[FoRK] Re: Limeys can't comprehend US tax law? ;-)
<jbone at place.org> on
Fri Apr 25 07:40:37 PDT 2008
More like that.
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. 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."
> 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
>> There are about 117 million taxpayers in the United States. 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%). 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%).
>> "Progressive" taxation indeed. Yeah Geege, you're right: I'm a
>> "regressive tax protectionist."
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