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/
How Are the Ultra Wealthy Spending Their Money?
How Are the Ultra Wealthy Spending Their Money? If you were extremely wealthy what would you spend your money on? Chances are if you’re reading this, then you don’t have to dream about being extremely wealthy; you already have plenty of money at your disposal. So what comes to mind? What are people like you…
Top Tips to Stay Productive
Top Tips to Stay Productive No matter what a person’s career entails he or she wants to be productive. When you are the most productive you can be that’s when you typically reach your greatest levels of success. Productivity can be measured in many different ways, but typically when you’re productive you get required tasks…
Estate Planning for the Wealthy
Estate Planning for the Wealthy When was the last time you looked at your estate plan? If you can’t answer that question, either because it’s been so long that you can’t remember or because you still don’t have an estate plan in place, then you have some work to do. With the New Year almost…
Top 5 Ways to Get Out of Debt
Top 5 Ways to Get Out of Debt Another New Year is upon us and many people like to use this time to evaluate their life, including their financial well-being. It’s also a time to make resolutions or goals. One common goal at this time of year is to finally get out of debt. Debt…