In 2001, the latest year of available data, the top 5 percent of taxpayers paid more than one-half (53.3 percent) of all individual income taxes, but reported roughly one-third (32.0 percent) of income.
\nThe top 1 percent of taxpayers paid 33.9 percent of all individual income taxes in 2001. This group of taxpayers has paid more than 30 percent of individual income taxes since 1995. Moreover, since 1990 this group\u00e2\u20ac\u2122s tax share has grown faster than their income share.
\nTaxpayers who rank in the top 50 percent of taxpayers by income pay virtually all individual income taxes. In all years since 1990, taxpayers in this group have paid over 90 percent of all individual income taxes. In 2000 and 2001, this group paid over 96 percent of the total.
\nThe President\u00e2\u20ac\u2122s tax cuts have shifted a larger share of the individual income taxes paid to higher income taxpayers. In 2004, when most of the tax cut provisions are fully in effect (e.g., lower tax rates, the $1,000 child credit, marriage penalty relief), the projected tax share for lower-income taxpayers will fall, while the tax share for higher-income taxpayers will rise.
\nThe share of taxes paid by the bottom 50 percent of taxpayers will fall from 4.1 percent to 3.6 percent.
\nThe share of taxes paid by the top 1 percent of taxpayers will rise from 30.5 percent to 32.3 percent.
\nThe average tax rate for the bottom 50 percent of taxpayers falls by 16 percent as compared to a 12 percent decline for taxpayers in the top 1 percent.
\n<\/a><\/p>\nThe rich are supporting our government expenses, including supporting services for the poor. I think that’s pretty fair. Why do the poor hold such disdain for the rich in this country? The Chinese believe America is a land of golden opportunity. If you are willing to work hard, you can make a good living and even rise to the top. That is absolutely true. Condoleeza Rice is a good role model. She grew up poor in the South, but went against the odds to become a success. There are many examples of successful Americans who grew up with very little. They did not remain victims by blaming the society, the government, or education inequalities. They did not look to government for hand-outs. They applied hard work and took responsibility for their future. <\/p>\n
Since I am not especially rich myself, I am at least thankful that someone is and paying a lot of taxes for services that we all use. <\/p>\n
When people complain that the rich are not paying enough taxes, I say, look at the facts. Who pays more? <\/p>\n","protected":false},"excerpt":{"rendered":"
People complain that the wealthy uses loopholes and avoid paying taxes. But look at the facts: In 2001, the latest year of available data, the top 5 percent of taxpayers paid more than one-half (53.3 percent) of all individual income taxes, but reported roughly one-third (32.0 percent) of income. The top 1 percent of taxpayers […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-95","post","type-post","status-publish","format-standard","hentry","category-general"],"_links":{"self":[{"href":"https:\/\/katylee.com\/blog\/wp-json\/wp\/v2\/posts\/95","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/katylee.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/katylee.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/katylee.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/katylee.com\/blog\/wp-json\/wp\/v2\/comments?post=95"}],"version-history":[{"count":0,"href":"https:\/\/katylee.com\/blog\/wp-json\/wp\/v2\/posts\/95\/revisions"}],"wp:attachment":[{"href":"https:\/\/katylee.com\/blog\/wp-json\/wp\/v2\/media?parent=95"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/katylee.com\/blog\/wp-json\/wp\/v2\/categories?post=95"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/katylee.com\/blog\/wp-json\/wp\/v2\/tags?post=95"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}