I posted this in another thread, but this deserves its own day in the sun. Who exactly isn't "paying their fair share?"
61% of US Households Paid no Federal Income Tax in 2020
- Thread starter scotchtiger
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Great post. This is literally sickening. This is the biggest thing I agree with the conservatives on. I’m working on my taxes today coincidentally and getting everything to my CPA. I earn a decent living but am decidedly middle class. I figure I’ll pay roughly $70k federal this year. We really need a flat tax or something to even this out.
If you are paying $70k in federal income taxes, you are not "decidedly middle class." You are friggin' rich.
Those numbers are way too high pre vivid as well. Too many people not paying taxes.
It's crazy. I also can't figure out why someone not paying taxes feels they're entitled to an opinion on how much others pay.
Rich is relative, part of the reason the dems are able to fan so much income resentment. But that would technically fall in the "Upper Middle Class."
| INCOME GROUP | INCOME |
| Poor or near-poor | $32,048 or less |
| Lower-middle class | $32,048 - $53,413 |
| Middle class | $53,413 - $106,827 |
| Upper-middle class | $106,827 - $373,894 |
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Kids in college go against that number. They have to file. But most don't make income enough to be taxed.
Spouses without jobs technically don't pay taxes.
Spouses without jobs technically don't pay taxes.
Gleckman said the main reasons for the spike — high unemployment, large stimulus checks and generous tax credit programs — will largely expire after 2022, so the share of nontaxpayers will fall again starting next year.
The share of Americans who pay zero income taxes is expected to stay high, at around 57% this year, according to the Tax Policy Center. It’s expected to fall back down to 42% in 2022 and remain at around 41% or 42% through 2025, “assuming the economy continues to rebound and several temporary tax benefits expire as scheduled,” Gleckman said.
It appears to be a temporary and artificially high number due to the pandemic. Here is another excerpt from the same article.
The top 20% of taxpayers paid 78% of federal income taxes in 2020, according to the Tax Policy Center, up from 68% in 2019. The top 1% of taxpayers paid 28% of taxes in 2020, up from 25% in 2019.
That seems high also. But you cant ask people already struggling to feed their children to pay more taxes. There needs to be a partisan realignment in defining what "rich" is. I agree $400K is too low, it should be higher. But you also need enforcement on the super rich to pay (most of them dont today). They also happen to be the biggest donors for republicans and dems, so good luck.
These numbers sound dubious. You might have fake news there bub
Number of US Households in 2024: Demographics, Statistics, & Trends - Financesonline.com
The number of US households is changing due to several factors, technology among them. We crunch the numbers to make sense of these changes.
financesonline.com
These numbers sound dubious. You might have fake news there bub
Number of US Households in 2024: Demographics, Statistics, & Trends - Financesonline.com
The number of US households is changing due to several factors, technology among them. We crunch the numbers to make sense of these changes.
Liz Ann Sonders is the chief investment strategist for Schwab. And a good Twitter follow. Not saying her numbers couldn’t be off, but shes definitely not fake news.
Her basic math doesn't make sense.
106.8 million households didn't pay taxes in 2020, thus ~61% of all households aren't paying taxes?
The total number of households in the us is currently 128.45 million... so the math doesn't add up.
106.8 would be 83.4% of households.
It cites the Urban Brookings Tax Policy Center, so I guess take it up with them.
While looking, I did find this dude commenting:
What is regressive is capitalism.
Income taxes work quite well, although are not adequate to remediate the inequality of capitalism.
I guess the socialism jokes aren't really jokes.
You're also paying the maximum cost for everything. You don't get financial aid of any kind based on income of course and you pay for all these services that you don't receive. All the while you may be working harder than anyone else to get to where you are. Now how exactly are you entitled to the money earned by a person who works that hard?
Sonders has some of the best charts. Great twitter follow if interested in economic numbers.
