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: 10-30-2003
Fri, 09-24-2010 - 12:41pm

Do you have a link? Your numbers look like the numbers I've seen for net worth. Opal was very specific that she was talking about financial wealth, which does not include the value of one's home. Reasonable arguments could be made about which one was a better number to use. I'm glad you've decided to come around to addressing our point.

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: 10-30-2003
Fri, 09-24-2010 - 12:43pm

Do you know how the numbers play out for the 99% of the rest? I'm curious how equitable the balance of financial wealth and share of taxes is for the groups in the middle.

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
Fri, 09-24-2010 - 12:46pm
I agree wholeheartedly with you and the numbers....








iVillage Member
Registered: 01-22-2000
Fri, 09-24-2010 - 12:55pm

If "X"= the percentage of wealth held by, or the income taxes paid by,

iVillage Member
Registered: 10-30-2003
Fri, 09-24-2010 - 1:16pm

Thanks for the math lesson, but I was interested in how it broke down for the different groups.

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: 09-01-2010
Fri, 09-24-2010 - 1:25pm

I'm not sure if this will help (long article at the link):



~Opal~    
iVillage Member
Registered: 10-30-2003
Fri, 09-24-2010 - 1:29pm

Thanks I was looking at it from your post to Sonny. Any idea what percentage of the income tax the bottom 80% pays?

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
Fri, 09-24-2010 - 1:35pm

Thanks I was looking at it from your post to Sonny. Any idea what percentage of the income tax the bottom 80% pays?



I posted this earlier from the tax foundation: This would mean that the lower 75% paid about 14% of the income taxes.



Source: IRS



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.








iVillage Member
Registered: 04-09-2007
Fri, 09-24-2010 - 1:52pm

Again, the more everyone earns, the more the higher earners get to keep.



I totally agree with you that our nation's roads, schools, security - which benefit everyone - shouldn't be so dependent on a small number of people for funding.

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