wealthy benefit most from tax subsidies

iVillage Member
Registered: 09-15-2008
wealthy benefit most from tax subsidies
137
Wed, 09-22-2010 - 9:25pm


(Reuters) - Billions of dollars in U.S. tax breaks to encourage home ownership, retirement savings, business start-ups and education mostly benefit top income earners and do little to help low- and middle-income people build wealth, a report released on Wednesday said.

full article:
http://www.reuters.com/article/idUSTRE68L3WP20100922

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iVillage Member
Registered: 09-01-2010
Thu, 09-23-2010 - 4:03pm

How that breaks down is also important. The top 1 percent have over 40% of the "financial wealth" (stocks, bonds, commodities) which produces some income for them. The income they receive from that wealth is taxed at a different rate than earned income.

~Opal~
~Opal~    
iVillage Member
Registered: 08-16-2005
Thu, 09-23-2010 - 4:54pm

Or there is the group that thinks what's been happening for the last 30 years is that we keep making the pie bigger but only a very few people are getting much larger pieces while everyone else gets the same or less.


iVillage Member
Registered: 08-16-2005
Thu, 09-23-2010 - 4:58pm

I was pointing out that it is very possible to do so with an income well below 250K.



'no help from you'



So we don't need to raise taxes on those making more than 250k, correct?


iVillage Member
Registered: 08-16-2005
Thu, 09-23-2010 - 5:04pm
Great article!








iVillage Member
Registered: 10-30-2003
Thu, 09-23-2010 - 5:05pm

I didn't say no one needed it. There's a lot below $250K.

Anne

I have no need for anger
With intimate strangers
And I got nothing to hide



- Amy Ray

I have no need for anger
With intimate strangers
And I got nothing to hide


- Amy Ray

iVillage Member
Registered: 03-26-2003
Thu, 09-23-2010 - 5:07pm

<>



30 years ago, you were 8.

 


 


I disagree with you, but I'm pretty sure

iVillage Member
Registered: 08-16-2005
Thu, 09-23-2010 - 5:09pm

Granted this was in 2007, but the percentages haven't changed too much.



Source: IRS



http://www.taxfoundation.org/news/show/22652.html



The table above shows that the top-earning 25 percent of taxpayers (AGI over $62,068) earned 67.5 percent of nation's income, but they paid more than four out of every five dollars collected by the federal income tax (86 percent). The top 1 percent of taxpayers (AGI over $364,657) earned approximately 21.2 percent of the nation's income (as defined by AGI), yet paid 39.4 percent of all federal income taxes. That means the top 1 percent of tax returns paid about the same amount of federal individual income taxes as the bottom 95 percent of tax returns.



This is the 2009 article:



http://www.taxfoundation.org/news/show/250.html



In 2007, the top 1 percent of tax returns paid 40.4 percent of all federal individual income taxes and earned 22.8 percent of adjusted gross income. Both of those figures—share of income and share of taxes paid—are significantly higher than they were in 2004 when the top 1 percent earned 19 percent of adjusted gross income (AGI) and paid 36.9 percent of federal individual income taxes.








iVillage Member
Registered: 10-30-2003
Thu, 09-23-2010 - 5:11pm

That still ignores their wealth.

Anne

I have no need for anger
With intimate strangers
And I got nothing to hide



- Amy Ray

I have no need for anger
With intimate strangers
And I got nothing to hide


- Amy Ray

iVillage Member
Registered: 08-16-2005
Thu, 09-23-2010 - 5:11pm
Actually I was 5!


iVillage Member
Registered: 08-16-2005
Thu, 09-23-2010 - 5:12pm

'Their wealth'



It is their's!








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