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/
What Venture Capitalists Want | Wally Hawley
About Wally Hawley Wally Hawley is a co-founder of InterWest Partners (1979), one of the larger venture capital partnerships in the United States, formed to make equity investments in diversified U.S. growth companies. His prior experience includes seven years as President of SHV North America Holding Corp., a wholly owned subsidiary of a Netherlands…
Venture Capital’s Role in Nuclear Science | Ray Rothrock
About Ray Rothrock As a venture capitalist for more than two decades, Ray has assisted entrepreneurs in achieving their dreams and produced outstanding financial returns for his limited partners. He has personally discovered, created and guided more than 50 companies in the Venrock portfolio through their early stages of formation and emerging growth. Beginning…
Doing the Tough Things First | Ray Zinn
About Ray Zinn Ray Zinn is a co-founder of the Company Micrel and has been its President, Chief Executive Officer and Chairman of its Board of Directors since the Company’s inception in 1978. As our Chief Executive Officer, Mr. Zinn gives the Board of Directors insight and in-depth knowledge of the semiconductor industry and…
Todays China | Nicholas Hope
About Nicholas Hope Nicholas Hope is the Director of the Stanford Center for International Development (SCID). He also directs SCID’s China research program. His current research is private enterprise development in China and progress of reforms in China, especially in the financial sector. His interests are in East Asian economies, especially China and Indonesia,…