Skip to comments.Americans Making Over $50,000 a Year Paid 93.3 Percent of All Taxes in 2010
Posted on 04/16/2012 3:36:32 AM PDT by Sub-Driver
Americans Making Over $50,000 a Year Paid 93.3 Percent of All Taxes in 2010 By Christopher Goins April 14, 2012
(CNSNews.com) Americans making over $50,000 paid most of the federal taxes that were paid in the U.S. in 2010.
According to statistics compiled from the Internal Revenue Service (IRS) by the Tax Foundation, those people making above $50,000 had an effective tax rate of 14.1 percent, and carried 93.3 percent of the total tax burden.
In contrast, Americans making less than $50,000 had an effective tax rate of 3.5 percent and their total share of the tax burden was just 6.7 percent.
Americans making more than $250,000 had an effective tax rate of 23.4 percent and their total share of the tax burden was 45.7 percent.
Out of the 143 million tax returns that were filed with the IRS in 2010, 58 million or 41 percent of those filers were non-payers.
In other words, only 85 million actually paid taxes.
But Tax Foundation data also shows that people who didnt pay any income tax received $105 billion in refundable tax credits from the IRS.
(Excerpt) Read more at cnsnews.com ...
And probably out of that 41% who were non-payers, >90% voted for Obama and think the ‘rich’ should start paying their ‘fair share’.
If we don't fix this, and make everyone have skin in the game, America is done.
“...people who didnt pay any income tax received $105 billion in refundable tax credits...”
Don’t work, get refundable tax credit money plus local/state/Federal weekly & monthly welfare assistance. Oh, did mention Government Housing?
All I know is that our over $300,000 tax bill was more than enough. Sure felt like a “fair share” to us !
Well duh, they make most of the disposable income. Lower income folks still pay all the other taxes. The fact is that no one should be paying income taxes.
If we don’t fix this, and make everyone have skin in the game, America is done.
Dpn’t for this class warfare straw man.
It was done when they made it so any idiot off the street could vote! It used to be that only white male landowners could vote. Change the rules to only allow homeowners (regardless of gender or race) to vote, and the political landscape in this country changes DRASTICALLY!
I’m basically working poor at my tax rate.
The point is: there WAS a standard. We’ve since thrown standards out the window and allow anyone or anything, with or without a pulse, to vote. Meanwhile, many states are trying to implement voter identification laws, and the Feds are trying to quash them. Why do you think that might be?
So all in all we all paid in more than 150% of the tax burden?
No wonder our country is going to hell. From the reporters who mis-represent everything to fit their agenda to the politicians who were handed an affermative action job..........
HAPPY MONDAY EVERYBODY !!!!!!
This is because of the EITC (Earned Income Tax Credit), coincidentally implemented by Richard M. Nixon in attempt to placate minorities.
The program, by virtue of the supposed taxpayer not making enough money and having dependents (now even single people with no kids qualify), IMPUTES a supposed income for which tax has been PAID. Then by virtue of the income/taxes paid formula, the leech gets back money he didn’t even pay!
What is even more egregious than taking from paying taxpayers and GIVING to leeches, the government has the effrontery to call this “Earned” income....
This, along with the other programs for leeches is what is killing our childrens’ futures.
‘FairShare” = zero in Obama’s view for these people.
The real 93%ers.
I think my sig line is apropos to this thread.
I have been searching, and cannot determine if the $105 billion “refundable tax credit” (read redistribution of wealth) is deducted from the gross income tax revenue as reported, or is the income tax revenue “as reported” the net after all tax credits, including refunables have been deducted?
In other words, what percentage of the Nation’s income taxes is counted as revenue versus the “refundable” that may be counted as revenue that in fact that never reaches the public coffers?
I’m really looking for the answer and can’t seem to muddle through the hocus pocus.
The closest I’ve been able to gather is that in 2010, the income tax revenue was about $899 billion. Is that a net or gross figure?
If that is a net number, the actual number for income tax revenue should be $1.004 trillion. And the amount of taxes collected is only 89.54% of what should be “fairly” collected.
If that is a gross number (899), the amount of revenue redistributed is about 11.68% of the reported revenue, which means the actual revenue is only $794B. I understand that I may be realllly dense here, but I haven’t found the answer to my basic question. How does the gov. report “revenue”? Do they report refundable refunds as income or expenditure?
Where can it be found as a ledger item?
I simply quoted the Tax blog.
Good Questions, I will research the questions tomorrow because I am always interested in the Source/Backups.
Thanks for the inquiry.