Skip to comments.CBO: Top earners pay 68 percent of tax burden
Posted on 07/17/2012 4:18:47 AM PDT by tobyhill
The top 1 percent of earners pre-tax income dropped 36 percent between 2007 and 2009, while the four lowest quintiles saw a loss of only about 5 percent, according to the Congressional Budget Office. During those years, the average pre-tax income for all earners dropped.
The top 20 percent of earners the top quintile bore 67.9 percent of the federal tax burden in 2009. The middle quintile paid 9.4 percent, while the lowest paid .03 percent of the federal tax burden.
As the CBO study points out, average tax rates depend both on tax laws and economic conditions. The average federal tax rate was 17.4 percent in 2009 the lowest since 1979, when the United States was also in a recession.
Earlier this week, the Congressional Budget Office reported a federal spending deficit of $900 billion for fiscal year 2011.
(Excerpt) Read more at dailycaller.com ...
“The top 1 percent of earners pre-tax income dropped 36 percent between 2007 and 2009, while the four lowest quintiles saw a loss of only about 5 percent”
This is FABULOUS news to the Hateful Hussein Heads!
I’m sure that the 5% loss MORE than makes up for the losses suffered by the people they hate the most!
And now that getting EBT is STATUS, then the ‘Heads are ahead!
The Congressional budget office says the top 20% of earners pay 68% of all the income taxes paid while the bottom 20% pay nothing. Obama says 68% is not a fair share, and I agree with him. The top earners do indeed deserve a tax cut.
The lib/socialist definition of “fair share” is “more” always “more”.
the top earners only made money because the tax free proletariat bullt roads and bridges for them and the government (Algor?) invented the internet (take that, Steve Jobs and Bill Gates)
I think the rich should pony up at least another 20% of their income to obama to redistribute to the proletariat
“The top 20 percent of earners the top quintile bore 67.9 percent of the federal tax burden in 2009”
I’ve said it before, and I’ll say it again. LET THE BUSH TAX CUTS (and other tax cuts) all expire on Jan 1, 2013. I say it for a number of reasons:
The first reason is to resurrect Bush’s reputation (and no, I’m not crazy about him, but I don’t like the lying about his tax cuts)- if anything, his tax cuts were bottom-heavy, but he gets ZERO APPRECIATION from the masses on it - well, then, we’ll just have to take back those tax cuts.
Next, taxing the poor and middle classes is the ONLY way to actually raise revenue for the government. Yes, there’s a limit to what you can get, but at this point, they essentially pay nothing in taxes, and in many cases, receive money just for filing their tax returns (i.e., Earned Income Credit). It’s time to make a lot more of them into net tax payers.
Next, if we want a $4T government, then we should PAY FOR IT, rather than dumping the HUGE deficit on to my kids, and later their kids. Yes, it would be great to cut government spending first, but Americans are in no mood for that. Just on this site, most older people are not about to give up their welfare money (i.e., what is called Social Security), so how can conservatives make a case that the lower classes should give up their welfare money? Not going to happen.
So that’s it. I realize that I’m supposed to toe the line regarding taxes, but I just HATE to dump a bankrupt country on my kids, and if the people DEMAND a huge federal government (including on this site), then it’s time to start paying for it.
“Next, if we want a $4T government, then we should PAY FOR IT, rather than dumping the HUGE deficit on to my kids, and later their kids. Yes, it would be great to cut government spending first, but Americans are in no mood for that. Just on this site, most older people are not about to give up their welfare money (i.e., what is called Social Security), so how can conservatives make a case that the lower classes should give up their welfare money? Not going to happen.”
Because the gubmint robs the taxpayers in SS taxes, of course the people that paid into it want it back... As for the poor or “lower classes,” what have they done to earn their “welfare?” Absolutely nothing, that is the difference.
If the gubmint stopped taking the SS tax today, I would gladly accept not receiving SS when I retire. However, what little I would get in SS benefits, I would expect in the form of a rebate for what I have already contributed.
“If the gubmint stopped taking the SS tax today, I would gladly accept not receiving SS when I retire.”
AWESOME, someone on my side. Let’s kill those tax cuts together so that we can “pay you back” for SS!!
...Because I’m SURE you don’t want my kids (and probably your kids) to be stuck with a bankrupt country that underfunded its government for a generation.
Whatever dude. Just keep the cycle going then. Never get out from under the gubmint control. Let your kids wallow in gubmint funding of their retirement. Give me back what I have paid into the system in full and not some percentage over the course of my post retirement years. Your kids, my kids, will certainly have the time to fund their own retirements plus any family money left to them. The dependancy cycle must be stopped. Like an addict, cold turkey is the way to go..
Screw the grandkids, Let’s Party!
I think you missed Bob’s point. The cycle that is going right now is the continued shift of paying for the insane government spending to ONLY the “wealthy”.
I realized 40 years ago that SS was a scam and have never counted on it as a “safety net”. I have lived and planned accordingly and have assumed that “payroll taxes” were exactly that - taxes and nothing more, nothing less.
As far as getting back what you paid into the system, good luck with that!
My dependency on the federal government ended those years ago when I ruled out expecting any repayment of the aforementioned taxes. Note my tagline.
“Your kids, my kids, will certainly have the time to fund their own retirements plus any family money left to them.”
You need to do the math on this one. The BIGGEST factor that’s killing SS now is that people take too long to check out after they retire, and they’re getting paid, now, with money being earned today, not money that they put in.
I cannot, for the life of me, see how my kids can spend 30 years working to pay your retirement and then be expected to save up for their own retirement. You sure as heck didn’t do that, but you’re expecting my kids to do it. Sorry - but it’s time we start paying today’s bills with TODAY’S money.
One other thing...you WILL get your Social Security - all of it, there is absolutely no doubt about it.
How do I know that? Easy - when half of the older people on this site DEMAND it, and virtually all of the older people (i.e., less conservative) in the country (i.e., the other 99% of them) demand it, it’s a done deal. YOU WILL GET IT, all of it. So don’t worry about it.
The only argument now is who is supposed to pay for your share of the goodies. Should you and I pay for some of it (which we are not doing now due to our huge deficit), or should we dump it all on our kids. That’s the only point being debated.