Taxation: There's a lot not to like about April 15 - the pain of writing the checks, the hassle of filing and the stabbing realization we'll do it again next year. But many Americans skirt most, if not all, of these problems.
According to estimates from the Tax Policy Center, the top 20% of earners pay 83.9% of all federal income taxes. At the same time, they make only 51.3% of total U.S. income.
Meanwhile, the bottom fifth, which earns 4.5% of all U.S. income, pays -2.2% of federal income taxes. In other words, those in this quintile, instead of paying an income tax, actually get money from Washington after Washington has taken it from everybody else.
The top 1% of earners - who had so much hate directed at them when the Occupy movement captured the media's fancy a few years ago - pays 45.7% of income taxes while making 17.1% of national income. The middle quintile pays 5.9% of federal income taxes while earning 14.8% of national income.
Anyone who thinks this distribution is fair, that the tax burden does not sit squarely on the shoulders of top earners, should think again. The system is so steeply progressive that Karl Marx would approve.
http://news.investors.com/ibd-editorials/041415-747861-top-20-percent-pay-84-percent-of-taxes.htm
According to estimates from the Tax Policy Center, the top 20% of earners pay 83.9% of all federal income taxes. At the same time, they make only 51.3% of total U.S. income.
Meanwhile, the bottom fifth, which earns 4.5% of all U.S. income, pays -2.2% of federal income taxes. In other words, those in this quintile, instead of paying an income tax, actually get money from Washington after Washington has taken it from everybody else.
The top 1% of earners - who had so much hate directed at them when the Occupy movement captured the media's fancy a few years ago - pays 45.7% of income taxes while making 17.1% of national income. The middle quintile pays 5.9% of federal income taxes while earning 14.8% of national income.
Anyone who thinks this distribution is fair, that the tax burden does not sit squarely on the shoulders of top earners, should think again. The system is so steeply progressive that Karl Marx would approve.
http://news.investors.com/ibd-editorials/041415-747861-top-20-percent-pay-84-percent-of-taxes.htm
