And they want somebody, anybody else, to pay for it all.
but who is that and how much more should they pay?
Nobody is being honest about our current liabilities, our debt, our deficit or the current structure of the tax system. Nobody is telling the truth about the state of Social Security or Medicare or the long-term prospects for Obamacare. Our debt will grow by another $11 trillion over the next ten years not counting any impact of tax reform.
The Internal Revenue Service has recently released new data on individual income taxes for calendar year 2014, showing the number of taxpayers, adjusted gross income, and income tax shares by income percentages.
The data demonstrates that the U.S. individual income tax continues to be progressive, with taxes borne mainly by the highest income earners. How much more progressive do we want to be? How much more do we want to spend that we don’t pay for?
🤑 In 2014, 139.6 million taxpayers reported earning $9.71 trillion in adjusted gross income and paid $1.37 trillion in individual income taxes.
🤑 The share of income earned by the top 1 percent of taxpayers rose to 20.6 percent in 2014. Their share of federal individual income taxes also rose, to 39.5 percent.
🤑 In 2014, the top 50 percent of all taxpayers paid 97.3 percent of all individual income taxes while the bottom 50 percent paid the remaining 2.7 percent. 🤑 The top 1 percent paid a greater share of individual income taxes (39.5 percent) than the bottom 90 percent combined (29.1 percent).
🤑 The top 1 percent of taxpayers paid a 27.1 percent individual income tax rate, which is more than seven times higher than taxpayers in the bottom 50 percent (3.5 percent).
Source: Tax Foundation February 2017