This chart demonstrates that the upper 20% are paying their fair share, and more, of the federal taxes.
It also demonstrates the gap between trhe upper 20% and the bottom 80%.
To look at total financial wealth, the figures are even more startling.
The top 10% own 72% of all financial assets.
For the market economy to succeed, the bottom 90% need to accumulate their share of fimancial assets.
Or, the GDP must reflect a lot less than 70% from consumer demand.
Don Levit
Just about everyone below the medium income does not pay any federal income tax. I do not believe it is healthy for a democracy to exclude such a wide swatch of the population from the responsibility of paying taxes – even if it’s a small portion of a meager income. Likewise, I’m not sure it’s necessary good to disguise taxes in the form of sales tax, VAT or imbedded taxes. People should know when they are paying a tax, how much they are paying and what it’s going for. Otherwise, people will come to view taxes to fund public services as free rather than a drag on the economy.
Todd: The link you supplied is to a chart showing marginal tax rates!! Of course the rates have been lowered. That’s why the tax payments are higher (remember Art Laffer?).
Proposition still stands: The burden of taxation has never been more progressive in modern times.
well folks has anyone ever read through USC 26? there is no place in there that specifically and legally requires anyone to pay taxes on their income… maybe that is what we all need to address to stop this unconstitutional government boondoggle
Todd: the chart from the Tax Foundation includes personal income and payroll taxes and corporate income taxes. That same chart would look increasingly regressive as you move back through time.
As for the 1980s, the tax changes during the Reagan years made the burden of government more progressive than it had previouly been. In fact I believe there is a study showing that very fact at this web site. (I just don’t have time to go find the URL.)
Hillary needs to get a copy of this chart. She keeps going around saying that the rich aren’t paying their fair share.
This is the chart the Obama administration doesn’t want you to see.
This chart demonstrates that the upper 20% are paying their fair share, and more, of the federal taxes.
It also demonstrates the gap between trhe upper 20% and the bottom 80%.
To look at total financial wealth, the figures are even more startling.
The top 10% own 72% of all financial assets.
For the market economy to succeed, the bottom 90% need to accumulate their share of fimancial assets.
Or, the GDP must reflect a lot less than 70% from consumer demand.
Don Levit
Just about everyone below the medium income does not pay any federal income tax. I do not believe it is healthy for a democracy to exclude such a wide swatch of the population from the responsibility of paying taxes – even if it’s a small portion of a meager income. Likewise, I’m not sure it’s necessary good to disguise taxes in the form of sales tax, VAT or imbedded taxes. People should know when they are paying a tax, how much they are paying and what it’s going for. Otherwise, people will come to view taxes to fund public services as free rather than a drag on the economy.
These numbers are misleading, unless the republicans don’t consider 1980-1990 to be modern times. lol See this chart for the true story.
http://en.wikipedia.org/wiki/Income_tax_in_the_United_States#History_of_progressivity_in_federal_income_tax
Todd: The link you supplied is to a chart showing marginal tax rates!! Of course the rates have been lowered. That’s why the tax payments are higher (remember Art Laffer?).
Proposition still stands: The burden of taxation has never been more progressive in modern times.
well folks has anyone ever read through USC 26? there is no place in there that specifically and legally requires anyone to pay taxes on their income… maybe that is what we all need to address to stop this unconstitutional government boondoggle
Read the chart title. The Chart in this article refers to All Federal Taxes, NOT Income taxes.
Todd: the chart from the Tax Foundation includes personal income and payroll taxes and corporate income taxes. That same chart would look increasingly regressive as you move back through time.
As for the 1980s, the tax changes during the Reagan years made the burden of government more progressive than it had previouly been. In fact I believe there is a study showing that very fact at this web site. (I just don’t have time to go find the URL.)