Who Pays Taxes And How Much?

Here is an interesting article that comes, not from Fox News or Town Hall or NewsMax, but from CNN. Thus, no one can claim that the following is coming from any right-leaning website:

The top fifth of households made 56% of pre-tax income in 2006 but paid 86% of all individual income tax revenue collected, according to the most recent data available from the Congressional Budget Office.

Narrowing in further: The top 1% of households, which made 19% of pre-tax income, paid 39% of all individual income taxes.

The trend is similar if you count income taxes, social insurance taxes, excise taxes and corporate income taxes (such as capital gains) combined. The top fifth of households paid 69% of all federal taxes. The top 1% paid 28%.

And for those of you who have been screaming and stamping your feet claiming Obama would provide tax relief to 90% of taxpayers:

A Tax Foundation survey found 56% of Americans think the amount of federal income tax they pay is too high. Those most likely to feel that way, according to the survey, include those making between $35,000 and $50,000.

But once the various tax breaks to which they’re entitled are counted, the burdens of low- and middle-income tax filers as a group has been fairly low.

The Tax Policy Center estimates that for 2009, 43% of tax units (most of which are lower income households that may or may not file a return) will have no income tax liability or will have a negative income tax liability, meaning the government will actually pay them.

Let me repeat the italicized line for emphasis:

43% of tax units will have no income tax liability or will have a negative income tax liability, meaning the government will actually pay them.

Remember, this is CNN coming out with this information, not any bastion of Conservatism or a Conservative think-tank.

So, how can Obama provide tax relief to 90% of taxpayers when only 57% actually pay anything in taxes?

You can read the complete article on-line here:

Who Pays Taxes And How Much?
Jeanne Sahadi
CNN
April 15, 2009

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2 Responses

  1. […] for that tax quote, it has long since been established that 43% of Americans effectively have a tax bill of $0 after their deductions and credits are factored i…. That is, they either recoup their entire tax bill or get more money back than they paid in. So, […]

  2. Topping the menu of changes this holiday season is any sharp decrease in numerous Medicare benefits plans….Government tests have came to the conclusion the ‘advantage’ in lots of the Medicare plus plans goes this is not to the scheme holders, but to bottom brand of the insurance firms selling a policies, and may well be a move because of the government to help phase individuals out….the other one significant change the year of 2010 is a lot more prescription meds coverage for most, but its not all, Medicare beneficiaries signed up for the voluntary drug system

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