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/
Unlocking The Ivory Tower | Eric Ball
About Eric Ball Eric Ball is a technology finance professional, investor, and board member. He currently serves as General Partner for Impact Venture Capital, which has made several technology investments. He also chairs the Audit Committee at Glu Mobile, a publicly-traded leader in 3D freemium mobile gaming. Until May 2016, Eric was Chief Financial…
Defining A Meaningful Life | Howard Getson
About Howard Getson Howard Getson is the founder and CEO of Capitalogix, an AI trading systems company that essentially provides its users a “hedge-fund-in-a-box.” Prior to forming Capitalogix, Howard had an active corporate legal practice which he worked in from 1987 to 1993. Howard has a passion for helping people define purpose in their…
Economics Today: North Korea, China and South-East Asia | Richard Dasher
About Richard Dasher Richard Dasher has been Director of the US-Asia Technology Management Center since 1994 and, concurrently, Executive Director of the Center for Integrated Systems since 1998. His research and teaching focus on innovation systems and the impact of new technologies on industry structure and dynamics. Dr. Dasher serves on selection and review…
What Does It Take to Build a Company?
What Does It Take to Build a Company? The world is full of people who want to get rich. At the same time, there are a lot fewer people who have actually achieved that goal. Perhaps for many on the outside looking in, it would seem logical that most of the world’s wealthiest people got…