The top payers still the top payers | SummitDaily.com
YOUR AD HERE »

The top payers still the top payers

Jeff MelendrezLeadville

There goes letter writer Mike Cockrell again spouting misinformation regarding taxes without anything to back it up other than a twist on the truth. So let’s look at the facts:A Congressional Budget Office report says the share of federal income taxes paid by the highest earners has increased since the 2001 U.S. tax cuts. The report, compiled at the request of congressional Democrats, also shows the share of the tax-burden borne by lower- and middle-income groups decreased even while rates have changed. U.S. taxpayers face lower effective federal income tax rates than they would have without the tax cuts, the CBO said. The CBO also said the tax cuts did not shift the burden of taxation to the middle class, but instead made the tax system more progressive. The highest 20 percent of earners now pay a larger share of federal income taxes than they would have without the tax cuts, while the share of income taxes paid by all other income groups fell. The overwhelming majority of federal income taxes are paid by the very highest income earners, with the top 1 percent of income earners paying 31.6 percent of all income taxes, the CBO said.The top 5 percent pay 51.41 percent; the top 10 percent pay 63.5 percent; and the top 20 percent of income earners pay 78.4 percent of all federal income taxes. The bottom four-fifths of income earners pay just over one-fifth of all federal income taxes.


Support Local Journalism

Support Local Journalism

As a Summit Daily News reader, you make our work possible.

Now more than ever, your financial support is critical to help us keep our communities informed about the evolving coronavirus pandemic and the impact it is having on our residents and businesses. Every contribution, no matter the size, will make a difference.

Your donation will be used exclusively to support quality, local journalism.

For tax deductible donations, click here.
 

Start a dialogue, stay on topic and be civil.
If you don't follow the rules, your comment may be deleted.

User Legend: iconModerator iconTrusted User