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/
Which Taxes Do Taxpayers Hate the Most?
Which Taxes Do Taxpayers Hate the Most? How many different taxes can you think of? Chances are there are too many for the average person to count. While not all taxes are the same, for the most part people don’t enjoy handing over their money to the government for any reason. So, of all the…
Learning to Innovate
Learning to Innovate Despite popular belief, learning to innovate and ideation can be taught in a systematic way. Just as easily, business ideas can be vetted in a systematic way. Rob Ryan took his career into orbit when we discovered a business development model which he calls the sunflower model. He built his company- Ascend…
The Inspiration Behind the One Minute Manager
The Inspiration Behind the One Minute Manager “As John Lennon said, “Life is what happens to you while you’re busy making other plans” I met Spencer Johnson at a cocktail party in San Diego- he was a children’s book writer. I don’t know if you remember the the value tale series, the value of honesty,…
American Taxpayers Are All for Real Tax Reform
Taxes, taxes, taxes. One thing is for sure you can’t run and hide from them. While most Americans pay their taxes, some more begrudgingly than others, most taxpayers wish they could pay less. What’s more, most taxpayers would also love to see some real change in the tax system instead of the constant back-and-forth…