Top 3% of U.S. Taxpayers Paid Majority of Income Taxes in 2016

[Geaux4it]

Seems like they are paying their fair share to me

-Geaux
--------------------

(Bloomberg) -- Individual income taxes are the federal government’s single biggest revenue source. In fiscal year 2018, which ended Sept. 30, the individual income tax is expected to bring in roughly $1.7 trillion, or about half of all federal revenues, according to the Congressional Budget Office.

If past statistics can offer any guidance, in 2016, $1.44 trillion income taxes were paid by 140.9 million taxpayers reporting a total of $10.2 trillion in adjusted gross income, according to data recently released by the Internal Revenue Services.

Bloomberg looked into the 2016 individual returns data in detail for some additional insights illustrated in the charts below:

• The top 1 percent paid a greater share of individual income taxes (37.3 percent) than the bottom 90 percent combined (30.5 percent).
• The top 50 percent of all taxpayers paid 97 percent of total individual income taxes.

• In other words, the bottom 50 percent paid 3 percent. Which small percentile of tax payers also paid 3 percent or more? You might have guessed it. It is the top 0.001%, or about 1,400 taxpayers. That group alone paid 3.25 percent of all income taxes. In 2001, the bottom 50 percent paid nearly 5 percent whereas the top 0.001 percent of filers paid 2.3 percent of income taxes.

• The individual income tax system is designed to be progressive – those with higher incomes pay at higher rates. While the indentation, or the reduction in the steepness of the "progressivity" curve, is visible at the highest levels.

Top 3% of U.S. Taxpayers Paid Majority of Income Taxes in 2016

Ok, so the top 50% paid 90% of all income taxes. That's only fair since they made 90% of all the income.

Do you see the problem yet?

Yet the left screams they are not paying their fair share and should pay more

-Geaux

 

[AntonToo]

That top three pays about 60% of the taxes paid.

If it weren't for them I wonder who everyone thinks would be paying those taxes.

Well we know its not 47% of the population

-Geaux

raise the minimum wage until the poor pay enough in taxes.

You are ignorant. $15 minimum wage wot correct the defect. Your socialist posts are always moonbeams

15 minimum wage would in fact reduce federal spending on low income people and increase how much they pay in taxes.

 

[dave p]

That top three pays about 60% of the taxes paid.

If it weren't for them I wonder who everyone thinks would be paying those taxes.

Well we know its not 47% of the population

-Geaux

raise the minimum wage until the poor pay enough in taxes.

No, let the poor get a higher paying job, then they will pay higher taxes.

-Geaux

lol. Only if You convince the right wing to stop whining about the cost of social services for the Poor.

No body is whining about the cost. Intelegent people ( that leaves you out ) are concerned about the coription within the programs.

 

[dave p]

That top three pays about 60% of the taxes paid.

If it weren't for them I wonder who everyone thinks would be paying those taxes.

Well we know its not 47% of the population

-Geaux

raise the minimum wage until the poor pay enough in taxes.

You are ignorant. $15 minimum wage wot correct the defect. Your socialist posts are always moonbeams

15 minimum wage would in fact reduce federal spending on low income people and increase how much they pay in taxes.

Not to a degree of solvency. The problem with that is you only look on one side. Cost of services go up the minimum wage still can’t pay, those people stay on programs at a higher rate. Many companies will indeed go to automation ( Amazon ) those people are out of work. The $15 minimum fixes nothing it only makes people feel good for a short period of time.

 

[AntonToo]

That top three pays about 60% of the taxes paid.

If it weren't for them I wonder who everyone thinks would be paying those taxes.

Well we know its not 47% of the population

-Geaux

raise the minimum wage until the poor pay enough in taxes.

You are ignorant. $15 minimum wage wot correct the defect. Your socialist posts are always moonbeams

15 minimum wage would in fact reduce federal spending on low income people and increase how much they pay in taxes.

Not to a degree of solvency.

Nice strawman, no one here proposed that it will suddenly makes us solvent.

I don't even support $15 minimum wage. But that doesn't mean I need to deny it's fairly obvious upside effects.

 

[dave p]

Well we know its not 47% of the population

-Geaux

raise the minimum wage until the poor pay enough in taxes.

You are ignorant. $15 minimum wage wot correct the defect. Your socialist posts are always moonbeams

15 minimum wage would in fact reduce federal spending on low income people and increase how much they pay in taxes.

Not to a degree of solvency.

Nice strawman, no one here proposed that it will suddenly makes us solvent.

I don't even support $15 minimum wage. But that doesn't mean I need to deny it's fairly obvious upside effects.

Not a straw man. Others on here have stated it would do just that. The upside effects are minimal.

