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Fair Share? IRS Data Says Millionaires
Posted: Nov 25, 2012
tax rate than the middle class. "According to new data from the IRS, people who make $1 million or more had an average tax rate of 20.4 percent in 2010. Tax filers who earned $30,000 to $50,000 paid an average rate of 4.8 percent, while those who made between $50,000 and $100,000 paid 7.7 percent. Those making under $30,000 had a negative effective rate, meaning they paid no federal income taxes after deductions and credits. "Put another way, millionaires pay a rate that’s more than four times that of the middle class." http://www.cnbc.com/id/49939444;
so...you paid less than 5% tax last year? - hmm?
[ In Reply To ..]
Ummm...do I know you? - ?
[ In Reply To ..]?
just throwing out the question - nm
[ In Reply To ..]
Yeah, I'm trying to figure that out - bootstraps
[ In Reply To ..]I made between $30,000 and $100,000. I paid over 30%.
I clicked on "new data" from where this statement was compiled and...yeah, feeling lazy... too much to digest tonight!
But I don't know anyone who pays less than 10% on income tax in that tax bracket. And even in the past with kids, etc., I've never paid under 20% on income tax.
I'd really like to find out how these figures were reached. Not sayin' they're not true, but I want someone to put me in contact with the tax preparer who managed to get a tax rate of under 8% on 30 to 100 thou for the average Joe.
Your "facts" are incomplete. - sm
[ In Reply To ..]Everybody starts out at about the same rate, but when you start adding in federal tax deductions (kids, local taxes, EIC) that percentage goes way down.
Those earning less than $50,000 qualify for more tax deductions than those who earn over $100,000, and those who earn $1 million likely don't qualify for any deductions, so they're paying the full rate.
Full (highest) federal tax rate is equal to the single/no-deductions tax rate of about 20%. This is what I pay every single year, so I know what I'm talking about, and I gross nowhere near $50,000 per year.
Why do they never include the payroll taxes? - Yet want to cut MC and SS?
[ In Reply To ..]Everytime I see the twists on this type of story, they never include the 15 or so % payroll taxes the middle class workers pay, yet they want to cut the "entitlements" of Medicare and Social Securty that this payroll tax goes to.
The other thing is, this story apparently does not include the reduced tax rate millionaires receive on their investments. Good ol' Mitt received his low tax rate because most of the income he reported fell under the capital gains tax (meaning he actually did not have to work for the money as it was just earning money from his outsourcing enterprises and interest, etc) The article also does not address the tax shelters the rich use to reduce their income, such as hiding it in the Caymans.
Well, this has all been discussed before, but I guess the amnesia has set in again
Did anybody read the whole article? - lmn
[ In Reply To ..]Doesn't seem like it, from the reactionary posts. IMHO.
everything is reactionary on this board..seme - neme
[ In Reply To ..]I could say, for instance, my toenails are purple, and somebody would start an arguement over it. It does not matter what the subject is. too many egos and not enough grey matter, consideration, or common sense.
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