By Joe Crowe – Re-Blogged From http://www.newsmax.com
Americans that earned six figures or more paid 79.5 percent of the nation’s share in individual income taxes in 2014, according to preliminary IRS information, reports The Washington Free Beacon.
In 2014, Americans paid a total of $1,358,093,169,000 to the IRS in individual income taxes. Americans earning $100,000 or more paid $1,079,392,180,000 or 79.5 percent of the total.
Those top earners represented 16 percent of the total number of individual income tax returns filed with the IRS in 2014. The highest earners were 23,745,195 of the 148,686,586 individual returns filed.
“Liberals say that high earners pay a high share of taxes only because they have high incomes,” Cato Institute tax policy expert Chris Edwards explained in the Beacon report.
“But high earners also pay much higher tax rates than everyone else,” Edwards continued. The top fifth of earners paid a 14-percent tax rate, while the middle fifth paid at a 2-percent rate, he added, citing Congressional Budget Office figures. The U.S. progressive tax rate is the highest among wealthy nations. Edwards called on Congress to make the U.S. tax code “more equal and proportional,” because “the level of progressivity in the tax code has become extreme.”