Thursday, March 05, 2015

Warren Buffett To Al Sharpton, The 1% Makes 19% Of All Income, Pays 49% Of All Taxes

Warren Buffett To Al Sharpton, The 1% Makes 19% Of All Income, Pays 49% Of All Taxes - Forbes:
"There is still considerable discussion about the 1% and whether they take more than they contribute to society.
Yet Congress’s Joint Tax Committee says the top 1% pays 49% of all income taxes.
...At the other end of the 1% extreme–but still a one percenter–is Al Sharpton.
Rev. Sharpton is famous for his protests, and of late, for his ties to White House, despite his tax debts.
Mr. Sharpton’s problems appear to more in the nature of collection and cash management. 
...The Joint Committee on Taxation has released Fairness and Tax Policy, and the Senate Finance Committee has just held hearings on Fairness in Taxation.
The report reveals that for 2015, the top 10% (in terms of income) of all tax returns collect 45% of all income.
They also pay 82% of all income taxes. 
The top 5% of all tax returns receive 34% of all income and pay 71% of all income taxes.
The top one percent of all tax returns receives 19% of all income and pay 49% of all income taxes...

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