50,219,667 Tax Return Filers Paid $0 or Less in Income Taxes
Of the 150,272,157 tax returns filed for the 2016 tax year, 50,219,667—or 33.4 percent--were classified by the Internal Revenue Service as “nontaxable returns,” meaning the people who filed them paid $0 or less in income taxes, according to data published by the Statistics of Income Division of the IRS.
At the same time, 80 percent of all income taxes paid that year were paid by tax return filers who had adjusted gross incomes of $100,000 or more.
In my honest opinion, the Tories in the UK (Conservative Party) keep shooting themselves in the foot over Brexit, and will continue to do so until the next election, when the socialists (Labour Party) will gain a landslide victory and keep in power for the foreseeable future, maybe even a decade.
There are plenty of taxes to go around, limited only by the imaginations of the politicians, and their promises to "invest in infrastructure," etc., and to make gifts to the people of some of what already was taken from them. It is less an issue of who pays what percent, but what is being done with the hundreds of billions or more that is already being collected.
Youth in Asia wrote: Don't these people pay the tax everytime they buy something?
Every time folks buy goods they pay sales taxes, which finance local government. Fuel is taxed both nationally and by states. Food is exempt except for booze and cigarettes (and pot where it's legal).
Youth from Asia, tariffs were one of the main sources of revenue for the federal government before income taxes. Yes, tariffs are a tax on citizens of a country, not as hucksters say the targeted country.
Bloomberg had a series of articles on the Republican tax cut,
https://tinyurl.com/y9re3732 (A Year After the Middle Class Tax Cut, the Rich Are Winning) The articles are quite informative.
James Walsh wrote: That often gets lost in the conversation about the new tax law, but shouldn't, because it's important.
The bill was signed into law by President Donald Trump on December 22, 2017. Most of the changes introduced by the bill went into effect on January 1, 2018, and did not affect 2017 taxes.
first line of this story
Of the 150,272,157 tax returns filed
for the 2016 tax year,
50,219,667—or 33.4 percent--were classified by the Internal Revenue Service as “nontaxable returns,” meaning the people who filed them paid $0 or less in income taxes, according to data published by the Statistics of Income Division of the IRS
Please note that while there is truth in what you say Youth in Asia the story is about Tax Return Filers and further clarification is given in the addendum to the story
Read this until you understand it, Jim. Rich people are not paying their fair share. They are paying far, far more than their fair share. The only truly fair tax would be an across-the-board percentage to be paid by every person with income. No exemptions, no deductions, and one percentage rate for everyone.
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