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Americans who make $100,000 a year are in a 28% tax bracket. But millionaire and billionaire CEO's (the ones who give our politicians their campaign money) they are in a 11% - 17% tax bracket.
Marginal tax brackets are NOT the effective tax rate one pays. Take a look at what the IRS reports the average effective federal income tax rate is for a $100,000 earner. It's only 9.7%
Meanwhile, the top 1% pays an average effective tax rate of 23.5%. And according to the latest IRS data, the top 400 income recipients paid an average effective federal income tax rate of about 20%, more than twice the tax rate of that $100,000 earner. http://www.irs.gov/pub/irs-soi/09intop400.pdf
How is it that so many of you lefties are so completely ignorant of factual IRS effective federal income tax data? How can anyone be so completely out of touch with reality? Serious question?
Marginal tax brackets are NOT the effective tax rate one pays. Take a look at what the IRS reports the average effective federal income tax rate is for a $100,000 earner. It's only 9.7%
Meanwhile, the top 1% pays an average effective tax rate of 23.5%. And according to the latest IRS data, the top 400 income recipients paid an average effective federal income tax rate of about 20%, more than twice the tax rate of that $100,000 earner. http://www.irs.gov/pub/irs-soi/09intop400.pdf
How is it that so many of you lefties are so completely ignorant of factual IRS effective federal income tax data? How can anyone be so completely out of touch with reality? Serious question?
They only listen to the Leftwing rags. If you do a google search about this you will see all of the LeftNut sites running these headlines. Those rags know that their audience is dumb.
You would think they'd be embarrassed to blindly swallow the deliberately deceptive manipulative propaganda they've been spoon-fed. But, apparently, they're even too stupid to recognize they've been duped.
You do the math....businesses have many types of deductions.
If they take none.....and none have been taken by their suppliers and back to grain of wheat the farmer put in the ground...all these cost will go to you...or, they would not be in business.
And where exactly did I say anything about corporate taxes?
Personal income taxes and corporate taxes are separate issues.
You would think they'd be embarrassed to blindly swallow the deliberately deceptive manipulative propaganda they've been spoon-fed. But, apparently, they're even too stupid to recognize they've been duped.
I am baffled as to why it doesn't bother them as well. I think most are just paid misinformers, they KNOW they are peddling lies and non-truths.
The best way to fix all this is abolish the income tax and property tax. Simply implement a 10% sales/service tax on all goods and items (food, medicine etc...obviously being exempt). 5% goes to the local state, the other 5% goes to the Federal Government. The Government adheres to a strict budget, it is not allowed to borrow or spend money that it does not have. This would not only give everyone more financial prosperity, but it would close all the loopholes that the wealthy take advantage of. No more tax right offs. No more offshore income tax evasions.
Wealthy people still have to buy stuff, and they spend more than anyone else, so they'll end up paying their fair share just like me and everyone else. This goes for the poor as well. Of course there would be some credit system in place to help those who are in poverty.
How come you on the Left are so, well, dumb? Do you know what capital gains is? Do you know the tax rate for that? Any middle class person making their only money through CG will be at the SAME rate as those you mentioned. If those rich people were ONLY making money through INCOME, they'd pay the same as everyone else making money ONLY through income. Please Lefties, stop trying to argue something you obviously know nothing about.
I know billionaire Warren Buffet pays 1/2 the tax rate that his secretary does.
It's double 6.3% for the self-employed, which are overwhelmingly those in the higher income groups.
Its the same really. Turns out while 6.3% comes out of my check, my employer pays the other 6.3%-its part of my compensation package as it were. If they werent paying it they could afford to pay me more....
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SS benefits are progressive AND limited. High income earners have been LOSING money on SS since the 1990s, according to the SS Administration:Is Social Security a good deal?
LOL. Funny thing though, some recent research has shown that the richer live an average fo 5 years longer then the poor folks, and as such are FAR more likely to get more social security.
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Which the rich pay, as well. Not sure why you think the rich are somehow magically immune to state and local taxes. Are you being deliberately obtuse?
Nope, however some notes...many of those taxes and fees are regressive or flat. sales taxes hit the poor more then the rich for example. Im not being deliberately obtuse, I've just spent some time researching this.
Its amazing how the massive focus on federal taxes-to the exclusion of all else blinds people.
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