Tag: tax

Here are the 43% of americans who dont pay federal income tax

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Source: Business Insider, via  Portside

Author: Mandi Woodruff

N.B.: this article uses the TLA ‘TCP’ where it appears TPC would be correct.

“Of the 43% of households owing no federal income tax this year, about half simply earned too little income to qualify, including many retired workers who live on Social Security. The remaining households likely qualify for breaks via the Earned Income Tax Credit and the Child Tax Credit.
Mandi Woodruff
September 6, 2013

Since 2009, the percentage of Americans who pay no federal income taxes has fallen from 47% to 43%, according to a recent report by the Tax Policy Center. The catalyst for the drop is due to two factors — federal tax cuts that expired after the Great Recession and an improving economy.

These charts from the TCP  break down exactly who the 43% are:

Last year, TPC’s 2009 estimate might have been the nail in the coffin for Mitt Romney‘s ill-fated bid for the Presidency after he criticized the “47%” of Americans who don’t pay federal income taxes at a fundraiser.

Like Romney, a lot of people assumed that these households were getting off tax-free across the board. That wasn’t the case then and it’s certainly not the case now.

“The notoriety of the 47 percent figure has come largely from a misunderstanding—or less charitably, a misrepresentation—of what that number actually means,” writes Robert Williams of the TCP.

Thanks to payroll taxes, it’s nearly impossible to get away completely tax-free today. In fact, “just 14% of households pay neither income nor payroll tax and two-thirds of them are elderly,” according to the TCP. And then there are taxes closer to home to consider. You’d be hard-pressed to find households who don’t get hit with state or local income, sales, and property taxes.

Of the 43% of households owing no federal income tax this year, about half simply earned too little income to qualify, including many retired workers who live on Social Security. The remaining households likely qualify for breaks via the Earned Income Tax Credit and the Child Tax Credit.

This year, the TCP put together a helpful video breaking down the 43%:

Looking ahead, the TCP estimates that the number of workers who pay no federal income taxes will continue to fall, reaching just 33% by the year 2024.”

Mandi Woodruff edits the personal finance vertical for Business Insider. Before joining BI, she covered breaking legal news for Law360.com, was a research editor at Reader’s Digest, and reported on education in her home state of Georgia.

Posted by Portside on September 6, 2013

– See more at: http://portside.org/2013-09-07/here-are-43-americans-who-dont-pay-federal-income-tax#sthash.F4Acp11u.dpuf

Emphasis Mine

See: http://portside.org/2013-09-07/here-are-43-americans-who-dont-pay-federal-income-tax

Last law of the ‘fighting’ 112!

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                                 Capital Compromise – avoiding the fiscal curb.

The Bush tax cuts permanent on incomes up to $400,000 for individuals, $450,000 for couples.

An extension of unemployment benefits,

Five-year extensions of the

Earned Income Tax Credit,

Child Tax Credit,

American Opportunity Tax Credit.

The tax on capital gains and dividends will be permanently set at 20 percent for those with income above the $450,000/$400,000 threshold. It will remain at 15 percent for everyone else. (Clinton-era rates were 20 percent for capital gains and taxed dividends as ordinary income, with a top rate of 39.6 percent.)

The estate tax will be set at 40 percent for those at the $450,000/$400,000 threshold, with a $5 million exemption. That threshold will be indexed to inflation.

The sequester will be delayed for two months. Half of the delay will be offset by discretionary cuts, split between defense and non-defense. The other half will be offset by revenue raised by the voluntary transfer of traditional IRAs to Roth IRAs, which would tax retirement savings when they’re moved over.

The Alternative Minimum Tax will be permanently patched to avoid raising taxes on the middle-class.

Two limits on tax exemptions and deductions for higher-income Americans will be reimposed: Personal Exemption Phaseout (PEP) will be set at $250,000 and the itemized deduction limitation (Pease) kicks in at $300,000.

The full package of temporary business tax breaks—benefiting everything from R&D and wind energy to race-car track owners—will be extended for another year.

Scheduled cuts to doctors under Medicare would be avoided for a year through spending cuts that haven’t been specified.

(The bill also includes a nine-month farm bill extension, cleaning up after another House Republican fiasco resulting from its failure to pass a farm bill. This extension would avert what’s been dubbed the “milk cliff,” a reversion in price supports for dairy farmers to a 1948 law that could have resulted in milk prices to consumers more than doubling.

