Tax Code Is Already Steeply Progressive

ATR ^ | 2012-04-10 | Ryan Ellis

[92nina]

What percent of all tax revenues do high-income households pay?

			Income Tax		All Federal Taxes
	Top 1% ($344,000 +)		39.5%		28.1%
	Top 5% ($155,000 +)		61%		44.3%
	Top 10% ($112,000 +)		72.7%		55%
	Lower Half ($32,000 -)		2.4%		2.6%
	Middle Quintile ($65,000)		4.6%		9.2%
	All Households		100%		100%

What is the average tax rate paid by high-income households?

			Income Tax		All Federal Taxes
	Top 1% ($344,000 +)		19%		29.5%
	Top 5% ($155,000 +)		17.6%		27.9%
	Top 10% ($112,000 +)		16.2%		26.7%
	Lower Half ($32,000 -)		1.9%		9.6%
	Middle Quintile ($65,000)		3.3%		14.3%
	All Households		9.3%		20.4%

IRS Statistics of Income
CBO "Average Federal Taxes by Income Group"

A “Buffett Rule” Raises Almost No New Revenue Because the System Is Already Steeply Progressive

According to the Joint Tax Committee, a version of the “Buffett Rule” proposed by President Obama (30% tax rate on any income earned over $1 million) would raise just $31 billion in tax revenue over the next decade.

To put that in context, that is less than one-tenth of one percent of all tax revenues that CBO expects the federal government to collect over that time period, and this assumes (wrongly) that no one would change their behavior as a result of the tax.

There's nothing stopping Warren Buffett from paying extra taxes today.

Wealthy individuals can make a voluntary payment to the Treasury today by sending in a check. In addition, Congressman Steve Scalise (R-La.) and Senator John Thune (R-S.D.) have introduced legislation to let taxpayers do it right on their own tax form. The bill is known as the “Buffett Rule Act” (H.R. 3099/S. 1676)

Read more: http://atr.org/tax-code-already-steeply-progressive-a6833#ixzz1rkuCO3n5

[92nina]

Despite calls for a "Buffett Rule," the tax code is already steeply-progressive. Most taxes in America are paid by top earners, who face the highest tax rates.

Take this article and others I found to the fight to the Libs on their own turf; put the Left on the defensive at Digg and at Reddit and in Stumbleupon and Delicious

[Son House]

Go to the Republican budget proposal of 10% and 25% progressive rates too, they shouldn’t get a pass on offering Liberal Solutions either.

[Toadman]

So based on the beer drink'n buddy analysis that was going around via email awhile back, these stats are equivalent to 1 of the beer drink'n buddies pick'n up 80 percent of the tab, and the other 9 are complaining because because he's not paying his fair share.

Does that about cover it?

[Son House]

Just one more, I’ll applaud 92nina for branching out to other outlets and not sitting idle on FreeRepublic and preaching to the Choir.

[Cowman]

So based on the beer drink'n buddy analysis that was going around via email awhile back, these stats are equivalent to 1 of the beer drink'n buddies pick'n up 80 percent of the tab, and the other 9 are complaining because because he's not paying his fair share. Does that about cover it?

except you forgot to include the fact that all the beer drink'n buddies need to open their beer fridges, keg coolers, ice chests, and beer fund accounts for examination by the "Beer Czar" so that all can be absolutely certain that the "fair share" is being paid

[Gunslingr3]

I’m in favor of repealing the 16th amendment and restoring uniformity to direct taxation as originally proscribed in the Constitution, but I don’t understand the numbers presented here for the ‘middle income’ quintile.
Is anyone on this board making $65k and paying an effective income tax rate <4%?

[IronJack]

So much for “equal protection under the law.”

[92nina]

Thank you.

[andy58-in-nh]

In the next eight hours, the Federal Government will spend more than all of the additional annual revenue collected under the so-called “Buffett Rule”.

[TheOldLady]

Click the Drop!

It may seem like a drop in the ocean
But even small monthly donations
Will keep Free Republic running smoothly

Sponsors will contribute $10
every time a new monthly donor signs up

[TurboZamboni]

Bump for later