Sunday, June 22, 2014

Who Pays the Taxes?

I am always fascinated by who pays the taxes in the US.  I am fascinated because there is a great deal of 100% fact-free discussion about a subject in the mainstream media and among  the politicians in spite of fact that there is a great deal of data available on the subject.  So let's skip all the discussion and go right to the data.

By the way, do not infer any point of view on my part due the charts or their sources.  I just like the charts.

From Heritage Org:.

Despite the top individual tax rate fluctuating between 91 percent and 28 percent over the past 50 years, total individual receipts have remained fairly stable. The top rate was last increased in 2013 and is now at 39.6 percent.

Increasing Tax Rates Does Not Necessarily Lead to Higher Income Tax Receipts

A second graph I found interesting from The Daily Signal:

Despite calls for more taxes on the rich, the Heritage chart shown above reveals that the recent tax increases disproportionately affect the working wealthy. The top 10 percent of all income earners paid 71 percent of federal income taxes in 2010, yet they earned 45 percent of all federal income. Compare that to the bottom 50 percent of earners, who earn 12 percent of income yet pay only 2 percent of federal income taxes.


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