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Groups who advocated for the IRS to prepare tax returns sure look foolish these days: http://t.co/oKvpIofu7Y
May 13, 2013 06:30 PM
taxreformer -
"We don't need the federal government mandating additional taxes..." -@MarshaBlackburn on MFA: http://t.co/lAuLJtr5t3 #NoNetTax
May 13, 2013 06:00 PM
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Health insurers and businesses are already feeling the iron-clad grip of regulations in #Obamacare: http://t.co/J6dfnKqFYZ
May 13, 2013 05:30 PM
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Virginia Governor Bob McDonnell Signs Largest Tax Hike in Virginia History into Law http://t.co/Qd6KOFfaPv
May 13, 2013 03:46 PM
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Under #Obamacare, mothers have had a tougher time purchasing non-prescription, over-the-counter medicine: http://t.co/dJuaGAT9LE
May 13, 2013 02:01 PM
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9 out of 20 #Obamacare tax hikes have not even been implemented yet: http://t.co/opFkyf1guJ
May 13, 2013 01:30 PM
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.@GroverNorquist on MFA: "[The Senate] didn't ask all of the questions that needed to be asked": http://t.co/wXfkIR2Ca9 #NoNetTax
May 13, 2013 01:01 PM
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"When architects of #Obamacare are worried about it creating a trainwreck, you know something's gone terribly wrong": http://t.co/J6dfnKqFYZ
May 13, 2013 12:30 PM
taxreformer -
Conservative and Free Market Groups Applaud Move to Delay a Vote on Gina McCarthy: http://t.co/lNQYmJAB12 #EPA
May 13, 2013 12:02 PM
taxreformer -
The #Obamacare train wreck will derail the American economy: http://t.co/opFkyf1guJ
May 13, 2013 11:30 AM
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Tax Code Is Already Steeply Progressive
Despite calls for a "Buffett Rule," the tax code is already steeply-progressive. Most taxes in America are paid by top earners, who face the highest tax rates.
What percent of all tax revenues do high-income households pay?
|
|
Income Tax |
All Federal Taxes |
|
Top 1% ($344,000 +) |
39.5% |
28.1% |
|
Top 5% ($155,000 +) |
61% |
44.3% |
|
Top 10% ($112,000 +) |
72.7% |
55% |
|
Lower Half ($32,000 -) |
2.4% |
2.6% |
|
Middle Quintile ($65,000) |
4.6% |
9.2% |
|
All Households |
100% |
100% |
What is the average tax rate paid by high-income households?
|
|
Income Tax |
All Federal Taxes |
|
Top 1% ($344,000 +) |
19% |
29.5% |
|
Top 5% ($155,000 +) |
17.6% |
27.9% |
|
Top 10% ($112,000 +) |
16.2% |
26.7% |
|
Lower Half ($32,000 -) |
1.9% |
9.6% |
|
Middle Quintile ($65,000) |
3.3% |
14.3% |
|
All Households |
9.3% |
20.4% |
IRS Statistics of Income
CBO "Average Federal Taxes by Income Group"
A “Buffett Rule” Raises Almost No New Revenue Because the System Is Already Steeply Progressive
According to the Joint Tax Committee, a version of the “Buffett Rule” proposed by President Obama (30% tax rate on any income earned over $1 million) would raise just $31 billion in tax revenue over the next decade
To put that in context, that is less than one-tenth of one percent of all tax revenues that CBO expects the federal government to collect over that time period, and this assumes (wrongly) that no one would change their behavior as a result of the tax.
There's nothing stopping Warren Buffett from paying extra taxes today.
Wealthy individuals can make a voluntary payment to the Treasury today by sending in a check. In addition, Congressman Steve Scalise (R-La.) and Senator John Thune (R-S.D.) have introduced legislation to let taxpayers do it right on their own tax form. The bill is known as the “Buffett Rule Act” (H.R. 3099/S. 1676)
Posted by Ryan Ellis 
on Tuesday, April 10, 2012 10:55 AM EDT
on Tuesday, April 10, 2012 10:55 AM EDTTo follow Ryan Ellis's RSS feed click here. To follow them on Twitter, their handle is @ryanlellis
