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The Top 20% Paid 94.1% of Income Taxes in 2009
Carpe Diem ^
| Mark J. Perry
Posted on 07/20/2012 9:00:56 AM PDT by SeekAndFind
The Top 20% Paid 94.1% of Income Taxes in 2009
The chart above is based on data in the recently-released CBO report "Distribution of Household Income and Federal Taxes, 2008 and 2009
," showing the share of federal income taxes paid by income group in 2009. In 2009, almost all (94.1%) federal income taxes collected were paid by just one-fifth of Americans (top quintile) and the top 1% paid almost 39% of all taxes collected. In contrast, the lowest and second quintiles were net "tax collectors" because that 40% of Americans received more in refundable tax credits than they paid in income taxes.
But all we hear about is how the rich don't pay their fair share of taxes, and proposals for increasing taxes on "the rich," like the one from Warren Buffett
TOPICS: Business/Economy; Society
KEYWORDS: tax; taxes; wealthy
posted on 07/20/2012 9:02:26 AM PDT
I think the stat is that the bottom 50% pay no income tax at all.
Can someone please tell Mitt and Republicans.
posted on 07/20/2012 9:11:58 AM PDT
Although there is no way to quantify it, you can bet they paid a lot in local sales and property taxes as well for both their businesses and personal activities.
I not only respect the top 20%, I wish I was back there again.
posted on 07/20/2012 9:13:27 AM PDT
(You're just jealous because the Voices talk only to me.)
No, no, no, they are not paying their “fair share”.
This chart shows what utter BS Obama’s arguments are. The “rich” pay for our current government. The issue is the Dems want to expand our current government and have “the rich” pay for that too. Its about taking money from the rich and giving it to the poor, period. Not funding some specific program or making sure government has enough money. Its purely about more and more and more wealth redistribution.
posted on 07/20/2012 9:14:18 AM PDT
by Opinionated Blowhard
("When the people find they can vote themselves money, that will herald the end of the republic.")
and by the way $250,00.00 is not rich anymore.
posted on 07/20/2012 9:14:47 AM PDT
The top 20% starts at a household income of $81K.
I think the basic problem is that the lowest two quintiles are comprised of people who just dont have the skills to make it in todays economic climate. We need to bring back manufacturing of basic commodities - shoes, clothing, textiles, thingamajigs and other labor intensive industries to employ these low-skilled people.
The negative tax rates paid by these bottom quintiles just shows society’s need to keep this population housed and fed to keep them from rioting in the streets.
I think our “elites” are responsible for the situation through lack of industrial policy, bad tax policy on businesses, and acceptance of the rotten public school system, among others.
posted on 07/20/2012 9:31:52 AM PDT
(Obama: could not get a clue if he were covered in clue musk and standing in a field of horny clues.)
The basic problem is that it is illegal to sustain yourself below an arbitrary economic level. It's impossible to bring back manufacturing of basic commodities - shoes, clothing, textiles, thingamajigs and other labor intensive industries - as businesses are prohibited from employing these low-skilled people at their fair market value. The negative tax rates paid by these bottom quintiles just shows society has to pay them the difference to prevent them from having standing to challenge the prohibitions. I think our "elites" are responsible for the situation through implementation & enforcement of minimum-wage laws, zoning requirements, etc. to satisfy their lofty sensibilities, then assuage their guilt by forcing others to pay for their jobless survival.
posted on 07/20/2012 9:52:51 AM PDT
($1 meals: http://abuckaplate.blogspot.com)
well i know they are struggling. thats way under Obama’s rich..but I am thinking he wants a cut from anyone who clears a nickel..even my grandma.
posted on 07/20/2012 10:10:36 AM PDT
I think our "elites" are responsible for the situation through implementation & enforcement of minimum-wage laws, zoning requirements, etc. to satisfy their lofty sensibilities, then assuage their guilt by forcing others to pay for their jobless survival.
Liberal elites damage people in their quest to feel good about themselves... it's so sick. Nice insights there ctdonath...
posted on 07/20/2012 11:47:46 AM PDT
(Political correctness is simply George Orwell's Newspeak by a non-threatening name. FR- Bernard Marx)
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