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No skin in the game.
Posted: Sat, 19 Dec 2015 12:10:27
by dorminWS
The tax burden on high-incomers has fallen a bit, new IRS statistics show.
The top 1% of individual filers paid 37.8% of all federal income taxes in 2013,
the most recent year IRS has analyzed. That’s down from 38.1% the previous year.
They reported 19% of total adjusted gross income, also lower than the year before.
Filers needed AGIs of at least $428,713 to earn their way into the top 1% category.
The highest 5% paid 58.6% of total income tax and accounted for 34.4%
of all adjusted gross income. They each had AGI of at least $179,760. The top 10%
of filers, those with AGIs of $127,695 or more, bore 69.8% of the income tax burden
while bringing in slightly less than 46% of individuals’ total adjusted gross income.
The bottom 50% of filers paid 2.8% of the total federal income tax take.
Their share is so low because the figures don’t include Social Security tax payments
and because many of them get substantial tax relief through the earned income credit.
Re: No skin in the game.
Posted: Sat, 19 Dec 2015 13:07:13
by WRW
I heard, on a newscast, that the new budget would include some tax breaks. I think that the budget is working on tax reduction from the wrong end...it is the spending that needs reduction. Do that and maybe our grandchildren can see a real reduction.
That is not the point of your post, and I agree wholeheartedly with that point, but this came to mind as it was current also.
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Re: No skin in the game.
Posted: Sat, 19 Dec 2015 13:32:47
by SHMIV
A serious reduction in Government spending would make a meaningful reduction in taxes possible.
If we could get our government to refrain from dumping money that they don't have into projects that they have no business getting involved in, I believe that we could reduce taxes, and still get the debt paid off.
[ Post made via Mobile Device ]
Re: No skin in the game.
Posted: Sat, 19 Dec 2015 15:05:58
by Monkey
SHMIV wrote:A serious reduction in Government spending would make a meaningful reduction in taxes possible.
If we could get our government to refrain from dumping money that they don't have into projects that they have no business getting involved in, I believe that we could reduce taxes, and still get the debt paid off.
[ Post made via Mobile Device ]
I nominate Social Security.
I'll never get nearly back what I put into it, but hell, at least let me put the money into something else instead of this govt-sponsored Ponzi scheme.
Re: No skin in the game.
Posted: Sat, 19 Dec 2015 15:11:10
by Monkey
dorminWS wrote:The tax burden on high-incomers has fallen a bit, new IRS statistics show.
The top 1% of individual filers paid 37.8% of all federal income taxes in 2013,
the most recent year IRS has analyzed. That’s down from 38.1% the previous year.
They reported 19% of total adjusted gross income, also lower than the year before.
Filers needed AGIs of at least $428,713 to earn their way into the top 1% category.
The highest 5% paid 58.6% of total income tax and accounted for 34.4%
of all adjusted gross income. They each had AGI of at least $179,760. The top 10%
of filers, those with AGIs of $127,695 or more, bore 69.8% of the income tax burden
while bringing in slightly less than 46% of individuals’ total adjusted gross income.
The bottom 50% of filers paid 2.8% of the total federal income tax take.
Their share is so low because the figures don’t include Social Security tax payments
and because many of them get substantial tax relief through the earned income credit.
I'm a numbers/stats geek - source?
Re: No skin in the game.
Posted: Sat, 19 Dec 2015 23:01:53
by grumpyMSG
And that jumble of statistics doesn't mention whether those numbers are for the infamous 4 person family or single individuals.
Re: No skin in the game.
Posted: Mon, 21 Dec 2015 11:57:36
by dorminWS
Monkey wrote:dorminWS wrote:The tax burden on high-incomers has fallen a bit, new IRS statistics show.
The top 1% of individual filers paid 37.8% of all federal income taxes in 2013,
the most recent year IRS has analyzed. That’s down from 38.1% the previous year.
They reported 19% of total adjusted gross income, also lower than the year before.
Filers needed AGIs of at least $428,713 to earn their way into the top 1% category.
The highest 5% paid 58.6% of total income tax and accounted for 34.4%
of all adjusted gross income. They each had AGI of at least $179,760. The top 10%
of filers, those with AGIs of $127,695 or more, bore 69.8% of the income tax burden
while bringing in slightly less than 46% of individuals’ total adjusted gross income.
The bottom 50% of filers paid 2.8% of the total federal income tax take.
Their share is so low because the figures don’t include Social Security tax payments
and because many of them get substantial tax relief through the earned income credit.
I'm a numbers/stats geek - source?
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Kiplinger Tax report