Do they pay their "fair share" ? Of course they do - and then some, unlike us. This is only federal tax on personal earnings NOT taxes paid by their companies etc.
The top 10% already pay about 70% of federal income taxes, and the top 1% pays nearly 40%. The top 10% shoulder the overwhelming majority of federal income taxes, while the bottom 50% of earners pay roughly 3% of this specific revenue.
Many lower-income households pay no income tax at all due to standard deductions and credits.
While top earners pay the highest total dollar amounts, their effective tax rates (the actual percentage of income paid) are often debated. The Cato Institute estimates that the top 10% face an average overall federal tax rate of around 27%. The 70% statistic applies specifically to federal income taxes. When you include all federal, state, and local taxes (which includes payroll, corporate, property, and sales taxes), the tax burden is less concentrated, because lower-income individuals spend a larger portion of their income on consumer sales and FICA payroll taxes.
The high tax share paid by top earners also reflects the high concentration of wealth and income at the top, with the highest-earning 10% earning nearly half of all U.S. income.
Maybe instead of endlessly arguing over who should pay more, we should spend more time asking where our tax dollars are going and whether we're getting the results we're paying for.
Check these chairs out - click on the picture.
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"fair share": "what I want from YOUR money".
ReplyDeleteTaxation of income is SLAVERY TO THE GOVERNMENT. There is NO OTHER WAY to look at it.
ReplyDeleteHmm, the list looks VERY RACIST! Look at all those WHITE guys and NO black guys! It's kind of sexist too!!
ReplyDeleteMuch of the bottom 50% are under the impression that FICA and Medicare are their income taxes. That's why they bitch so much. I try and educate some of them but it rarely sinks in.
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