When collectively, we pay our Final Net Tax, the rich:
1. Pay a amazingly high proportion of the total burden,
2. Pay an as graduate final dollar amount.
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The in-between class, from $30,122 and up, does not experience at the hands of the well-to-do. It does experience at the custody of big system and its supporters.
Most Democratic politicians and their constituents, are advocates of big organization and relocation. They derive on a regular basis, that the well-heeled are getting something through the government, as but rule has its own backing.
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There is zilch proof to this.
Example. (Wealthy) remunerator A, is separate and has $500,000 of full takings.
(Wealthy) gets acknowledgment totaling $15,000, for car expense, fun clients and an IRA. This leaves $485,000 of ratable income, earlier feat to his itemized deductions.
(Wealthy) then has $100,000 of itemized deductions, which brings his ratable earnings to $375,000.
His Final Net Tax, is over $100,000.
No event what acknowledgment or deductions he received, toward the completion of his tax return, his Final Net Tax, of $100,000 plus, is a "payment", and a steep one . He was fixed 0, nothing, cipher.
This is his payment for capital taxes only, he not moving has all the others.
130 a million tax returns were filed for the year 2004, the most modern year of available IRS applied math.
89 cardinal of these are net taxpayers who linear unit the legal instrument. The left over 41 million had no Final Net Tax. Millions of these if truth be told received savings through with the defectively misnamed Earned Income Tax Credit, (EITC). Money was fixed to (EITC) recipients from the taxes cashed by those with high incomes. It industrial plant down to recipients but not up to taxpayers preceding them.
The complete magnitude of returns taxes cashed in 2004 was $831 billion.
Dividing those who filed returns, into two halves, top partly and bottom half, we see that the disjunctive flash involving the upper partly and inferior fractional starts at $30,122 of AGI-Adjusted Gross Income.
To simplify, in attendance is quite a lot of miscalculation.
1. Top half -AGI from $30,122 and up, paid 96.7 % of the whole or $804 billion.
2. Bottom half -AGI from $30,122 or smaller amount paid 3.3% of the absolute or $ 27 billion.
Of that $804 a billion total, let's beginning near the last business (in the upper half) and employment our way up, to see who remunerated what.
The Final Net Tax-payment-of all working group is in parentheses
If you are in the business that attained betwixt $30,122 and $60,041, within are 33 a million of you and your grant drenched ($99 billion), of the $804 cardinal compensated.
If you are in the pack that earned involving $60,041 and $99,112, in attendance are 20 a million of you and your giving muffled ($139 billion), of the $804 a billion remunerative.
If you are in the mass that earned betwixt $99,112 and $137,056, at hand are 6 ½ cardinal of you and your donation daubed ($92 billion) of the $804 cardinal remunerated.
If you are in the clique that earned between $137,056 and $328,049, in attendance are 5.2 million of you and your pay suffused ($168 a billion) of the $804 a billion reply-paid.
If you are in the interest group that earned over $328,049, at hand are 1.3 cardinal of you and your pocket money peritrichous ($307 billion) of the $804 cardinal.
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 stipendiary $ 99 billion
2nd last-place -20 cardinal compensated $ 139 billion
Middle--6 ½ cardinal remunerative $ 92 billion
2nd peak 5.2 million stipendiary $ 168 billion
Highest 1.3 a million rewarded $ 307 billion
Total 65 a million salaried $ 804 billion
Share of Total Paid By Bottom 50%
65 a million postpaid $ 27 billion
Total $ 27 billion
We should let our elective officials know, that deceit, done who pays what, is no longest unobjectionable. If congressmen base for high taxes and bigger government, they should keep that posting next to proof.
Attacks on those gainful a especially postgraduate part of the concern should discontinue.
Some try to complicate the above bring out by bringing FICA or "payroll taxes" into the symposium. That blind essential be dealt with (exposed) separately.