United States News
See other United States News Articles
Title: FACT CHECK: Are rich taxed less than secretaries?
Source:
Yahoo
URL Source: http://news.yahoo.com/fact-check-ri ... ess-secretaries-070642868.html
Published: Sep 20, 2011
Author: AP
Post Date: 2011-09-20 19:17:30 by jwpegler
Keywords: None
Views: 2465
Comments: 13
President Barack Obama says he wants to make sure millionaires are taxed at higher rates than their secretaries. The data say they already are. "Warren Buffett's secretary shouldn't pay a higher tax rate than Warren Buffett. There is no justification for it," Obama said as he announced his deficit- reduction plan this week. "It is wrong that in the United States of America, a teacher or a nurse or a construction worker who earns $50,000 should pay higher tax rates than somebody pulling in $50 million." On average, the wealthiest people in America pay a lot more taxes than the middle class or the poor, according to private and government data. They pay at a higher rate, and as a group, they contribute a much larger share of the overall taxes collected by the federal government. The 10 percent of households with the highest incomes pay more than 70 percent of federal income taxes, according to the Congressional Budget Office. In his White House address on Monday, Obama called on Congress to increase taxes by $1.5 trillion as part of a 10-year deficit reduction package totaling more than $3 trillion. He proposed that Congress overhaul the tax code and impose what he called the "Buffett rule," named for the billionaire investor. The rule says, "People making more than $1 million a year should not pay a smaller share of their income in taxes than middle-class families pay." 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. "Middle-class families shouldn't pay higher taxes than millionaires and billionaires," Obama said. "That's pretty straightforward. It's hard to argue against that." There may be individual millionaires who pay taxes at rates lower than middle- income workers. In 2009, 1,470 households filed tax returns with incomes above $1 million yet paid no federal income tax, according to the Internal Revenue Service. But that's less than 1 percent of the nearly 237,000 returns with incomes above $1 million. 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, payroll taxes and other taxes, according to the Tax Policy Center, a Washington think tank. Households making between $50,000 and $75,000 will pay an average of 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. 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. "People who are doing quite well and worry about low-income people not paying any taxes bemoan the fact that they get so many tax breaks that they are zeroed out," said Roberton Williams, a senior fellow at the Tax Policy Center. "People at the bottom of the distribution say, 'But all of those rich guys are getting bigger tax breaks than we're getting,' which is also the case." Treasury Secretary Timothy Geithner was pressed at a White House briefing on the number of millionaires who pay taxes at a lower rate than middle-income families. He demurred, saying that people who make most of their money in wages pay taxes at a higher rate, while those who get most of their income from investments pay at lower rates. "So it really depends on what is your profession, where's the source of your income, what's the specific circumstances you face, and the averages won't really capture that," Geithner said.
Post Comment Private Reply Ignore Thread
Top • Page Up • Full Thread • Page Down • Bottom/Latest
#1. To: All (#0)
Obama is a lying sack of shit. He needs to be removed from office at all costs.
Tagline for sale - inquire within
This is another BS right-wing argument. Factor in payroll taxes, sales taxes, property taxes, etc. and then re-do your calculations, you'll find many of those at the bottom paying a far higher share of their income in taxes than those at the top. More: http://www.cbpp.org/cms/index.cfm?fa=view&id=3505
Tagline for sale - inquire within
Yes. And refunds mean less than zero.
1,470 households filed tax returns with incomes above $1 million yet paid no federal income tax, according to the Internal Revenue Service. But that's less than 1 percent of the nearly 237,000 returns with incomes above $1 million. We're going to punish working couples making a lousy $250,000 a year because a tiny handful of people making more than $1 million found loopholes in the 78,000 page tax code -- loopholes put their by Democrat Congressmen to promote their agenda. That's a smart move alright. This is why your boy is going down next year.
Okay...so we know that nearly 1500 people made over a Million and paid zipola...that alone is BS...but going further and actually addressing the issue, what % did each of the the other 227K pay? How many paid 5%? 15%? 20%? THAT is the issue here...the rest of the article is just trying to befuddle the debate with bullshit...
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" I lurk to see if someone other than Myst or Pookie posts anything...
There are several things wrong with your statements...if a person's AGI is $250K then he will not be subject to the millionaire's tax...and your statement about dems only putting the loopholes in is pap unsupported by any kind of facts... As for a "lousy" $250K...this is whay YOU will lose the electino next year...of the 90% making less...80% of them are making well under $100k and will for their lifetimes. What you deem as "class warfare" is in fact, 300MM people who are going to be pissed at millionaires and billionaires not only being protected but also beiong handed the keys to the US Treasury by the GOP...
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" I lurk to see if someone other than Myst or Pookie posts anything...
Make that 299,999,999 I make WAY under 100k and I don't really care what some fat-assed billionaire makes. (Beyond perhaps a passing interest as to whether he or she obtained his wealth legally) BTW - are these the same millionaires and billionaires who attend Obama's myriad fundraisers?
