inthebox
Apr 3, 2010, 06:25 PM
April 15th is coming and from
The Tax Foundation - Summary of Latest Federal Individual Income Tax Data (http://www.taxfoundation.org/news/show/250.html)
Table one; the top, adjusted gross income, 50% pay 97% of the taxes and the bottom 50% pay 3% of taxes.
The myth that the "rich" don't pay taxes is false. The myth that the "rich" don't pay their fair share of taxes is true - they pay MUCH MORE than their fair share of taxes. This does not take into account the amount paid in sales taxes, and the richer tend to buy more expensive things and that generates even more taxes.
The myth that big corporations don't pay taxes, or don't pay enough taxes is a mixed bag.
What The Top U.S. Companies Pay In Taxes - Forbes.com (http://www.forbes.com/2010/04/01/ge-exxon-walmart-business-washington-corporate-taxes.html)
But it's the tax benefit of overseas operations that is the biggest reason why multinationals end up with lower tax rates than the rest of us. It only makes sense that multinationals "put costs in high-tax countries and profits in low-tax countries," says Scott Hodge, president of the Tax Foundation. Those low-tax countries are almost anywhere but the U.S. "When you add in state taxes, the U.S. has the highest tax burden among industrialized countries," says Hodge. In contrast, China's rate is just 25%; Ireland's is 12.5%.
Taxes are so complex and full of loop holes and special interest provisions that GE's printed tax return would be 24000 pages!!
What percent of AGI do you pay in taxes?
38% of filers don't pay any.
The lie that '50 percent pay no tax,' Part II | Jay Bookman (http://blogs.ajc.com/jay-bookman-blog/2009/02/24/the-50-percent-pay-no-tax-fraud-part-ii/)
What are the implications for a society in which a large percentage of the population do not to have "any skin in the game," when it comes to paying taxes to fund government spending?
G&P
The Tax Foundation - Summary of Latest Federal Individual Income Tax Data (http://www.taxfoundation.org/news/show/250.html)
Table one; the top, adjusted gross income, 50% pay 97% of the taxes and the bottom 50% pay 3% of taxes.
The myth that the "rich" don't pay taxes is false. The myth that the "rich" don't pay their fair share of taxes is true - they pay MUCH MORE than their fair share of taxes. This does not take into account the amount paid in sales taxes, and the richer tend to buy more expensive things and that generates even more taxes.
The myth that big corporations don't pay taxes, or don't pay enough taxes is a mixed bag.
What The Top U.S. Companies Pay In Taxes - Forbes.com (http://www.forbes.com/2010/04/01/ge-exxon-walmart-business-washington-corporate-taxes.html)
But it's the tax benefit of overseas operations that is the biggest reason why multinationals end up with lower tax rates than the rest of us. It only makes sense that multinationals "put costs in high-tax countries and profits in low-tax countries," says Scott Hodge, president of the Tax Foundation. Those low-tax countries are almost anywhere but the U.S. "When you add in state taxes, the U.S. has the highest tax burden among industrialized countries," says Hodge. In contrast, China's rate is just 25%; Ireland's is 12.5%.
Taxes are so complex and full of loop holes and special interest provisions that GE's printed tax return would be 24000 pages!!
What percent of AGI do you pay in taxes?
38% of filers don't pay any.
The lie that '50 percent pay no tax,' Part II | Jay Bookman (http://blogs.ajc.com/jay-bookman-blog/2009/02/24/the-50-percent-pay-no-tax-fraud-part-ii/)
What are the implications for a society in which a large percentage of the population do not to have "any skin in the game," when it comes to paying taxes to fund government spending?
G&P