Tax freedom day

Discussion in 'Politics' started by Salty, Apr 16, 2013.

  1. Salty

    Salty
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    Clark Barrow's Special Tax Day Briefing

    Clark's Tax Day Stats

    PERSPECTIVE
    • TAX FREEDOM DAY - The deadline for filing U.S. federal income tax returns for individuals is today, April 15, 2013. Even though our 2012 taxes are due today, the Tax Foundation says we haven't earned enough money to pay off our total tax bill for this year!
      • It's called Tax Freedom Day and it marks the day when Americans have worked enough to pay all of their federal and state taxes for 2013. This year, Tax Freedom Day is April 18th. In 2013, Americans will pay a federal and state total tax bill of $4.22 trillion, or 29.4 percent of all income. In addition, the Tax Foundation has calculated it will take Americans:
        • 32 days to pay for federal individual income taxes 24 days to pay for federal social insurance taxes
        • 12 days to pay for state and local sales taxes and excise taxes, as well as property taxes
        • 8 days to pay for state and local individual income taxes, as well as federal corporate income tax
      INCOME TAX BURDEN – Wonder who is paying all our taxes? Well, included below is a summary of the current tax burden in the United States. These IRS figures show the percent of federal income tax paid by income group:
      • Top 0.1% = 17.9% (income more than $1.6 million)
      • Top 1% = 37.4% (income more than $369,000)
      • Top 5% = 59.1% (income more than $161,000)
      • Between 5% & 10% = 11.6%
      • Top 10% = 70.6% (income more than $116,000)
      • Top 25% = 87.10% (income more than $69,000)
      • Top 50% = 97.6% (income more than $34,000)
      • Bottom 50% = 2.4% (income less than $34,000)
      WORLD INCOME - According to calculations by World Bank economist Branko Milanovic, it only takes an individual income of $34,000 a year, after taxes, to be among the richest 1 percent in the world.
      • >Roughly half of the richest 1 percent in the world, or 29 million, live in the United States.
      • The remaining richest 1 percent are in Europe, Latin America or Asia.
      • The global median income is just $1,225 a year, meaning that the world's emerging middle classes are very far from reaching a level of wealth which would make them well-off by western standards. (figures are adjusted for different costs of living)
      • According to the U.S. Census Bureau, the annual income poverty threshold for a single individual is slightly more than $11,000. The official annual income poverty line for a family of four is $23,050. Nearly 50 million people in the U.S. currently live below the poverty line.
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    #1 Salty, Apr 16, 2013
    Last edited by a moderator: Apr 16, 2013

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