__________________________________________________________________________________________ Most people don't care what others make. Unfortunately, the lunatic left is completely driven by envy. Instead of focusing on how to improve their own lives, they are obsessed with others. When I graduated from college, I made $23,000 a year. Jesse Jackson was running for President, promising to raise taxes on "rich" people making $40,000 a year. In 1972, George McGovern promised to steal $1,000 from everyone making over $17,000 a year and give it to everyone making less than $17,000 a year. These people are insane, and the American public knows it. A working couple making $250,000 a year earns 5 times the average family income. Warren Buffet made 2,000 times the average family income last year. Steve Spielberg made 6,000 times the average family income last year. How is a hard working couple earning 5 times the average income in the same league with Buffet the Speilberg??? They are not. Even Chuck Schumer came out yesterday and said that a couple making $250,000 in New York are NOT "rich". The problem is that Obama is way out in left-wing loony land like George McGovern and Jesse Jackson. Independent voters understand this and Obama is going to get booted out on his socialist rear end next year.
The math still doesn't work under Owe-bama's bullshit non plan. 230,000 households in America realize 1 million in annual income. Do the math. There simply aren't ENOUGH OF THEM to make up the shortfall. Even if we taxed them at 100%.
Proxy IP's are amusing.....lmao
Yep. Obama's plan will raise $41 billion in new taxes next year. The deficit is $1.4 TRILLION. 1,400 - 41 = 1,359 Let's bring everyone home from Afghanistan and Iraq: 1,359 - 100 = 1,259 NOW WHAT??? ROTFLMAO. Social Security, Medicare, Medicaid. Everyone knows that the deficit cannot be fixed without tackling these and Obama just refuses to do so. This is why he ran away from his own deficit commission's plan, like the big chicken that he is.
They're being programmed to hate the so-called rich. With Obama and the democrats poll numbers tanking, I'm curious as to what the end-game is. I've seen numbers suggesting the insane Left comprises about 20 to maybe 25 percent of the population. So they're not even close enough to steal an election. So what is it? Is it to march on rich people's homes and burn them down? Riot in the streets? (***Insert Howard Dean scream here***) This envy they have is really ridiculous, though. They seem to want "equal outcome" vs. "equal opportunity." NO economic system devised by man, however, has equal outcome. Just look at the old USSR for an example - Party members (though few in number) lived as well as the richest people in the US. But the vast majority of citizens lived as peasants. So there was no equal opportunity, and the equal outcome for 95 percent of the people sucked. Leftists and Statists can take that system and shove it.
__________________________________________________________________________________________ Using 'Owe-bama math' we save another 2 trillion by chosing not to invade CANADA!!!!! lmao
Proxy IP's are amusing.....lmao
If you build a 30-foot wall from El Paso to Brownsville, the 35-foot ladder business gets real good -- Rick Perry
#2. To: jwpegler (#0)
1,470 households filed tax returns with incomes above $1 million yet paid no federal income tax
#3. To: jwpegler (#1)
Obama is a lying sack of shit. He needs to be removed from office at all costs.
#4. To: jwpegler (#0)
#5. To: go65 (#2)
If you build a 30-foot wall from El Paso to Brownsville, the 35-foot ladder business gets real good -- Rick Perry
#6. To: jwpegler (#5)
(Edited)
1,470 households filed tax returns with incomes above $1 million yet paid no federal income tax, according to the Internal Revenue Service. But that's less than 1 percent of the nearly 237,000 returns with incomes above $1 million.
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#7. To: jwpegler (#5)
(Edited)
We're going to punish working couples making a lousy $250,000 a year because a tiny handful of people making more than $1 million found loopholes in the 78,000 page tax code -- loopholes put their [sic] by Democrat Congressmen to promote their agenda.
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#8. To: war (#7)
What you deem as "class warfare" is in fact, 300MM people who are going to be pissed at millionaires and billionaires not only being protected but also beiong handed the keys to the US Treasury by the GOP...
ABC NEWS: [Ron Paul] added that the United States is in 130 countries and has 900 bases around the world, and added that “we’re broke.”. He was booed at a Tea-Party debate.
Congratulations Mr. and Mrs. Statist and all ships at sea. Your demonization of the Tea Party has worked - you need no longer fear it! Carry on!!
#9. To: Get Outta Dodge!, badeye, capitalist eric (#8)
I make WAY under 100k and I don't really care what some fat-assed billionaire makes.
If you build a 30-foot wall from El Paso to Brownsville, the 35-foot ladder business gets real good -- Rick Perry
#10. To: jwpegler (#9)
#11. To: Badeye (#10)
Do the math. There simply aren't ENOUGH OF THEM to make up the shortfall. Even if we taxed them at 100%.
If you build a 30-foot wall from El Paso to Brownsville, the 35-foot ladder business gets real good -- Rick Perry
#12. To: jwpegler (#9)
Unfortunately, the lunatic left is completely driven by envy. Instead of focusing on how to improve their own lives, they are obsessed with others.
ABC NEWS: [Ron Paul] added that the United States is in 130 countries and has 900 bases around the world, and added that “we’re broke.”. He was booed at a Tea-Party debate.
Congratulations Mr. and Mrs. Statist and all ships at sea. Your demonization of the Tea Party has worked - you need no longer fear it! Carry on!!
#13. To: jwpegler (#11)
Yep. Obama's plan will raise $41 billion in new taxes next year. The deficit is $1.4 TRILLION.
Top • Page Up • Full Thread • Page Down • Bottom/Latest
[Home] [Headlines] [Latest Articles] [Latest Comments] [Post] [Mail] [Sign-in] [Setup] [Help] [Register]