Tag Archives: income tax

Ready for Higher Taxes? Congress Thinks You Are!

CapitolMoneyAs was mentioned in a previous post, Congress has the power to set the country’s financial affairs.  That includes how much money comes in (through your income tax) and how much money goes out (for things like the military, social programs, and infrastructure).  This decision is made every year through the process of voting on a Federal budget, and it just so happens to be that time again.  So what are the boys and girls in the Capitol doing this time around?  Here’s a clue – “Tax cuts?  We don’t need no stinkin’ tax cuts!” Continue reading

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Filed under Government, Taxes

50% of Taxpayers pay 97% of All Taxes

Empty PocketHow much in taxes do you pay in a year to the Federal government?  Probably more than your fair share.

According to the IRS (www.irs.gov), the top 50% of taxpayers pay nearly 97%  of all the revenue brought in by the income tax.  Does that seem fair to you?  I’ll have to do some more digging, but I’d bet that the top 50% of taxpayers don’t necessarily utilize 97% of all Federal services… Continue reading

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Filed under Taxes