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Posted

http://www.heritage.org/Research/Taxes/wm2420.cfm

 

The Rich Pay More Taxes: Top 20 Percent Pay Record Share of Income Taxes

by Curtis S. Dubay

 

Since the passage of the 2001 and 2003 tax cuts, critics have claimed incessantly that they disproportionately benefited the rich while burdening the poor. Now that the data is in, these claims have been shown to be unquestionably false.

 

Squeezing the Wealthy Even More

 

According to a report issued by the Congressional Budget Office (CBO), the tax cuts significantly increased the share of federal income taxes paid by the highest-earning 20 percent of households compared to their levels in 2000, President Clinton's final year in office.

 

In 2006, the latest available year from CBO, the top 20 percent of income earners paid 86.3 percent of all federal income taxes, an all-time high.[1] This is an increase of over 6 percent from 2000, when the top 20 percent paid 81.2 percent. During the same period, the bottom four quintiles all saw their share of the federal income tax burden fall sharply:

 

* The bottom 20 percent of income earners' share of federal income taxes fell from -1.6 percent in 2000 to -2.8 percent in 2006;

* The next 20 percent's share declined from 1.1 percent to -0.8 percent;

* The middle quintile's share dropped from 5.7 percent to 4.4 percent; and

* The fourth quintile's share decreased from 13.5 percent to 12.9 percent.

 

40% get back more than they pay in.

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Posted

What is the comparison is taxes paid to the percent of wealth controlled?

 

If I control 90% of the wealth it is going to be hard for someone else to pay more than 10% of the taxes, because they don't have the money to do it. I have it all.

 

the gap between what the rich and poor pay is closer now than it has been in 40 years.

Posted
What is the comparison is taxes paid to the percent of wealth controlled?

 

If I control 90% of the wealth it is going to be hard for someone else to pay more than 10% of the taxes, because they don't have the money to do it. I have it all.

 

the gap between what the rich and poor pay is closer now than it has been in 40 years.

 

How can that be after 8 years of GWB? :sssh:

Posted

The headline on this thread and the headline on the article are both misleading. They both say that the rich pay more in taxes and then cite data on INCOME taxes. A question, What is the percentage of income from all sources paid in federal taxes? Not just income taxes, but FICA, Mediccare, capital gains etc. I suspect it would yield a much different result. Statistics can be used to make a lot of different points depending on your agenda.

Posted
The headline on this thread and the headline on the article are both misleading. They both say that the rich pay more in taxes and then cite data on INCOME taxes. A question, What is the percentage of income from all sources paid in federal taxes? Not just income taxes, but FICA, Mediccare, capital gains etc. I suspect it would yield a much different result. Statistics can be used to make a lot of different points depending on your agenda.

 

You would be wrong, if you are thinking that result means the lower end of the scale pays more. I'll find the link, but if you include FICA, Medicare/caid, and capital gains the percentages of taxes paid is even further tilted toward the top (due to the bold) instead of the bottom.

Posted
You would be wrong, if you are thinking that result means the lower end of the scale pays more. I'll find the link, but if you include FICA, Medicare/caid, and capital gains the percentages of taxes paid is even further tilted toward the top (due to the bold) instead of the bottom.

 

Percentage of total taxes or percentage of income? My guess would be that on a percentage of income basis, the middle class pays most, the rich next, the working poor next and the non working poor the least. Again, that is on a percentage of income basis.

Posted
All I know is going from 81.2% to 86.3% is not "an increase of over 6 percent from 2000". Someone might need a remedial math course.

Yeah it is. The difference is 5.1%. That is 6% of 81.2.

Posted
Percentage of total taxes or percentage of income? My guess would be that on a percentage of income basis, the middle class pays most, the rich next, the working poor next and the non working poor the least. Again, that is on a percentage of income basis.

