Via TaxProf comes this news: 51% of income “tax filing units” now pay no federal income tax. While that does not necessarily translate into 51% of the population, it still shows that there is a strong political incentive to pander to those who pay no federal income taxes and to wail against the “rich.”
Being “rich” now means you pay federal income taxes.
In fact, as detailed in this letter from the CBO linked by TaxProf, 30% of “tax filing units” actually get a “refundable credit” from the federal government, meaning they get money from the government.
Quite possibly, your money.
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Comments
@Tlaloc TL;DR take your wealth-redistribution trolling elsewhere, your propaganda won't sell here.
@Tlaloc
"Excise taxes, sales taxes, social security taxes, and property taxes are all regressive"
AFAIK, there are no federal sales taxes. I already addressed payroll taxes and since you clearly have no understanding of the difference between wealth and income, there goes property taxes.
"@Tlaloc TL;DR take your wealth-redistribution trolling elsewhere, your propaganda won't sell here. "
Oh well. In consolation it seems to be selling to the masses which I suppose matters more than the opinion of a random internet poster. I guess I'll just have to live with that.
Also you probably should know that replying once with "take a hike" and then with an attempt at supporting your argument doesn't work too well. It tends to give the impression that maybe, just maybe you're not arguing in good faith.
But since this is also probably too long for your attention span I don't really have to worry about you learning anything, which is ultimately a win for 'my' side.
"The top 5% of americans own 72% of the wealth as of 2007"
Income tax doesn't tax wealth, it taxes income. Apples and oranges.
I kind of see your point there. Geithner, Rangel, Solis, Daschle, Kerry, McCaskill… clearly, many of the rich ARE underpaying. The IRS should just thoroughly audit anyone registered Democrat.
"Income tax doesn't tax wealth, it taxes income. "
Obviously but the comment I responded to was about the rich paying 50% of the total federal tax burden. In that regard having 72% of the wealth and only paying 50% of the total taxes is absolutely apples to apples.
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