The Numbers Don’t Lie-The Wealthy Are Paying More Taxes

numbers-dont-lie,-wealthy-paying-more-in-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/

Posted in

Finding Networking Opportunities Is Easy!

Finding Networking Opportunities Is Easy! By Leni Chauvin Business networking is all about forming strong relationships built on mutual respect and trust. Those relationships are the basis for the single most important tool that we all need if we want to survive in the competitive 21st century. I’m talking about referrals. And today’s savvy business…

5 Marketing Moves for Business Success

5 Marketing Moves for Business Success By David Newman Effective marketing can be simplified into five moves – five concrete actions – that you can implement immediately. Your challenge: try one or more of these NOW. Marketing has traditionally been broken down to a formula known as “the 5P’s” – the five factors that make…

Video Conferencing – It Finally Works

Video Conferencing – It Finally Works By Harold German Remember those bulky, expensive video conferencing systems you would see in well-equipped conference rooms not too long ago? You know, the ones the office manager never allowed you to touch? Every now and then, you were invited to sit in on a video meeting and you…

Technology & Business Expansion: Matching Your Data Systems to the Business Growth

Technology & Business Expansion: Matching Your Data Systems to the Business Growth

Technology & Business Expansion: Matching Your Data Systems to the Business Growth By Dan Kaplan Fueling the high growth rate for Retailers, Manufacturers and Distributors is a flurry of mergers and acquisitions. In today’s world of mergers and acquisitions, and heavy usage of the Web, companies are facing a new reality. Software that meets the…