Skip to comments.The rich pay majority of U.S. income taxes
Posted on 03/12/2013 9:48:55 AM PDT by SeekAndFind
Many people think that the rich are able to weasel their way out of taxes, but they actually pay an overwhelming majority of the taxes in the United States.
What's more, their share of the tax burden is increasing. The top 10 percent of taxpayers paid over 70% of the total amount collected in federal income taxes in 2010, the latest year figures are available, according to the Tax Foundation, a right-leaning think tank. That's up from 55% in 1986.
The remaining 90% bore just under 30% of the tax burden. And 47% of all Americans pay hardly anything at all -- a fact that got Republican presidential candidate Mitt Romney into political hot water last year.
"There's been a huge myth created that the rich aren't paying anything," said William McBride, the Tax Foundation's chief economist. "The rich pay a much higher rate than the poor."
These numbers may not tell the whole story though. The tax code is getting more progressive, said Roberton Williams, a senior economist at the centrist Tax Policy Center. In 1986 there were just two tax rates -- 15% and 28%. Now there are seven income tax brackets, going from a low of 10% to a high of nearly 40%.
While taxes on investment income have declined a bit since 1986, incentives like child care and income tax credits for the poor have been greatly expanded.
But the rich are able to take advantage of tax breaks too. That's why Williams said there's a popular notion that the wealthy are somehow cheating the tax man. In fact, the Tax Policy Center found last year that there about 4,000 households with incomes over $1 million that were not paying anything at all.
(Excerpt) Read more at finance.yahoo.com ...
Under the current TOTALLY UNFAIR tax system, everyone has a reason to complain except the politicians who use the IRS agents as their own personal intemidators (Gestapo) against the people and the IRS agents themselves who are employed on the government’s teat. An across the board flat tax % system would change all of that. No more IRS intimidation and no more politicians passing tax law for us and exempting themselves and their corporate lobbyist friends and no more politicians playing both ends against the middle for personal gain. Thus explaining the reason the current system won’t be changing any time soon.
Much less than most think. One claim:
...a family income of $142,300 or more in 2010 would have put you in the top 10 percent of income; a net worth of $952,500 would have put you in the top 10 percent of wealth...
Lucky for my wife and I, we’ll never be considered wealthy.
I am advocating nothing. I am simply stating that Gaffer’s observation was dead on. You seem fixated on labeling me as some “class warfare enthusiast” just because I agree with Gaffer’s supposition. Relax and have a Coke and a smile...:-)
Gaffer supports continuation of the problem ~ the income tax.
DH and I are near the top with combined incomes. I haven’t had a raise in three years, but my taxes and cost of living keep going up. We don’t make anywhere near even 1/2 way to 7 figures, but pay 6 figures in income taxes. I expect that # to go up again this year. In addition I am losing more and more of my freedoms with the gun grabbing morons here in Colorado. Please tell me how I am getting richer and richer and benefitting out of proportion? But then it is evil of me to even ask the question..... /s
This is that to which I was referring, FRiend. Nowhere in this description does Gaffer advocate ANYTHING. He simply categorizes our current population into four distinct categories with which I agree wholeheartedly.
You’re all nuts then ~ there are at least 5,287 and one-half different groups and their all mad as h...
We usta'din't have a direct federal tax on individuals. Now we have them checking our toilet lids.
It is long overdue to FIX the problem!
Well of course I was speaking in generalities.
The people that will truly benefit from falling employment opportunities are owners of large corporations or holders of stock in the same.
Especially in an economy like this where profits are going up but companies are not expanding due to fears of future tax increases and regulations.
It is government that is causing the growing disparity and the only thing that government can do about it are things that Obama will never agree to; tax cuts and the curbing of regulations
And you are a one track song.
Fella, I don’t get one dime or yours or Federal money. Your state is a liberal suck sound.
The topic is federal income taxes ~ not sociology.
5,287? Do tell...
There was this thing called
The Sixteenth Amendment
The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.
It permits the imposition of an income tax (on the rich or poor).
Of course there are those that believe it was never properly ratified by the states.
that is a fact I overlooked and I whole heartedly agree with you and our Constitution
Changing by the moment.
Abolish the 16th Amendment. Kill income tax.
Institute a national sales tax. Those who spend more, pay more, so the rich will still pay more, but creating and holding wealth will be promoted.
Shift Social Security and Medicare to individual control (and responsibility). I would even be willing to see a law that mandates long term savings for retirement and health care, but the individual decides how it is spent.
There, problem fixed!