This is an election year as Americans all know. There will be many things said at this time which are simply not true.
Read this if you are interested in the facts regarding who pays income taxes. This is from the National Taxpayers Union Federation and the Tax Foundation. The National Taxpayers Union is a nonpartisan organization. It supports “lower taxes and smaller government at all levels.” Some would call those ideas, conservative.
Those who are in the top 1% of earners pay 37.32% of all Federal income taxes. They make up 19.7% of the population. Those reported an income of around $2,003,066.00, and 408,888 filed returns fit into that category. I wish I had that problem. They have 19.72% of adjusted gross income. The total filed returns around that amount were 7,044,439. Their adjusted gross income was around $3,574,828. They pay 58.23%. That includes the 1% and the 5% of taxpayers, together. these statistics are from Tax Foundation.
The National Taxpayers Union says the top 5% pay 59.14% of all Federal taxes.
Back to the National Taxpayers Union Foundation. They say that the top 10% of taxpayers pay 70.85% of Federal Income taxes. Tax Foundation says they pay only 69% of Federal Income taxes. A slight disagreement here for some reason, but slight, none the less. Remember, this is for the three upper levels combined, ok?
The top 25% of American taxpayer pay 86% of all federal taxes. So says the National Taxpayers Union Foundation. Tax Foundation says they pay 68.43%. A bigger disconnect here for some reason.
National Taxpayers Union Foundation report that the top 50% of taxpayers pay 96.89% of all federal taxes. Tax Foundation says they pay 88.41%. They seem to be closer on this group’s numbers for some reason.
The bottom half of all taxpayers pay 3.11% according to National Taxpayers Union Foundation. Tax Foundation reports that the bottom 50% pay 3.04%. That is 140,888,785 tax returns filed. This data is from 2016.
So what does this mean? Those who make more, pay more, it’s that simple.
I have never been given a job by a poor person. Wealthy and middle class people support our economy by consumption and paying taxes. I have no problem paying into a social platform that helps to take care of the needy. But please be aware of who is paying for what.
Don’t tell me that the 1% doesn’t pay their fair share. Besides paying taxes, they create jobs in many different ways. Do they hire people to work in their companies? And who owns many companies? Stockholders like average workers who have 401k’s and other work related retirement plans.
Also, the workers in these companies pay taxes on their income from jobs created by wealthy people and corporations and that money goes to keeping our country afloat. These are not simple issues and saying that the rich don’t pay their taxes is simply, a lie.
I want to pay more taxes than I pay now. That will mean that I am making more money. Isn’t that the point and the difference in America? Average working people can create a product or an idea and become one of the dreaded 1%. Don’t be jealous, go out and make more money with a great idea or product or just plain hard work. Oops, I guess that is not “politically correct” any more.
One more thing, only 20% of millionaires inherited their wealth. That means 80% worked for it in one field or another.
If you make mistakes, why do I have to clean them up with my tax money. I have my own family to care for. Just a thought.