Taxes vs. Income

Who Pay's their fair share of taxes?

According to the IRS;

• People earning in the top 1% category account for 16.93% of AGI and pay for 36.73% of all income taxes.
• People earning in the top 1.1 to 5% category account for 14.80% of AGI and pay for 21.93% of all income taxes.
• People earning in the top 5.1 to 10% category account for 11.47% of AGI and pay for 11.81% of all income taxes.
• People earning in the top 10.1 to 25% category account for 22.62% of AGI and pay for 16.81% of all income taxes. 
• People earning in the top 25.1 to 50% category account for 20.71% of AGI and pay for 10.45% of all income taxes. 
• People earning in the bottom 50% category account for 13.48% of AGI and pay for just 2.25% of all income taxes. 

We are told that someone making $10 Million a year only pays 13% in taxes, but a guy who makes $50k a year pays more, lets do the math.

$10,000,000.00 x 13% = $1,300,000.00 in taxes

$50,000.00 x 15% = $7,500.00 in taxes 

13% tax rate assumes every deduction one can possible get past the IRS.

15% tax rate assumes married filling jointly with no deductions of any kind.

 

Filing Status and Income Tax Rates 2011
Tax rate	Married filing jointly	Single	Head of household	Married filing separately
10%	$0 - 17,000	$0 - 8,500	$0 - $12,150	$0 - 8,500
15%	$17,000 - 69,000	$8,500 - 34,500	$12,150 - 46,250	$8,500 - 34,500
25%	$69,000 - 139,350	$34,500 - 83,600	$46,250 - 119,400	$34,500 - 69,675
28%	$139,350 - 212,300	$83,600 - 174,400	$119,400 - 193,350	$69,675 - 106,150
33%	$212,300 - 379,150	$174,400 - 379,150	$193,350 - 379,150	$106,150 - 189,575
35%	over $379,150	over $379,150	over $379,150	over $189,575