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03-16-2011, 8:34pm | #21 | |||||||
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03-16-2011, 8:35pm | #22 | ||||||
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03-16-2011, 8:37pm | #23 | ||||||
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Rich Pay More Under Bush Tax Cuts
Guess Who Really Pays the Taxes
By Stephen Moore From the November/December 2007 Issue Filed under: Economic Policy, Public Square Yes, income in America is skewed toward the rich. But taxes are skewed far, far more. The top 5 percent pay well over half the income taxes. STEPHEN MOORE has the numbers. 8. Do the rich pay more taxes because they are earning more of the income in America? Yes. There’s no doubt that the share of total income earned by the wealthy has increased steadily over the past 25 years. Since 1980, the share of income earned by the richest 1 percent has more than doubled, from 9 percent to 19 percent. The share of the income going to the poorest income quintile has declined. Income disparities, in absolute dollars, have grown substantially. What is significant is that for the top 5 percent and 10 percent of earners, the ratio of taxes paid compared with income earned has risen. For example, in 1980, the top 10 percent earned 32 percent of the income and paid 44 percent of the taxes—a ratio of 1.4. In 2004, this group earned more of the income (44 percent) but paid a lot more of the taxes (68 percent)—a ratio of 1.6. In other words, progressivity—in terms of share of total taxes paid—has risen. On the other hand, for the top 1 percent of earners, progressivity has declined from a ratio of 2.2 in 1980 to 1.9 in 2004. Guess Who Really Pays the Taxes — The American, A Magazine of Ideas Another Lib Myth blowin away, libs are attacking the wrong end of the spectrum |
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03-16-2011, 8:40pm | #24 | ||||||
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So what are they I would like to see the proof as I have provided to show who pays vs the 47% that pay no federal income taxes, seems the rich are taxed enough already
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03-16-2011, 8:44pm | #25 | ||||||
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Lets put it to rest (kill the bill) the fairness in taxation act
Half of Americans pay no federal income tax - Business - Tax Tactics - msnbc.com Half of U.S. pays no federal income tax Credits for low- and middle-income families exempt many Below: x Jump to discussion comments below .discussion x Latest market data DJIA -242.12 Stock search related .Advertise | AdChoices.By Stephen Ohlemacher The Associated Press updated 4/7/2010 5:36:49 PM ET 2010-04-07T21:36:49 Share Print Font: +-WASHINGTON — Tax Day is a dreaded deadline for millions, but for nearly half of U.S. households it's simply somebody else's problem. About 47 percent will pay no federal income taxes at all for 2009. Either their incomes were too low, or they qualified for enough credits, deductions and exemptions to eliminate their liability. That's according to projections by the Tax Policy Center, a Washington research organization. Most people still are required to file returns by the April 15 deadline. The penalty for skipping it is limited to the amount of taxes owed, but it's still almost always better to file: That's the only way to get a refund of all the income taxes withheld by employers. In recent years, credits for low- and middle-income families have grown so much that a family of four making as much as $50,000 will owe no federal income tax for 2009, as long as there are two children younger than 17, according to a separate analysis by the consulting firm Deloitte Tax. Tax cuts enacted in the past decade have been generous to wealthy taxpayers, too, making them a target for President Barack Obama and Democrats in Congress. Less noticed were tax cuts for low- and middle-income families, which were expanded when Obama signed the massive economic recovery package last year. The result is a tax system that exempts almost half the country from paying for programs that benefit everyone, including national defense, public safety, infrastructure and education. It is a system in which the top 10 percent of earners — households making an average of $366,400 in 2006 — paid about 73 percent of the income taxes collected by the federal government. The bottom 40 percent, on average, make a profit from the federal income tax, meaning they get more money in tax credits than they would otherwise owe in taxes. For those people, the government sends them a payment. "We have 50 percent of people who are getting something for nothing," said Curtis Dubay, senior tax policy analyst at the Heritage Foundation. Tax aversion The vast majority of people who escape federal income taxes still pay other taxes, including federal payroll taxes that fund Social Security and Medicare, and excise taxes on gasoline, aviation, alcohol and cigarettes. Many also pay state or local taxes on sales, income and property. That helps explain the country's aversion to taxes, said Clint Stretch, a tax policy expert Deloitte Tax. He said many people simply look at the difference between their gross pay and their take-home pay and blame the government for the disparity. "It's not uncommon for people to think that their Social Security taxes, their 401(k) contributions, their share of employer health premiums, all of that stuff in their mind gets lumped into income taxes," Stretch said. The federal income tax is