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9 Things The Rich Don't Want You To Know About Taxes

Samantha 2012/04/18 02:08:14
1. Poor Americans do pay taxes.

But they still pay plenty of other taxes, including federal payroll taxes. Between gas taxes, sales taxes, utility taxes and other taxes, no one lives tax-free in America.

When it comes to state and local taxes, the poor bear a heavier burden than the rich in every state except Vermont. In Alabama, for example, the burden on the poor is more than twice that of the top 1 percent.

2. The wealthiest Americans don’t carry the burden.

This is one of those oft-used canards. It’s true that the top 1 percent of wage earners paid 38 percent of the federal income taxes in 2008 (the most recent year for which data is available). But people forget that the income tax is less than half of federal taxes and only one-fifth of taxes at all levels of government.

3. In fact, the wealthy are paying less taxes.

Despite skyrocketing incomes, the federal tax burden on the richest 400 has been slashed... (By the way, during seven of the eight George W. Bush years, the IRS report on the top 400 taxpayers was labeled a state secret, a policy that the Obama administration overturned almost instantly after his inauguration.)

4. Many of the very richest pay no current income taxes at all.

John Paulson made himself $9 billion in fees in just two years. His current tax bill on that $9 billion? Zero.

5. And (surprise!) since Reagan, only the wealthy have gained significant income.

The top 300,000 Americans now enjoy almost as much income as the bottom 150 million, the data show.

6. When it comes to corporations, the story is much the same—less taxes.

7. Some corporate tax breaks destroy jobs.

...America’s corporations are sitting on close to $2 trillion in cash that is not being used to build factories, create jobs or anything else, but acts as an insurance policy for managers unwilling to take the risk of actually building the businesses they are paid so well to run.

A corporate tax rate that is too low actually destroys jobs.

8. Republicans like taxes too.

President Reagan signed into law 11 tax increases, targeted at people down the income ladder.

9. Other countries do it better.

Read More: http://wweek.com/portland/article-17350-9_things_t...

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2014/04/25 08:21:02

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