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That is scary that the bottom 40% are actually getting back so much money on their income tax payments. I don't have an issue with the top 5 % paying 95% of the taxes if they are also making 95% of the income, but I do think it's wrong that there are people who actually get a bigger refund than the taxes that they pay. Especially considering that appears to be the case for such a significant part of the country.
Agreed. I paid some $28,000.00 in Federal income tax last year (joint filing) on total income of some $140,000.00. Hence, a statement that the 'rich' pay 'all the taxes' is false (as any thinking person would realize).
This says that the top 40% of wage earners pay 106% of income taxes.
You only need to earn $32,000 a year to be in the top 40% of income earners in the United States. Heck, only 25% of people in this country have incomes of more than $50,000/year. Does CNBC and OP seriously consider a $15/hour wage "wealthy?"
This has got to be one of the most ridiculous things I've read all week. And wow, the comments section on CNBC makes the posters around here seem like geniuses.
This is an absurd argument that I fail to understand when conservatives make it over and over and over and over again.
First off, that story isn't about all the taxes the federal government collects, it is only about the income taxes the federal government collects.
The sources of revenue of the federal government are payroll taxes(which everyone pays and is extremely regressive), income taxes, corporate taxes, excise taxes, and other.
This weird understanding by conservatives that only income taxes count when discussing taxes is very illogical.
Sounds like you are talking about strictly federal income tax. There are many other forms of taxation, many of which even the poorest people, pay.
So you don't think the rich pay the other taxes? The rich, do pay the other taxes too. The "so called rich" who are also small business owners also match your payroll taxes.
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