Comments on: How much taxes are paid by the poor, middle class and rich http://visualizingeconomics.com/2010/02/12/how-much-taxes-are-paid-by-the-poor-middle-class-and-rich/ Sun, 05 Feb 2012 17:17:00 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: steve parsons http://visualizingeconomics.com/2010/02/12/how-much-taxes-are-paid-by-the-poor-middle-class-and-rich/comment-page-1/#comment-1619 steve parsons Sat, 21 Jan 2012 22:59:00 +0000 http://www.visualizingeconomics.com/?p=651#comment-1619 In fact not progressive at all - "payroll taxes" FICA - Social Security, Medicare, etc. make up about 40% of Federal revenues - so the bottom three categories are actually not 30% of federal revenues, they are 30% of  60% of federal revenues, the sum total paid by the lowest four categories is 18% (of income taxes) plus a little bit less than 40% of the revenue (since the top categories pay FICA on the first 118k...I forget the actual figure)..or  a click or two south of 58% of the tax burden. Based on 45% of the total income. And remember, this is "income" which understates how much of the pie is going to the top categories.  So this graph, conveniently enough reverses the actual tax burden picture. In fact not progressive at all – “payroll taxes” FICA – Social Security, Medicare, etc. make up about 40% of Federal revenues – so the bottom three categories are actually not 30% of federal revenues, they are 30% of  60% of federal revenues, the sum total paid by the lowest four categories is 18% (of income taxes) plus a little bit less than 40% of the revenue (since the top categories pay FICA on the first 118k…I forget the actual figure)..or  a click or two south of 58% of the tax burden. Based on 45% of the total income. And remember, this is “income” which understates how much of the pie is going to the top categories.  So this graph, conveniently enough reverses the actual tax burden picture.

]]> By: Course Schedule Spring 2012 « English 101A http://visualizingeconomics.com/2010/02/12/how-much-taxes-are-paid-by-the-poor-middle-class-and-rich/comment-page-1/#comment-1618 Course Schedule Spring 2012 « English 101A Sat, 21 Jan 2012 17:25:04 +0000 http://www.visualizingeconomics.com/?p=651#comment-1618 [...] -“How Much Taxes Are Paid by the Poor, Middle Class, and Rich” [...] [...] -“How Much Taxes Are Paid by the Poor, Middle Class, and Rich” [...]

]]> By: margaret garden07 http://visualizingeconomics.com/2010/02/12/how-much-taxes-are-paid-by-the-poor-middle-class-and-rich/comment-page-1/#comment-1514 margaret garden07 Mon, 05 Dec 2011 18:45:00 +0000 http://www.visualizingeconomics.com/?p=651#comment-1514 It would be interesting to add Social Security and Medicare taxes to this, as those taxes would be a flat percentage until roughly $100K of income, and then would disappear. They would make the federal tax system less progressive. It would be interesting to add Social Security and Medicare taxes to this, as those taxes would be a flat percentage until roughly $100K of income, and then would disappear. They would make the federal tax system less progressive.

]]> By: Michael Elektrokution http://visualizingeconomics.com/2010/02/12/how-much-taxes-are-paid-by-the-poor-middle-class-and-rich/comment-page-1/#comment-1511 Michael Elektrokution Sun, 04 Dec 2011 01:10:00 +0000 http://www.visualizingeconomics.com/?p=651#comment-1511 I'm confused. If the source is EffectiveTaxRates, doesn't that mean it refers to what should be paid, not actually what was paid? Presently, this chart is being used to prove that the top percent of income earners are paying their share of taxes, but if it's not based on actual tax data, it's being incorrectly referenced. Please advise. I’m confused. If the source is EffectiveTaxRates, doesn’t that mean it refers to what should be paid, not actually what was paid?

Presently, this chart is being used to prove that the top percent of income earners are paying their share of taxes, but if it’s not based on actual tax data, it’s being incorrectly referenced.

Please advise.

]]> By: US Government Deficit- Part 2 « Simple Chaos http://visualizingeconomics.com/2010/02/12/how-much-taxes-are-paid-by-the-poor-middle-class-and-rich/comment-page-1/#comment-1481 US Government Deficit- Part 2 « Simple Chaos Wed, 23 Nov 2011 21:38:09 +0000 http://www.visualizingeconomics.com/?p=651#comment-1481 [...] The key underlying driver here is of course the increasing income disparity in the US.  A future article will address income disparity; the useful question for our current context is: if the wealthiest americans are making more money, are they paying more taxes? [...] [...] The key underlying driver here is of course the increasing income disparity in the US.  A future article will address income disparity; the useful question for our current context is: if the wealthiest americans are making more money, are they paying more taxes? [...]