the government's largest source of revenue, raising more than $900 billion — or a little less than half of all government receipts — in the budget year that ended last Sept. 30. But with deductions and credits, especially for families with children, there have long been people who don't pay it, mainly lower-income families. The number of households that don't pay federal income taxes increased substantially in 2008, when the poor economy reduced incomes and Congress cut taxes in an attempt to help recovery. In 2007, about 38 percent of households paid no federal income tax, a figure that jumped to 49 percent in 2008, according to estimates by the Tax Policy Center. In 2008, President George W. Bush signed a law providing most families with rebate checks of $300 to $1,200. Last year, Obama signed the economic recovery law that expanded some tax credits and created others. Most targeted low- and middle-income families. Obama's Making Work Pay credit provides as much as $800 to couples and $400 to individuals. The expanded child tax credit provides $1,000 for each child under 17. The Earned Income Tax Credit provides up to $5,657 to low-income families with at least three children. Eliminating tax liability There are also tax credits for college expenses, buying a new home and upgrading an existing home with energy-efficient doors, windows, furnaces and other appliances. Many of the credits are refundable, meaning if the credits exceed the amount of income taxes owed, the taxpayer gets a payment from the government for the difference. "All these things are ways the government says, if you do this, we'll reduce your tax bill by some amount," said Roberton Williams, a senior fellow at the Tax Policy Center. The government could provide the same benefits through spending programs, with the same effect on the federal budget, Williams said. But it sounds better for politicians to say they cut taxes rather than they started a new spending program, he added. Obama has pushed tax cuts for low- and middle-income families and tax increases for the wealthy, arguing that wealthier taxpayers fared well in the past decade, so it's time to pay up. The nation's wealthiest taxpayers did get big tax breaks under Bush, with the top marginal tax rate reduced from 39.6 percent to 35 percent, and the second-highest rate reduced from 36 percent to 33 percent. But income tax rates were lowered at every income level. The changes made it relatively easy for families of four making $50,000 to eliminate their income tax liability. Here's how they did it, according to Deloitte Tax: The family was entitled to a standard deduction of $11,400 and four personal exemptions of $3,650 apiece, leaving a taxable income of $24,000. The federal income tax on $24,000 is $2,769. With two children younger than 17, the family qualified for two $1,000 child tax credits. Its Making Work Pay credit was $800 because the parents were married filing jointly. The $2,800 in credits exceeds the $2,769 in taxes, so the family makes a $31 profit from the federal income tax. That ought to take the sting out of April 15. Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. AP article, lib publication even reports the 47% do not pay federal taxes |
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03-16-2011, 8:46pm | #26 | ||||||
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How about a federal govt report that Bushs tax system has the rich paying the most in taxes, myth busters
Who Pays the Most Income Tax? Who Pays the Most Income Tax? Higher income earners pay the most, Treasury says By Robert Longley, About.com Guide .See More About:u.s. income taxtax burdentax rate Sponsored Links IRS Tax Relief Questions? Back Taxes/Garnish/Levy? Experts at your side to help you settle & save The Tax Relief Center - Your IRS Tax Debt Problems - Solved Fast San Antonio Coupons 1 ridiculously huge coupon a day. Like doing San Antonio at 90% off! San Antonio Coupon Deals: Things to Do in San Antonio | Groupon Deals Tax Workflow Solutions Tax & Accounting Software, Research & Productivity Tools for Pros. CCHGroup.com US Government Info Ads •Income Tax Return •Federal Income Taxes •IRS Income Tax Form 1040 •Federal Income Tax E File •Turbo Tax Income Tax Help Feeling overtaxed? Under the U.S. income tax system, most of the taxes collected are supposed to be paid by the people who make the most money. Thanks to President Bush's tax cuts, that is exactly the way the system works, says the U.S. Treasury Department. According to the Office of Tax Analysis, the U.S. individual income tax is "highly progressive," with a small group of higher-income taxpayers paying most of the individual income taxes each year. •In 2002 the latest year of available data, the top 5 percent of taxpayers paid more than one-half (53.8 percent) of all individual income taxes, but reported roughly one-third (30.6 percent) of income. •The top 1 percent of taxpayers paid 33.7 percent of all individual income taxes in 2002. This group of taxpayers has paid more than 30 percent of individual income taxes since 1995. Moreover, since 1990 this group’s tax share has grown faster than their income share. •Taxpayers who rank in the top 50 percent of taxpayers by income pay virtually all individual income taxes. In all years since 1990, taxpayers in this group have paid over 94 percent of all individual income taxes. In 2000, 2001, and 2002, this group paid over 96 percent of the total. Treasury Department analysts credit President Bush's tax cuts with shifting a larger share of the individual