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It is important to note that the 47% do not pay Federal Income tax.
They still pay pay any applicable city or state income taxes!
They still pay the 7.65% combined Social security and Medicare taxes!
They still pay real estate taxes, directly or via their rent payments in all localities that have real-estate taxes, which is probably everywhere in the U.S.!
They still pay sales taxes on their retail purchases, which is proportionally higher for lower income people than it is for higher income people, since they spend a higher percentage of their income at retail!
If one ignores the charitable giving of the wealthy, then some of the 47% actually contribute more financially to society than some of the wealthy do!
What else can I help you with?
What percentage of US Taxes do corporations pay?
On average, corporations pay approximately 9-10% of total U.S. federal tax revenue. This percentage can vary depending on economic conditions, tax policies, and individual company performance.
How much tax did Roman citizens pay at the time of Jesus?
Roman citizens did not pay income tax during the time of Jesus. Instead, taxes were collected through various means such as tolls, customs duties, and land taxes. The most infamous tax was the census tax, which required citizens to register their property and pay a head tax.
What percentage of black people pay income tax?
hard to say, but African Americans work just as much as white Americans. most of the people who don't pay income tax are the elderly, only 15% of the 47% of the country that don't pay them are low income.
What was wage slavery on company towns?
Wage slavery in company towns refers to a situation where workers are paid low wages by the company that also provides them with housing, goods, and services, trapping them in a cycle of debt and dependency. Workers had little choice but to accept the poor working conditions and low pay due to the lack of outside employment opportunities and control exerted by the company over all aspects of their lives.
Do progressive income tax lessen the income inequality?
Presuming you mean a progressive income tax as one that has higher rates of taxation on higher levels of income: I would suggest it is substantially less fair and increases inequality a lot. Even at a stable rate, people with higher incomes pay much more tax than those with less income. So, in a flat rate of say 25%, someone making say $50,000 pays $12,500. Someone making a million pays $250,000. Which one gets or uses more government and services? It probably isn't even the same...the higher income one probably uses LESS. (Private education for his kids, pays to have private services for many other things...medical, safety, transport, etc., etc., provides for his own retirement, pays for his diabled child (supporting others in doing so), etc., etc). The person with the lower income gets a great deal...probably much more of all things than they pay for, the person with the high income gets much, much less. Now, that difference becomes even more unfair and inequitable when you allow the lower earner to pay say 10% - ($5,000) and the higher earner a higher percent - say 30% or $300,000. Would take the lower earner 60 years (more than lifetime of work) and paying taxes to have ever contributed what the higher earner must do in 1 year! How much more unjust can something be? Factor in too, that the higher earner frequently pays taxes and contributes to society and the benefit to others by owning or investing in business or financial instiutions that do, that both employ people and pay many things for them...and pay tax on the money the corporation/business makes, and then again on that same earnings when it comes to them.
Who pays taxes?
50 % of wage earners pay no taxes!!
Who pays no taxes?
50 % of wage earners pay no taxes!!
Do immigrants pay the same amount of taxes as Americans?
Taxes on income earned in the US is the same for all wage earners.
What percentage of the US population pays the most taxes?
The top 5% of earners pay 93% of all taxes
What tax do wage earners have to pay federal government?
5000$
What tax do wage earners pay to the federal government in Australia?
Between 26 and 48% of their wage.
What do the top 1 percent of Americans really end up paying the IRS?
The top 1% of wage earners (those earning over $388,806 a year and who make about 18% of income in the country) pay 39.89% of all federal income taxes. When it comes to total federal taxes (not just income tax), the top 1% paid 28% of taxes.86.27% of federal income taxes are paid by the top 25% of wage earners (those making over $64,702). The bottom 50% of wage earners in the country actually have a negative tax rate due to the payouts from the government being more than they pay in taxes.http://www.ntu.org/main/page.php?PageID=6http://cbo.gov/ftpdocs/88xx/doc8885/EffectiveTaxRates.shtml
Do federal judges pay income taxes?
Yes, they pay income taxes, as does every other wage earner in the United States.
What determines what individuals should pay income taxes and how much they should pay?
Individuals are required to pay income taxes based on their earnings and other sources of income. The amount they pay is determined by their taxable income, which is calculated by subtracting deductions and credits from their total income. Tax rates are set by the government and vary based on income levels, with higher earners typically paying a higher percentage of their income in taxes.
Does an independent contractor pays selfl-employment taxes instead of FICA taxes?
That is correct, exept that the employer pays a portion of your FICA, whereas when you are Self-employed you are hit with the full amount. Of course you have the advantages of being able to deduct all of your business expenses. More information below from IRS.gov " Self-employment tax (SE tax) is a social security and Medicare tax primarily for individuals who work for themselves. It is similar to the social security and Medicare taxes withheld from the pay of most wage earners. You figure SE tax yourself using Schedule SE (Form 1040). Social security and Medicare taxes of most wage earners are figured by their employers. Also you can deduct half of your SE tax in figuring your adjusted gross income. Wage earners cannot deduct social security and Medicare taxes." Hope this helps. Roger Hadad, Effectur Inc, www.irs101.blogspot.com
How does finding a job deal with the economy?
If you do not work and make no wage you pay no taxes.
What is the percentage of pay for workmens Compensation. Is this amount based on pay before or after taxes?
About 80% before taxes.
