TheTax Foundation has published an interesting study titled “PUTTING A FACE ON AMERICA’S TAX RETURNS: A CHARTBOOK”.
Thispublication uses statistics and charts to identify and explain the following taxfacts –
· TheIncome Tax Burden Is Very Progressive
· TheTax Burden Has Grown More Progressive Over Time
· TheNumber and Percentage of Filers Who Pay No Income Taxes Has Reached RecordLevels
· TheAverage Tax Rate for the Rich Is More Than Twice the Rate for All Taxpayers
· TheProliferation of Tax Credits is the Major Factor in the Growth inNonpayers—Especially Refundable Credits
· RefundableTax Credits Exceed the Payroll Taxes Paid by Millions of Workers
· TaxingIncome over $1 Million at 100% Won’t Erase the Deficit
Ihave never been a fan of a “progressive” tax system, which says let us taxthose with higher incomes proportionately more because they can afford it.
Mymillionaire client and I both walk into a 7-11 to buy a 16oz bottle ofsoda. I go to the counter and am charged$1.29. My client goes to the counterand, because he can afford to pay more, is charged $1.89. Is this fair?
Witha flat tax rate of, for argument’s sake, 10%, a person with $50,000 of taxableincome would pay $5,000. A person with$1 Million of taxable income would pay $100,000. The million dollar earner is clearly payingmore tax than the “average” earner – but not proportionately so.
Dothose with higher incomes get a proportionately higher benefit from governmentservices? If you make more money youprobably have need of more government services – but I do believe studies haveshown that lower income individuals take advantage of a higher proportion ofgovernment services and benefits than those on the upper income levels.
Asfor refundable tax credits, my opinion is well known. They distort the federal budget and are anopen call for tax fraud to say the least. One chart in this book listed above certainly voids the argument thatmost of those who pay no federal income tax are still “out of pocket” forfederal payroll tax.
TTFN
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