Are the "super-rich" paying their fair share in federal taxes?
Well, according to an Associated Press report last week, both Sen. Clinton and Warren Buffett believe they aren't. Although, it would appear they have their facts all wrong:
Source: Tax Foundation
3 Comments:
Uh, hate to burst your bubble, but what do you think it means when the richest 1% is paying the increasingly larger percentage of taxes while the rest of the rabble is paying a decreasing amount?
Could it be that they have all the income?
More on just how progressive the US Federal taxation system is. The top 20% of earners provide almost 70% of the revenue collected.
Keep in mind the tax foundation is not exactly credible. The canadian taxpayers association has similar claims that are successively challenged.
To compare with that, the richest 1% has an average income of $1.3 million. At the most all calculations for every tax without deductions still is below 50%. That means a $500,000 salary. Oh boohoo.
However, no rich person has no deductions, they don't have cash because the have equity, where they pay far less, and of course capital gains are even less.
Finally, in 1974 the richest 1% had 13% of all INCOME, in 2000 it was up to 20% and still climbing.
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