Posts Tagged ‘Income taxes’
Taxing Discussion
While 43% of the population pay no federal income taxes, down from 47% in 2010, two-thirds of that 43% pay payroll taxes, leaving just 14.4% of the population that pay no federal income or payroll taxes. Of those, two-thirds are elderly with incomes below $20,000/year and one-quarter are nonelderly with equally low incomes. The remaining…
Read MoreTax Trivia
In 1934, individual income taxes were 14% of tax receipts, today they’re 47%. Similarly, social insurance and retirement receipts were just 1% but are 35% today. By contrast, corporate income taxes were just 12% in 1934, reached a high of 40% in 1943 and are now 10%, while excise taxes have fallen from 46% to…
Read MorePolicy Progressivity
A new CBO report shows that over the past thirty years, 72.5% of all income growth for the middle quintile of the population (households earning $50,000), came from increased government payments (social security, food stamps…) and reduced federal taxes. In ’79, the middle quintile paid $10,400 in taxes and received $3,100 in payments. Now they…
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