Tax Fairness
From Kiplinger Personal Finance Adviser:
The top 1% of income tax filers(agi of $369,691) paid 37.4% of all federal income tax.
The top 5% of income tax filers(agi of $161,579) paid 59.1% of all federal income tax.
The top 10% of income tax filers(agi of $116,623) paid 70.1 of all federal income tax.
The bottom 50% paid 2.36% of the total federal income tax take, mainly because tax credits wiped out tax liability.
I'm of the opinion that there are some political issues here that need some honest discussion.
When those that pay income tax cite the fact that about 50% pay no income tax, I think there needs to be a discussion about tax policies and a jobs policy, and in some part an income policy, that goes hand in hand with the federal income tax policy.
One person's welfare is another person's job creating policy. I'm sure there are people that have incomes higher than mine that are living paycheck to paycheck and people who have been hammered by the housing bust of five years ago still in the soup. And more than a few boomers that must work longer than expected to save for retirement, help pay for kid's student loans and lot's of other things.
The top 1% of income tax filers(agi of $369,691) paid 37.4% of all federal income tax.
The top 5% of income tax filers(agi of $161,579) paid 59.1% of all federal income tax.
The top 10% of income tax filers(agi of $116,623) paid 70.1 of all federal income tax.
The bottom 50% paid 2.36% of the total federal income tax take, mainly because tax credits wiped out tax liability.
I'm of the opinion that there are some political issues here that need some honest discussion.
When those that pay income tax cite the fact that about 50% pay no income tax, I think there needs to be a discussion about tax policies and a jobs policy, and in some part an income policy, that goes hand in hand with the federal income tax policy.
One person's welfare is another person's job creating policy. I'm sure there are people that have incomes higher than mine that are living paycheck to paycheck and people who have been hammered by the housing bust of five years ago still in the soup. And more than a few boomers that must work longer than expected to save for retirement, help pay for kid's student loans and lot's of other things.
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