 

Never mentioned anything about percentage of income. This story is percentage of total taxes paid. The other ones you left out that would even further tilt the balance toward the higher end of the scale are sales and property tax as well. Another reason why all this talk about continuing to raise taxes on those that are footing 85+% of the bill for everyone already seems a bit over the top. An easy ploy for the left to try to win populist votes, but not wise if you want lower unemployment rates.

Posted

What I see is inequality with the rich paying a larger percentage than the rest of the country. Our nation was created to allow for equality before the law. The basis of this equality was to give everyone the same chance to achieve based on their abilities,which all differ. Our nation was not created to take from one group, in this case people who create wealth and jobs, and to give it to another group, just because they do not earn as much. The rich do not receive extra liberties for the extra in taxes that they pay.

 

Everyone has the same amount of protection provided by the government, they use the same roads, overall everyone enjoys the liberties afforded by our Constitution. We all are equally served by the Constitution, just not quarenteed a particular outcome. The Constitution was not created to take from one group to give to another. No where is it written that there is to be redistribution of wealth, other than by people like Marx, Engels, Lenin and other assorted misfits.

Posted

On a side note, Forbes released it's list of richest people today

 

A couple of interesting (non-American-specific) notes:

 

  • Number of billionaires in the world rose in the past year, from 793 to 1,011
  • Bill Gates and Warren Buffet took hits, but still finished 2 & 3 on the list
  • Of the debuting billionaires, 62 were from Asia, signaling economic recovery there
  • Billionaires' total net worth rose 50 percent to $3.6 trillion
  • In terms of the international scorecard, the United States still boasts more billionaires than any other country -- 403, or nearly 40 percent of all billionaires
  • Eighty-nine of the 1,011 billionaires are women. Fourteen of those female billionaires are self-made, including Oprah Winfrey, whose net worth dipped $300 million to $2.4 billion. Half of the world's self-made female billionaires are from China.
  • For three years running, Facebook founder Mark Zuckerberg, 25, secured the distinction of being the list's youngest billionaire, climbing to the 212th rung with a net worth of $4 billion.
  • The year's biggest winner was Brazilian minerals magnate Eike Batista, who added $19.5 billion to his net worth in 12 months, enough to catapult him to eighth place on the list, from 61st.
Posted

For those who want to keep taxing the rich, what about this thought? If the world's billionaires wealth rose to $3.6 trillion, that is still not enough to pay off the debt of the US government. How can some keep on thinking all you have to do is tax the rich and the government can keep spending? Even if you took all the assets of all the WORLD's billionaires and applied it to the US debt, they still would be in debt.

Posted
What I see is inequality with the rich paying a larger percentage than the rest of the country. Our nation was created to allow for equality before the law. The basis of this equality was to give everyone the same chance to achieve based on their abilities,which all differ. Our nation was not created to take from one group, in this case people who create wealth and jobs, and to give it to another group, just because they do not earn as much. The rich do not receive extra liberties for the extra in taxes that they pay.

 

Everyone has the same amount of protection provided by the government, they use the same roads, overall everyone enjoys the liberties afforded by our Constitution. We all are equally served by the Constitution, just not quarenteed a particular outcome. The Constitution was not created to take from one group to give to another. No where is it written that there is to be redistribution of wealth, other than by people like Marx, Engels, Lenin and other assorted misfits.

 

 

That is simply not true. We do not all enjoy the same liberties and we are not all equally served.

 

Governments are formed to protect the general welfare of the governed. It is not there to protect the right of any individual to make as much money as possible. Social Contract Theory.

Posted
Never mentioned anything about percentage of income. This story is percentage of total taxes paid. The other ones you left out that would even further tilt the balance toward the higher end of the scale are sales and property tax as well. Another reason why all this talk about continuing to raise taxes on those that are footing 85+% of the bill for everyone already seems a bit over the top. An easy ploy for the left to try to win populist votes, but not wise if you want lower unemployment rates.

 

Those that pay 85% of the taxes control more than 85% of the wealth.

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