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Yes, the bottom 40% pays very little in Federal Income tax. Of the 142 million tax returns filed, the bottom 58 million housholds paid about $12 billion in Federal income tax of the $1.07 trillion total. In payroll tax they would have paid over $42 billion.
Of their $682 billion in total income the lion’s share of the $54 billion in taxes fall on wage earning single and couples with no children. Those with multiple children and the retired living off investments, SS and pensions in this category pay the least.
The top 10-12% paid $768 billion of the $1.07 trillion in Federal Income Tax. They also paid $115 Billion in SS tax and $38 Billion of Medicare taxes. For a total of $921 Billion in of the nearly $1.5 trillion in Income and payroll taxes.
Income is the most inefficient and volatile way to collect revenue.
that is not what people said nuckle head, do you know how to read? People are saying INCOME tax......yes, I know about payroll tax, I pay my 6.5K each yr...and a 40 yr income person pays about 2.4K....ok, already a difference of 4K.....how do i get an addiitonal 4K of services?
Will they pay a bit more so we can pay pensions and HC of federal gov workers?
Oh no! Right wingers would never say that in this thread!
The Obama proposal kept all the small fry credits that poor and middle class credits received along with the same income tax rates for incomes below $250K.
Only income above $250K would be taxed at the higher rates.
Besides repeating tired myths about taxing the rich ....why don't you try giving us some data that says taxing the rich is counter productive.?...That it will bring in less money?
Show us where all these rich people, you have such sympathy for, left the country to a significant degree?
You can't do that because it's a right wing myth.
Your post is full of complete BS! Who is talking about the PAST? We're talking about the future if your idea of taxing the rich exponentially comes to pass you fool!
Taxes pay for teachers, firefighters, police officers, the military, road, bridges, tunnels, communication infrastructure, clean air, clean soil, clean water, Medicare, Medicaid, Social Security, cancer research, and the Internet.
Move to Somalia if you don't like taxes.
And if the people that pay MOST of those taxes move elsewhere, you ain't got SQUAT.
YOU move to Somalia because that sounds like it is more of your kind of place.
The top 10% still account for 25% of social insurance revenue. If we expand to the top 20%, the amount grows to 42%. The top 50% cover 76% of all social insurance taxes.
However, it is best to consider all revenue sources. In doing so, the top 10% still produce 55% of all tax revenue. If we expand to the top 20%, the amount is 69%. 90.1% of all federal tax revenue comes from the top 50% of income earners.
Revenue from indioviduals yes and no they do not get a good ROI. Plus that cohort is the most volitile. Of the approxamatley $500 billion dollar drop in government revenue from the peak in 07 a majority of that drop is from the top 12% mostly the top 5%.
Yes, there is a lot of subsidizing going on; it is not fair or efficient. I don’t feel it is right to demonize the working families as freeloaders when there are millionaires paying fewer taxes than people making $35k a year.
40% is 58 million households.
A fair tax would still be as volatile because of the total income volatility of the top 10%.
Based it upon #citizens, not households..know this is off a bit ..but mainly illustrative
Your post is full of complete BS! Who is talking about the PAST? We're talking about the future if your idea of taxing the rich exponentially comes to pass you fool!
Typical post of a know nothing.....basically they are saying...".No, No-way, You are wrong!"...............like a 2nd grader in the play ground...lol
do they EVER post any objective data to the contrary?
Sadly, they don't have the intellect to do that.
....they listen to Hannity and Rush all day and get their heads filled with crap.
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