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Author Topic: Happy Tax day: $100K-Plus Earners Pay 72% of Federal Income Taxes  (Read 2854 times)
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« on: April 15, 2014, 09:36:02 AM »




(CNSNews.com) -- Taxpayers earning $100,000 or more a year pay 71.6% of the nationís share in individual federal income taxes, according to the latest data from the Internal Revenue Service (IRS) from 2011.

These data do not include corporate income taxes, or taxes on capital gains or dividends, or payroll taxes for Social Security and other programs.

In 2011, according to the IRS, there were 145,370,240 individual income tax returns filed. Among those returns, 125,914,418 or 86.6%, belonged to taxpayers earning a salary less than $100,000. The remaining 19,455,822 returns belonged to those taxpayers earning more than $100,000, or 13.4% of the total.

While those top earners, earning six figures or more, represented only 13.4% of the total number of individual income tax returns reported to the IRS, they contributed nearly three-fourths of the total amount of federal  tax revenue from individual filers reported for that year.
US Capitol

Dome of the U.S. Capitol. (AP photo)

In 2011, the IRS collected $1,088,559,743,000 based on taxpayers' taxable income. From that total, 71.6%, or $779,547,834,000 came from those taxpayers earning six figures or more. Only 28.4%, or $308,816,180,000, came from those earning less than $100,000.

The IRS has been posting these tax data online since 1996, when the share of the nationís tax-burden (on individual income) held by six-figure earners was 51%.  Since then, the share of the nationís taxes paid by six-figure earners has increased, peaking (so far) in 2007 when top earners paid 72.6% of the nationís individual income taxes.

Those individual income taxes, $1.08 trillion, comprised 47% of the federal government's revenue in fiscal year 2011, which was $2.3 trillion,  according to the Congressional Budget Office. The balance came from employment or social insurance taxes (36%); corporate income taxes (8%); excise taxes (3%); custom duties (0.3%); and miscellaneous receipts (4%).    (See Historical Budget Data.xls and CBO Budget Outlook.pdf)
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« Reply #1 on: April 15, 2014, 09:38:25 AM »

$100K isn't even that much money any more. Subsistence wage.
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« Reply #2 on: April 15, 2014, 09:38:44 AM »

EXTENSIONS.... Grin
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« Reply #3 on: April 15, 2014, 09:41:26 AM »

Yes this is bullshit. I get hit more in taxes than what some people get as a paycheck. I need to buy some property soon as I have absolutely no write offs to offset some of the tax hit.
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« Reply #4 on: April 15, 2014, 09:43:01 AM »

holy mother of christ fishing in a pond, 72%? Why even bother working. Thats fucking insane
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« Reply #5 on: April 15, 2014, 09:51:31 AM »

should be glad we have the opportunity to earn more than $100k

or something
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XFACTOR
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« Reply #6 on: April 15, 2014, 10:13:49 AM »

holy mother of christ fishing in a pond, 72%? Why even bother working. Thats fucking insane

I think you are misreading this.  They don't pay $72k. 
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« Reply #7 on: April 15, 2014, 10:25:13 AM »

I think you are misreading this.  They don't pay $72k. 

I took his misreading as thinking a 72% tax rate....
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Y
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« Reply #8 on: April 15, 2014, 10:25:58 AM »

Thanks for paying my salary check  Grin Grin Grin
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« Reply #9 on: April 15, 2014, 10:30:26 AM »

Ron can we have a Chartered Accountancy Board?
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« Reply #10 on: April 15, 2014, 10:32:04 AM »

90k+ is the new actual middle class line so no shit Sherlock.
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« Reply #11 on: April 15, 2014, 10:51:30 AM »

Actually very few people come close percentage wise to 90K.  I bet 95% of get big members make under 50K. If you are talking about a husband and wife combined making 90K that is another statistic. If as an individual you are making 100K in most areas of the country you can lead a good life. In parts of California, NJ, NY and Connecticut you would be struggling to make ends meet with that. In rural states like Tennessee you would be relatively rich.
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« Reply #12 on: April 15, 2014, 11:07:03 AM »

Actually very few people come close percentage wise to 90K.  I bet 95% of get big members make under 50K. If you are talking about a husband and wife combined making 90K that is another statistic. If as an individual you are making 100K in most areas of the country you can lead a good life. In parts of California, NJ, NY and Connecticut you would be struggling to make ends meet with that. In rural states like Tennessee you would be relatively rich.


Nah... Even in the Suburban LA area, if you make 100K you are doing alright.

I mean, you're not rich, but you're getting by just fine.

