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
Rajiv Parikh

Demand Acceleration | Rajiv Parikh

  About Rajiv Parikh Rajiv Parikh is the CEO of Position, an integrated digital marketing firm that drives brand visibility and new customer acquisition for technology-driven brands. Position² has operations in the US and Asia with clients from around the world. Their 200 person team combines advertising, marketing, product & technology expertise. The company is…

John Dutra; Balance in Life

Building Communities and Balance In Life | John Dutra

  About John Dutra John J. Dutra was appointed Chief Executive Officer in 2007. As CEO, he is committed to building on the company’s unrivaled reputation of partnering with local entities, political leaders, property owners and builders. John strongly believes in providing quality, personal integrity and a high level of service in all endeavors. From…

Gary Rogers

The Man Who Built Dreyer’s Grand Ice Cream | Gary Rogers

”You only get one trip around this track of life. There are no mulligans… let’s make it as good as it can be” – T. Gary Rogers About Gary Rogers T. Gary Rogers is the former Chairman of Safeway Inc., which he was instrumental in selling to Albertson’s in early 2015 for $10.4 billion. Previously…

The Art of Philanthropy | Tad Taube

The Art of Philanthropy | Tad Taube

Episode Transcript of: The Art of Philanthropy | Tad Taube   Alan Welcome back and visiting here today with Tad Taube. And welcome to today’s show. Tad Thank you. Alan So, Tad you’ve done a lot throughout your life. But I want to focus a little bit on, on today more that philanthropic causes that…