Shocking: in a country of 311-million, only 85-million people actually pay taxes
Tue, 17 Apr 2012 21:54:35 GMT —
That was the last official population number as put out by the United States Census in 2011.
85-million. That's the number of those above that actually paid any federal income tax last year out of the 143-million tax returns filed.
In a Presidential election year...taxes routinely become a focal point. Arguments over who pays what and how much...along with who is or is not paying their fair share become commonplace.
But the folks over a The Tax Foundation have crunched some of the numbers, and they paint a picture much different than what most may be hearing or seeing in the news these days.
The first snippet, as reported by SNSNews.com, may not surprise you much. According to the data compiled, Americans making over $50,000 paid most of the federal taxes that were paid in the U.S. in 2010.
Also in the data...we find that people making above $50,000 had an effective tax rate of 14.1 percent, and carried 93.3 percent of the total tax burden.
In contrast, Americans making less than $50,000 had an effective tax rate of 3.5 percent and their total share of the tax burden was just 6.7 percent.
President Obama has called for higher taxes on those making $250,000 or more a year as a means to get them to "Pay their fair share". But the data shows they already are...and then some.
The Tax Foundation found that Americans making more than $250,000 had an effective tax rate of 23.4 percent and their total share of the tax burden was 45.7 percent. Nearly half.
Out of the 143 million tax returns that were filed with the IRS in 2010, 58 million â?? or 41 percent â?? of those filers were non-payers. That data also shows that people who didnâ??t pay any income tax received $105 billion in refundable tax credits from the IRS.
Feel like reading the tax code for yourself??? Good luck...as they also point out that the federal tax code is 3.8 million words long â?? 3.5 times longer than all seven books of J.K. Rowlingâ??s famous Harry Potter series combined.
Is it fair? Out of 143-million taxes filed...only 85-million actually ended up paying taxes. Still think the rich aren't paying their fair share??? Should we scrap all 3.8 million words of the tax code and go to a flat tax?