The rich pay majority of U.S. income taxes
ExPatriatePen wrote: tifosi77 wrote:
ExPatriatePen wrote:Whether you're willing to admit it or not, you're not getting the majority of that tax revenue from Warren Buffett and Bill Gates, you're getting it from the middle class. Hard working people who are the backbone of our society.
That's factually inaccurate. The latest year that statistics are available for is 2010, and in that year the wealthiest 10% of taxpayers contributed 70% of tax revenues collected by the IRS. (Representing an increase of about 15% in ~30 years.) Which actually indicates that they're getting kind of a sweet deal, since that same subset of uber-rich controls somewhere between 80% and 90% of the wealth in the country.
I don't trust your statistics... (No personal offense)
No way in hades do the top 10% of INDIVIDUALS pay 70% of ALL taxes. Corporate tax revenues alone would surely make up more a significant chunk.
Plus you're probaly only speaking of Federal Individual Income Tax, Which is only one part of your total tax burden.
Many people think that the rich are able to weasel their way out of taxes, but they actually pay an overwhelming majority of the taxes in the United States.
What's more, their share of the tax burden is increasing.
The top 10 percent of taxpayers paid over 70% of the total amount collected in federal income taxes in 2010, the latest year figures are available, according to the Tax Foundation, a think tank that advocates for lower taxes. That's up from 55% in 1986.
The remaining 90% bore just under 30% of the tax burden. And 47% of all Americans pay hardly anything at all -- a fact that got Republican presidential candidate Mitt Romney into political hot water last year.
Note the attribution: Tax Foundation (conservative) and the IRS (the people who actually have the raw data)
The story goes on:
When factoring in state and local taxes, the top 10% pay just under half the tab. And when calculating tax burden as a percent of income, the tax code is even less progressive. The top 10% paid an average of 30% of their income in local, state, and federal taxes in 2011, said McIntyre. That's not much different than the 25% percent paid by the middle class.
And to address your concern regarding total tax burden, vis-a-vis corporate income tax, according to the U.S. Census Bureau
(pdf), corporate income taxes accounted for about $10 billion. Individual income taxes accounted for $75 billion. Overall, corporate income tax only accounts for about 3% of federal revenues, and 4-4.5% of state revenues.
Those numbers are specific to Q4 2012, but the general ratios have been fairly consistent for a number of years. (You can look at the historical data on that site going back to the year 2000.
If I'm misreading the data, my apologies.