As the nearby chart shows, the wealthy’s tax burden is considerably larger than their share of the nation’s income. High-income taxpayers earned 28 percent of total adjusted gross (AGI) income in 2014 while paying 55 percent of the entire income tax burden. By contrast, the remaining 145 million taxpayers command 72 percent of the nation’s income, but paid a combined total of 45 percent of all income taxes.
The next chart shows that because of the very generous refundable tax credits aimed at low-income taxpayers, families earning under about $30,000 have a negative effective tax rate. What this means is that these refundable tax credits work to either supplement their income or offset their payroll taxes.
In 2014, people with adjusted gross income, or AGI, above $250,000 paid just over half (51.6%) of all individual income taxes, though they accounted for only 2.7% of all returns filed, according to our analysis of preliminary IRS data. Their average tax rate (total taxes paid divided by cumulative AGI) was 25.7%. By contrast, people with incomes of less than $50,000 accounted for 62.3% of all individual returns filed, but they paid just 5.7% of total taxes. Their average tax rate was 4.3%.
Thom conveniently ignores the highly regressive pAyroll taxes and sales taxes that add another 20% or so to the tax rate for the poor and middle class.
payroll tax is about 15%, but caps out at a bit more than 100k.
sales tax hits por and middle harder as they spend much higher percentage of income.
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Duh
Duh
Top of Page Bottom of Page PermalinkFull Name: good at drinking water
Giving poor people subsidies
Giving poor people subsidies to buy healthcare robs them of their motivation.
Taxing rich people deprives them of their freedom.
So sayeth Paul of Ryan.
https://www.nytimes.com/2017/03/16/opinion/and-jesus-said-unto-paul-of-ryan.html?_r=0
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Rich people don't need the
Rich people don't need the government
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It may not even get out of
It may not even get out of the house.
Supposedly there are still 25-30 GOP no votes, enough to kill it.
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Supposedly Clinton should be
Supposedly Clinton should be president
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A society can be judged on
A society can be judged on how it treats its elders...
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^^ then china wins
^^ then china wins
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Goo thing there'll soon be no
Good thing there'll soon be no ice floes upon which to set the elderly adriftt.
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Gap between 200k-500k. What's
edit
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Gap between 200k-500k. What's
Gap between 200k-500k. What's up with that?
Terrible chart, sad
Top of Page Bottom of Page PermalinkFull Name: Ausonius
Tax payments by income:
Tax payments by income:
As the nearby chart shows, the wealthy’s tax burden is considerably larger than their share of the nation’s income. High-income taxpayers earned 28 percent of total adjusted gross (AGI) income in 2014 while paying 55 percent of the entire income tax burden. By contrast, the remaining 145 million taxpayers command 72 percent of the nation’s income, but paid a combined total of 45 percent of all income taxes.
The next chart shows that because of the very generous refundable tax credits aimed at low-income taxpayers, families earning under about $30,000 have a negative effective tax rate. What this means is that these refundable tax credits work to either supplement their income or offset their payroll taxes.
In 2014, people with adjusted gross income, or AGI, above $250,000 paid just over half (51.6%) of all individual income taxes, though they accounted for only 2.7% of all returns filed, according to our analysis of preliminary IRS data. Their average tax rate (total taxes paid divided by cumulative AGI) was 25.7%. By contrast, people with incomes of less than $50,000 accounted for 62.3% of all individual returns filed, but they paid just 5.7% of total taxes. Their average tax rate was 4.3%.
Top of Page Bottom of Page PermalinkFull Name: good at drinking water
Thom conveniently ignores the
Thom conveniently ignores the highly regressive pAyroll taxes and sales taxes that add another 20% or so to the tax rate for the poor and middle class.
payroll tax is about 15%, but caps out at a bit more than 100k.
sales tax hits por and middle harder as they spend much higher percentage of income.
Top of Page Bottom of Page PermalinkFull Name: aiq
Check out the auto
Check out the auto registration taxes in the deep red states and my personal fav, 10% sales tax on groceries.
Top of Page Bottom of Page PermalinkFull Name: The Lonely Questioner
Thom,
Thom,
You work for a state university. Your state's tax dollars fund you zoning all day in the library. Isn't that nice?