Home » Opinion » Editorials
It's math: The rich pay more
The notion that the rich don't pay their "fair share" in taxes got Barack Obama reelected. And it is not true, as IRS data confirm once again.
We have written before about how much "the rich" pay in federal taxes. As we noted in April: the left-leaning Tax Policy Center and the Congressional Budget Office both show that the rich pay far higher percentages of their income in federal taxes than the poor or middle class. The Congressional Budget Office divides the American public into fifths, ranked by income. The bottom fifth of Americans pays just 4 percent in total federal taxes. The remaining four-fifths, ranked in order from lowest to highest, pay these percentages: 10.6 percent, 14.3 percent, 17.4 percent and 25.1 percent. As a group, the richest Americans pay more than six times the federal tax rate that the lowest-income Americans pay.
Ah, but what about federal income taxes alone? IRS data released last week show the same trend. As reported by The Wall Street Journal on Monday, the figures show that Americans who earn between $200,000 and $500,000 pay, on average, 19.6 percent of their adjusted gross income in federal income taxes. Every income group above $500,000 pays at least 24 percent.
The average for people who make between $100,000 and $200,000 is 12 percent. For those between $50,000 and $100,000 it's 7.5 percent. For those between $30,000 and $50,000, it's 3.1 percent. Those who make less than $30,000 a year pay nothing, getting more money from Washington than they send in.
Though the math is on their side, somehow Republicans cannot figure out how to rebut the false assertion that "the rich" pay less in taxes than everyone else.
READER COMMENTS: 0
- Stonyfield founder tells FPU grads to ask, 'Why not?' - 0
- Tiny Thomas More College class urged to be courageous - 0
- Lebanon College graduates 19 - 0
- Plymouth State speaker tells grads to 'Become agents of change' - 0
- Former FBI head tells St. Anselm graduates it is important to give back - 1
- UNH commencement speaker tells graduates: Don't worry about mistakes, learn from them - 2
- Ayotte tells NEC graduates to be passionate about their work - 1
- Antioch University awards 145 degrees - 0
- Message to Nashua Community College grads: find strength - 0
READER COMMENTS: 0
- Three Fisher Cat hurlers combine to pitch shutout - 0
- Investigators seek cause of Conn. train crash - 0
- Ortiz knocks in six in Red Sox win - 0
- Lakes Region, Great Bay CC hold commencement ceremonies - 0
- Berlin man dies while kayaking - 0
- Man seriously hurt in North Country crash of 1967 Porsche - 0
- NH troopers help Boston victims - 0
- New president named at FIRST - 0
- NH Military People: NH woman graduates from Air Force training - 0
Lebanon College graduates 19
UNH Law School grads told to 'serve justice'
Prosecutors says ex-wife forced at gunpoint into vacant Exeter concrete plant where throat was slit
Cleric's case a puzzle, concern