I hear all the time, that the "rich" should pay their "fair share" of taxes. But nobody who says this ever clarifies what "rich" is. For that matter, what is a "fair" share? Insofar as income goes, our tax code is progressive, not regressive (sales taxes for the most part are regressive)
For some perspective, here are some figures from the IRS (recent tax year).
Top 20% (those above $75k AGI) pay 72% of income taxes and have 62% of income.
Top 11% (those above $100k AGI) pay 61% of income taxes and have 49% of income.
Tax Breaks - Yes, there are quite a few strange tax breaks that benefit some special interests. But, the most common tax breaks apply to the vast majority of income earners. Yet, those phase out quickly once you get above certain income levels -- Examples: Itemized Deductions, Child and Educational Tax Credits, Exemptions/deductions for dependents.
2006-08-28
07:31:48
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17 answers
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asked by
dapixelator
6
in
Other - Politics & Government