Top 20% of households pay vast majority of income taxes

[AzogtheDefiler]

The top 20% of households paid 88.1% of federal income taxes, and 69.5% of total federal taxes in 2015, ATR notes, citing the most recent numbers provided by the Congressional Budget Office.

The top one percent (around 1.2 million households) paid 39.4% of federal income taxes and 26.2% of total federal taxes, at an average total tax rate of 33.3%, dropping its average income from $1.9 million to $1.2 million. Its total percent of income was 16.6% before taxes and 13.2% after taxes.

A few key numbers from the other four quintiles via the CBO's 2015 report:

• The fourth quintile was taxed at 17.9% federal income tax and saw its average income of $108,000 drop to $91,000. Its share of income was 20% before and after taxes.
• The middle quintile was taxed at 14% federal income tax and saw its average income drop from $71,000 to $65,000. Share of income: 13.6% before taxes, 14.7% after.
• The second quintile paid 9.2% federal income tax but saw its average income of $44,000 increase to $47,000 from means-tested transfers. Share of income: 8.7% before transfers and taxes, 11% after.
• The bottom quintile paid 1.5% federal income tax and saw its average income of $20,000 grow from transfers to $33,000. Share of income: $3.7 before transfers and taxes, 11% after.

So why are we thinking of taxing the rich even more? How about addressing:

-- Entitlements;
-- Illegal Immigration - each illegal costs us ~$77k per year;
-- Fraud in our welfare system ($1.1Trn welfare system)

My solutions would be:

-- Entitlement reform in terms of raising the retirement age and giving people under 30 the option to invest SS monies privately (exiting the Social program). Reform Medicare and Medicaid. Use vouchers perhaps.

-- Get rid of sanctuary cities and enforce deportations.

-- Hire more officers to enforce waste and fraud.

Thoughts....?

 

[Clementine]

It still isn't enough for the left because people are still getting wealthy and they won't be happy till government is controlling ALL of the money. Shame that most Dems are ignorant of how wealth is created. They only know how to wait till capitalism creates wealth so they can come along and confiscate it.

Here is their vision of the future. And their supporters are in the line on the right.

 

[kyzr]

The top percentiles should pay most of the taxes, they have most of the wealth. The Budget can balance if the top rate goes up 7% from 2016 rates, and they add a 3% Federal sales tax. Otherwise, the Debt and interest on the Debt kills the Federal Budget by 2027.

 

[Harpy Eagle]

The top 20% of households paid 88.1% of federal income taxes, and 69.5% of total federal taxes in 2015, ATR notes, citing the most recent numbers provided by the Congressional Budget Office.

The top one percent (around 1.2 million households) paid 39.4% of federal income taxes and 26.2% of total federal taxes, at an average total tax rate of 33.3%, dropping its average income from $1.9 million to $1.2 million. Its total percent of income was 16.6% before taxes and 13.2% after taxes.

A few key numbers from the other four quintiles via the CBO's 2015 report:

• The fourth quintile was taxed at 17.9% federal income tax and saw its average income of $108,000 drop to $91,000. Its share of income was 20% before and after taxes.
• The middle quintile was taxed at 14% federal income tax and saw its average income drop from $71,000 to $65,000. Share of income: 13.6% before taxes, 14.7% after.
• The second quintile paid 9.2% federal income tax but saw its average income of $44,000 increase to $47,000 from means-tested transfers. Share of income: 8.7% before transfers and taxes, 11% after.
• The bottom quintile paid 1.5% federal income tax and saw its average income of $20,000 grow from transfers to $33,000. Share of income: $3.7 before transfers and taxes, 11% after.

So why are we thinking of taxing the rich even more? How about addressing:

-- Entitlements;
-- Illegal Immigration - each illegal costs us ~$77k per year;
-- Fraud in our welfare system ($1.1Trn welfare system)

My solutions would be:

-- Entitlement reform in terms of raising the retirement age and giving people under 30 the option to invest SS monies privately (exiting the Social program). Reform Medicare and Medicaid. Use vouchers perhaps.

-- Get rid of sanctuary cities and enforce deportations.

-- Hire more officers to enforce waste and fraud.

Thoughts....?

As your graphic shows, we also have the majority of the income. Seems normal that we would pay the most taxes.

