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Tax Burden of Top 1% Now Exceeds That of Bottom 95%

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  • Tax Burden of Top 1% Now Exceeds That of Bottom 95%

    http://www.taxfoundation.org/blog/show/24944.html

  • #2
    Re: Tax Burden of Top 1% Now Exceeds That of Bottom 95%

    I wonder how much the gap will increase in the coming years.

    Comment


    • #3
      Re: Tax Burden of Top 1% Now Exceeds That of Bottom 95%

      Isn't the top income tax rate around 36-39%?

      So the top 1% make enough money so that they pay more in income taxes than the bottom 95%? The average income tax rate for the top 1% was 22%! Not to shabby!

      That top 1% also made almost twice as much money as the bottom 50%! Nice! So for every 100 people, 1 made almost twice as much as the sum of the bottom 50! That one person must be dead tired to have worked twice as hard as 50 other people! No wonder they complain so much!

      Not only that but the top .1% took home 12 FREAKIN PERCENT of the adjusted gross income! The bottom 50% got a wopping 12 percent as well. That means 1 person worked as hard as 500 other human beings!

      And that is just income taxes. I bet the majority of that top 1% get most of their total revenue from sources other than income.

      And this doesn't talk about payroll taxes. I wonder what the distribution is with them? Something tells me the bottom 95% is looking much better in that distribution.
      Iím not racists, I have republican friends. Radio show host.
      - "The essence of tyranny is the denial of complexity". -Jacob Burkhardt
      - "A foolish consistency is the hobgoblin of little minds" - Emerson
      - "People should not be afraid of it's government, government should be afraid of it's People." - Line from V for Vendetta
      - If software were as unreliable as economic theory, there wouldn't be a plane made of anything other than paper that could get off the ground. Jim Fawcette
      - "Let me now state what seems to me the decisive objection to any conservatism which deserves to be called such. It is that by its very nature it cannot offer an alternative to the direction in which we are moving." -Friedrich Hayek
      - "Don't waist your time on me your already the voice inside my head." Blink 182 to my wife

      Comment


      • #4
        Re: Tax Burden of Top 1% Now Exceeds That of Bottom 95%

        I still wish I was in the top 1% though. :)

        Comment


        • #5
          Re: Tax Burden of Top 1% Now Exceeds That of Bottom 95%

          May I make a comment? These stats cover 141 Million returns. We have more than 300 Million people in the country. Granted, some of those returns are for 2 people at once (married filing jointly), but I'd wager a good 40% or so of the country isn't actually required to file at all.

          So...that's not actually the top 1%. That's the top 1% of the top 60%, who pay more in taxes than the bottom 95% of the top 60%, plus the bottom 40% who pay zero. Or in more friendly terms, the top 0.6% pay more in taxes than the bottom 97%. Granted, they also earn a hell of a lot. But not nearly as much as the bottom 97%. Take that how you will...but you were gonna do that anyway. :)

          Comment


          • #6
            Re: Tax Burden of Top 1% Now Exceeds That of Bottom 95%

            What? Juking the stats?

            It says top 1% of tax payers and bottom 95% of tax payers. What is this top 1% of top 60% business?

            Comment


            • #7
              Re: Tax Burden of Top 1% Now Exceeds That of Bottom 95%

              Originally posted by Kerostasis View Post
              May I make a comment? These stats cover 141 Million returns. We have more than 300 Million people in the country. Granted, some of those returns are for 2 people at once (married filing jointly), but I'd wager a good 40% or so of the country isn't actually required to file at all.

              So...that's not actually the top 1%. That's the top 1% of the top 60%, who pay more in taxes than the bottom 95% of the top 60%, plus the bottom 40% who pay zero. Or in more friendly terms, the top 0.6% pay more in taxes than the bottom 97%. Granted, they also earn a hell of a lot. But not nearly as much as the bottom 97%. Take that how you will...but you were gonna do that anyway. :)
              How many of those 300 million are children? About 21%. I wouldn't count them.

