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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: Wharf Rat who wrote (1177314)	11/11/2019 10:13:14 PM
From: Maple MAGA	Read Replies (1) \| Respond to of 1571040

If everyone paid 13% personal and corporate tax with no deductions or loop-holes the country would be rolling in dough, a modest sales and gasoline tax would cover everything else. The dems see taxes as a way of punishing or rewarding people. The tax code is Aristocratic, and no one ever is or can be fully in compliance, everyone is an evader.

To: Wharf Rat who wrote (1177314)

11/11/2019 10:16:29 PM

From: Sdgla

Read Replies (2) | Respond to of 1571040

By

CATEYHILL
EDITOR

Many Americans don’t have to worry about giving Uncle Sam part of their hard-earned cash for their income taxes this year.

An estimated 45.3% of American households — roughly 77.5 million — will pay no federal individual income tax, according to data for the 2015 tax year from the Tax Policy Center, a nonpartisan Washington-based research group. (Note that this does not necessarily mean they won’t owe their states income tax.)

Also see: Americans pay more in taxes than for housing, food, clothes combined

Roughly half pay no federal income tax because they have no taxable income, and the other roughly half get enough tax breaks to erase their tax liability, explains Roberton Williams, a senior fellow at the Tax Policy Center.

Despite the fact that rich people paying little in the way of income taxes makes plenty of headlines, this is the exception to the rule: The top 1% of taxpayers pay a higher effective income-tax rate than any other group (around 23%, according to a report released by the Tax Policy Center in 2014) — nearly seven times higher than those in the bottom 50%.

Read: Compared to most countries, we’re undertaxed

On average, those in the bottom 40% of the income spectrum end up getting money from the government. Meanwhile, the richest 20% of Americans, by far, pay the most in income taxes, forking over nearly 87% of all the income tax collected by Uncle Sam.

Read: Compared to most countries, we’re undertaxed — honest

Rich people pay nearly 87% of all federal individual income tax in America

Income level	Share of total federal individual income tax paid	Average income tax bill per person
Lowest 20%	-2.2%	-$643
Second lowest 20%	-1.7%	-$621
Middle income	4.2%	$1,743
Second richest 20%	12.9%	$6,285
Richest 20%	86.8%	$50,176

Source: Tax Policy Center