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Post by oldsbdcjim on Aug 10, 2011 18:45:27 GMT -5
Who Pays Income Taxes and how much?
Tax Year 2008
Percentiles Ranked by AGI
AGI Threshold on Percentiles
Percentage of Federal Personal Income Tax Paid
Top 1%
$380,354
38.02
Top 5%
$159,619
58.72
Top 10%
$113,799
69.94
Top 25%
$67,280
86.34
Top 50%
$33,048
97.30
Bottom 50%
<$33,048
2.7
Note: AGI is Adjusted Gross Income
Source: Internal Revenue Service
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Post by ktpelec on Aug 11, 2011 8:47:35 GMT -5
These are figures only addressing Federal Income taxes, now when Social Security, Medicare, Excise, and other misc. taxes are factored in the burden shifts to the middle class.
Congressional Budget Office Study
CNS News Service
(The next website down on Google)
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Post by keithf on Aug 11, 2011 14:34:26 GMT -5
These are figures only addressing Federal Income taxes, now when Social Security, Medicare, Excise, and other misc. taxes are factored in the burden shifts to the middle class. Data and sources? |
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Post by marcus on Aug 11, 2011 16:54:15 GMT -5
Flat tax for all baby.
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Post by bo862 on Aug 15, 2011 15:12:58 GMT -5
These are figures only addressing Federal Income taxes, now when Social Security, Medicare, Excise, and other misc. taxes are factored in the burden shifts to the middle class. Data and sources? Capital tax and dividends are what make the biggest difference. This is under Income and Power "And the rate of increase is even higher for the very richest of the rich: the top 400 income earners in the United States. According to another analysis by Johnston (2010a), the average income of the top 400 tripled during the Clinton Administration and doubled during the first seven years of the Bush Administration. So by 2007, the top 400 averaged $344.8 million per person, up 31% from an average of $263.3 million just one year earlier. (For another recent revealing study by Johnston, read "Is Our Tax System Helping Us Create Wealth?"). How are these huge gains possible for the top 400? It's due to cuts in the tax rates on capital gains and dividends, which were down to a mere 15% in 2007 thanks to the tax cuts proposed by the Bush Administration and passed by Congress in 2003. Since almost 75% of the income for the top 400 comes from capital gains and dividends, it's not hard to see why tax cuts on income sources available to only a tiny percent of Americans mattered greatly for the high-earning few. Overall, the effective tax rate on high incomes fell by 7% during the Clinton presidency and 6% in the Bush era, s o the top 400 had a tax rate of 20% or less in 2007, far lower than the marginal tax rate of 35% that the highest income earners (over $372,650) supposedly pay. It's also worth noting that only the first $106,800 of a person's income is taxed for Social Security purposes (as of 2010), so it would clearly be a boon to the Social Security Fund if everyone -- not just those making less than $106,800 -- paid the Social Security tax on their full incomes." |
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Post by bo862 on Aug 16, 2011 6:59:13 GMT -5
During the 45 years starting in 1961, payroll taxes have gone from a minor levy to almost a sixth of wages for the bottom 90 percent of American households. This $760 in income tax savings that the average taxpayer enjoyed in 2006 was taken back, and more, by the increased tax rates for Social Security and Medicare. Those rates rose from 3 percent withheld from pay in 1961 to 7.65 percent in 2006. Not all income is from wages, of course, but those higher payroll taxes wiped out the seeming reduction in the income tax and more sociology.ucsc.edu/whorulesamerica/power/is_our_tax_system_helping_us_create_wealth.pdf |
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Post by pmooret on Aug 16, 2011 8:46:18 GMT -5
I like the fair tax method, a national sales tax. This would also virtuallly do away with the IRS. Think how much they spend each year reviewing your tax forms, performing audits, and expenses for changing the tax code and find print every year. This tax gets everybody, people who are here illegally who do not file income taxes, people who work under the table, income gained through illegal activities yet your savings are tax free. No loopholes or write offs for only those who can afford it. This would also eliminate the constant "showboating" and time wasted by our elected officials over tax codes, always trying to gain favor and another vote. When federal taxes were first imposed they were in the form of a sales tax, simple. Look at us now. |
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Post by ktpelec on Aug 16, 2011 10:14:32 GMT -5
Some type of organization (IRS) would still be needed to insure these taxes get paid....
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Post by bo862 on Aug 19, 2011 3:13:12 GMT -5
One issue I have with the flat tax is that the lowest incomes have little, if anything, left after they pay for the essentials food clothing and housing. Going to a flat tax would be an increase on them and make it harder just to survive. Another issue, after this is out the rich will be padding the pockets of politicians to lower their taxes. You know so they can create more jobs overseas. Leaving the rest of us to pay the bills. |
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Post by bo862 on Aug 19, 2011 3:29:25 GMT -5
I like the fair tax method, a national sales tax. This would also virtuallly do away with the IRS. Think how much they spend each year reviewing your tax forms, performing audits, and expenses for changing the tax code and find print every year. This tax gets everybody, people who are here illegally who do not file income taxes, people who work under the table, income gained through illegal activities yet your savings are tax free. No loopholes or write offs for only those who can afford it. This would also eliminate the constant "showboating" and time wasted by our elected officials over tax codes, always trying to gain favor and another vote. When federal taxes were first imposed they were in the form of a sales tax, simple. Look at us now. A problem with this method is that companies will pop up all over our borders on the Mexican and Canadian sides selling items to Americans that cross the borders. The people that can afford to travel and pickup big ticket items will avoid all u.s. taxes allowing the richer to pay even less. Not to mention the use of the internet to buy from wherever, and shipping it in to avoid taxes. Another major issue is in a major downturn, like the one we are in, the government funds would be dried up to almost nothing since consumer confidence has dropped, and spending with it. Even affording a military would be impossible. Originally I liked this idea. It just seems like another system with loopholes for those that can afford them. |
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Post by pmooret on Aug 19, 2011 9:22:43 GMT -5
The percentage difference between payroll/personal tax and a national sales tax would hardly make the trip worth the time. The cost of gas/plane ticket narrows the gap even more. Also, most big ticket items/purchases are houses, cars, boats, motorcyles, atv's. What a hassle at the border. I just don't see it. If this system were in place and this was an issue maybe the goverment would repeal NAFTA!
As far as a downturn in the economy, supposeably our economy would be booming as companies flock to the good old USA because there are no corporate taxes.
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Post by marcus on Aug 19, 2011 22:06:15 GMT -5
Everybody should pay I dont care if you make 10K or 10 million.Everybody should pay the same percent that way they cant play us against one another.
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