When collectively, we pay our Final Net Tax, the rich:
1. Pay a greatly glorious proportion of the whole burden,
2. Pay an reciprocally last final dollar amount.
Credits, deductions, subsidies or any category of price cut on the way to that Final Net Tax permit for monolithic deceit, mega by Democratic politicians, and supreme Democratic constituents, who time after time rivet in wilful misinterpretation.
The midpoint class, from $30,122 and up, does not undergo at the custody of the well-fixed. It does experience at the guardianship of big organization and its supporters.
Most Democratic politicians and their constituents, are advocates of big parliament and rearrangement. They construe on a regular basis, that the comfortable are getting thing done the government, as on the other hand authorities has its own exchange.
When high set taxpayers stifle their Final Net Tax, winning allowed list and deductions, they static layer out a luck at the end of all period of time. Leftists mistakenly gross references to how by a long chalk the rich get at the cost of the impecunious and hub standing.
There is nought proof to this.
Example. (Wealthy) payer A, is unique and has $500,000 of absolute profits.
(Wealthy) gets acknowledgement totaling $15,000, for machine expense, fun clients and an IRA. This leaves $485,000 of subject income, since acquiring to his itemized deductions.
(Wealthy) afterwards has $100,000 of itemized deductions, which brings his rateable income to $375,000.
His Final Net Tax, is complete $100,000.
No situation what list or deductions he received, toward the realization of his tax return, his Final Net Tax, of $100,000 plus, is a "payment", and a bold one . He was fixed 0, nothing, nix.
This is his return for earnings taxes only, he fixed has all the others.
130 cardinal tax returns were filed for the twelvemonth 2004, the most modern period of accessible IRS applied math.
89 million of these are net taxpayers who linear unit the mouth. The remaining 41 million had no Final Net Tax. Millions of these if truth be told received coinage finished the defectively misnamed Earned Income Tax Credit, (EITC). Money was given to (EITC) recipients from the taxes post-free by those beside greater incomes. It works downhill to recipients but not up to taxpayers preceding them.
The whole magnitude of return taxes compensable in 2004 was $831 a billion.
Dividing those who filed returns, into two halves, top half and stand half, we see that the divisional chain linking the upper partially and subjugate fractional starts at $30,122 of AGI-Adjusted Gross Income.
To simplify, within is some miscalculation.
1. Top half -AGI from $30,122 and up, paid 96.7 % of the utter or $804 billion.
2. Bottom half -AGI from $30,122 or little paid 3.3% of the whole or $ 27 billion.
Of that $804 billion total, let's arrival beside the last-place drove (in the high partly) and sweat our way up, to see who paying what.
The Final Net Tax-payment-of all rank is in parentheses
If you are in the type that earned betwixt $30,122 and $60,041, there are 33 a million of you and your salary coated ($99 a billion), of the $804 billion salaried.
If you are in the crew that attained linking $60,041 and $99,112, in attendance are 20 cardinal of you and your pay-out encrusted ($139 billion), of the $804 a billion remunerative.
If you are in the delivery that earned between $99,112 and $137,056, there are 6 ½ million of you and your salary splashy ($92 cardinal) of the $804 billion post-free.
If you are in the pack that earned betwixt $137,056 and $328,049, within are 5.2 million of you and your sum snow-clad ($168 a billion) of the $804 billion salaried.
If you are in the commission that earned completed $328,049, at hand are 1.3 million of you and your cost snow-clad ($307 a billion) of the $804 a billion.
2004 Total Income Taxes Paid=$831 billion
Paid by Top 50%-$804 billion
Paid by Bottom 50% $ 27 billion
Recap: Share of Total Tax Burden Paid By Top 50%Lowest ---33 million compensated $ 99 billion
2nd worst -20 cardinal compensated $ 139 billion
Middle--6 ½ cardinal cashed $ 92 billion
2nd utmost 5.2 cardinal stipendiary $ 168 billion
Highest 1.3 million compensated $ 307 cardinal
Total 65 a million post-free $ 804 billion
Share of Total Paid By Bottom 50%
65 a million prepaid $ 27 billion
Total $ 27 billion
We should let our elective officials know, that deceit, completed who pays what, is no longer reasonable. If congressmen base for difficult taxes and large government, they should reason that place beside legality.
Attacks on those gainful a unbelievably exalted portion of the concern should abstain from.
Some try to flummox the above aspect by transfer FICA or "payroll taxes" into the discourse. That misrepresentation essential be dealt near (exposed) separately.