When collectively, we pay our Final Net Tax, the rich:
1. Pay a extraordinarily large percent of the total burden,
2. Pay an jointly soaring final dollar magnitude.
Credits, deductions, subsidies or any caste of cut on the way to that Final Net Tax permit for large deceit, even more by Democratic politicians, and furthermost Democratic constituents, who often engage in wilful misinterpretation.
The innermost class, from $30,122 and up, does not suffer at the safekeeping of the privileged. It does undergo at the custody of big elected representatives and its supporters.
Most Democratic politicians and their constituents, are advocates of big governing body and redeployment. They construe on a uniform basis, that the loaded are getting thing through the government, as though management has its own coins.
When high bracket taxpayers minify their Final Net Tax, fetching legalized listing and deductions, they increasingly ruins out a providence at the end of all period. Leftists wrongly kind references to how substantially the privileged get at the disbursal of the needy and middle session.
There is zero fact to this.
Example. (Wealthy) taxpayer A, is only and has $500,000 of pure yield.
(Wealthy) gets listing totaling $15,000, for car expense, entertaining clients and an IRA. This leaves $485,000 of taxable income, before deed to his itemized deductions.
(Wealthy) later has $100,000 of itemized deductions, which brings his dutiable income to $375,000.
His Final Net Tax, is complete $100,000.
No substance what listing or deductions he received, toward the final result of his tax return, his Final Net Tax, of $100,000 plus, is a "payment", and a sheer one . He was specified 0, nothing, aught.
This is his sum for takings taxes only, he standing has all the others.
130 cardinal tax returns were filed for the period 2004, the hottest period of time of available IRS applied mathematics.
89 a million of these are net taxpayers who ft the official document. The enduring 41 million had no Final Net Tax. Millions of these truly received money finished the badly misnamed Earned Income Tax Credit, (EITC). Money was specified to (EITC) recipients from the taxes remunerated by those beside high incomes. It works fallen to recipients but not up to taxpayers preceding them.
The whole amount of funds taxes prepaid in 2004 was $831 billion.
Dividing those who filed returns, into two halves, top fractional and inferior half, we see that the separating band betwixt the upper fractional and inferior fractional starts at $30,122 of AGI-Adjusted Gross Income.
To simplify, in attendance is every rounding error.
1. Top half -AGI from $30,122 and up, paid 96.7 % of the entire or $804 a billion.
2. Bottom half -AGI from $30,122 or smaller quantity paid 3.3% of the entire or $ 27 a billion.
Of that $804 a billion total, let's embark on beside the lowest range (in the high half) and effort our way up, to see who remunerative what.
The Final Net Tax-payment-of each jumble is in parentheses
If you are in the type that attained linking $30,122 and $60,041, in attendance are 33 million of you and your pay enclosed ($99 billion), of the $804 a billion rewarded.
If you are in the agency that earned between $60,041 and $99,112, here are 20 cardinal of you and your giving snowy ($139 a billion), of the $804 cardinal compensated.
If you are in the business that earned involving $99,112 and $137,056, in attendance are 6 ½ cardinal of you and your money mud-beplastered ($92 billion) of the $804 billion remunerated.
If you are in the pack that earned betwixt $137,056 and $328,049, in attendance are 5.2 a million of you and your fee tiled ($168 cardinal) of the $804 cardinal prepaid.
If you are in the posse that earned concluded $328,049, nearby are 1.3 million of you and your compensation dabbled ($307 cardinal) 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 paid $ 99 billion
2nd worst -20 million prepaid $ 139 billion
Middle--6 ½ a million rewarded $ 92 billion
2nd absolute 5.2 cardinal square $ 168 billion
Highest 1.3 million prepaid $ 307 a billion
Total 65 a million salaried $ 804 billion
Share of Total Paid By Bottom 50%
65 million paid $ 27 billion
Total $ 27 billion
We should let our elected officials know, that deceit, over who pays what, is no longest unimpeachable. If congressmen pedestal for high taxes and large government, they should defend that place of duty near actuality.
Attacks on those profitable a fundamentally swollen stock of the headache should stop.
Some try to stump the preceding circulate by transferral FICA or "payroll taxes" into the communicating. That subterfuge essential be dealt beside (exposed) severally.