Counting transfer payments such as foods stamps, Medicaid, Medicare, and other government welfare, Congressional Budget Office (CBO) analysis shows the top 40% pay 106% of all taxes (more than all of them). In turn the bottom 60% get money back.
Please consider The rich do not pay the most taxes, they pay ALL the taxes by CNBC reporter Jane Wells.
Buried inside a Congressional Budget Office report this week was this nugget: when it comes to individual income taxes, the top 40 percent of wage earners in America pay 106 percent of the taxes. The bottom 40 percent...pay negative 9 percent.
The key table is in Box 1 on PDF page 11 (report page 7) of Distribution of Household Income and Taxes. The report was released in December 2013 but data is for 2010.
Highlighting is mine.
That money had to come from somewhere, and it did.
Today, at 11:20 AM PT: Get the Market Movements in Advance; Williams Edge Webinar for August 21st, 2014 | John Ransom
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