Dragnet wrote:
And they pay 90% of of the tax burden as well !!!
MAGA
While the rich pay most FEDERAL PERSONAL INCOME TAXES, they do not pay 90% of ALL TAXES. Even to make the claim that they pay 90% of federal personal personal income taxes you must really expand your definition of "rich". To come to that conclusion you have to include the top 40% group which includes single people with incomes as low as $51,100 and couples with incomes of $72,300. Those people aren't poor but it's a real stretch to say they're rich.
But when ALL taxes (state and local, payroll taxes, federal excise taxes, sales taxes...) are considered the top 10% wealthiest do not pay most of the taxes.
"A new study finding an "unfair," rich-poor balance in state and local taxes has been getting big traction on the Web this week.
The study, from the Institute on Taxation and Economic Policy, found that "virtually every state's tax system is fundamentally unfair, taking a much greater share of income from low- and middle-income families than from wealthy families." It added that state and local tax systems are "indirectly contributing to growing income inequality by taxing low- and middle-income households at significantly higher rates than wealthy taxpayers."
In other words, it said the tax systems are "upside down," with the poor paying more and the rich paying less. Overall, the poorest 20 percent of Americans paid an average of 10.9 percent of their income in state and local taxes and the middle 20 percent of Americans paid 9.4 percent. The top 1 percent, meanwhile, pay only 5.4 percent of their income to state and local taxes.
Washington state had the most regressive state tax system, taxing the poorest residents at 16.8 percent while taxing the top 1 percent at only 2.4 percent, the study said. Florida ranked number two, with the poor paying 12.9 percent of their income to taxes, while the top 1 percent pay 1.9 percent. Texas ranked third, with the bottom playing 12.5 percent and the top 1 percent paying 2.9 percent. The main reason: None of those states have personal income taxes, which tend to be progressive.
California is the most progressive state, with the poorest residents paying 10.5 percent and the top 1 paying 8.7 percent."
http://www.cnbc.com/2015/01/15/do-the-wealthy-pay-lower-taxes-than-the-middle-class.htmlLook at the charts below and see that Social Security is the second largest source of federal revenue. Who pays Social Security taxes? Incomes over $120,700 are exempt from SS taxes. The other incomes of mostly the rich, capital gains and dividends, are exempt from SS taxes. So, middle class and working poor pay a larger percentage of their incomes in SS taxes.
Notice how little corporate taxes are a share of federal revenues.
It is a bullshit claim that the wealthiest 1% or even 10% pay a larger percentage of their incomes in taxes. Using only federal personal income taxes is not only misleading, it is disingenuous.
I predict, now with trumpy's and the repulsives Tax Cut and Jobs Act, that the wealthy and big corporations will now pay an even smaller percentage of federal income taxes and that the deficit will grow even bigger and that programs like Social Security, Medicare, and Medicaid will be blamed while ignoring the ever growing outrageous $1.3 TRILLION military budget.