Do the Rich Really Pay Over a Third of Their Income in Federal Income Taxes?
Do the Rich Really Pay Over a Third of Their Income in Federal Income Taxes? In 2006, the 400 highest-income Americans paid an effective rate of 17.2% http://www.ctj.org/pdf/irstop400.pdf
Public Comments
- They still paid more than I did...and I paid about 15% this year....am in business.
- only dumb rich, most pay nothing legally
- NOT WITH TAX CUT AND THE MONEY EXPLOITEDD FROM US THE PEOPLE
- I pay about 30%. That's roughly 1/3, and I'm not rich by any stretch of the imagination.
- The money comes right back to them in the form of corporate welfare, and bailouts.
- Depends what you're talking about as rich. My father is a heart surgeon and does pay alot in Income taxes, but nothing near a 3rd, where he does lose an incredible amount of money is health insurance companies that will find every loop-hole possible to pay nothing for surgery.
- more than than actually
- do the rich really pay any taxes? if you make a widget, taxes and all production costs are overhead...the taxes are passed on to whomever buys it...even the heart surgeon charges an amount to cover his expenses
- Thanks to the bush tax cuts, the super rich only pay 15% in taxes while the working class pays up to 35%. Here is how it works. Almost all people get a salary/paycheck which is "ordinary income" an is progressively taxed up to a maximum of 35%. However, profits from stocks, bonds and real estate is considered "capital gains" income and is taxed at a maximum of 15% under the bush laws. Because most rich people get a majority of their income from stocks, they only pay 15% tax, while most working class get most of their income from paychecks, which can be taxed up to 35%. Even the world's richest man, warren buffet, said "I pay a 15% tax rate but my secretary pays 35%...this is wrong." Just another scam brought to you by the republican party.
- Whatever it is it does not affect the fact that two per cent are being allowed to own most American wealth so it can`t be enough.
- Don't Worry - Obama is going to Raise to 39%! I Thinks that's a bit MORE! Peace to All and God Bless! Jane.
- yes they do
- At www.irs.gov you can sear for tax rate schedules. For your 2008 taxable income amount (that is the amt after all deductions) it says that for the amount of: $357,700 - and above the tax is $96,770.00 PLUS 35% of the amount over 347,700 for the amts that go over that initial 357,700 amt. So if your taxable income is $1,000,000 - your taxes would be 96,770.00 plus the 35% over - would equal a tax payment of 446,770 on 1 million dollars which obviously is about 44.6% of your income. So how rich is rich?? 1,000,000 in taxable income seems a lot to me but imagine if you had 5,000,000 in taxable income - you'd be paying 2,230,000 in taxes.. But remember this is just income tax to the Feds - it does not count state income tax nor does it count property taxes, school levies, sales taxes, luxury taxes, etc etc So they do pay a lot in. And you realize soon we will ALL be paying 'green' taxes, and all the other tax hikes that Pres Obama has already or is about to instigate. He is talking about a prop tax hike for all homes over 3000 sf - well, sure scares us as we have a home that is an old huge rickety farm house (that is nick-named the "Money Pit") that is 3600 sf. We cannot afford any more property taxes on it - just the upkeep to keep it liveable are difficult to keep up with financially.
- No, they don't. They do not pay taxes on their capitol gains. They tend to hide their money in offshore accounts. They have many, extensive loopholes and exemptions and that are not really available to the person who does not have the money to invest. The dirty little secret among rich people and corporations is that middle class people pay taxes, the rich and corporations have offshore accounts. We will NOT have any reform on this - the Congress and Senate have too many members and friends that aren't about to stop this practice, it's where THEY hide their assets. Warren Buffet has even stated that his secretary pays more PERCENTAGE of her income in taxes than he does. So, when you protest your rising tax bill, make sure you include some outrage over offshore accounts - we lose approx. $60 BILLION + a year in revenue because of this practice.
