Whenever You Hear Someone Complain the Rich Don’t Pay Their ‘Fair Share,’ Show Them

[Revmitchell]

How many times have you heard some version of “the wealthiest Americans should be paying their fair share?” But does anyone actually know what that means and, more importantly, what the highest-earning Americans are currently paying in taxes?

Now, thanks to the American Enterprise Institute and the Congressional Budget Office’s latest report on income and taxes, we know whom is paying what. And the picture painted by reality is very different than what one would expect.

You can decide for yourself if they are already paying “their fair share.”

The top 1% of households earned 15% of income but paid 35% of federal income taxes.
The top 20% of households earned 52% of income but paid 69% in federal income taxes.
The bottom 20% of households income tax rates dropped from 9% to 1.9% since 1984.
40% of households get more than half their income from federal transfer programs.
When government transfers are included, 60% of Americans had net negative tax rates — meaning they received more than they paid in.

http://www.ijreview.com/2014/11/203...share-20-americans-pay-almost-100-everything/

 

[poncho]

A global super-rich elite had at least $21 trillion (£13tn) hidden in secret tax havens by the end of 2010, according to a major study.

The figure is equivalent to the size of the US and Japanese economies combined.

The Price of Offshore Revisited was written by James Henry, a former chief economist at the consultancy McKinsey, for the Tax Justice Network.

Tax expert and UK government adviser John Whiting said he was sceptical that the amount hidden was so large.

Mr Whiting, tax policy director at the Chartered Institute of Taxation, said: "There clearly are some significant amounts hidden away, but if it really is that size what is being done with it all?"

http://www.bbc.com/news/business-18944097

Correct me if I'm wrong Rev but aren't tax havens meant to hide wealth to avoid having to pay "the fair share"?

 

[Revmitchell]

I have no problem with tax havens. Whatever keeps money out of government hands is fine by me. Still given that the top 1% paid 35% of all taxes in spite of any tax havens says quite a bit.

 

[Revmitchell]

One thing this country needs more of is tax havens

 

[poncho]

The report discussed in the video below uses the number 21 TRILLION but this figure is probably in GB Pounds and roughly US $32 Trillion as reported by Reuters and other news agencies cited below.

http://www.newworldnews.com/news/uncategorized/the-super-rich-hold-32-trillion-in-offshore-tax-havens/

We're not talking about the top 1% of households here Rev. It's more like the top tenth of one percent.

Does AEI account for this in their calculations?

 

[Revmitchell]

I don't care how much it is. If we want it to come back on shore we need to make this country more business friendly.

 

[carpro]

The problem with "fair" is it's a subjective word.

To the takers, whatever the rich pay, or you and me for that matter, will never be enough.