Once again we see the parasite class is not paying their fair share while the upper class in this nation are burdened with paying damn near
everything.
The bottom 50% earns 12% of the wealth but pays just 2% of the taxes. Meanwhile the top 1% earns 19% of the wealth but pays 37% of the taxes.
You do realize that income taxes are paid on PROFIT and not on ones revenues that they take in, don't you?
INCOME means PROFIT, not what income we take in when we draw a salary....
the INCOME TAX = a PROFIT TAX
so if 47% of this country owes no taxes, this is because they did not make a profit that year for the most part....
Just as 2 companies, both having $1 million in total revenues for the year, but once all expenses are deducted, 1 company made no profit and owes ZERO in income taxes and the other company did make a profit and owes $100,000 in taxes
the definition of INCOME is PROFIT....the income tax is a tax on ones profit, if you don't make a profit you don't pay income taxes/Profit taxes, this means that the wealthiest or top 10% MADE THE MOST PROFIT, therefore they paid the most in taxes....
SIMPLE as that....
People are under the false assumption the INCOME TAX means salary or the money the family made that year and IT IS NOT....the INCOME that is TAXED is ONLY the PROFIT from all the wages and other earnings one takes in....
JUST LIKE businesses or corporations pay corporate income taxes on their PROFIT only, we as individuals are income taxed on our profit only.
Did I say it enough? PEOPLE have seemed to forgotten what an income tax truly is around here?