Quantcast

Report: Rich Americans Paid 80 Percent of Income Taxes

Wealthy people were responsible for about four-fifths of all personal income-tax payments to the U.S. government in 2014, according to The Washington Free Beacon.

Newsmax reported that the conservative newspaper cited Internal Revenue Service data indicating that all citizens’ taxes amounted to more than $1.3 trillion. The 23.7 million people with earnings in excess of $100,000 forked over about $1.08 trillion, or 79.5 percent, of the total, even though they represented just 16 percent of the 148.7 million taxpayers.

“Liberals say that high earners pay a high share of taxes only because they have high incomes, but high earners also pay much higher tax rates than everyone else,” Chris Edwards of the right-wing Cato Institute told the Beacon. He quoted Congressional Budget Office figures showing that the richest 20 percent had an average income-tax rate of 14 percent, compared with a 2 percent rate for those in the middle fifth of earners.

However, poor and working Americans pay a much higher percentage of their incomes on sales taxes and other levies unrelated to income. As a result, they commit a greater portion of their incomes to total taxes. The income-tax rate for the wealthiest citizens, which once exceeded 90 percent, is now 39.6 percent.

Photo: My Reliant Tax

Tell Us What You Think

More News Stories

Frances Francois is a 911 operator working in Florida who was recently reprimanded for missing an emergency call because she spent eight minutes...

With the nationwide outrage caused by Donald Trump's recent sympathetic statements regarding white nationalists, it was only a matter of time...

A resident of New York City was away, and had a friend dog sitting for him and watching his apartment. He knew the friend had been depressed, but...

On Wednesday, Caitlyn Jenner received the Arthur Ashe Award for Courage--one of the most prestigious awards in sports--for her athletic...

A church in Colombia is saying they experienced a miracle when a man with a knife fell to the floor right before he was about to stab a priest....

Latest News Stories

A service dog is supposed to raise the alarm when he senses danger; that's a given. But one service dog's keen senses seemed downright psychic...

A touching short story written in 1964 by Roy Popkin has truly stood the test of time. The story was published under the title “Night Watch” in...

It's official: Chelsea Manning is running for Senate. The controversial candidate filed the paperwork to run as the Democratic candidate in...

Keeping track of your diet can be difficult. Everyone has their bouts with eating unhealthy foods. Many of those foods are filled with toxins that...

After receiving criticism last week for claiming that he would have invaded Iraq, former Florida governor Jeb Bush said on Thursday "Knowing what...