Invidentia
05-02-2005, 08:29
This is in response to Europeans who seem to misunderstand the reality of American Tax income and who really pays ...
Quote:
Originally Posted by Ammazia
[The top 5% wage earners in the US pay about 50% of the taxes] of ALL TAXES? Or... they pay about 50% of their total income?
Posting this from many previous pages, what we need to know is the bands(you have more bands than the UK which is probably a a god thing)... and also contribution to total US tax income. I simply can't see how it's not the low/ middle income earners who contribute most. I'm not saying this is a bad thing, just stating facts... or does it somehow really not work like that in the states?
Its quite simple... within the top 20% .. the margin of which their income exists is greatly higher then those in the middle and lower income brackets.. lower and middle incomes exist from 10,000 to 90,000 dollars a year.. while higher income brackets exists from 150,000 to well over 400,000 and higher as you reach the top 1 percent. the lower income brackets those making 10,000 a year only pay 10% in taxes, while higher brackets over 150,000 a year pay upward of 40% in taxes.. to this note, the top 20% of income earners in the country end up paying out 80% of the total revenue collected by the government.. its quite simple if you think about it.
to this note, its really quite clear, and logical if you think about it, that when Americans receive a TAX CUT.. the those really paying the taxes ie. top 20% will be the ones who really receive the bluk of it
Quote:
Originally Posted by Ammazia
[The top 5% wage earners in the US pay about 50% of the taxes] of ALL TAXES? Or... they pay about 50% of their total income?
Posting this from many previous pages, what we need to know is the bands(you have more bands than the UK which is probably a a god thing)... and also contribution to total US tax income. I simply can't see how it's not the low/ middle income earners who contribute most. I'm not saying this is a bad thing, just stating facts... or does it somehow really not work like that in the states?
Its quite simple... within the top 20% .. the margin of which their income exists is greatly higher then those in the middle and lower income brackets.. lower and middle incomes exist from 10,000 to 90,000 dollars a year.. while higher income brackets exists from 150,000 to well over 400,000 and higher as you reach the top 1 percent. the lower income brackets those making 10,000 a year only pay 10% in taxes, while higher brackets over 150,000 a year pay upward of 40% in taxes.. to this note, the top 20% of income earners in the country end up paying out 80% of the total revenue collected by the government.. its quite simple if you think about it.
to this note, its really quite clear, and logical if you think about it, that when Americans receive a TAX CUT.. the those really paying the taxes ie. top 20% will be the ones who really receive the bluk of it