What it doesn’t do, and what will immediately hit millions of wage earners, is extend or replace the payroll tax cut with an equivalent tax break. That means that all wage earners will see an immediate hit in their paychecks, with a two percent payroll tax increase. That’s a two percent tax hike on 98 percent of the nation).

Source: http://www.dailykos.com/story/2013/01/01/1175366/-Senate-deals-on-fiscal-cliff-House-action-nbsp-pending

What If the Greedy Rich Paid Their Share? 8 Things to Know About Wealth and Poverty in the US

We’re far from poor — we just have a wildly lopsided distribution of wealth that makes us seem poor.

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From: AlterNet

By:Les Leopold

America is loaded. We are not a struggling nation ready to go under. We are not facing an enormous debt crisis despite what the politicians and pundits proclaim. We are not the next Greece.

Rather, we have an enormous concentration-of-wealth problem — one that must be solved for the good of our commonwealth. We are a very rich nation but it doesn’t seem that way because our wealth is so concentrated in the hands of a few. This is America’s disaster.

But wait. Doesn’t the wealth belong to the super-rich? Didn’t they earn it fair and square? Isn’t that the way it’s always been?

Not by a long shot. The amount of wealth that flows to the super-rich is determined by our public policies. It’s all about how we choose to share our nation’s productivity.

Productivity and the Wealth of Nations

Our country is rich because we are enormously productive as measured by output per hour worked. The greater our collective output per hour, the more our economy produces and the wealthier we are…or should be. It’s not a perfect measure since it doesn’t adequately take into account our environment, our health or our overall well-being. But it is a good gauge of our collective level of effort, skill, knowledge, level of organization, and productive capacity. As the top line on the productivity chart below shows, we’ve been able to produce more and more per hour year after year since WWII. It’s a remarkable achievement.

From 1947 until the mid-1970s, the fruits of our bountiful productivity were shared reasonably fairly with working people. As productivity rose so did workers’ real wages (See the bottom line in the chart below. It represents the average weekly wage of non-supervisory workers who make up about 80 percent of the entire workforce.) This wasn’t socialism. There were still plenty of rich people who earned a significant slice of the productivity harvest. But much of that wealth was plowed back into the economy through taxation rates that between 1947 and 1980 hovered between 70 to 91 percent on incomes over $3 million (in today’s dollars).  Much of that money was used to build our physical and knowledge infrastructures, and to fight the Cold War. Unions were supported by public policy and workers’ real wages rose steadily after accounting for inflation. Wall Street was tightly controlled and the middle-class grew like never before.

Then something happened.

It wasn’t an act of God, or the blind forces of technological change, or the mysterious movements of markets. Nor did the super-rich become enormously smarter than before. Instead, flesh-and-blood policy makers decided that deregulation and tax cuts should become the order of the day starting in the mid-1970s. The idea was that if we cut taxes on the super-rich and deregulated the economy (and especially Wall Street), investment would dramatically increase and all boats would rise. But as we can see from the chart below, the average worker’s wage in real terms stalled and even declined after the mid-’70s. The fruits of productivity no longer were shared equitably. The enormous gap between the two lines (trillions of dollars per year) went almost entirely to the super-rich. The wealth of the wealthy skyrocketed, not by accident, but by policy design. “Greed is good” replaced the middle-class American dream.

What Is Wealth and Who Has It?

Wealth or net worth is the total value of what you own (your assets) minus the total value of your debts (your liabilities.) Our collective net worth is really huge. We’re talking big, big numbers. As of the end of 2011, U.S. households had $30 trillion in private assets and $13.6 trillion in liabilities for a total net worth of $16.4 trillion (PDF). How much is that? It comes to an average of $141,000 per household – free and clear of any debts.

But averages are extremely misleading, because wealth is so highly concentrated at the top. Here are some eye-popping numbers.

1. The number of households with a million dollars or more of net worth grew by 202 percent between 1983 and 2007.

2. The number of households with a net worth of $5 million or more grew by 494 percent.

3. The number of $10 million or more households grew by a whopping 598 percent!

4. There are now more than 464,000 households worth $10 million or more. (PDF)

5. But the bottom 40 percent of American households has a net worth of nearly zero (.2 percent).

6. If you take out the value of our homes, the bottom 40 percent has a negative net worth of minus 1 percent – meaning they owe more than their assets are worth.

7. Meanwhile the top one percent holds 34.6 percent of our total net worth and 42.7 percent of all financial assets (excluding homes).

