March 5, 2013
Tax Bills For The Rich At A 30-Year High
Washington is again gridlocked over whether to increase taxes for the wealthy. As the politicians debate, it is important to note that at this moment the wealthiest taxpayers in this country still pay more taxes than they have in past years while most of the population pays at historically low rates. The sobering truth of the matter is that lower income taxpayers are no longer paying the same amounts that they used to pay.
In 2013, the highest earning taxpayers will likely pay up to 35% of their income in taxes. The poorest taxpayers will likely have a negative income tax. In other words, they will file for more credits than they will owe in taxes. Some at the Tax Policy Center believe that this situation is why many high income taxpayers feel abused by the system. The issue, unfortunately for them, shows no sign of going away as President Obama and Democrats in Congress insist that any tax reform should include more taxes in addition to spending cuts.
See Stephen Ohlemacher, Tax Bills For Rich Families Approach 30-year High, Northwest Herald, Mar. 4, 2013.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
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Thank you for posting. Adding insult to injury are the various states, most noteworthy California now administering a 13% additional haircut.
Posted by: brian j. cohan | Mar 5, 2013 6:12:32 AM