 

[rightwinger]

They are INCOME taxes

You pay more because you have a higher percentage of INCOME

 

[Dont Taz Me Bro]

They are INCOME taxes

You pay more because you have a higher percentage of INCOME

Yes, just like when there's a tax cut the rich get most of the cut since they pay a higher percentage of INCOME.

 

[kyzr]

They are INCOME taxes

You pay more because you have a higher percentage of INCOME

Yes, just like when there's a tax cut the rich get most of the cut since they pay a higher percentage of INCOME.

True, but what you don't mention is that how income is defined is not always fair. The poor construction worker pays income tax on every dollar he makes. The wealthy bribe the pols to put nice "loopholes" in the tax code. Tiny Capital Gains tax rate, tax free bonds, tax shelters, offshore accounts, Swiss accounts, etc. Every dollar earned should pay the same tax bracket rate w/o loopholes.

 

[Oddball]

True, but what you don't mention is that how income is defined is not always fair. The poor construction worker pays income tax on every dollar he makes. The wealthy bribe the pols to put nice "loopholes" in the tax code. Tiny Capital Gains tax rate, tax free bonds, tax shelters, offshore accounts, Swiss accounts, etc. Every dollar earned should pay the same tax bracket rate w/o loopholes.

Good luck getting the mortgage interest deduction "loophole" past the mortgage bankster and realtor lobbies.

 

[rightwinger]

They are INCOME taxes

You pay more because you have a higher percentage of INCOME

Yes, just like when there's a tax cut the rich get most of the cut since they pay a higher percentage of INCOME.

Very true

That is why the tax cuts do so much damage

 

[rightwinger]

They are INCOME taxes

You pay more because you have a higher percentage of INCOME

Yes, just like when there's a tax cut the rich get most of the cut since they pay a higher percentage of INCOME.

True, but what you don't mention is that how income is defined is not always fair. The poor construction worker pays income tax on every dollar he makes. The wealthy bribe the pols to put nice "loopholes" in the tax code. Tiny Capital Gains tax rate, tax free bonds, tax shelters, offshore accounts, Swiss accounts, etc. Every dollar earned should pay the same tax bracket rate w/o loopholes.

Golden Rule: He who has the gold, makes the rules

 

[my2¢]

Yes we've had a growing trend of ever higher taxes on the highest incomes, but then again haven't we also seen a declining trend when it comes to taxes on wealth (capital gains and estate taxes)?

 

[rightwinger]

Realistically, the top 20 percent should pay all the taxes

That is how wealthy they are

 

[edward37]

They are INCOME taxes

You pay more because you have a higher percentage of INCOME

Yes, just like when there's a tax cut the rich get most of the cut since they pay a higher percentage of INCOME.

Yes they do pay higher % of income but most of their rates are in the med to low 20's with all the deductions they can take Some LIKE TRUMP MIGHT pay NO taxes

 

[otto105]

The top 20% of households paid 88.1% of federal income taxes, and 69.5% of total federal taxes in 2015, ATR notes, citing the most recent numbers provided by the Congressional Budget Office.

The top one percent (around 1.2 million households) paid 39.4% of federal income taxes and 26.2% of total federal taxes, at an average total tax rate of 33.3%, dropping its average income from $1.9 million to $1.2 million. Its total percent of income was 16.6% before taxes and 13.2% after taxes.

A few key numbers from the other four quintiles via the CBO's 2015 report:

• The fourth quintile was taxed at 17.9% federal income tax and saw its average income of $108,000 drop to $91,000. Its share of income was 20% before and after taxes.
• The middle quintile was taxed at 14% federal income tax and saw its average income drop from $71,000 to $65,000. Share of income: 13.6% before taxes, 14.7% after.
• The second quintile paid 9.2% federal income tax but saw its average income of $44,000 increase to $47,000 from means-tested transfers. Share of income: 8.7% before transfers and taxes, 11% after.
• The bottom quintile paid 1.5% federal income tax and saw its average income of $20,000 grow from transfers to $33,000. Share of income: $3.7 before transfers and taxes, 11% after.

So why are we thinking of taxing the rich even more? How about addressing:

-- Entitlements;
-- Illegal Immigration - each illegal costs us ~$77k per year;
-- Fraud in our welfare system ($1.1Trn welfare system)

My solutions would be:

-- Entitlement reform in terms of raising the retirement age and giving people under 30 the option to invest SS monies privately (exiting the Social program). Reform Medicare and Medicaid. Use vouchers perhaps.