8. That means that the top one percent has a positive net worth valued at approximately $5,700,000,000,000 (that’s $5.7 trillion).

Why We Need a Financial Transaction Tax

Most Americans live on earned income which is taxed instantly through substantial payroll taxes. You can’t collect a paycheck without paying taxes. The super-rich, however, receive most of their income through financial investments that are taxed at lower capital gains rates and which can be offset through a myriad of deductions and loopholes. In effect, the super-rich live by one tax code and the rest of us use another. This is why the wealthiest Americans pay lower effective tax rates than their servants. It’s also why our government appears to be starved for income. If we want a vibrant economy and good investments in our public infrastructures, the wealthy must pay a great deal more, just like they did during the early post-WWII period.

For starters we need a financial transaction tax which is a small sales tax on each and every financial trade – from stocks and bonds to futures and other derivatives. Since the super-rich hold so many financial assets, this kind of tax would directly target their excessive trading and enormous holdings. Not only would this sales tax produce upwards of $150 billion a year in federal revenue, but also, it may help eliminate much of the financial gambling that took down the economy in 2007. Considerate it a tax on financial toxic waste.

A Wealth Tax to Improve our Commonwealth

Finland, France, Iceland, Luxembourg, Norway, Spain, Sweden and Switzerland have small net wealth taxes, and England has had a financial transaction tax for three centuries. We should join them. A 1 to 3 percent wealth tax with a million-dollar deduction would only hit the top 1 percent and would provide the nation with from $50 to $150 billion per year in income. Spare change for the super-rich.

The beauty of a wealth tax is that there are no loopholes. Your assets (which include both foreign and domestic) and your liabilities are easily calculated. It’s easier to spot the cheaters. It’s easier to press for information from other countries that may be tempted to launder money for our super-rich. There’s nowhere to run unless the super-rich want to give up their citizenship.

Even Ronald McKinnon, a conservative economist writing in the Wall Street Journal (“The Conservative Case for a Wealth Tax”) is advocating a wealth tax on the super-rich:

In order to have a fairer tax system, we should implement a new federal wealth tax in addition to the federal income tax. Unlike the current income tax, the wealth tax would not rely on how income is defined. Rather, it would require that households list all their domestic and foreign assets on, say, Dec. 31 in the relevant tax year. With a large exemption of $3 million that effectively excludes more than 95% of the population, a moderate flat tax—say 3%, on wealth so defined—could then be imposed.

Combined with the financial transaction tax, we would have more than $200 to $300 billion per year which could rebuild our crumbing infrastructure, provide higher education for our children, eliminate much of the student loan burden, and hire millions of laid-off teachers. Unemployment would fall dramatically and deficit hysteria would vanish into its own hot air.

We can cry about the distribution of income all we want. We can moan and groan about the top 1 percent and how they have captured political power. We can proclaim our membership in the 99 percent for all to hear. But none of that matters much unless we build a mass movement that reclaims our fair share of the fruits of productivity.

The 1 percent didn’t get there just because they were great entrepreneurs or because they were smarter than the rest of us. They got there because they pressed for tax cuts for the super-rich and the deregulation of Wall Street. Those twin policies poured the money into their coffers and stalled our middle-class dead in its tracks. Those policies also crashed the economy and destroyed the jobs of millions of Americans.

A financial transaction tax combined with a wealth tax will bring us closer to the time when the middle-class again was growing year by year. It would put Americans back to work and place our foot right back on Wall Street’s neck – where it needs to be for the good of us all.

But you know it won’t come easy. The super-rich feel entitled to all they can grab. Which means we’ll have to organize like never before and fight like hell. Let’s hope the 99 percent are ready, able and willing.

Les Leopold is the executive director of the Labor Institute and Public Health Institute in New York, and author of The Looting of America: How Wall Street’s Game of Fantasy Finance Destroyed Our Jobs, Pensions, and Prosperity—and What We Can Do About It (Chelsea Green, 2009).

Emphasis Mine

see:http://www.alternet.org/story/155025/what_if_the_greedy_rich_paid_their_share_8_things_to_know_about_wealth_and_poverty_in_the_us?akid=8614.123424.KaUfyN&rd=1&t=5

The Top 5 Tax Myths To Watch Out For This Election Season

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From:Originally found on Citizens for Tax Justice. Submitted by volunteer editor Mark H

MYTH #1: 47% of Americans do not pay taxes.

