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Why are taxes so high for lower class people?
I'm not sure I would use the term class...I've met many people with large incomes that have none...and many with small incomes that have a huge amount. However, your supposition that low income pay high taxes is simply incorrect. In fact, the lower 50% of earners pay no tax and about 50% or more of them actually get money back through earned income, child tax and other credits and programs. In fact, The top 5% or so of wage earners pay @90% of all taxes paid. Which considering they probably use many less public services, is all the more unjust. These percentages, approximated here, may vary a bit but are fairly consistent over decades. And be certain...they pay BOTH more money and a much higher percentage of their incomes than lower earners. (Lower & Mid incomes that actually pay tax normally pay no more that 15% of their earnings...high earnings rarely pay less than 35%). One good independent and unbiased source for data and info is www.taxfoundation.org
Who has the most six figure earners in America?
According to the US Census Bureau in 2005: 6% of those in the labor force with eanrnings who were 25 years of age or older had six figure incomes. 17% of households had six figure incomes in 2005. The difference in figures is largely the result of dual-earner households. Roughly three quarters, 75%, of US households with six figure incomes had two or more income earners.
What company has the most 6 figure and 7 figure income earners in America?
While it's challenging to pinpoint a single company with the most six-figure and seven-figure income earners, many high earners are often found in industries like technology, finance, and real estate. Companies such as Google, Amazon, and various investment firms are known for having a significant number of high-income employees. Additionally, successful entrepreneurs in sectors like network marketing or e-commerce can also accumulate substantial incomes, but the exact numbers can vary widely.
What is the difference between a progressive tax and regressive tax?
A progressive tax is defined as a tax whose rate increases as the payer's income increases. That is, individuals who earn high incomes have a greater proportion of their incomes taken to pay the tax.A regressive tax, on the other hand, is one whose rate increases as the payer's income decreases.
Why does a Roth IRA have income limits?
Roth IRAs have income limits to ensure that they are primarily used by individuals with lower to moderate incomes, as they offer tax benefits that are meant to help people save for retirement. This helps prevent high-income earners from taking advantage of these benefits excessively.
Why is there an income limit for Roth IRA contributions?
The income limit for Roth IRA contributions is in place to ensure that the benefits of the account are targeted towards individuals with lower to moderate incomes. This helps to promote fairness and prevent high-income earners from taking advantage of the tax advantages offered by Roth IRAs.
What is the difference between low income earners and high income earners?
Low income earners typically have limited financial resources, which can restrict their access to essential services, education, and opportunities for upward mobility. In contrast, high income earners generally enjoy greater financial stability, allowing for investments, savings, and a higher standard of living. This income disparity often leads to differences in health outcomes, educational opportunities, and overall quality of life. Additionally, high income earners may have more leverage in economic and political spheres, influencing policies that affect wealth distribution.
Is flat rate tax is an equal tax rate for everyone?
Yes, a flat rate tax is a tax system where everyone pays the same percentage of their income, regardless of how much they earn. This means that high-income earners and low-income earners are taxed at the same rate, which can simplify the tax code but may raise concerns about equity. Critics argue it disproportionately benefits wealthier individuals, while proponents argue it promotes fairness and simplicity.
Why are there income limits on Roth IRA contributions?
Income limits on Roth IRA contributions are in place to ensure that the benefits of these retirement accounts are targeted towards individuals with lower to moderate incomes. This helps to promote fairness and prevent high-income earners from taking advantage of tax advantages meant for those with less financial means.
What is degreesive tax?
› TAX a type of tax in which people with high incomes pay less tax as a percentage of their income than those people with low incomes:
Which form of entertainment was largely limited to people with high incomes?
Opera
How does obama feel about taxes?
Given what he has done, He feels that the high income earners are not paying enough taxes.
