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Senior Advisor

Tax rates fact check

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Buffett wrote in a recent piece for The New York Times that the tax rate he paid last year was lower than that paid by any of the other 20 people in his office.

This year, households making more than $1 million will pay an average of 29.1 percent of their income in federal taxes, including income taxes and payroll taxes, according to the Tax Policy Center, a Washington think tank.

Households making between $50,000 and $75,000 will pay 15 percent of their income in federal taxes.

Lower-income households will pay less. For example, households making between $40,000 and $50,000 will pay an average of 12.5 percent of their income in federal taxes. Households making between $20,000 and $30,000 will pay 5.7 percent.

The latest IRS figures are a few years older — and limited to federal income taxes — but show much the same thing. In 2009, taxpayers who made $1 million or more paid on average 24.4 percent of their income in federal income taxes, according to the IRS.

Those making $100,000 to $125,000 paid on average 9.9 percent in federal income taxes. Those making $50,000 to $60,000 paid an average of 6.3 percent.

 

http://news.yahoo.com/fact-check-rich-taxed-less-secretaries-070642868.html

13 Replies
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Veteran Advisor

Re: Tax rates fact check

Obama's claim hinges on the fact that, for high-income families and individuals, investment income is often taxed at a lower rate than wages. The top tax rate for dividends and capital gains is 15 percent. The top marginal tax rate for wages is 35 percent, though that is reserved for taxable income above $379,150.

With tax rates that high, why do so many people pay at lower rates? Because the tax code is riddled with more than $1 trillion in deductions, exemptions and credits, and they benefit people at every income level, according to data from the nonpartisan Joint Committee on Taxation, Congress' official scorekeeper on revenue issues.

The Tax Policy Center estimates that 46 percent of households, mostly low- and medium-income households, will pay no federal income taxes this year. Most, however, will pay other taxes, including Social Security payroll taxes.

 

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Senior Contributor

Re: just another obalmo LIE

he constantly tries to promote class warfare even if he has to lie ---there aint never been one lower

Highlighted
Veteran Advisor

Re: Tax rates fact check

to do a fair analysis, you need to include FICA taxes or self employment taxes in the mix since, like it or not, we all pay into that giant ponzi scheme unless we are ministers that elect out, or mennonites, or a few other categories.

 

Actually, I think you can quit paying social security taxes at just about anytime by claiming you are religiously opposed to any type of public welfare systems. That is the basis for the clergy exemption and the Mennonites.

 

I had an old acquaintance that got into trouble with the IRS by not paying his taxes for many years, and in a bargain with them, he was cleared of back taxes but gave up social security coverage.

 

He also won a judgment against the IRS for harassment.

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Veteran Advisor

Re: just another obalmo LIE

Except for you, whale **bleep**.

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Veteran Advisor

Re: Tax rates fact check

How do you figure SS is "public welfare"?  Farm subsidies are welfare.  SS collects a tax from every working person.  Farmers don't pay into any fund for the subsidies.

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Veteran Advisor

Re: Tax rates fact check

Pal, if you have an issue with social security being called "public welfare", you should take it up with the IRS. That is what they call it in the publication on how to quit paying social security tax....you have to sign a statement that says you have religious beliefs against any form of government welfare.

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Senior Contributor

Re:do you get tired

of looking like a fool in a debate with me ---keep on RUNNING you are a pro at it

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Veteran Advisor

Re: Re:do you get tired

I don't look like a fool when calling you what you are.  Not running from you either.   Usually your posts are so asininely stupid that there is no way to comment on them except to say that you are lower than whale **bleep**.

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Senior Contributor

Re: i bet

you are so proud to teach your grankids ONE thing how to try and spell curse words --i guess the world will have to endure one more generation of that type action ---and you missed dedating the subject AGAIN--so once again you ran---keep thta white flag handy --this is one more war you will lose