Chester New Matter 1st Quarter 2017 - 21

CCBA Feature
By Kevin J. Ryan, Esquire

IncomeTaxes.

Are you paying your fair share?

I

believe we hear the rhetoric all the time. Politicians'
saying "we just want wealthy people to pay their fair
share." In political speeches "wealth" is generally not
defined, nor is "fair share."
It is interesting that developed nations on average obtain
only one-third of their revenue from personal income taxes.
The United States on the other hand provides nearly half of the
federal revenue from the collection of "personal" income taxes.
If you divide the nation's 320,000,000 citizens into five equal
income categories, the top fifth (rich people) earn $134,000
per year or more. The bottom fifth (poor people) earn $24,200
or less. The total amount of U.S. income the top fifth earn is
51.3% of the total amount of income earned by all persons
in the United States. The bottom fifth earns 4.5% of the total
amount of income earned by all persons in the United States.

though they didn't pay any income taxes by reason of available
"credits".
Depending upon where you are in your own income levels,
your perception is probably going to be very different. Making
the blanket statement that "rich people" should pay their fair
share of taxes is subjective in nature. As of right now (by
definition), they pay almost 84% of all taxes paid in the United
States, even though they represent only 20% of the population.
The top category (let's call them "very wealthy"), who earn over
$615,000 per year, pay 45.7% of all income taxes paid in the
United States.
So let's go back to the initial question. Are you paying your
fair share?

The "rich people's" share of the income taxes collected . . .
would you believe it is 83.9%?
Are they paying their fair share? Let's look at the top 1%.
The top 1% of U.S. income earners earn $615,000 or more per
year. There are only approximately 3,000,000 people in this
category. These persons earn 17.1% of all personal income
earned, yet they pay 45.7% of all income taxes paid in the
United States. Do you think they are paying their fair share?
If you are fortunate to be in this category, you probably
believed you are paying more than your "fair share."
The bottom fifth of taxpayers, whose income range goes
from zero to $24,200, actually receive subsidies from the
United States so that their income taxes are -2.2%. (No wonder
some people look to file their income tax returns early.)
People in this category are often going to get a refund even

New Matter | 21



Table of Contents for the Digital Edition of Chester New Matter 1st Quarter 2017

Chester New Matter 1st Quarter 2017 - 1
Chester New Matter 1st Quarter 2017 - 2
Chester New Matter 1st Quarter 2017 - 3
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Chester New Matter 1st Quarter 2017 - 35
Chester New Matter 1st Quarter 2017 - 36
https://www.nxtbook.com/hoffmann/Chester_NewMatter/ChesterNewMatter3rdQtr2021
https://www.nxtbook.com/hoffmann/Chester_NewMatter/ChesterNewMatter2ndQtr2021
https://www.nxtbook.com/hoffmann/Chester_NewMatter/ChesterNewMatter_1stQtr2021
https://www.nxtbook.com/hoffmann/Chester_NewMatter/ChesterNewMatter4thQtr2020
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https://www.nxtbook.com/hoffmann/Chester_NewMatter/ChesterNewMatter1stQtr2020
https://www.nxtbook.com/hoffmann/Chester_NewMatter/ChesterNewMatter4thQtr2019
https://www.nxtbook.com/hoffmann/Chester_NewMatter/ChesterNewMatterFall2019
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https://www.nxtbook.com/hoffmann/Chester_NewMatter/ChesterNewMatter1stQtr2019
https://www.nxtbook.com/hoffmann/Chester_NewMatter/ChesterNewMatterFall2018
https://www.nxtbook.com/hoffmann/Chester_NewMatter/ChesterNewMatter3rdQtr2018
https://www.nxtbook.com/hoffmann/Chester_NewMatter/CNM_2ndQtr2018
https://www.nxtbook.com/hoffmann/Chester_NewMatter/ChesterNewMatter1stQtr2018new
https://www.nxtbook.com/hoffmann/Chester_NewMatter/ChesterNewMatterWinter2017
https://www.nxtbook.com/hoffmann/Chester_NewMatter/ChesterNewMatterFall2017
https://www.nxtbook.com/hoffmann/Chester_NewMatter/ChesterNewMatterSummer2017
https://www.nxtbook.com/hoffmann/Chester_NewMatter/ChesterNewMatterSpring2017
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