income taxes paid to higher income taxpayers. In 2005, says the Treasury, when most of the tax cut provisions are fully in effect (e.g., lower tax rates, the $1,000 child credit, marriage penalty relief), the projected tax share for lower-income taxpayers will fall, while the tax share for higher-income taxpayers will rise. •The share of taxes paid by the bottom 50 percent of taxpayers will fall from 4.1 percent to 3.6 percent. •The share of taxes paid by the top 1 percent of taxpayers will rise from 32.3 percent to 33.7 percent. •The average tax rate for the bottom 50 percent of taxpayers falls by 27 percent as compared to a 13 percent decline for taxpayers in the top 1 percent. The White House has announced it will lobby Congress to pass legislation making most of President Bush's tax cutting measures permanent. Source: U.S. Treasury, Office of Tax Analysis |
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03-16-2011, 8:48pm | #27 | |||||||
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You and I are basically on the same page here, the solution is not raising anyone's taxes. Not as long as the government is spending like drunken sailors. I merely pointed out that there are other taxes besides income tax, and pretty much everyone pays them. Saying 47% of the Americans pay no federal taxes is incorrect. Saying they pay no federal income taxes is correct. See the difference? And actually, it's 47% of households paying no federal income taxes, not "Americans." The term Americans would include children, retired people, the disabled, etc. It would also exclude people who are not Americans that work here and do pay taxes. |
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03-16-2011, 8:51pm | #28 | ||||||
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Who would have thought, Peter Pan the crusader for the Top 2%
Boy, I bet they are grateful they have you fighting for all 2% of them. |
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03-16-2011, 8:51pm | #29 | |||||||
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If you really need to be shown that income tax is not the only tax that the federal government collects, there's not much point in discussing anything with you until you do a little studying. |
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03-16-2011, 8:52pm | #30 | |||||||
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03-16-2011, 8:53pm | #31 | |||||||
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03-16-2011, 8:55pm | #32 | ||||||
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Wow you are so smart here, time to go after the 47% that pay no federal income taxes or cut the federal spending to the black, we can not have it both ways. Those above poverty levels need to pay there fair share of federal income taxes. The way the govt is spending they will not anytime soon cut 1.6 trillion from the budget
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03-16-2011, 8:57pm | #33 | ||||||
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You are so smart, 47% are not helping pay there way as Americans or those living here legally
Oh the libs are owned on this wanting the rich to pay more income tax, lots of proof out there who really is paying the federal income taxes |
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03-16-2011, 8:59pm | #34 | |||||||
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I've paid it every year since 1970. Last edited by MrPeabody; 03-16-2011 at 9:16pm. |
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03-16-2011, 9:19pm | #35 | ||||||
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even if you taxed the 47% we will fall short. it's time for the big boys to step up.
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03-16-2011, 9:24pm | #36 | ||||||
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03-16-2011, 9:24pm | #37 | |||||||
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Standard Republican Plan; Tax Breaks for the wealthy and abolish the middle class. Last edited by ChasC5; 03-16-2011 at 9:36pm. |
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03-16-2011, 10:37pm | #38 | ||||||
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You are full of shit, the rich already pay the majority of the taxes, even more so under Bush's tax laws, you guys do not get it, we are going broke as a nation and need to tax those not in poverty there fair share and cut spending, oh as a middle class American I am taxed enough already, your points have been shown to be hog wash by even the lib press and the federal govts accounting
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03-17-2011, 3:44am | #39 | ||||||
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I can easy cut the Fed.gov budget by 50%, and change more than a few 'laws' while I"m at it.....just to keep any other .gov entity outta the 'business' ....
cut skool bud gets by 50% also..... colleges and universities teach hard science/engineering and business/econ/finance......maybe con law....that's IT..... no more sociology, psych, englush, literature, philosophy, and other ass or ted silliness..... cut the welfare checks totally and immediately, cancel all medical payments by all .gov agencies to anyone........unemployment is for 6 weeks max.... by welfare checks, I mean ALL OF IT.... Rioters will be shot on site with full ammo, if necessary a machine gun..... stone seriously....
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03-17-2011, 7:04am | #40 | |||||||
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