Richest 10% pays 70% of income taxes

[Grandluxe]

The rich pay majority of U.S. income taxes
By Steve Hargreaves @CNNMoney March 12, 2013: 6:09 AM ET
NEW YORK (CNNMoney)

Many people think that the rich are able to weasel their way out of taxes, but they actually pay an overwhelming majority of the taxes in the United States.
What's more, their share of the tax burden is increasing.

The top 10 percent of taxpayers paid over 70% of the total amount collected in federal income taxes in 2010, the latest year figures are available, according to the Tax Foundation

The remaining 90% bore just under 30% of the tax burden. And 47% of all Americans pay hardly anything at all -- a fact that got Republican presidential candidate Mitt Romney into political hot water last year.

"There's been a huge myth created that the rich aren't paying anything," said William McBride, the Tax Foundation's chief economist. "The rich pay a much higher rate than the poor."

http://money.cnn.com/2013/03/12/news/economy/rich-taxes/index.html

 

[Scataphagos]

Quote from Grandluxe:

"... The remaining 90% bore just under 30% of the tax burden. And 47% of all Americans pay hardly anything at all -- a fact that got Republican presidential candidate Mitt Romney into political hot water last year.

http://money.cnn.com/2013/03/12/news/economy/rich-taxes/index.html

The "fact" didn't get Romney in trouble... anyone with half-a-brain already knows... it was that he mentioned it... "shoot the messenger".

 

[Lucrum]

I'm sorry but this FACT in not "politically correct".

 

[Ricter]

Since taxes are a percent of income, this must mean the rich make more money than the poor.

; )

 

[Scataphagos]

Quote from Lucrum:

I'm sorry but this FACT in not "politically correct".

Most social/economic facts are not PC in the "Odumbo regime".

 

[Covertibility]

The one tax graph you really need to know

Imagine the discussion of a fair tax based on the marginal utility of the last dollar earned for each income group? Rates would no doubt be higher for the higher income groups.

 

[tomdavis]

A more interesting analysis would show who pays what percentage of the total tax bill including state income taxes, sales taxes, property taxes, etc.

 

[Lucrum]

Quote from Covertibility:


Imagine...

I'm trying to imagine what it'd be like for you guys in the UK to mind your own fucking business. And for Christ's sake, take that Piers Morgan asshole back will ya?

 

[Scataphagos]

Quote from tomdavis:

A more interesting analysis would show who pays what percentage of the total tax bill including state income taxes, sales taxes, property taxes, etc.

Those taxes go to State government. States need revenue, of course. They get it primarily from a mix of State Income Tax, Property Tax, and Sales Tax... Federal Income Tax is another animal altogether.

 

[Scataphagos]

Quote from tomdavis:

A more interesting analysis would show who pays what percentage of the total tax bill including state income taxes, sales taxes, property taxes, etc.

Those taxes go to State government. States need revenue, of course. (After all, States need to provide for roads and exorbitant/unjustifiable benefits to incompetent teachers.) They get it primarily from a mix of State Income Tax, Property Tax, and Sales Tax... Federal Income Tax is another animal altogether.