The Numbers Don’t Lie-The Wealthy Are Paying More Taxes
More, more, more! So many people demand that the wealthy pay more taxes. ‘They must pay their fair share,” goes the battle cry. The question is what really constitutes a fair share? Truth be told, many of the nations wealthy pay a smaller percentage of taxes than most. However, that doesn’t mean they aren’t paying their fair share. Want proof? Then look no further than the number the IRS reported: in 2014, those who made more than $100,000 paid a combined 79.5 percent of all federal income taxes.
A closer look at the numbers from the IRS shows that more than 148 million Americans filed a tax return in 2014. Of those, 23.7 million showed an AGI of a $100,000 or more. That equals 16 percent of all tax returns. Almost all of those returns reported tax due for a combined total of $1.079 trillion in taxes, which amounts to 79.5 percent of all federal income taxes paid in 2014.
Yes, the top 1 percent, or 16 percent in this case, make a lot more money than most people, but even though they have found many ways to lower their effective tax rate, they still pay nearly 80 percent of all the federal income taxes collected by the IRS. Is that a fair share? That’s a question for each person to answer.
http://www.forbes.com/sites/kellyphillipserb/2016/05/13/americans-who-make-more-than-100000-pay-80-of-federal-income-taxes/#50015fe02f7a/
Behind In Your Tax Debt to the IRS? Try Negotiating
Tax Debt to the IRS? Try Negotiating Do you remember that part in the movie A Christmas Story where Ralphie, as the narrator, proclaims in reference to his father: “The old man loved bargaining as much as an Arab trader…and he was twice as shrewd”? Well, if you enjoy a good bargain or barter, then…
Could This Be the End to an American Icon in the U.S.?
Could This Be the End to an American Icon in the U.S.? Samuel Adams was one of our great Country’s founding fathers and an American statesman. However, despite his political accolades and contributions to the United States, his name might be better known as a brand of beer. That right; if you asked who Sam…
Don’t Tempt the Taxman to Choose You for an Audit
Don’t Tempt the Taxman to Choose You for an Audit There are a lot of benefits to being ultra wealthy. High net worth individuals get to experience so many things in life that most people can only dream of. The wealthy also enjoy an extravagant lifestyle that other people only get to watch in movies…
How Long Does the IRS Have to Audit You?
How Long Does the IRS Have to Audit You? Some people love surprises, like when you get that perfect gift for Christmas or your birthday that you weren’t expecting in a million years. Some surprises can be a great, like getting more back in your tax return than you were expecting, or receiving a raise…