Monday, April 18, 2011

So There's this Deficit, Right?

AP:

Still scrambling to file your taxes? You'll probably take little consolation in hearing that the super rich pay a lot less taxes than they did a couple of decades ago. And nearly half of U.S. households pay no income taxes at all. The Internal Revenue Service tracks the tax returns with the 400 highest adjusted gross incomes each year. The average income on those returns in 2007, the latest year for IRS data, was nearly $345 million. Their average federal income tax rate was 17 percent, down from 26 percent in 1992.
Over the same period, the average federal income tax rate for all taxpayers declined to 9.3 percent from 9.9 percent.
The top income tax rate is 35 percent, so how can people who make so much pay so little in taxes? The nation's tax laws are packed with breaks for people at every income level. There are breaks for having children, paying a mortgage, going to college, and even for paying other taxes. Plus, the top rate on capital gains is only 15 percent.
There are so many breaks that 45 percent of U.S. households will pay no federal income tax for 2010, according to estimates by the Tax Policy Center, a Washington think tank.
So where are all those additional revenues because of cutting taxes, huh Republicans?  Oh that's right, even Alan Greenspan doesn't believe in that shit.  As people bitch about their taxes today, I'm going to say one of our problems is that we haven't been paying enough taxes the last ten years.  Sorry to rain on your parade, but if you are going to a tea party rally today to complain about taxes, they aren't as high as they were at almost any time in the past 60 years, and they need to be higher.  So have fun, but you are wrong.

Update:  I don' really want any more rain, but if it has to rain this week, I hope it is during your rally.

No comments:

Post a Comment