Misleading Claim: The rich dont pay their fair share in taxes. The Refutation: Estimates from Congress’s Joint Committee on Taxation and recently highlighted in the Wall Street Journal make it abundantly clear that high-income earners pay a disproportion share of taxes in relation to their income in the U.S. • Higher-income households will pay practically ALL of the federal income tax in 2014. Specifically, taxpayers with incomes over $100,000 a year will pay 95.2% of the income taxes in the United States. • Higher-income households pay a higher share of OVERALL federal taxes as well. 75.7% to be exact. This includes income taxes, but ALSO includes payroll taxes and excise taxes, etc. The disproportionate burden on the wealthy is still present, albeit less severe. • On the other hand. taxpayers making less than $50,000 a year, which make up about half of the country, pay only 5.6% of overall federal taxes. • Its even worse when looking only at income taxes. These same people earning less than $50,000 a year will have whats called a negative income tax rate. This means theyll actually get MORE money BACK from the income tax system than they paid in. Conclusion; Once aware of these numbers, it should be self evident that funding 95.2% of Americas income tax revenue means wealthy individuals arent guilty of paying too little. -------------------- Sources: https://jct.gov/publications.html?func=download&id=4568&chk=4568&no_html=1 taxfoundation.org/blog/do-rich-pay-their-fair-share m.us.wsj/articles/BL-WB-44750
Posted on: Sun, 21 Sep 2014 17:16:28 +0000
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