Rich People Don't Pay Taxes?

I debunk another myth. I actually talked about some this before and it made a lot of comment conversation. I brought some more numbers into this video that I didn't have before.

This is an article that clearly shows the relationship between tax rates and actual taxes paid.

http://www.nationalreview.com/nrof_bartlett/bartlett200512070900.asp

Percent of Federal budget IRS figures for 2003
Top 1% paid 34.3%
Top 5% paid 54.4%
Top 10% paid 65.8%
Top 25% paid 83.9% of the entire budget!!!

In 1980 when tax rates were 70%
Top 1% paid 19.3%


http://www.businessweek.com/the_thread/economicsunbound/archives/2007/04/_sur...
Blog by PHD Economist Michael Mandel with clarifications in the comment section.

Effective Federal Tax Rate, 2004
Includes income taxes, social insurance taxes
excise taxes, and corporate income taxes
Data: Congressional Budget Office
Top 1% 31.1
Top 5% 28.5
Top 10% 26.9
Middle Quintile 13.9
Lowest Quintile 4.5

Warren Buffett's Letters to shareholders
http://www.berkshirehathaway.com/letters/letters.html

Great Myths of the Great Depression.
http://www.mackinac.org/article.aspx?ID=4013

Category:

News & Politics

Tags:

• Rich
• People
• Don't
• Pay
• Taxes
• Vote
• goose1077
• Joe
• Cushing

[omgjustshowme]

You state that rich people pay the highest percent of their own income to taxes. Your specifics say that 34.3% of the taxes were paid by the top 1%. You, however, failed to mention that the top 1% actually owns 41% of the nation's wealth. You go on to say that 65.8% of taxes were paid for by the top 10%, but, once again, the top 10% control 83% of the total wealth. And you said 84% was paid for by the top 25%, but guess what? The top 25% owns over 91%. Do a little more research next time.

[goose1077]

@omgjustshowme You clearly have wealth confused with income

[Jusanicca]

I agree with you that the rich do pay a lot of the taxs but you fail to see the truth. The rich dont report all their income and they also find loopholes in the tax system. Therefore they dont even pay what they are suppose too. The fact that you are look at the % that the rich paid the to IRS and the Fed is a joke. You need to talk to a tax attorney and an account they will show you the real % of income the rich payees.

[goose1077]

The latest stat is that the bottom half only pays 4% of the budget. How can we be paying a greater portion of our income if we pay only 4% of the budget? There aren't that many supper rich out there. Most of the "rich" earn less than $1 million a year. Most earn a lot less.

[TheChristianRight09]

Actually the Rich pay most of the Federal taxes,the bottom 50% of Americans pay no Federal taxes...

[laurenmichellekinsey]

Basic property necessary for man to live should be left alone, Franklin wrote. But he continued that "all Property superfluous to such purposes is the Property of the Publick, who, by their Laws, have created it, and who may therefore by other Laws dispose of it, whenever the Welfare of the Publick shall demand such Disposition."

[IcedCoffee81]

Sure a lot of the rich pay taxes ONLY if they work for SOMEONE ELSE. Otherwise many corporate pigs and dogs don't pay any of it but still don't use their lavish tax breaks to lower unemployment.

[MrNellyred]

A lot of the class warfare that goes on in this country is done purely by politicians. It is easy to pit the poor against the rich to further the politicians agendas. It stems from jealousy and blaming others for your problems. Most people including myself don't do very much in depth research on this subject. They hear one thing and they go to a website and that is it, their opinion is formed.

[ShiZi999]

@travroy omg yes thats true, if you can post that kinda stuff more often or make/spread some videos with more of your knowledge on that, that would be great. keep up the good work :)

[ShiZi999]

@harrisonconstantinou i know i hate it too. they'll get theirs someday when they learn money doesnt buy them a ticket to heaven

[ShiZi999]

@sovietninja3 WOW he shouldnt be paying anything!!! please help him do some research so he knows he doesnt have to volunteer to give his money away! my dad did the same thing