Three lies about taxes -- the definitive myths taken-downQuicklink submitted by Amanda Lang Permalink
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|Poor people don't pay enough, while corporations and the rest of us pay too much. No, no, and no. The Center on Budget and Policy Priorities provide the definitive takedown of this myth. "...Nearly all working Americans pay payroll taxes to fund Medicare and Social Security. In 2007, the poorest Americans -- taxpayers in the bottom fifth of income -- paid 8.8% of their income as payroll taxes. The next 5th paid almost 10%. The top 20% of earners paid only 5.7%. And of course, these numbers don't include state and local taxes or excise fees like gas taxes, which tend to have a regressive impact that hits poorer Americans harder. Bottom line: only 14% of Americans don't pay either federal income taxes or payroll taxes -- and that group is made up primarily of "low-income people who are elderly, unable to work..."|
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