How fair is the US tax system? And who pays the largest share of their income in taxes?
Good afternoon, welcome to the Last Call. I'm Rob Lorei.Next Tuesday is the deadline to file your federal income tax form for last year. Today weâ€™re going to discuss taxes and look at which income groups pay the most taxes, whether there is a transfer of wealth from the very rich to the very poor, and what happens when big corporations pay little or no taxes. We'll talk with Steve Wamhoff, Legislative Director of Citizen's for Tax Justice, a Washington DC based non profit. Recently the CTJ found that: - "Virtually every American pays taxes (we have yet to meet one who doesnâ€™t).
The federal income tax stands out for being progressive, and all the other taxes the vast majority of Americans do pay (state, sales, payroll, etc.) weigh most heavily on mid- and lower income families.
As a share of total income, the richest Americans donâ€™t pay a much higher tax rate than the middle 20%.
And more, including 3 handy graphics.
The link with access to a PDF version is here."
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