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ATR urges @LonnieHosey, @GarySimrill, @Leonstav, and @Harry_Ott to reject tax hikes on e-cigs: http://t.co/uZahYOqg6W
May 22, 2013 01:20 PM
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ATR urges @MikePittsSC, @GarryRSmith, and @ChipLimehouse to reject tax hikes on e-cigs: http://t.co/uZahYOqg6W
May 22, 2013 01:18 PM
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States Bank on Online Sales Taxes to Increase Revenue, Not Cut Taxes http://t.co/ddU1I4uRQf
May 22, 2013 09:31 AM
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Labor Unions Turn Against Obamacare http://t.co/Q6fA9Xnx5r
May 21, 2013 04:16 PM
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Weaponized Audits: If the Fed Does It, Why Wouldn't the States? http://t.co/OztBipx1xw
May 20, 2013 09:31 AM
taxreformer -
How would you fix the federal tax code? @simplertaxes wants to hear: http://t.co/l1VmdjO2mE #RATEreform
May 19, 2013 06:30 PM
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Obamacare Flashback: IRS "determining who to audit and who not to": http://t.co/Y3QQhdVmYX
May 19, 2013 06:00 PM
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The #KeystoneXL Pipeline isn't going to build itself, Sec. Kerry: http://t.co/xWYHWYGxkm
May 19, 2013 05:30 PM
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ATR Urges Virginia Candidates to Support Repeal of Gov. McDonnell's Tax Hike: http://t.co/8ENkqOlelO
May 19, 2013 05:00 PM
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The incompetent IRS is clearly unfit to handle these new #Obamacare tax hikes: http://t.co/lyzThNil3N
May 19, 2013 03:00 PM
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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
