Showing posts with label CTJ. Show all posts
Showing posts with label CTJ. Show all posts

Wednesday, April 4, 2012

Who Pays Taxes in America?

A Citizens for Tax Justice (CTJ) report details who actually does pay taxes in the United States:

"It’s often claimed that the richest Americans pay a disproportionate share of taxes while those in the bottom half pay nothing. These claims ignore the many taxes that most Americans are subject to — federal payroll taxes, federal excise taxes, state and local taxes — and focus instead on just one tax, the federal personal income tax. The other taxes are mostly regressive, meaning they take a larger share of income from a poor or middle-income family than they take from a rich family."

So basically, conservatives choose to ignore the hollow argument about how the wealthy pay a disproportionately high amount of taxes since the more regressive sales taxes hit everyone and Social Security taxes are capped so people above a certain income level (the amount of which escapes me right now) pay the same regardless of their income.


So read the whole report to figure out why this graph flattens halfway through and then starts to drop at the right.

Thursday, August 18, 2011

CTJ: Warren Buffett Is Right, the Wall Street Journal Is Wrong

Citizens for Tax Justice explains how Warren Buffett is right and The Wall Street Journal is wrong:

"Warren Buffett, the billionaire investor and CEO of Berkshire Hathaway, called for higher taxes for millionaires in a widely-noted op-ed this week. As expected, the Wall Street Journal reacted with a variety of misleading counter-arguments. We conclude that:

1. Buffett is correct that the tax breaks that benefit the wealthy investor class, like the capital gains and dividends preferences, are unfair.
2. The Wall Street Journal’s arguments that these types of investment income are double-taxed are incorrect.
3. Contrary to what the Journal claims, President Obama’s tax plan is in keeping with Buffett’s call for higher taxes on millionaires.
"

Read the whole post for more. Well done, CTJ. Well done.