Now NYC... especially Manhattan... Yeah... That's a struggle, and of course if you're trying to live in Beverly Hills or something, but you're not doing too badly in 99.99% of the places in America.
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ESFitness
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« Reply #13 on: April 15, 2014, 01:43:31 PM »

figure the majority of ppl making 100k are still in debt at least a few times that in student loans.

100k is all relative.
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« Reply #14 on: April 15, 2014, 01:47:51 PM »

figure the majority of ppl making 100k are still in debt at least a few times that in student loans.

100k is all relative.

Yup.  Single with 100k, you're probably all right.  Married with kids, and the whole thing changes.  Geo region is key here too.
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« Reply #15 on: April 15, 2014, 01:51:59 PM »

90k+ is the new actual middle class line so no shit Sherlock.

Middle class? My friend, on 90k I wouldn't even be able to look after my dog if it was just me and him. To be the SOLE breadwinner for a family of 4, pay all the bills and buy food, live in a nice area away from human garbage, run 2 cars and go on holiday once or twice a year you're looking at 150-200 MINIMUM. Between the girlfriend and myself we're hitting around 230 a year. And believe me, we don't live it up.
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« Reply #16 on: April 15, 2014, 04:45:41 PM »

Middle class? My friend, on 90k I wouldn't even be able to look after my dog if it was just me and him. To be the SOLE breadwinner for a family of 4, pay all the bills and buy food, live in a nice area away from human garbage, run 2 cars and go on holiday once or twice a year you're looking at 150-200 MINIMUM. Between the girlfriend and myself we're hitting around 230 a year. And believe me, we don't live it up.

Serious, I'm low sixes , married, two cars and after mortgage, cost of living etc there's not much left

But I live in the liberal utopia of the Bay Area where we "help" illegals and career shitbags by paying endless taxes.

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« Reply #17 on: April 15, 2014, 04:46:42 PM »

EXTENSIONS.... Grin

And? U still have to pay your quarterly estimates to feed ZOG.
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« Reply #18 on: April 15, 2014, 04:54:09 PM »



(CNSNews.com) -- Taxpayers earning $100,000 or more a year pay 71.6% of the nationís share in individual federal income taxes, according to the latest data from the Internal Revenue Service (IRS) from 2011.

These data do not include corporate income taxes, or taxes on capital gains or dividends, or payroll taxes for Social Security and other programs.

In 2011, according to the IRS, there were 145,370,240 individual income tax returns filed. Among those returns, 125,914,418 or 86.6%, belonged to taxpayers earning a salary less than $100,000. The remaining 19,455,822 returns belonged to those taxpayers earning more than $100,000, or 13.4% of the total.

While those top earners, earning six figures or more, represented only 13.4% of the total number of individual income tax returns reported to the IRS, they contributed nearly three-fourths of the total amount of federal  tax revenue from individual filers reported for that year.
US Capitol

Dome of the U.S. Capitol. (AP photo)

In 2011, the IRS collected $1,088,559,743,000 based on taxpayers' taxable income. From that total, 71.6%, or $779,547,834,000 came from those taxpayers earning six figures or more. Only 28.4%, or $308,816,180,000, came from those earning less than $100,000.

The IRS has been posting these tax data online since 1996, when the share of the nationís tax-burden (on individual income) held by six-figure earners was 51%.  Since then, the share of the nationís taxes paid by six-figure earners has increased, peaking (so far) in 2007 when top earners paid 72.6% of the nationís individual income taxes.

Those individual income taxes, $1.08 trillion, comprised 47% of the federal government's revenue in fiscal year 2011, which was $2.3 trillion,  according to the Congressional Budget Office. The balance came from employment or social insurance taxes (36%); corporate income taxes (8%); excise taxes (3%); custom duties (0.3%); and miscellaneous receipts (4%).    (See Historical Budget Data.xls and CBO Budget Outlook.pdf)
The United States of Halliburton can suck my mother fucking dick.
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anabolichalo
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« Reply #19 on: April 15, 2014, 04:54:44 PM »


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« Reply #20 on: April 15, 2014, 04:57:09 PM »



Cars are a poor indicator of wealth.
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Marty Champions
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« Reply #21 on: April 15, 2014, 04:58:03 PM »

how is ripped interpreting this thread exactly? lets help him
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A
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« Reply #22 on: April 15, 2014, 05:15:26 PM »

Cars are a poor indicator of wealth.
except cars over a million dollars  Huh Huh
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Bevo
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« Reply #23 on: April 15, 2014, 05:21:05 PM »

Cars are a poor indicator of wealth.

Not the one anabolic posted up.

Easily 1 million plus  Grin
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« Reply #24 on: April 15, 2014, 05:24:38 PM »

Not the one anabolic posted up.

Easily 1 million plus  Grin

Only a couple hundred in the world.
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