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/
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…
Should Millennials Be Worried About Their Money Under Trump?
Should Millennials Be Worried About Their Money Under Trump? President Trump is coming and ready or not his presidency will likely affect you to at least some degree. While trump’s policies will have varying degrees of influence on different people, depending on their life circumstances, almost everyone will see changes to their financial status once…
How the Wealthy Start Charitable Foundations
How the Wealthy Start Charitable Foundations Many of the world’s wealthiest individuals share many common traits and life experiences. They also share a common interest in using their wealth for good. Some of the world’s greatest how to start a charitable foundation was founded by some of the wealthiest people, including Bill and Melinda Gates,…