Fact: All Americans pay taxes.


MYTH #2: The American people and corporations pay high taxes.

Fact: The US has the third lowest taxes of any developed country in the world.


MYTH #3: Cutting taxes creates jobs and raises revenue.

Fact: Tax cuts reduce revenue and are not associated with economic growth.


MYTH #4: The US tax system is very progressive because wealthy individuals already pay a disproportionate amount of taxes.

Fact: At a time of growing income inequality, the US tax system is basically flat.

When you take into account all of the taxes that individuals pay, the truth is that our tax system is relatively flat. The top one percent of income earners receives 20.3 percent of total income while paying 21.5 percent of total taxes and the lowest 20 percent of income earners receive 3.5 percent of total income while still paying out two percent of total taxes.

In other words, wealthy individuals pay a high percentage of taxes because they earn a highly disproportionate amount of income. This is a consequence of growing income inequality in the United States, which is at a level not seen since before the Great Depression.


MYTH #5: The “Fair Tax” or a flat tax would be more fair.

Fact: The “Fair Tax” or a flat tax would make our tax system even more regressive.

Emphasis Mine

see:http://front.moveon.org/the-top-5-tax-myths-to-watch-out-for-this-election-season/#.TwpLobhkOjY.facebook

Rob from the Poor, Give to the Rich

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From: care2

By  

” Politicians and critics who wonder why the Occupy movement hasn’t disappeared with cooler weather should read a study just released by Citizens for Tax Justice. “Corporate Taxpayers & Corporate Tax Dodgers, 2008-2010” makes uncomfortable but important reading.

The study looks at 280 of America’s largest companies, all of them on the Fortune 500 list. These are high-profit corporations so it would be reasonable to expect them to be fair contributors to the system that allows them to operate. After all, they benefit from roads, schools, hospitals, parks and other amenities and services tax dollars provide.

As it turns out, between 2008 and 2010, 78 of them avoided paying any taxes at all. That is only one way these corporations raided the futures of millions of their fellow Americans. Robert McIntyre, Director at Citizens for Tax Justice and lead author on the report, says, “These 280 corporations received a total of nearly $223 billion in tax subsidies. This is wasted money that could have gone to protect Medicare, create jobs and cut the deficit.”

Some of the highlights, or low points, of the report:

  • 38 corporations had negative tax rates all three years. Pepco Holdings topped the list, at -57.6%, with General Electric second at -45.3%.
  • In 2009 49 companies paid zero or less federal taxes
  • In 2008, 22 of the 280 companies did not pay one dollar in federal taxes, but they received $3.3 billion in tax rebates. In 2010, those numbers jumped to 37 companies that paid no taxes but received $7.8 billion in rebates.

The list of tax avoiders and subsidy recipients includes a lot of familiar names, such as Boeing, Yahoo, Yum Brands, Marathon Oil, FedEx, Hewlett Packard, American Express, and Time Warner. Corporations point out they are doing nothing illegal paring their taxes to nothing and receiving rebates. They are merely abiding by tax laws. However, as the report points out, “The laws were not enacted in a vacuum; they were adopted in response to relentless corporate lobbying, threats and campaign support.”

Tax reform is desperately needed in a country where the growing gap between rich and poor is leaving the country at risk for social instability and continuing economic chaos. However, “GOP candidates for president are all promoting huge cuts in the corporate tax or, in several cases, even elimination of the corporate income tax entirely.”

The whole report is worth reading, especially as campaign rhetoric heats to the melting point in advance of the 2012 elections.  Should elected politicians be held accountable for this untenable situation?    Can voters make them change the system?  What do you think?

Related Care2 Stories

Top 10 US Corporate Tax Avoiders Named on Senate Floor

Top 25 Hedge Fund Managers Make Almost $1 Billion Each – And Pay Less Taxes Than You Do

Cantor Tells Republicans to Dig in on Tax Increases

Emphasis Mine

see:http://www.care2.com/causes/rob-from-the-poor-give-to-the-rich.html

GOP’s Debt Solution: Soak the Poor

A single mother struggling to keep a roof over her child’s head would probably love to trade places with a six-figure earner and bear the burden of paying federal income tax on a comfortable salary.

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By Carl Gibson, Reader Supported News

“magine a bulky schoolyard bully routinely holding you and your classmates upside-down by your shoes and pocketing the money that falls out, using the amount gained from his extortion to buy a new bike at the end of each semester. Now imagine enduring this process every day, all year, throughout each grade of school.

