According to the Congressional Budget Office, Congress will spend $3.8 trillion this year, about 24 percent of our $15 trillion gross domestic product. But federal tax revenue will be much less, only $2.5 trillion,...
wsmith-84 is clueless Every state has a progressive income tax, so high income earners pay more in state income taxes, both in absolute terms and as a % of income. Re: sales tax, the wealthy spend at a level commensurate with their incomes so they pay more in sales and excise taxes (perhaps not as a % of income, but they do pay more in real $ terms). And property taxes - A fellow living in a million $ home has a greater tax burden than the guy renting an apartment. Re payroll taxes - sorry wrong again. Medicare taxes are based on income and are not capped. OK, so FICA has a $110,000 cap. I doubt that that one exception to tax progressivity is enough to invalidate Williams' argument.
The Washington, D.C.-based Tax Foundation does a yeoman's job of keeping track of how much we're paying in taxes and who's paying what. It turns out that American taxpayers worked this year from Jan. 1 to April 17, 107 days, to earn enough money to pay their federal, state and local tax bills. That statistic requires some clarification, and I ask my readers to help me examine it.
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