bonnie Posted March 4, 2013 Share Posted March 4, 2013 Government Report: Top 20% to Pay Nearly 72% of 2013 Federal Tax Burden Mar. 3, 2013 6:15pm Erica Ritz Top 20 % to Pay 71.8 % of Federal Tax Burden in 2013: Heres How the Rest of It Breaks Down AP) — How will households at different income levels pay federal income, payroll, corporate and estate taxes for 2013? Despite claims that those at the top aren’t paying their “fair share,” the Tax Policy Center reports that the often-maligned “1%” will have an average income of $1.4 million, paying $514,144 in taxes. They’ll foot over 30 percent of the total bill. The top 20 percent of Americans, meanwhile, will pay nearly 72 percent of the federal tax burden. Here’s how the Associated Press breaks it down… — Bottom 20 percent Average income: $10,552. Average tax bill: -$284. Average tax rate: -2.7 percent. Share of federal tax burden: -0.4 percent. – Middle 20 percent Average income: $46,562. Average tax bill: $6,436. Average tax rate: 13.8 percent. Share of federal tax burden: 8.6 percent. — Top 20 percent Average income: $204,490. Average tax bill: $55,533. Average tax rate: 27.2 percent. Share of federal tax burden: 71.8 percent. — Top 1 percent Average income: $1.4 million. Average tax bill: $514,144. Average tax rate: 35.5 percent. Share of federal tax burden: 30.2 percent. — The average family in the bottom 20 percent of households pays no federal taxes. Instead, many families in this group get payments from the federal government by claiming more in credits than they owe in taxes, giving them a negative tax rate. The Associated Press reports that the income, payroll, corporate and estate tax bills for the wealthy are among the highest since 1979. “Federal taxes for middle- and low-income households will stay well below their averages for the same period,” they add. Quote Everything you do is based on the choices you make. It's not your parents, your past relationships, your job, the economy, the weather, an argument, or your age that is to blame. You and only you are responsible for every decision and choice you make, period ... ... Wish more people would realize this. Quotes by Susan Gottesman Link to comment Share on other sites More sharing options...
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