U.S. Federal Progressive Tax Structure
If you are having a problem paying your federal and state income taxes, consider these frightening statistics:
- The top 1 % of earners pay 40% of all federal income taxes.
- The top 10% of earners pay 73% of all federal income taxes.
- The top 53% of earners pay 100% of all federal income taxes.
- The bottom 47% of earners pay no federal income taxes.
If Congress raises taxes to the point that the bottom 51% of earners pay no federal income taxes, the no taxpayer voting block will have the power to increase taxes without limit on the 49% who do pay taxes. The result will mean disaster for the country.
While the numbers differ from state to state, the same risk exists in those states that have a heavily progressive income tax such as California.
There is no nation on this earth that has higher corporate taxes than the United States.
Nationwide Accounting Services