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:
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....?
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....?