-- Get rid of sanctuary cities and enforce deportations.

-- Hire more officers to enforce waste and fraud.

Thoughts....?

Other than your dumb I assume....

 

[francoHFW]

The top 20% of households paid 88.1% of federal income taxes, and 69.5% of total federal taxes in 2015, ATR notes, citing the most recent numbers provided by the Congressional Budget Office.

The top one percent (around 1.2 million households) paid 39.4% of federal income taxes and 26.2% of total federal taxes, at an average total tax rate of 33.3%, dropping its average income from $1.9 million to $1.2 million. Its total percent of income was 16.6% before taxes and 13.2% after taxes.

A few key numbers from the other four quintiles via the CBO's 2015 report:

• The fourth quintile was taxed at 17.9% federal income tax and saw its average income of $108,000 drop to $91,000. Its share of income was 20% before and after taxes.
• The middle quintile was taxed at 14% federal income tax and saw its average income drop from $71,000 to $65,000. Share of income: 13.6% before taxes, 14.7% after.
• The second quintile paid 9.2% federal income tax but saw its average income of $44,000 increase to $47,000 from means-tested transfers. Share of income: 8.7% before transfers and taxes, 11% after.
• The bottom quintile paid 1.5% federal income tax and saw its average income of $20,000 grow from transfers to $33,000. Share of income: $3.7 before transfers and taxes, 11% after.

So why are we thinking of taxing the rich even more? How about addressing:

-- Entitlements;
-- Illegal Immigration - each illegal costs us ~$77k per year;
-- Fraud in our welfare system ($1.1Trn welfare system)

My solutions would be:

-- Entitlement reform in terms of raising the retirement age and giving people under 30 the option to invest SS monies privately (exiting the Social program). Reform Medicare and Medicaid. Use vouchers perhaps.

-- Get rid of sanctuary cities and enforce deportations.

-- Hire more officers to enforce waste and fraud.

Thoughts....?

Of course, super dupe,if you count all taxes and fees everyone is paying about the same percentage, with the rich getting all the new wealth and laughing all the way to the bank. The brainwashed right-wing can only consider federal income taxes. Perfect dupes of the greedy idiot Rich GOP.
https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.washingtonpost.com/news/wonk/wp/2012/09/19/heres-why-the-47-percent-argument-is-an-abuse-of-tax-data/?utm_term=.7f76be77dbe6&ved=2ahUKEwjGpvjzpfPfAhVhkuAKHcVhDL8QFjAAegQIBBAB&usg=AOvVaw3m_DHI8ZWtj2BchvBEpFKs

 

[Flash]

Just think of the 47% of Americans that get a free ride without having to pay anything towards the trillion a year collected in income tax.

Funny thing is that most of them are the greedy little stupid Moon Bats that want the government to be even bigger than it is now so they can get more free shit.

 

[BluesLegend]

The top percentiles should pay most of the taxes, they have most of the wealth. The Budget can balance if the top rate goes up 7% from 2016 rates, and they add a 3% Federal sales tax. Otherwise, the Debt and interest on the Debt kills the Federal Budget by 2027.

View attachment 240488

First, if the top rate goes up 7% spending will go up 10%.

Now, when tax rates were higher what did the wealthy do? They didn't just sit there and take it up the ass. They hoarded their wealth, avoided taking risks on new business and expansion. Avoided investment that exposed them to the high tax rates. Who suffered? Yes the middle class and poor.

 

[edward37]

Just think of the 47% of Americans that get a free ride without having to pay anything towards the trillion a year collected in income tax.

Funny thing is that most of them are the greedy little stupid Moon Bats that want the government to be even bigger than it is now so they can get more free shit.

Yeah flash those people are really living the high life 2 or 3 cruises a year vacation in Paris not on tar beach ,eating caviar and pressed duck What a life those moon bats have

 

[OnePercenter]

If the top are paying too much in taxes, then the rest of the American Workers need a big raise in pay to help them.

 

[edthecynic]

Just think of the 47% of Americans that get a free ride without having to pay anything towards the trillion a year collected in income tax.

Funny thing is that most of them are the greedy little stupid Moon Bats that want the government to be even bigger than it is now so they can get more free shit.

And the capital gains tycoons pay nothing towards the trillion a year collected in payroll taxes that the 47% pay!!!!
I don't hear you HYPOCRITES bitching about the capital gains tycoons getting a free ride!