controlled press inflicted on us during the run-up to the election? remember the sanewashing and the wishcasting?

Robert F. Kennedy is supposedly coming to Romania to support his fascist friend Calin Georgescu in the 2nd round of presidential elections. They have been friends for 15 years.
@HackingButLegal
The Kremlin just stole the first round of the Romanian election with an unknown fascist pro-Russian candidate.
RFK may be showing up to… lend his support to all that.
So RFK Jr. refuses to get jabbed for a vaccine — but he’ll jab himself to shoot up heroin?
Are you getting the picture?

We Tracked Every Visitor to Epstein Island | WIRED
Even in death, the secrets of disgraced financier Jeffrey Epstein and his infamous private island remain tightly guarded. But in 2024 WIRED conducted an investigation uncovering the data of mobile devices belonging to almost 200 of his visitors. How strong was the data? So precise that we followed visitor’s movements to and from Epstein Island to within centimeters—tracking their countries, neighborhoods, and even buildings of origin. This is Epstein Island’s Secret Data: On The Grid.

#EDUCATION

David Pepper
“Eliminated from the bill was a provision that would have required private schools to submit an annual report to the Ohio Department of Education and Workforce showing how state funds received from voucher scholarship programs are being used.”
They know. Provisions removed from Ohio bill that would add accountability to private schools, voucher program

U.S. Department of Labor @USDOL
The Wage and Hour Division fights for the underdog. Read how these workers got their tips restored from the Indiana restaurant where they worked:

Federation of American Scientists @scientistsorg
The federal government transfers approximately $1.1 TRILLION dollars every year to state and local governments.
But no one is really evaluating whether the programs deploying these funds are functioning, let alone increasing community well-being.
Challenge
Advocates of abundance have  identified as an increasingly significant barrier to economic growth and community flourishing. Of particular concern are state and local policies and programs, including those powered by federal funds, that do not effectively deliver critically important public goods and services like health. education. safety. clean air and water.
and growth-oriented infrastructure.
Part of the challenge is that state and local governments lack capacity to conduct rigorous evaluations of the efficacy of their policies and programs. For example, the American Rescue Plan. the largest one-time federal investment in State and governments in the last century, provided $350 billion in State and Local Fiscal Recovery Funds to State. territorial. local. and Tribal governments to accelerate post-pandemic economic recovery. Yet of those investments are being evaluated for efficacy. in a recent SURVEY 59% of those surveyed cited “lack of time for rigorous evaluations- as a key obstacle to innovation. State and governments also typically lack the time, resources, and technical capacity to canvass whether a program proven to improve outcomes elsewhere might also improve outcomes locally.
Finally, state and local governments often don’t adopt more effective programs that these programs are more effective than the Status quo, because implementing new programs disrupts existing workflows.

ChatGPT Exposes Its Instructions, Knowledge & OS Files
According to Mozilla, users have a lot more power to manipulate ChatGPT than they might realize. OpenAI hopes those manipulations remain within a clearly delineated sandbox. With https://0din.ai/blog/prompt-injecting-your-way-to-shell-openai-s-containerized-chatgpt-environment some specific prompt engineering they would in an operating system, and access the inner workings of the large language model (LLM) it runs on: the data, instructions, and configurations that influence its outputs.

@dieworkwear
THREAD This month marks the final, definitive closure of the Garland Shirt Factory.
If you’re interested in American manufacturing, I want tell you its story.

I asked: “How is it possible that the company that invented the oxford cloth button-down, one of the most iconic American designs, is not be able to charge a premium over stuff found on Amazon?” The person agreed and said “that’s the million dollar question.”
The final chapter of the Garland Shirt Factory proved one thing: even without the Brooks Brothers behind it (a company that had its own problems), it could not find enough orders to sustain operations. The simple reason is because at $10-14/ hour wages, a shirt is expensive.
At such prices, a company might buy a shirt from Garland at $40, sell it to a store for $80, and then the store sells it you for about $150. This distribution model is necessary for scale (and scale is important for jobs). But people don’t want to pay $150 for a shirt.
Ultimately, consumers want cheap clothes. I’m sad to see yet another American clothing factory shutter. The Garland Shirt Factory lasted for about 70 years, much of that time producing one of America’s most iconic styles.

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