Wednesday, April 20, 2016

What kinds of taxes do Americans pay?

What kinds of taxes do Americans pay? | pgpf.org:
"Too often, debates about the federal tax code confuse or misrepresent important facts because they focus on only one part of our federal tax system — usually the individual income tax — and ignore the fact that Americans pay many other taxes."
All income groups pay taxes, but overall the U.S. tax system is progressive | SOURCE: Tax Policy Center, Effective Federal Tax Rates By Expanded Cash Income Percentile, 2015. Data are for 2015. Compiled by PGPF. NOTE: Individual income tax rates for the lowest and second lowest quintiles are negative and are netted against the payroll tax rate. A quintile is one fifth of the population. The income breaks are (in 2015 dollars): 20% $22,769; 40% $44,590; 60% $78,129; 80% $138,265; 99% $709,166.

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