Posted by tecwrg on 6/16/2014 3:48:00 PM (view original):
Posted by tecwrg on 6/16/2014 3:22:00 PM (view original):A quick check, and I found 2012 numbers.
Would you prefer that I take it away?
I'll do that if you wish.
Let me know.
Total gross income for the U.S. was around $15.7 trillion dollars. Total individual income tax revenues was around $1.132 trillion. That comes out to around 7.2%.
So that works for me.
No exemption, and EVERYBODY pays a 7.2% tax rate.
A) I think you read whatever income chart you used incorrectly, total AGI for personal income taxes in 2011 was $8,374,143,000,000 (irs.gov
). Obviously a different year than 2012, but I don't think it would have almost doubled in 2012.
B) You need to include payroll taxes in the tax revenue part, unless you think social security is free?
For 2011, the numbers are the $8.374 trillion above and $2,163,000,000,000 in tax revenue from income and payroll taxes. That leaves a total rate of 25.83%.
Collecting 25.83% from everyone would be a significant tax increase on the poor and middle class and a big tax cut for the upper class. Is that what you're advocating?