[FoRK] Re: Limeys can't comprehend US tax law? ;-)

Jeff Bone <jbone at place.org> on Fri Apr 25 07:40:37 PDT 2008

Yeah.

More like that.

;-)

jb

On Apr 25, 2008, at 12:55 AM, Owen Byrne wrote:
> And the next paragraph says...
> "Other taxes in the United States with a less progressive structure  
> or a regressive structure, and legal tax avoidance loopholes change  
> the overall tax burden distribution. For example, the payroll tax  
> system (FICA), a 12.4% Social Security tax on wages up to $97,500  
> and a 2.9% Medicare tax (a 15.3% total tax that is often split  
> between employee and employer) is a regressive tax on income with no  
> standard deduction or personal exemptions. The Center on Budget and  
> Policy Priorities states that three-fourths of U.S. taxpayers pay  
> more in payroll taxes than they do in income taxes.[12] The Tax  
> Foundation has stated that the burden of the corporate income tax (a  
> 15-39% tax) falls on customers and workers of the corporations, who  
> are often not rich.[13]"
>
> Owen
>
> On Apr 25, 2008, at 12:51 AM, Jeff Bone wrote:
>
>>
>> On Apr 24, 2008, at 10:38 PM, Kevin Elliott wrote:
>>
>>> But anyone who thinks it needs it because "the rich aren't doing  
>>> their part", is officially an idiot...
>>
>> Right on!
>>
>> Fyi, here's a rather interesting blurb (not fact checked) from  
>> Wikipedia about the distribution of taxes in this country...
>>
>> Tax distribution
>>
>> http://en.wikipedia.org/wiki/Taxation_in_the_United_States#Tax_distribution
>>
>> There are about 117 million taxpayers in the United States.[8] The  
>> Treasury Department in 2006 reported, based on Internal Revenue  
>> Service (IRS) data, the share of federal income taxes paid by  
>> taxpayers of various income levels. The data shows the progressive  
>> tax structure of the U.S. federal income tax system on individuals  
>> that reduces the tax incidence of people with smaller incomes, as  
>> they shift the incidence disproportionately to those with higher  
>> incomes - the top 0.1% of taxpayers by income pay 17.4% of federal  
>> income taxes (earning 9.1% of the income), the top 1% with gross  
>> income of $328,049 or more pay 36.9% (earning 19%), the top 5% with  
>> gross income of $137,056 or more pay 57.1% (earning 33.4%), and the  
>> bottom 50% with gross income of $30,122 or less pay 3.3% (earning  
>> 13.4%).[9][10] If the federal taxation rate is compared with  
>> thewealth distribution rate, the net wealth (not only income but  
>> also including real estate, cars, house, stocks, etc) distribution  
>> of the United States does almost coincide with the share of income  
>> tax - the top 1% pay 36.9% of federal tax (wealth 32.7%), the top  
>> 5% pay 57.1% (wealth 57.2%), top 10% pay 68% (wealth 69.8%), and  
>> the bottom 50% pay 3.3% (wealth 2.8%).[11]
>>
>> "Progressive" taxation indeed.  Yeah Geege, you're right:  I'm a  
>> "regressive tax protectionist."
>>
>> jb
>>
>>
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