Posted on 07/11/2012 3:33:01 AM PDT by markomalley
Wealthy Americans earn about 50 percent of all income but pay nearly 70 percent of the federal tax burden, according to the latest analysis Tuesday by the Congressional Budget Office — though the agency said the very richest have seen their share of taxes fall the last few years.
CBO looked at 2007 through 2009 and found the bottom 20 percent of American earners paid just three-tenths of a percent of the total tax burden, while the richest 20 percent paid 67.9 percent of taxes.
The top 1 percent, who President Obama has made a target during the presidential campaign, earns 13.4 percent of all pre-tax income, but paid 22.3 percent of taxes in 2009, CBO said. But that share was down 4.4 percentage points from 2007, CBO said in a finding likely to bolster Mr. Obama’s calls for them to pay more by letting the Bush-era tax cuts expire.
The big losers over the last few years were the rest of the well-off, especially those in the top fifth, who saw their tax burdens go up.
(Excerpt) Read more at washingtontimes.com ...
The numbers reported in the Times are for total tax liabilities. Income tax is a whole lot more dramatic:
In regards to income tax, the bottom 20% of income earners earn 5.1% of the money earned in the country. The bottom 60% (the lower three quintiles) earn 29.6% of the money earned in the country. The top 20% earn 50.8% of the income earned in the country and the top 1% earn 13.4% of the income in the country. On the other hand, the lowest quintile (bottom 20%), cumulatively, contributed -6.6% (a NEGATIVE 6.6%) of all the revenue collected by individual income tax. The lowest 60% (the lowest three quintiles), cumulatively, contributed -7.4% (a NEGATIVE 7.4%) of all the revenue collected by individual income tax. The top quintile (the top 20%), cumulatively, contributed 94.1% of all the revenue collected by individual income tax. The top 1%, cumulatively, contributed 38.7%.
What could be unfair about that? Sounds like it's time to soak the rich more. (/sarc)
Thanks markomalley. Have a great day, all.
............................................................................................. we will have more people riding in the cart than pulling the cart. “
Governor Bobby Jindal
homosexuals, abortionists, militant atheists, earth worshipers, black racists, illegals, the dead, multiple voters, cheaters, welfare free loaders, social security disability scammers, and feminists.
Obama received a significant majority of these groups in the 2008 election: single mothers, divorced women, the elderly, Catholics, College and University students.
Oh.....forgot union thugs...and perhaps a few others.
More money can be raised from those who pay nothing than from those already over taxed.
Fair is incredibly miss valued when some get refunds for unpaid taxes and their net tax paid is actually negative
Remember the old article about the ten guys who always go for drinks on Friday afternoons? 5 guys pay nothing, 3 pay for 1, 1 pays for 2, and one pays for 7. What happens when the guy who pays for 7 doesn’t show?
I really wish that analysts would look at the Total tax burden, and include SS taxes, taxes on tires, phone bills, etc and not just income taxes. As a self-employed individual, I have to pay a higher percentage in total taxes than the 1 per centers. I am not saying that they need higher taxes, but it is time to look at the entire burden, not a part of it.
The 7 expecting a handout start a riot.
“College and University students. “
I would propose that if you are paying for your children to go to a university, you should be able to use their vote, by proxy.
While true, I don’t think most of the middle class is too concerned about how overtaxed the rich are. A good many want them to pay even more.
I think there would be a much better response if we were to talk more about the taxes imposed on production and how it affects job creation and consumer costs. Its America’s hidden VAT tax and most people only understand that things simply cost too much and they blame the manufacturer for it.
I used to work for a company that made interior door skins for Cadillac. The raw materials to make the doors cost less than a dollar but by the time they made it to the Cadillac plant in Livonia the finished product was valued at some $600. Yet even at $600+ the factory still only made a couple of bucks per door after costs.
People need to be made to understand that the individual pieces of the products we buy are taxed and even the machines that make those parts are taxed. The screws are taxed, the glue is taxed, the paint is taxed, the plastic is taxed, the property the factory sits on is taxed, the building is taxed and the energy used is taxed. And then there are labor and transportation costs.
Its not a complicated issue. Years ago My niece asked my why penny candy cost 10 cents. I was able to reasonably explain why candy that cost a fraction of a cent to make cost a dime to buy. She did a few liberal years in college but has since returned to conservatism and I recently found her explaining to he niece more or less what I said more than a decade ago.
If it were up to me, I would dump all the taxes on the consumer at the point of sale and clearly label all things with their actual cost vs taxes.
See post #14
I just paid 18.43% tax on a six pack of beer. I’m sure if my total tax burden i.e. gas taxes, property taxes, sin taxes, vehicle taxes, utility taxes, sales taxes, service taxes, income taxes, school taxes, etc were calculated, it would be around 50% of my total income going to one government or another. Spending needs to be cut and the parasites need to become useful members of society. If they can’t manage it, they need to go to prison where they can’t reproduce and their parasitic activity can be minimized. Parasitic infestations, if not eliminated, ultimately kill the host organism and that is what is happening here.
MUMP
“Liberalism”, being the political expression of Humanism, caters to the basest of human nature, covetousness and envy.
If they were honest, those that want the rich to be taxed more don’t really want the wealth that “the rich” have,
THEY JUST DON’T WANT “THE RICH” TO HAVE IT,
and want someone to take it away from them.
People with assets are taxed every which way possible. The more you have, the more tollbooths they put in your path. It’s sickening. The rich must be shaken down to finance entitlements. Barak Obama is leading a bolshevik revolution in slow motion.
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