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It's called earned income credit, SNAP, energy assistance, Obama phones, and other things people get that net tax payers don't.
wtf
http://cnsnews.com/news/article/terence-p-jeffrey/cbotop-40-paid-1062-income-taxes-bottom-40-paid-91-got-average-18950
(CNSNews.com) - The top 40 percent of households by before-tax income actually paid 106.2 percent of the nation’s net income taxes in 2010, according to a new study by the Congressional Budget Office.At the same time, households in the bottom 40 percent took in an average of $18,950 in what the CBO called “government transfers” in 2010.
Taxpayers in the top 40 percent of households were able to pay more than 100 percent of net federal income taxes in 2010 because Americans in the bottom 40 percent actually paid negative income taxes, according to the CBO study en led, “The Distribution of Household Income and Federal Taxes, 2010.”
“When refundable tax credits, such as the earned income tax credit and the child tax credit, exceed the other federal tax liabilities of the households in an income group, those households are said to have a negative average tax rate,” said the CBO study.
“In its analysis, CBO measured individual income taxes net of refundable credits,” it said.
In 2010, the CBO determined, American households in the bottom 40 percent paid negative amounts in income-tax dollars and a negative average income-tax rate.
“Much of the progressivity of the federal tax system derives from the individual income tax,” said the report. “In 2010, the lowest quintile’s average rate for the individual income tax was -9.2 percent and the second income quintile’s rate was -2.3 percent.”
“A group can have a negative income tax rate if its refundable tax credits exceed the income tax otherwise owed,” said the CBO report.
The households in the top 20 percent by income paid 92.9 percent of net income tax revenues taken in by the federal government in 2010, said CBO. The households in the fourth quintile paid another 13.3 percent of net income tax revenues. Together, the top 40 percent of households paid 106.2 percent of the federal government’s net income tax revenue.
The third quintile paid another 2.9 percent—bringing the total share of net federal income tax revenues paid by the top 60 percent to 109.1 percent.
That was evened out by the net negative income tax paid by the bottom 40 percent.
Those in the second quintile paid -2.9 percent of net federal income tax revenues, and those in the bottom quintile paid -6.2 percent of federal income tax revenues.
When the the negative 9.1 percent in federal income taxes paid by those in the bottom 40 percent is subtracted from the 109.1 percent paid by those in the top 60 percent, federal tax revenues net out to an even 100 percent.
The CBO’s calculation of before-tax income included both the money a household earned and the money it got from the government.“Before-tax income is the sum of market income and government transfers,” said CBO. “Market income is composed of labor income, business income, capital gains, capital income (excluding capital gains), income received in retirement for past services, and other sources of income. Government transfers are cash payments and in-kind benefits from social insurance and other government assistance programs."
The households in the bottom 40 percent of income—which on average paid negative federal income taxes—were on average receiving many thousands of dollars in what the report calls “government transfers.” These transfers included, among other things, benefits from unemployment insurance, Medicare and Social Security, as well as from means-tested programs such as the Supplemental Nutrition Assistance Program (food stamps), and Medicaid.
“Government transfers increase income in all groups, but those increases, both in dollars and as a percentage of market income, are larger for groups with lower market income,” says the report.
According to the CBO, households in the bottom quintile received an average of $22,700 in government transfers in 2010 (including $14,300 in payments from Medicare and Social Security and $8,500 in payments from other government programs); and households in the second quintile received an average of $15,200 in government transfers (including $10,300 in payments from Medicare and Social Security and $4,900 from other government programs).
Thus, households in the bottom 40 percent received a combined average of $18,950 in government transfers in 2010.
Households in the middle quintile got an average of $10,800 in transfers (including $7,900 from Medicare and Social Security and $2,900 from other programs). Households in the fourth quintile got an average of $7,400 in transfer (including $5,500 from Medicare and Social Security and $1,900 from other programs). And households in the top quintile got an average of $6,500 (including $5,500 from Medicare and Social Security and $1,300 from other programs).
Although they paid negative federal income taxes on average in 2010, Americans in the bottom 40 percent of households did end up paying some taxes to the federal government that year, according to the CBO.
Households in the lowest quintile paid 5.6 percent of the social insurance taxes (for Medicare, Social Security, etc.), and 13.4 percent of the excise taxes. The CBO also allotted them a 1.7 percent share of corporate income taxes.
But when these taxes that those in the bottom quintile actually paid are balanced against the refundable tax credits they received, households in this quintile ended up paying only 0.4 percent of federal taxes in 2010.
By contrast, those in the top quintile, according to CBO paid 68.8 percent of all federal tax revenues in 2010. That means those in the top quintile paid 172 times as much in taxes as those in the bottom quintile.
(The average after-tax income for American households in the bottom quintile in 2010 was $23,700, according to CBO. It then rose to $41,00 for households in the second quintile; $57,900 for households in the middle quintile; $80,600 for households in the fourth quintile; and $181,800 for households in the top quintile.)
- See more at: http://cnsnews.com/news/article/tere....8eBZ381b.dpuf
It's called earned income credit, SNAP, energy assistance, Obama phones, and other things people get that net tax payers don't.
You could start by being poor... from the same CBO report:
http://www.forbes.com/sites/beltway/...me-inequality/
sorry but if someone worked full time at walmart but got back 18950 they'd be doing better than my 1 year removed from college self, so in my eyes this is totally unfair and unjust. don't punish me for making the right decisions and not having 10 kids so i can get back tax payer money. these assholes should pay a suck my tax.
Sounds crazy I know, but if Walmart paid a living wage then people wouldn't need as much government assistance.......just saying..
If Walmart paid a living wage then they'd have to bump me up to 65k or I'd work at walmart, less stress.
You work for walmart?
US household wealth reaches record high $77.3 trillion
Source: Associated Press
Read more: http://m.miamiherald.com/mh/db_30859...tguid=DM7DtevFAmericans' wealth reached an all-time this summer, buoyed by record-setting stock prices and a healthy recovery in home values.
The Federal Reserve says to U.S. net worth, a measure of household wealth, rose 2.6 percent to $77.3 trillion in the July-September quarter. Net worth reflects the value of homes, stocks, bank accounts and other assets minus mortgages, credit cards and other debts.
Rising stock prices boosted Americans' net worth $917 billion. Higher home values added another $428 billion.
But the gains haven't been equally distributed. The wealthiest 10 percent of households own about 80 percent of stocks. And home ownership has declined since the recession, particularly among lower-income Americans.
This toon misses the point... It's not that they [Mary and Joseph] didn't have money to pay for a room; all the rooms in town were FULL because of the Roman Census. There was NO PLACE to stay...
Maybe the inn keeper was Rand Paul libertarian and simply refused to accept Jews.
Maybe he just didn't want to rent a room to a cuck and a cheating tbh.
lol
I hate poor people. If the Nbadans and boutons of the world had to deal with the creatures that inundated a certain Miami Hospital,today, they'd be singing a different tune.
The Roman Empire created the problem with their census in the first place TBH
You have a higher ceiling... but if the hits the fan, you get knocked on your head and end up with Avante-level of re ation, the idea is that you can still work at Walmart and live a decent life.
Here's a great example to follow:
"Citizens for Tax Justice has shown that over the decade 2003-2012, Boeing made $35 billion in pre-tax U.S. profits, yet paid negative tax to Washington state of $96 million and a whopping $1.8 billion in federal income tax refunds over that same period"
http://www.alternet.org/economy/boei...age=1#bookmark
Corporate-Americans are really different from Human-Americans
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