America’s wealthy pay most of its taxes

By Sean R Parker

For the Deseret News

Published: Monday, Sept. 24 2012 4:01 p.m. MDT

While only 13 percent of U.S. citizens earn more than $100,000, they pay 87 percent of the nation’s income tax, according to a report by the Tax Foundation.

Jacquelyn Martin, Associated Press

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While only 13 percent of US citizens earn more than $100,000, they pay 87 percent of the nation’s income tax, according to a report by the Tax Foundation.

“Thanks to misdirected tax policy, America is becoming divided between a shrinking group of taxpayers who are bearing the lion’s share of the cost of government and a growing group of taxpayers who are disconnected from those costs,” said Tax Foundation President Scott Hodge in a press release.

Taxpayers who earn between $30,000 and $100,000 pay 13 percent of the country’s income tax while those who earn less than $30,000 receive more than they pay in income taxes due to refunds and deductions like the earned income tax credit and child credit.

Of the 143 million returns filed with the IRS this year, 41 percent owed nothing to the IRS, up from 25.2 percent in 2000.

The average tax rate for Americans is 10.1 percent while taxpayers who earn more than $250,000 pay 23 percent.

EMAIL: sparker@desnews.com

TWITTER: @SeanRParker

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