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

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