investmentwatchblog.com / by Robert Carbery / APRIL 19, 2017
As we turn the page on yet another inspiring tax day, let’s look into who is really bearing the burden of the individual taxes in the United States.
In 2014’s tax year, the federal government took in a then-record $1.377 trillion in income taxes from individuals, according to a report published by the Internal Revenue Service.
And of the 148,606,578 individual tax returns filed that year, 52,062,499 of them (35 percent) filed “nontaxable returns,” which means they paid no net individual income taxes. The rest of us, the 65 percent who did pay income taxes, paid an average of $14,271, according to the same IRS report.
In addition, 36.5 percent of all filers filed returns with incomes of over $50,000 in 2014. These taxpayers paid a total of more than $1.3 trillion in income taxes, or 94.4 percent of all income tax paid that year.
While many Americans on the right and left would call this a justified “progressive” tax system, my libertarian brothers and sisters would label it outright theft. As the government grows larger and larger, more and more taxes are required from the citizenry to bankroll the growth of countless federal programs and initiatives. All the while, politicians and former politicians in and around Washington D.C. profit mightily from “public service.”
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