Concept: August 2, 2021. Who Pays Federal Income Taxes in the US?
Taxes are one of the unavoidable aspects of life. The United States of America taxes people in several ways. One of the taxes levied is the Federal Income Tax.
The Federal Income Tax is designed to be progressive. This means that the higher income you have, the higher the percentage of income you have to give the government in the form of tax.
According to data form 2015, obtained from this article, taxpayers with adjusted gross incomes greater than US$ 200,000 pay 58.8% of all the collected Federal Income Tax, while people with adjusted gross incomes less than US$ 30,000 pay only 1.4% of the collected Federal Income Tax.
It is important to realize that there are other taxes that individuals pay, such as Medicare, Social Security, state and local taxes. In addition, there are sales taxes and property taxes. Finally, there is one hidden tax, the inflation tax.
This post is intended to only raise awareness. In order to make actual financial decisions please contact your financial advisor and/or tax advisor prior to making the decision.
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