 

[AntonToo]

raise the minimum wage until the poor pay enough in taxes.

You are ignorant. $15 minimum wage wot correct the defect. Your socialist posts are always moonbeams

15 minimum wage would in fact reduce federal spending on low income people and increase how much they pay in taxes.

Not to a degree of solvency.

Nice strawman, no one here proposed that it will suddenly makes us solvent.

I don't even support $15 minimum wage. But that doesn't mean I need to deny it's fairly obvious upside effects.

Not a straw man. Others on here have stated it would do just that. The upside effects are minimal.

WTF? Quote someone here proposing that our deficits will be solved with minimum wage increase.

 

[danielpalos]

That top three pays about 60% of the taxes paid.

If it weren't for them I wonder who everyone thinks would be paying those taxes.

Well we know its not 47% of the population

-Geaux

raise the minimum wage until the poor pay enough in taxes.

You are ignorant. $15 minimum wage wont correct the defect. Your socialist posts are always moonbeams

it is about raising more tax revenue.

 

[kyzr]

The top 1% own 40% of the wealth, so the top tax rate needs to pay most of the Federal taxes, RAISE THE TOP RATE!!
Washington Post: Breaking News, World, US, DC News & Analysis

The top 1% CREATED their own wealth and pay your way....CREATE your own wealth and pay your own way. You’re a big boy.

Bullshit! Most of them inherited their wealth. Many of them are benefiting from the Corporate tax cuts as stocks rise. The Budget Deficit, that pays for the military to protect their wealth, is $900b this year. The chart below clearly shows that the top tax rate can increase to cover the Deficit since they received nearly all of the financial gains. They may have made those financial gains by moving the US factories overseas to take advantage of the low wages and lax environmental laws. We don't want the US to become Mexico with 99% peons and 1% super-rich.

 

[dave p]

That top three pays about 60% of the taxes paid.

If it weren't for them I wonder who everyone thinks would be paying those taxes.

Well we know its not 47% of the population

-Geaux

raise the minimum wage until the poor pay enough in taxes.

You are ignorant. $15 minimum wage wont correct the defect. Your socialist posts are always moonbeams

it is about raising more tax revenue.

It won’t raise that much. The downside is traumatic.

 

[danielpalos]

Until the Tax Code includes a per capita maximum tax amount, it can never be truly fair.

Once you have paid ... pick a number... then you have paid enough. Make it a million dollars - i don't care - but for the maximum to be open ended, thus punishing success, it is unfair.

The right wing needs to pay for their warfare programs;

In consideration of the monstrous sacrifice in property and blood that each war demands of the people, personal enrichment through a war must be designated as a crime against the people. Therefore, we demand the total confiscation of all war profits.

We do pay. The rest of your post is hyperbole

it is immoral to promote the general warfare and common offense on a for-profit basis.

 

[danielpalos]

Seems like they are paying their fair share to me

-Geaux
--------------------

(Bloomberg) -- Individual income taxes are the federal government’s single biggest revenue source. In fiscal year 2018, which ended Sept. 30, the individual income tax is expected to bring in roughly $1.7 trillion, or about half of all federal revenues, according to the Congressional Budget Office.

If past statistics can offer any guidance, in 2016, $1.44 trillion income taxes were paid by 140.9 million taxpayers reporting a total of $10.2 trillion in adjusted gross income, according to data recently released by the Internal Revenue Services.

Bloomberg looked into the 2016 individual returns data in detail for some additional insights illustrated in the charts below:

• The top 1 percent paid a greater share of individual income taxes (37.3 percent) than the bottom 90 percent combined (30.5 percent).
• The top 50 percent of all taxpayers paid 97 percent of total individual income taxes.

• In other words, the bottom 50 percent paid 3 percent. Which small percentile of tax payers also paid 3 percent or more? You might have guessed it. It is the top 0.001%, or about 1,400 taxpayers. That group alone paid 3.25 percent of all income taxes. In 2001, the bottom 50 percent paid nearly 5 percent whereas the top 0.001 percent of filers paid 2.3 percent of income taxes.

• The individual income tax system is designed to be progressive – those with higher incomes pay at higher rates. While the indentation, or the reduction in the steepness of the "progressivity" curve, is visible at the highest levels.

Top 3% of U.S. Taxpayers Paid Majority of Income Taxes in 2016

Ok, so the top 50% paid 90% of all income taxes. That's only fair since they made 90% of all the income.

Do you see the problem yet?

Yet the left screams they are not paying their fair share and should pay more

-Geaux

The Poor need a higher minimum wage so they can pay their share!

 

[danielpalos]

That top three pays about 60% of the taxes paid.

If it weren't for them I wonder who everyone thinks would be paying those taxes.

