New IRS Data on Tax Rates

[BigRob]

Interesting new information from the IRS below:


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.

One caveat: Rates go up as income goes up — but only to a point. Once you hit a certain magic number among super-high earners, your tax rates start to fall slightly.

According to the IRS, average tax rates increase as income increases — until you get to around $1.5 million in annual income. Once you make $2 million, average tax rates start to decrease. The average tax rate peaks at 25.1 percent for those making between $1.5 million and $2 million.
After that it starts to go down, and falls to 20.7 percent for those making $10 million or more.

 

[Cruella]

Those are averages. But I don't think they apply to the average income earner. Looking at the tax rate schedule for 2011, if your taxable income was between $75 - $100, your tax is $9.

That would be 12% on $75 and 9% on $100.

A married couple with 2 kids making $50k a year and no other income or allowable deductions would have a taxable income of $21,400. Their tax would be $2,356 or 11% of $21,400. Now if you were looking at their gross $50k then their tax rate would be 4.7%.

If a single person were to make $50,000 and no other inc. or deductions (besides personal and standard ded)
their tax would be $6,244 on their taxable income at a rate of 15.4% or 12.5% on a gross income of $50k.

 

[Gipper]

But Obama and the Ds (really commies) think the wealthy should pay their fair share. This would clearly indicate that the commies and BO do not think the wealthy are paying enough. Yet the data clearly indicates the wealthy currently pay most of the income taxes. The media parrots BO and the commies ad nauseum....without doing the research to determine if what they are claiming is true.

I am willing to be most Americans believe the wealthy are paying less in income taxes percentage wise, than other classes of Americans.

This is a perfect example of the lies, distortions, and propaganda promoted by the MSM. And we must give kudos to that extremely wealthy fool from Omaha who perpetuates this lie.

 

[Cruella]

This guy isn't helping either

Buffett: Tax Hikes On Rich Would "Raise Morale Of The Middle Class"

 

[Gipper]

The Tax Policy Center (TPC), a center-left joint-creation of the Brookings Institution and Urban Institute, publishes federal tax statistics by income group (see, here, here, here, and here). The essential funding source (at least from individuals) for most of the general functions of government — defense, roads, national parks, federal law enforcement, etc. — is the income tax. It is almost entirely through the income tax that individual citizens contribute financially to the day-to-day functions of their government.
In 2010, according to the TPC, Americans in the lowest quintile of income-earners — the bottom 20 percent — paid minus-3.8 percent of the total federal income tax burden. In other words, they got more back, in income tax credits and the like, than they paid in. Similarly, those in the second quintile paid minus-4.3 percent of the total federal income tax burden — so they, too, weren’t paying into the income tax till but rather were taking out.
Those in the middle quintile — pretty much the center of the middle class (this quintile had an average income of $44,000) — paid 3.9 percent of the total federal income tax burden (about $1 of every $25 dollars in income taxes paid nationwide). And those in the fourth quintile — whose income ranged from $58,000 to $102,000 — paid 15.1 percent of the total federal income tax burden.
So, all told, the 80 percent of Americans whose income placed them in one of these first four quintiles of income-earners combined to pay 10.9 percent of the total federal income tax burden. Put otherwise, this 80 percent of the citizenry paid about $1 out of every $9 that was paid in federal income taxes nationwide.
Meanwhile, Americans in the highest 0.1 percent of all income-earners — these are the very rich, with incomes of at least $1.974 million — paid 16.4 percent of the total federal tax burden. Essentially, one out of every $6 paid in federal income tax was paid by this 0.1 percent of the citizenry.
In other words, the top 0.1 percent paid more toward the workings of government than the bottom 80 percent did. That’s despite the fact that the bottom 80 percent collectively made more than six times as much money as the top 0.1 percent did.
http://www.weeklystandard.com/blogs...more-income-tax-bottom-80-percent_594000.html

So....according to the liberal TPC/Brookings the top 0.1 percent of all income earners pays more income taxes than the bottom 80 percent do...and liberals think this is unfair....well I agree. It is unfair to the top .1 percent. Of course, we know BO and the Ds think just the opposite.