Screenshot for the table mentioned:
Also, when arguing with leftists, the following table may be of interest:
So clearly the rich b@$+@rd$ need to start paying their fair share. 100% of income taxes is clearly not enough. </sarc>
Posted on 12/12/2013 1:51:06 AM PST by markomalley
The rich are paying even more in taxes than you think.
According to a Congressional Budget Office report this week, America’s top 40 percent of earners pay 106 percent of the taxes and the bottom 40 percent pay negative 9 percent, reports CNBC.
How can one group pay more than 100 percent and another group pay less than zero?
The formula that the CBO uses offsets taxes that are paid with refundable tax credits. These include money the government transfers back to the taxpayer for food stamps and social programs.
Some low-income Americans received very generous subsidies. The report shows that Americans who earned an average of $8,100 in 2010 received nearly $25,000 in government aid.
And within the lowest income group, approximately one quarter of them pay negative 15 percent in taxes.
The CBO says that the majority of Americans are actually paying relatively low taxes: “For most income groups, average federal tax rates in 2010 were near the lowest rates for the 1979-2010 period.”
But the wealthiest bear most of the tax burden, paying more in 2010 than they did in mid-1980s under President Ronald Reagan.
These percentages were from the 2010 IRS and Census Bureau figures, and since then, new taxes have been placed on most Americans.
President Obama recently said in a speech hosted by the liberal Center for American Progress that economic inequality was the “challenge of our time” and that addressing the issue drives everything he does in the White House.
Raising taxes on the wealthy and providing generous government aid to low income Americans has been a major component of his fight against income inequality; however, since he came to office, over 6.7 million Americans have fallen into poverty.
Screenshot for the table mentioned:
Also, when arguing with leftists, the following table may be of interest:
So clearly the rich b@$+@rd$ need to start paying their fair share. 100% of income taxes is clearly not enough. </sarc>
Of course the Rich don’t pay enough. They still have some left.
The rich neeed to pay 1500% of the taxes. I want my government subsidies that exceed my income too.
Just to be clear, the “rich”, i.e. the top 40% of taxpayers (and you’d be surprised how many of you fall into that category) paid 104% of the NET tax revenue. Because of the government handouts to the “poor” which more than repaid what little the bottom 40% had to send in, the net was significantly reduced.
As a corollary, this means the middle 20% was a wash. What little they paid they got entirely refunded.
The takeaway here is twofold: One, the government is now engaged in naked wealth redistribution; they’re not even trying to hide it. Two, the entire system is being carried by just slightly more than one-third of “taxpayers”, and an equal percentage is actually an explicit drain.
Christmas doesn’t come in December; it comes when the IRS opens up electronic filing -— for EITC returns. That’s in mid January.
Most of the filers will be frequenting the big box tax services who will compute, electronically file, and write they a Refund Anticipation Loan right on the spot. Some of those checks are near $6000.
Thank you Richard Nixon, who first proposed the E.I.T.C. and Gerald Ford, who actually signed it into law and every administration since,(No exceptions) under which, it has increased.
True dat. I remember
100% of a Dollar is one Dollar, not $1.50. Where the hell is this math coming from?
It’s even worse. They are talking about 100% of tax revenue. Keep in mind that our government spends about 30% MORE than that, with the rest in debt. Who is going to pay that debt and interest? Not those that don’t pay federal taxes, that’s for sure.
I don’t buy this. I pay plenty of taxes, and I am in the lower quintiles.
Some of those checks are being sent to the same addresses outside the USA to dozens of people claiming to live at single locations in Mexico and eastern Europe. And the IRS can't be bothered to follow up, even though they are aware of the extreme level of fraud.
“naked wealth redistribution” which never works because the rich don’t ‘pay’ taxes- they ‘collect’ them.
No investment is ever made without calculating how taxes will be paid from it.
... At least not by anyone who wants to remain rich LOL!
That’s because they need the cash to pay the mules to get them here so they can be Democrat voters. That’s why they do nothing.
Just heard Rush say that the “lower 40” had an average income of 8k, with 25k in government subsidies.
You’re probably making more than that if you’re paying taxes.
Amazing, though, that the “top 40%” are being called “the rich”.
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