Well we know its not 47% of the population

-Geaux

raise the minimum wage until the poor pay enough in taxes.

You are ignorant. $15 minimum wage wot correct the defect. Your socialist posts are always moonbeams

15 minimum wage would in fact reduce federal spending on low income people and increase how much they pay in taxes.

the right wing "hates it", when the Poor may benefit.

 

[dave p]

You are ignorant. $15 minimum wage wot correct the defect. Your socialist posts are always moonbeams

15 minimum wage would in fact reduce federal spending on low income people and increase how much they pay in taxes.

Not to a degree of solvency.

Nice strawman, no one here proposed that it will suddenly makes us solvent.

I don't even support $15 minimum wage. But that doesn't mean I need to deny it's fairly obvious upside effects.

Not a straw man. Others on here have stated it would do just that. The upside effects are minimal.

WTF? Quote someone here proposing that our deficits will be solved with minimum wage increase.

Danielpalos for one has said that in multiple other treads.

 

[danielpalos]

That top three pays about 60% of the taxes paid.

If it weren't for them I wonder who everyone thinks would be paying those taxes.

Well we know its not 47% of the population

-Geaux

raise the minimum wage until the poor pay enough in taxes.

No, let the poor get a higher paying job, then they will pay higher taxes.

-Geaux

lol. Only if You convince the right wing to stop whining about the cost of social services for the Poor.

No body is whining about the cost. Intelegent people ( that leaves you out ) are concerned about the coription within the programs.

unemployment compensation for simply being unemployed is more market friendly.

 

[dave p]

That top three pays about 60% of the taxes paid.

If it weren't for them I wonder who everyone thinks would be paying those taxes.

Well we know its not 47% of the population

-Geaux

raise the minimum wage until the poor pay enough in taxes.

You are ignorant. $15 minimum wage wot correct the defect. Your socialist posts are always moonbeams

15 minimum wage would in fact reduce federal spending on low income people and increase how much they pay in taxes.

the right wing "hates it", when the Poor may benefit.

Wrong again dingbat.

 

[danielpalos]

That top three pays about 60% of the taxes paid.

If it weren't for them I wonder who everyone thinks would be paying those taxes.

Well we know its not 47% of the population

-Geaux

raise the minimum wage until the poor pay enough in taxes.

You are ignorant. $15 minimum wage wot correct the defect. Your socialist posts are always moonbeams

15 minimum wage would in fact reduce federal spending on low income people and increase how much they pay in taxes.

Not to a degree of solvency. The problem with that is you only look on one side. Cost of services go up the minimum wage still can’t pay, those people stay on programs at a higher rate. Many companies will indeed go to automation ( Amazon ) those people are out of work. The $15 minimum fixes nothing it only makes people feel good for a short period of time.

Twenty-five to fifty dollar an hour minimum wage may achieve solvency.

 

[dave p]

Well we know its not 47% of the population

-Geaux

raise the minimum wage until the poor pay enough in taxes.

No, let the poor get a higher paying job, then they will pay higher taxes.

-Geaux

lol. Only if You convince the right wing to stop whining about the cost of social services for the Poor.

No body is whining about the cost. Intelegent people ( that leaves you out ) are concerned about the coription within the programs.

unemployment compensation for simply being unemployed is more market friendly.

You really are stupid.

 

[dave p]

Until the Tax Code includes a per capita maximum tax amount, it can never be truly fair.

Once you have paid ... pick a number... then you have paid enough. Make it a million dollars - i don't care - but for the maximum to be open ended, thus punishing success, it is unfair.

The right wing needs to pay for their warfare programs;

In consideration of the monstrous sacrifice in property and blood that each war demands of the people, personal enrichment through a war must be designated as a crime against the people. Therefore, we demand the total confiscation of all war profits.

We do pay. The rest of your post is hyperbole

it is immoral to promote the general warfare and common offense on a for-profit basis.

No it isn’t. It’s imoral to take from those that have made it to supply those who don’t try.

 

[dave p]

Well we know its not 47% of the population

-Geaux

raise the minimum wage until the poor pay enough in taxes.

You are ignorant. $15 minimum wage wot correct the defect. Your socialist posts are always moonbeams

15 minimum wage would in fact reduce federal spending on low income people and increase how much they pay in taxes.

Not to a degree of solvency. The problem with that is you only look on one side. Cost of services go up the minimum wage still can’t pay, those people stay on programs at a higher rate. Many companies will indeed go to automation ( Amazon ) those people are out of work. The $15 minimum fixes nothing it only makes people feel good for a short period of time.

Twenty-five to fifty dollar an hour minimum wage may achieve solvency.

Not in a collapsed economy. Stop talking , you’re too stupid.