What if one day, the bully actually complained that you weren’t bringing enough lunch money to school because he wanted a nicer bike? Would you comply and let him rob you of a larger amount, or would you and your fellow classmates surround the teacher and demand the bully return the money he stole?

Despite billionaire Warren Buffett‘s pleas to reduce the deficit by shifting the tax burden to the super-rich, Republican members of Congress have officially come out in favor of raising taxes on the poor, while fiercely protecting trillions in tax handouts for billionaires, big oil and corporate jet owners. Right-wing politicians and corporate-media pundits have now set their sights on “lucky duckies,” or the bottom half of Americans who don’t pay federal income taxes. As law professor Edward Kleinbard noted, this statement is misleading and ignores the need for meaningful reform of our tax code.

Jon Stewart creatively dismantled the poor-people-don’t-pay-taxes argument on The Daily Show, highlighting conservatives who dismissed the $700 billion in revenue gained from ending the Bush tax cuts for the wealthy in 2010. According to Stewart’s calculations, taking exactly half of everything owned by the bottom 50% of Americans would also generate $700 billion, exactly as much revenue as increasing the tax rate for the richest Americans by a modest 3%. Stewart sarcastically suggested Republicans trim the deficit by seizing all assets owned by the bottom half of Americans.

It’s incredibly audacious for the rich to ask the poor to pay more in taxes in order to protect theirbudget-busting tax breaks, especially considering America’s wealth disparity. The gap between the richest and everyone else has grown to levels even greater than on the eve of the crash that triggered the great depression, with the top .001% of Americans now owning 976 times more than the bottom 90%. In 1928, the richest only owned 892 times more than the bottom 90%.

And of course, those accusing the working poor of freeloading ignore the fact that 1 in 4 American jobs don’t even pay poverty wages, or that the federal income tax is inherently designed to avoid hitting the poor, the elderly and working families with children. Such bold accusations also ignore the reality that all of the aforementioned groups still pay roughly one-third of their income in sales, property, payroll and excise taxes.

A single mother struggling to keep a roof over her child’s head would probably love to trade places with a six-figure earner and bear the burden of paying federal income tax on a comfortable salary. But would a six-figure earner be willing to work three part-time minimum wage jobs and still worry about how the rent is going to be paid at the end of the month? Would he really be eager to forgo paying federal income tax if it meant he had to scrape quarters together to buy beans, lentils and ramen noodles for dinner?

Big oil doesn’t need $4 billion per year in taxpayer subsidies – they’re making record profits. Excessive tax cuts for millionaires and billionaires won’t create jobs – the unemployment rate doubledafter ten years of the Bush tax cuts. And corporate jet owners don’t need a tax break while public employees nationwide are losing their jobs to budget cuts.

America needs to surround our teacher before recess and make a strong statement together – the bullies don’t need to rob us of our lunch money to continue their excessive lifestyles. Let’s stop subsidizing wealth for the sake of wealth, and leave struggling middle-class families alone.

Carl Gibson, 24, of Lexington, Kentucky, is a spokesman and organizer for US Uncut, a nonviolent, creative direct-action movement to stop budget cuts by getting corporations to pay their fair share of taxes. He graduated from Morehead State University in 2009 with a B.A. in Journalism before starting the first US Uncut group in Jackson, Mississippi, in February of 2011. Since then, over 20,000 US Uncut activists have carried out more than 300 actions in over 100 cities nationwide. You may contact Carl at carl@rsnorg.org.

Reader Supported News is the Publication of Origin for this work. Permission to republish is freely granted with credit and a link back to Reader Supported News.”

Emphasis Mine

see:http://readersupportednews.org/opinion2/279-82/7202-gops-debt-solution-soak-the-poor

Income Disparity on the Rise; Services in decline…

socialism in reverse.

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From Common Dreams:

A Progressive Tax: It’s Not Socialism, It’s Correctionism

by Paul Buchheit

“People don’t want to talk about taxes. Most of us are afraid that a tax increase will impact ALL of us. The media shies away from such a controversial topic. Certainly the rich don’t want to talk about it. And even lower-income people seem to have this sense that they will be wealthy someday, and government shouldn’t interfere with their plans.

So on we go with the cutbacks in train and bus service, and the loss of teachers, the cancellation of after-school programs in low-income areas, reductions in library hours and park services. Plus, of course, increases in state income taxes, sales taxes, property taxes, gas taxes, cigarette taxes, utility costs, license fees, parking meter rates.

