47% Of Americans Pay No Income Taxes

It’s pretty interesting to look at who pays income tax in America and who does not.  That is until you realize you might just be in the top 1% of all wage earners in America and the differential in the percentage of taxes you pay relative to overall adjusted gross income does not match at all when you add up the numbers.  What’s truly amazing about the data below is that the top 1% of wage earners is about $380,354 and the top 5% of wage earners is about $159,619, but the top 5% account for 58.72% of the taxes. When compared to their share of adjusted gross income, the top 1% are almost double the income taxes against their actual AGI contributed into the mix. WHO ARE THE 47% WHO PAY NO FEDERAL INCOME TAXES? (this excerpt was taking from www.financialsamurai.com) The Tax Policy Center’s Donald Marron said they fall into three main groups: The working poor. The earned income ...

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