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/
Windy City Tax Burden Will Hit NBA Star Hard
Windy City Tax Burden Will Hit NBA Star Hard So how much is $47.5 million really worth? The answer is it all depends on where you live. Most of the NBA’s top free agents recently signed their new contracts, many with new teams, including former Oklahoma City Thunder Star Kevin Durant, who is now a…
Estate Planning for High Net Worth Foreigners
Estate Planning for High Net Worth Foreigners While the U.S. is considered by many to be a place where the wealthy move their money away from, there are also many wealthy people from other countries who are moving more of their money into our country. So what’s behind this big increase of foreigners shipping…
How to Ignite Your Inner Spirit to Pursue Your Passions
How to Ignite Your Inner Spirit to Pursue Your Passions We are all made up of a body and a spirit, or a soul. It’s our soul or spirit that really drives us to do everything we do. Our body is just the tool we use to carry out the desires and passions of our…
What’s the Real Motivation Behind Philanthropy?
What’s the Real Motivation Behind Philanthropy? According to its definition, philanthropy is the desire to promote the welfare of others, expressed especially by the generous donation of money to good causes. Many of the world’s wealthiest individuals and companies are involved in all kinds of philanthropic activities and endeavors. Some of the most famous and…