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The Congressional Budget Office (CBO) just released its annual report on “The Distribution of Household Income and Federal Taxes” analyzing data through 2011 on American household’s:
a) average “market income” (a comprehensive measure that includes labor income, business income, and income from capital gains),
b) average household transfer payments (payments and benefits from federal, state and local governments including Social Security, Medicare and unemployment insurance),
and c) average federal taxes paid by households (including income, payroll, corporate, and excise taxes). Some of the key findings of the CBO analysis are displayed in the table above, with the data organized by household income quintiles. The data in the first five rows above appear in the CBO report (from Tables 1 and 4), and rows 6-8 above have been calculated separately based on data from the first four rows in the table.
New CBO study shows that ‘the rich’ don’t just pay their ‘fair share,’ they pay almost everybody’s share
originally posted by: jjkenobi
I'm in Quintile 4 and I have no idea what the government is providing me that could negate my income. The article says I would get $14,100 back in "transfer payments". What in the?? I'll take a check please. Everything I do and buy and earn is taxed out the wazoo.
originally posted by: EarthCitizen23
a reply to: xuenchen
This Does come from the Congressional Budget Office.
I am sure they Know who Pays for them To be in Office
That would be the Rich and Corporations,, so I think they are
Getting ALL of the Benefits they Want and Pay for thru Lobby, not as stated the Least.
I Call BS.
The American Enterprise Institute is a community of scholars and supporters committed to expanding liberty, increasing individual opportunity and strengthening free enterprise.
Some additional analysis and commentary will be provided here that reveal a yet-to-be discussed major implication of the CBO report – almost the entire burden: a) of all transfer payments made to American households and b) of all non-financed government spending, falls on just one group of Americans – the top one-fifth of US households by income.
Here’s another way to think about the burden of the “net payer” top income quintile. The average household in that income quintile made a contribution net of transfers in 2011 in the amount of $46,500.
originally posted by: xuenchen
Looks like the Congressional Budget Office has come up with some alarming data about just who pays the biggest chunk of taxes and who gets the lump sum advantages.
The "Rich" pay by far the most and get the least back.
Such imbalances will certainly lead to massive tax protests in the near future.
originally posted by: xuenchen
Looks like the Congressional Budget Office has come up with some alarming data about just who pays the biggest chunk of taxes and who gets the lump sum advantages.
The "Rich" pay by far the most and get the least back.
What Are the Trends in the Distribution of Household Income and Federal Taxes?
Over the 33-year period from 1979 to 2011, average after-tax income—which equals market income plus government transfers minus federal taxes—grew at significantly different rates at different points in the income scale.
For households in the top 1 percent of the income distribution, inflation-adjusted after-tax income grew at an estimated average rate of 3.5 percent per year. As a result, inflation-adjusted after-tax income was 200 percent higher in 2011 than it was in 1979 for households in that group.
In contrast, households in the bottom quintile experienced inflation-adjusted after-tax income growth of 1.2 percent per year, on average. Consequently, inflation-adjusted after-tax income was 48 percent higher in 2011 than it was in 1979 for that income group.
Those differences in growth rates for after-tax income are largely attributable to differences in growth rates for market income, although changes in taxes and transfers played a role as well.
originally posted by: xuenchen
a reply to: EarthCitizen23
But it's official government published.