Wealthiest Americans Pay More Tax Than Ever; Would Pay More Under Obama’s Path Out Of Sequestration
As lawmakers continue to argue about whether wealthy Americans should take on a heavier tax burden, it turns out wealthy families are already paying the highest tax bills in three decades — even as the rest of the Nation continues to pay historically low rates.
A new analysis by the Tax Policy Center, a research arm of the Urban Institute and the Brookings Institution , reveals average taxes for wealthy families are higher now than at any time since the Congressional Budget Office began crunching the numbers in 1979. Families from middle and low-income brackets are paying less in Federal taxes than in the past.
According to an Associated Press breakdown of the data, if you’re among the top 20 percent of income earners, you’re in a group that will average 27.2 percent in Federal tax this year. If you earn $1.4 million, you’ll pay an average of 35.5 percent.
Taxes included in the cumulative assessment include income, payroll, corporate and estate taxes.
On the other hand, the bottom 20 percent of income earners will pay no Federal taxes, receiving instead Federal credits that not only zero out all their tax liability, but in fact give them a “negative” tax rate.
The report comes as Congressional Republicans continue fighting Democratic proposals to raise Federal revenues through a package of tax rate increases that affect the highest-earning segment of the population.
Read the full AP story here.
Ben Bullard Reconciling the concept of individual sovereignty with conscientious participation in the modern American political process is a continuing preoccupation for staff writer Ben Bullard. A former community newspaper writer, Bullard has closely observed the manner in which well-meaning small-town politicians and policy makers often accept, unthinkingly, their increasingly marginal role in shaping the quality of their own lives, as well as those of the people whom they serve. He argues that American public policy is plagued by inscrutable and corrupt motives on a national scale, a fundamental problem which individuals, families and communities must strive to solve. This, he argues, can be achieved only as Americans rediscover the principal role each citizen plays in enriching the welfare of our Republic.
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