Do the Rich Pay Their Fair Share?|5 Minute Video
Do the abundant pay their fair share of taxes? Of all, what do you mean by abundant? What are the abundant, whoever they are, paying now?
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Script:
Here’s a concern you’re likely to hear whenever the topic of taxes comes up: Do the rich pay their fair share?
There are 2 parts to this concern: Who is rich? And, what is reasonable?
Let’s start with who is abundant:
Nearly everybody presumes that a person who is amongst the leading 10 percent of all earnings earners qualifies as abundant.
According to 2011 data, a top 10 percent household makes around $150,000 or above in gross annual earnings– that’s earnings before deductions and taxes. Now, $150,000 is a nice living, however it certainly doesn’t make you rich.
OK, then. What about the top 5%?
You get into this percentile if your family makes around $190,000 or above. That’s a great bump. It barely puts you in the rich category.
How about the top 1%? That’s $500,000 or above. A great income, but keep in mind, many people just get to that level after many years of effort and, quite potentially, the build-up of serious debt to money their education or develop their company.
Obviously, there are people who make more than $500,000. And there are some who make numerous millions, even billions. However the number who do is extremely small.
Now, let’s discuss fair.
Fair would seem be that the group of taxpayers who earn 10% of the country’s income would pay 10% of the nation’s taxes; the group who made 20% would pay 20% of the taxes and so on.
What If I informed you that, according to IRS information, the top 10% of all earners– the people making $150,000 and above– pay 71% of all federal earnings tax while earning only 43% of all earnings. They earn 17 percent of all earnings, but pay 37% of all federal earnings taxes.
And what about those at the other end of the earnings scale, the lower earners? Are we squeezing them? Hardly. Those who make $45,000 or less, 47% of all earners, pay little and frequently no income taxes.
Ah, however what about payroll taxes– the money we pay to fund Social Security and Medicare? That takes a bigger bite of the income of lower earners than higher earners. Isn’t that unfair?
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source
Do the Rich Pay Their Fair Share? Do the abundant pay their reasonable share of taxes? What If I told you that, according to IRS information, the leading 10% of all earners– the people making $150,000 and above– pay 71% of all federal income tax while earning just 43% of all income. They make 17 percent of all earnings, however pay 37% of all federal earnings taxes.
Those who make $45,000 or less, 47% of all earners, pay little and frequently no income taxes.
