As published in the Winter Park/Maitland Observer, Thursday Jan. 3, 2012 Edition Offers... Read More »
American Taxpayers’ Taxes Exceed their Living Expenses
Kevin Duncan of The Tax Foundation writes in Americans Paying More in Taxes than for Food, Clothing, and Shelter: In 2012, Americans will pay approximately $4.041 trillion in taxes, which is $152 billion, or 3.9%, more than they will spend on housing, food, and clothing. … Between 1929 and the early 1980s, aggregate tax collections…
Read Full Article Categorized in: News, Tax PolicyChart: Tax Rates by Zipcode
Here is an interesting chart from the Tax Foundation that shows the average effective tax rate by zip code. The bluest areas have the highest tax rates and the light brown areas the lowest: Before you rely on this chart, check out Mary O’Keefe’s post Am I Colorblind? How Can This Tax Map be Correct?
Read Full Article Categorized in: Tax PolicyTop 50% get 100% Percent of the Income Tax Breaks
Now this is awfully unfair to the bottom 50% of Americans, don’t you think? I mean, what kind of a society treats its most vulnerable citizens this way? Surely, the Occupy Wall Streeters will start focusing on this horrifying inequity, right? Oh, wait. I almost forgot. The bottom 50% don’t pay any income tax at all. Nevermind.
Read Full Article Categorized in: News, Satire, Tax PolicyIs America’s Middle Class Undertaxed?
The Economist has published a chart showing which countries take the biggest share of a citizen’s $100,000 salary: (Hat Tip: Paul Caron)
Read Full Article Categorized in: Tax Policy51% of American Households Pay Zero Tax; Share of Government Funded by the Rich Increases
According to the Wall Street Journal the rich are not only funding the bulk of our federal government, they are funding it at a rate that is increasing faster than their share of income. From the Wall Street Journal’s High-Earning Households Pay Growing Share of Taxes: As President Barack Obama pushes to raise income taxes on high earners,…
Read Full Article Categorized in: Tax PolicyAverage Federal Tax Rates by Income Quintile
Harvard Economics Professor and blogger Greg Mankiw posted this chart published by the CBO: Related Posts: Yet Another Study Showing Rich Paying More than their Fair Share of Taxes
Read Full Article Categorized in: Tax Policy, The EconomyYet Another Report Shows Rich Paying More than their Fair Share
Scott Hodge of Tax Policy Blog reports: A new report by the Congressional Budget Office undermines President Obama’s constant refrain that the “rich” are paying less than their share of federal taxes and that the middle class is over burdened. The report, Average Federal Tax Rates in 2007, shows that the wealthiest 20 percent of households earned…
Read Full Article Categorized in: Announcements, Tax PolicyThe Rich in Connecticut Bear 2/3rds of State’s Federal Income Tax Burden
The Tax Foundation reports that Connecticut taxpayers pay 66% of the their State’s federal income tax burden: High-income taxpayers in Connecticut and New York bear the highest federal income tax burden among the states, according to a new Tax Foundation report based on recently released IRS data for tax year 2008. “Connecticut by far has the most progressive distribution…
Read Full Article Categorized in: State Taxes, Tax PolicyState by State Breakdown of People who Pay Zero Fed Taxes
There has been a lot of talk lately about the recently issued news that 47% of Americans pay no federal income tax. Now, according to Paul Caron, the Tax Foundation has released a report that breaks down those non payers by state: One of the most reported topics during the latest tax filing season was the…
Read Full Article Categorized in: Tax PolicyWho Pays Taxes: Top 1% Pay More than Bottom 95%
“There exists also in the human heart a depraved taste for equality which impels the weak to attempt to lower the powerful to their own level, and reduces men to prefer equality in slavery to inequality with freedom.” – Alexis de Tocqueville – Looks like the rich pay more than their fair share of taxes…
Read Full Article Categorized in: Tax Policy