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
- Student remembered by Pelham High's Class of 2013 - 0
- School fellowship key as 220 Pembroke grads receive diplomas - 0
- Central grads told to work hard and enjoy rewards - 0
- Don't miss out, Memorial grads told - 0
- Advice to West grads: Be passionate - 2
- Emotions run high for Campbell graduates - 0
- Souhegan graduates, faculty celebrate - 0
- Jesse Remington graduates remember travel, service, and the feeling of family at school - 0
- Raymond graduates told the best yet to come - 1
READER COMMENTS: 0
- Nashua couple's deaths called suspicious - 0
- Camper fire leaves Bridgewater man severely burned - 0
- Woman rescued after Franklin accident, 50-foot plunge - 0
- UPDATED: Judge strikes down state education tax credit program, appeal expected - 1
- N.J. woman injured in Moultonborough motorcycle crash - 1
- UPDATED: Little agreement on Medicaid expansion or revenues - 1
- Powerful storm wreaks havoc in Portsmouth - 0
- Former Londonderry coach indicted in sex assault of two girls - 1
- Weather Service warns of severe thunderstorms in southern NH - 0
Big Moose RV moves to massive Route 16 lot
Traffic stops in spotlight
One era ends, another begins at Union Leader
A Medicaid reduction? That is not likely
Study recommends Millyard parking garage