The public rarely hears about one of the major causes of this assault on the middle class.

From 1980 to 2006 the richest 1% of America TRIPLED their after-tax percentage of our nation’s total income, while the bottom 90% have seen their share drop over 20%.

That’s a TRILLION dollars a year, one-seventh of America’s total income, that went to the richest 1% while 90% of us went backwards.

But, many people ask, don’t the very rich pay most of the taxes? Just federal income tax. And they pay less than 23% of their incomes in federal income tax. If state and local taxes, social security tax, and excise taxes are included, the lowest-earning half of America pays 24% of their incomes in taxes.

But isn’t taxing the rich a form of socialism? Since 1980, if the average working family had received compensation based on its relative contribution to America’s prosperity, it would be making an average of $45,000 a year instead of $35,000. Through 30 years of deregulation and financial maneuvering, the richest 1% have taken $10,000 a year from every American family. That’s socialism in reverse….

More significantly, our economy allows a tiny percentage of us to take an inordinate amount of money from society, at an increasing rate. Some people may have dropped out of this elite group, but those who have moved in are making even more! The result is a system in which one man (hedge fund manager John Paulson in 2007) can make more money than the total of the salaries of every police officer, firefighter, and public school teacher in Chicago, while another man stands hungry in the cold. And any attempt to fix the system is called socialism.

So what’s the solution? Several states have implemented more progressive tax systems. And they have apparently not caused wealthy people to transfer their fortunes out-of-state. A 2008 study by Princeton University determined that “the ‘half-millionaire tax,’ at least in New Jersey, appears to be an effective and efficient revenue-generation mechanism, having little impact on migration patterns among half-millionaire households.” [1] Similarly, little adverse effect of higher taxes was found in Maryland or Oregon. [2] A study by the California Budget Project revealed that the number of high-income households actually grew during periods of higher income tax rates for top earners. [3] Oregon recently passed Measures 66 and 67, which impose modest income tax increases on the wealthiest residents and raise the corporate minimum tax for the first time in 80 years.

President Obama is right to seek a progressive federal tax structure in which the very rich will return some of the money derived from years of deregulation and shrewd financial strategies. We need Congress and the media to support this way of thinking.”

Paul Buchheit is a faculty member in the School for New Learning at DePaul University.

Note: All the facts cited herein are from the Internal Revenue Service, the U.S. Congressional Budget Office, and the Institute on Taxation and Economic Policy.

1. Tax Foundation. Summary of Latest Federal Individual Income Tax Data. July 18, 2008 <http://www.taxfoundation.org/news/show/250.html>.

2. Institute on Taxation and Economic Policy, “Who Pays?” (January, 2003) <http://www.itepnet.org/wp2000/text.pdf>; see also Citizens for Tax Justice <http://www.ctj.org/itep/ilquestions.htm>: Citizen’s Guide to the Illinois State Tax System: What Every Concerned Illinoisan Should Know (Illinoisans who make less than $15,000 per year pay 13 percent of its income in state taxes. Middle class families pay 10 percent of their income in taxes. Wealthy Illinoisans, with an average income of $1.2 million pay only 6 percent of their income in state taxes.

3. U.S. Congressional Budget Office. “Historical Effective Federal Tax Rates: 1979 to 2005,” December, 2007. <http://cbo.gov/ftpdocs/88xx/doc8885/EffectiveTaxRates.shtml>. (Note: the corporate income tax, which derives from capital ownership, are not considered in this analysis; the responsibility for these taxes is subject to dispute; see William C. Randolph, “International Burdens of the Corporate Income Tax,” Congressional Budget Office, August 2006 <http://cbo.gov/ftpdocs/75xx/doc7503/2006-09.pdf>: “..domestic labor bears slightly more than 70 percent of the burden of the corporate income tax”; see also Andrew Chamberlain, “Who Really Pays the Corporate Income Tax?” The Tax Foundation, May 4, 2006 <http://www.taxfoundation.org/blog/show/1467.html>; Bob Williams, “Who Really Pays the Corporate Income Tax?” Tax Policy Center, August 2008; Scott A. Hodge and Gerald Prante, “Personalizing the Corporate Income Tax,” The Tax Foundation, October 25, 2007 <http://www.taxfoundation.org/research/show/22694.html>.)

see: http://www.commondreams.org/view/2010/02/04-7