Posted on 09/18/2011 4:22:34 AM PDT by Cincinatus' Wife
Do the wealthy really pay a lower percentage of their income than the middle class? I'm curious about this.
Every year round tax time, citizens against gov. waste, taxpayer alliance this or that publish reports of giant corporations such as GE, Verizon, IBM and the like generating billions of dollars in profits yet pay zero or close to no federal income taxes.
The reports come, inflame the middle class, then disappear until next April 15th.
Is it indeed true that large corps pay little to no tax? Is it true that the middle class pays a larger percentage of their income in taxes than the wealthy? Do the wealthy hide hundreds of millions in foreign bank accounts to avoid U.S. tax rates?
I'd like to know definitively once and for all. This is not about paying down the debt by taxing the wealthy. In my opinion, this would be about right and wrong.
Anyone know the answer?
“Vanishing millionaires…and tax revenue”
Earlier this month, the IRS released tax data for the 2009 calendar year...
In 2007, we had 18,394 tax filers who reported adjusted gross incomes of over $10 million, and they paid $111 billion in taxes. By 2009, that figure had dropped to 8,274 filers paying $54 billion.
In 2007, we had 390,000 tax filers who reported adjusted gross incomes of over $1 million, and they paid $309 billion in taxes. By 2009, that figure had dropped to 237,000 filers paying $178 billion.
This is not a good trend, particularly given our current debt and deficits...”
http://radioviceonline.com/vanishing-millionaires-and-tax-revenue/
No it is not. Thank you for the statistics.
Bump!
Imagine my surprise.
Most “loopholes” are a result of government trying to control commercial transactions so as to try to get the societal results government wants to get.
After the loopholes have been around for a while, they transmogrify into a matter of greed on the part of the company taking advantage of the so-called loopholes.
Elected politicians have institutional memory loss. They forget their own mistakes as soon as they make them, and they forget loopholes around the same time the perception of the loopholes change into the perception that they involve corporate greed.
You cannot tax more than you can spend. The Deficit is not a tax problem, it caused by spending more than is in your budget.
Fixing the deficit by raising taxes is like trying to put a fire out with gasoline. This is not a lack of blood problem in Congress, it is a glut of vampires.
When you raise your spending by 100%, and can’t pay your obligations you need mental help, not more credit cards. This is of course ignoring that this deficit is most likely intentional to destroy the constitutional system of government and replace it with a dictatorship. At which, the idea of more taxes is more about more to steal.
Lest we forget, the very rich don’t have to pay taxes. This is all about hammering the middle class. It always is with socialists. In socialism there are two classes, those with power and serfs.
Great post.
And all our discretionary spending has been eaten up by interest payments on the debt.
Don’t forget that Buffett refuses to give his charity money to the Government to redistribute, because he states absolutely that the private charities are more efficient and more effective.
http://wingright.org/tag/warren-buffett/
Mr. Buffett’s answer to a reporter, in 2007, according to the Wall Street Journal http://online.wsj.com/article/SB10001424053111903918104576504650932556900.html?mod=WSJ_hp_mostpop_read : “Well, that’s a choice and it’s an option . . . If I had to give it to a single individual, or make some young Buffett a multibillionaire, or give it to the government, I’d absolutely give it to the government. I think that on balance the Gates Foundation, my daughter’s foundation, my two sons’ foundations will do a better job with lower administrative costs and better selection of beneficiaries than the government.”
Unbelievable arrogance of these “elites.”
Obama was bragging that his American Jobs act will create 1.9 million new jobs. It costs 447 Billion bucks. 1.9m / 447b = $235,263 cost for each job. Sadly, nobody is checking or planning anything, they just throw out numbers. The only planning they are doing is the next villa to buy on the money they can skim.
Obama was bragging that his American Jobs act will create 1.9 million new jobs. It costs 447 Billion bucks.
1.9m / 447b = $235,263 cost for each job.
Sadly, nobody is checking or planning anything, they just throw out numbers. The only planning they are doing is the next villa to buy on the money they can skim.
Well they got plenty of practice making up the numbers during the health care fiasco.
This!
Too many companies slithering off to places like Zug, Switzerland, file a patent, rent a PO Box and dont pay ANY taxes here (corp interest rate is 14% there).
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