              How many adults don't file taxes? Don't know. Good question. But 40%? Don't think so. Even so, how much income does that group make? Would it boost the bottom 50% much? Again, not much. Well, there is some under the table payments going on. But the same can be said of the top 1%. So I will call it a wash.
              Iím not racists, I have republican friends. Radio show host.
              - "The essence of tyranny is the denial of complexity". -Jacob Burkhardt
              - "A foolish consistency is the hobgoblin of little minds" - Emerson
              - "People should not be afraid of it's government, government should be afraid of it's People." - Line from V for Vendetta
              - If software were as unreliable as economic theory, there wouldn't be a plane made of anything other than paper that could get off the ground. Jim Fawcette
              - "Let me now state what seems to me the decisive objection to any conservatism which deserves to be called such. It is that by its very nature it cannot offer an alternative to the direction in which we are moving." -Friedrich Hayek
              - "Don't waist your time on me your already the voice inside my head." Blink 182 to my wife

              Comment


              • #8
                Re: Tax Burden of Top 1% Now Exceeds That of Bottom 95%

                The bottom 50% puts in about 3% of collected income tax. So it's really the middle class, around the top 50-90% that have the largest burden relative to their income minus basic standard of living.

                Comment


                • #9
                  Re: Tax Burden of Top 1% Now Exceeds That of Bottom 95%

                  Down this road again.....

                  It's time we change the entire tax structure!

                  Comment


                  • #10
                    Re: Tax Burden of Top 1% Now Exceeds That of Bottom 95%

                    Originally posted by Global.Cooling View Post
                    Down this road again.....

                    It's time we change the entire tax structure!
                    Who's we? If you are referring to "we" as in the people "we" have no authority over these things...

                    Unless the mass of you is for that change. Which will not happen.

                    Before you ask me why I think this... that is because I do not believe in humanity to do the right thing. At least not as a commune.



                    When the power of love overcomes the love of power, the world will know peace. ~ Jimi Hendrix

                    And isn't it a bad thing to be deceived about the truth, and a good thing to know what the truth is? For I assume that by knowing the truth you mean knowing things as they really are. ~ Plato

                    Comment


                    • #11
                      Re: Tax Burden of Top 1% Now Exceeds That of Bottom 95%

                      Originally posted by sordavie View Post
                      The bottom 50% puts in about 3% of collected income tax. So it's really the middle class, around the top 50-90% that have the largest burden relative to their income minus basic standard of living.
                      Why is the 50-90th considered middle class? Shouldn't the actual middle 30-70th be considered middle? I always found it funny when people making a household income of 100,000 - 200,000 dollars was somehow considered middle class when the median income for my state is about 60,000 for a household. Middle class seems like it should represent the middle majority.

                      On topic, when the top few percent have almost all of the wealth they can feel free to pay the vast majority of the taxes...
                      |TG-6th|Snooggums

                      Just because everyone does something does not mean that it is right to do.

                      Comment


                      • #12
                        Re: Tax Burden of Top 1% Now Exceeds That of Bottom 95%

                        Since tax rates haven't changed, does that chart imply that over the past decade+, the income of the top 1% has risen faster (thus paying more taxes) than the rest of us? I.e. "the rich are getting richer"

                        Comment


                        • #13
                          Re: Tax Burden of Top 1% Now Exceeds That of Bottom 95%

                          Originally posted by snooggums View Post
                          Why is the 50-90th considered middle class? Shouldn't the actual middle 30-70th be considered middle? I always found it funny when people making a household income of 100,000 - 200,000 dollars was somehow considered middle class when the median income for my state is about 60,000 for a household. Middle class seems like it should represent the middle majority.

                          On topic, when the top few percent have almost all of the wealth they can feel free to pay the vast majority of the taxes...
                          No, the middle class isn't defined liked that. 'Middle' in middle class isn't a reference to the median or mean - and certainly not median in terms of tax burden. Remember what units are attached to these percent numbers! Rather the term grew out of a distinction between the nobility an the peasantry. In contemporary times, the middle class is the class between the working class and the upper class.

                          Comment


                          • #14
                            Re: Tax Burden of Top 1% Now Exceeds That of Bottom 95%

                            Originally posted by WhiskeySix View Post
                            Since tax rates haven't changed, does that chart imply that over the past decade+, the income of the top 1% has risen faster (thus paying more taxes) than the rest of us? I.e. "the rich are getting richer"
                            Yes.
                            |TG-6th|Snooggums

                            Just because everyone does something does not mean that it is right to do.

                            Comment


                            • #15
                              Re: Tax Burden of Top 1% Now Exceeds That of Bottom 95%

                              Of course the rich get richer faster. If you had lots of money to invest and reinvest, wouldn't you do so? If you had to work just to pay bills and provide food and shelter for yourself and your family, you can't really get any richer. That's kind of always been the case. It's nothing new.

                              Most non-students here are in the top 50%, I'd wager. You guys all get rich faster than the bottom 50%.

                              The chart by itself doesn't imply that by itself either. You need to go look at the increase in income per capita of each of these groups and compare them in some way (by percentage increase presumably rather than total increase).

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