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/
Real Estate 101 | Sherri Stoneberger
About Sherri Stoneberger Stonberger received her foundation of work ethics. growing up on a family farm in Oklahoma. She attended college at the University of Central Oklahoma, earning a degree in human development, with a physical education minor. After graduation she became a military wife and eventually settled in the Mission, Fremont area where…
Optimizing Your App | Trevor Cornwell
About Trevor Cornwell Trevor Cornwell, Founder and CEO, appbackr inc., a Palo Alto-based Market Exchange for Apps. Appbackr helps publishers and platforms identify the rights apps to optimize revenue. Appbackr is a winner of the PayPal X Developer Challenge, an OnMobile 100 Company and an AlwaysOn 250 Company. Cornwell’s career has been spent developing and…
Intel Chief Economist | Paul Thomas
About Paul Thomas Paul Thomas is chief economist and manager of market sizing and forecasting at Intel Corporation in Santa Clara, Calif. He joined Intel in December, 2004, after working at Continental Airlines in Houston, Texas, from 1997 to 2004 and as chief economist from 2001 to 2004. Paul was senior economist at Douglas Aircraft…
Immigration Law | Jake Lipman
About Jake Lipman Jake Lipman has practiced immigration law for over ten years. His practice focuses on employment-based immigration, counseling employers in complex immigration practice and policy concerns. Over the years, he has supported multinational and domestic organizations of all sizes and from every major industry. Jakob has lectured on immigration-related subjects in a variety…