Effective Tax Rates Rand Paul Would Like You To Forget About

"Rand Paul says “the wealthy do pay most of the taxes in this country” claiming that the rich pay 38% of taxes. But again, he is including only federal income taxes, which is one-fifth of the taxes we pay. Other federal taxes, including payroll taxes, are capped at $106,800 of income, and so are actually regressive taxes where the poor pay a significantly higher share.

The federal income tax rate on the richest Americans may be 38%, but that doesn’t take into account tax shelters and loopholes that let the rich avoid paying taxes. The richest Americans actually have a lower effective tax rate (17%) than the middle class and even the poor (22.5%). And many of the richest pay no income taxes at all, like hedge-fund manager John Paulson, who made $9 billion in two years but paid zero in taxes on it. In more than one year Donald Trump has paid zero in federal income taxes."

Fun Tax Day Facts

via liberalsarecool.tumblr.com

Posted via email from liberalsarecool.com