]]> By: MarieG http://visualizingeconomics.com/2010/02/12/how-much-taxes-are-paid-by-the-poor-middle-class-and-rich/comment-page-1/#comment-1471 MarieG Thu, 17 Nov 2011 15:02:00 +0000 http://www.visualizingeconomics.com/?p=651#comment-1471 a better graph might be to show what percentage of their income each group pays in taxes. A $100 electric bill to a millionaire is nothing while that same bill may mean no food for a poor person a better graph might be to show what percentage of their income each group pays in taxes. A $100 electric bill to a millionaire is nothing while that same bill may mean no food for a poor person

]]> By: Should We Seek Armistice in the Class War? (Marx was half right) | TooLongBlog http://visualizingeconomics.com/2010/02/12/how-much-taxes-are-paid-by-the-poor-middle-class-and-rich/comment-page-1/#comment-1414 Should We Seek Armistice in the Class War? (Marx was half right) | TooLongBlog Fri, 21 Oct 2011 23:17:54 +0000 http://www.visualizingeconomics.com/?p=651#comment-1414 [...] Instead, these jokers use democratic channels to vote themselves ever-increasing benefits. Brilliant. Problem is, rich folks don’t like to pay taxes, hence political class [...] [...] Instead, these jokers use democratic channels to vote themselves ever-increasing benefits. Brilliant. Problem is, rich folks don’t like to pay taxes, hence political class [...]

]]> By: Paul Smith http://visualizingeconomics.com/2010/02/12/how-much-taxes-are-paid-by-the-poor-middle-class-and-rich/comment-page-1/#comment-1415 Paul Smith Fri, 21 Oct 2011 23:17:00 +0000 http://www.visualizingeconomics.com/?p=651#comment-1415 It sounds like you are presupposing that the government is fair in an absolute sense. I do not believe that the market is. However, I also don't expect politicians to manage things better than individuals, which is what you're asking for when you say government's hands should be in something. It sounds like you are presupposing that the government is fair in an absolute sense. I do not believe that the market is. However, I also don’t expect politicians to manage things better than individuals, which is what you’re asking for when you say government’s hands should be in something.

]]> By: Jeff Little http://visualizingeconomics.com/2010/02/12/how-much-taxes-are-paid-by-the-poor-middle-class-and-rich/comment-page-1/#comment-1412 Jeff Little Fri, 21 Oct 2011 19:00:00 +0000 http://www.visualizingeconomics.com/?p=651#comment-1412 Not really.  Check out the Saez figures at UC for what happens if you include all taxes.  From memory, I think the richest 20% earn 59% of the wealth and pay 63% of the taxes.  In other words very slightly progressive. When you consider that money rapidly accumulating in the hands of the rich leads inevitably to a vicious deflationary cycle and Depression, as we saw clearly in the 1920-1932 period, we have to ask ourselves is it worth it? Also, I see lots of people complaining that the government cavalierly wastes money.  Do you have evidence?  Or is this simply a "How long have you been beating your wife?" question that you like to use to make your case when you don't have facts? Not really.  Check out the Saez figures at UC for what happens if you include all taxes.  From memory, I think the richest 20% earn 59% of the wealth and pay 63% of the taxes.  In other words very slightly progressive.

When you consider that money rapidly accumulating in the hands of the rich leads inevitably to a vicious deflationary cycle and Depression, as we saw clearly in the 1920-1932 period, we have to ask ourselves is it worth it?

Also, I see lots of people complaining that the government cavalierly wastes money.  Do you have evidence?  Or is this simply a “How long have you been beating your wife?” question that you like to use to make your case when you don’t have facts?

]]> By: Jeff Little http://visualizingeconomics.com/2010/02/12/how-much-taxes-are-paid-by-the-poor-middle-class-and-rich/comment-page-1/#comment-1411 Jeff Little Fri, 21 Oct 2011 18:51:00 +0000 http://www.visualizingeconomics.com/?p=651#comment-1411 You are pre-supposing that the economy is fair in an absolute sense.  Ultimately who gets the biggest pie slice is not based on merit, but rather based on bargaining ability and leverage.  There is no such thing as a system that would be fair as long as government gets its hands out. You are pre-supposing that the economy is fair in an absolute sense.  Ultimately who gets the biggest pie slice is not based on merit, but rather based on bargaining ability and leverage.  There is no such thing as a system that would be fair as long as government gets its hands out.

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