{"id":18922,"date":"2016-01-03T20:42:05","date_gmt":"2016-01-04T04:42:05","guid":{"rendered":"https:\/\/cjnotebook.com\/?p=18922"},"modified":"2016-01-03T20:42:05","modified_gmt":"2016-01-04T04:42:05","slug":"fact-sheet-taxing-wealthy-americans","status":"publish","type":"post","link":"https:\/\/cjnotebook.com\/?p=18922","title":{"rendered":"Fact Sheet: Taxing Wealthy Americans"},"content":{"rendered":"<p><span style=\"font-size: 14pt;\"><a href=\"https:\/\/cjnotebook.com\/wp-content\/uploads\/2014\/04\/IRS-Forms.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-2717 alignleft\" src=\"https:\/\/cjnotebook.com\/wp-content\/uploads\/2014\/04\/IRS-Forms-300x198.jpg\" alt=\"Tax Filing Deadline\" width=\"300\" height=\"198\" srcset=\"https:\/\/cjnotebook.com\/wp-content\/uploads\/2014\/04\/IRS-Forms-300x198.jpg 300w, https:\/\/cjnotebook.com\/wp-content\/uploads\/2014\/04\/IRS-Forms-1024x677.jpg 1024w, https:\/\/cjnotebook.com\/wp-content\/uploads\/2014\/04\/IRS-Forms-90x60.jpg 90w, https:\/\/cjnotebook.com\/wp-content\/uploads\/2014\/04\/IRS-Forms-180x120.jpg 180w, https:\/\/cjnotebook.com\/wp-content\/uploads\/2014\/04\/IRS-Forms-95x64.jpg 95w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>It\u2019s time for the wealthiest Americans and big corporations to pay their fair share of taxes. When they take unfair advantage of the many loopholes in the tax code the rest of us pick up the tab, according to Americans for Tax Fairness.<\/span><\/p>\n<p><span style=\"font-size: 14pt;\">The nonprofit organization insist that tax laws continue to benefit the wealthiest Americans, citing the following facts:<\/span><\/p>\n<ul>\n<li><span style=\"font-size: 14pt;\">The richest <a href=\"http:\/\/www2.ucsc.edu\/whorulesamerica\/power\/wealth.html\" target=\"_blank\">1% of Americans own 35% of the nation\u2019s wealth.<\/a> The bottom 80% own just 11% of the nation\u2019s wealth.<\/span><\/li>\n<li><span style=\"font-size: 14pt;\">In the 1950s and 1960s, when the economy was booming, the wealthiest Americans paid a <a href=\"http:\/\/www.ctj.org\/pdf\/regcg.pdf\" target=\"_blank\">top income tax rate of 91%.<\/a> Today, the top rate is 43.4%.<\/span><\/li>\n<li><span style=\"font-size: 14pt;\">The richest 1% pay an <a href=\"http:\/\/ctj.org\/ctjreports\/2014\/04\/who_pays_taxes_in_america_in_2014.php#.U84UG7EYdOg\" target=\"_blank\">effective federal income tax rate of 24.7% in 2014;<\/a> someone making an average of $75,000 is paying a 19.7% rate.<\/span><\/li>\n<li><span style=\"font-size: 14pt;\">The average federal income tax rate of the <a href=\"http:\/\/www.irs.gov\/pub\/irs-soi\/09intop400.pdf\" target=\"_blank\">richest 400 Americans was just 20 percent<\/a>in 2009.<\/span><\/li>\n<li><span style=\"font-size: 14pt;\">Taxing investment income at a much lower rate than salaries and wages are taxed<a href=\"http:\/\/cbo.gov\/sites\/default\/files\/cbofiles\/attachments\/43768_DistributionTaxExpenditures.pdf\" target=\"_blank\">loses $1.3 trillion<\/a> over 10 years.<\/span><\/li>\n<li><span style=\"font-size: 14pt;\">1,470 households reported income of more than $1 million in 2009 but paid <a href=\"http:\/\/content.usatoday.com\/communities\/ondeadline\/post\/2011\/08\/irs-1470-millionaires-paid-no-income-tax-in-09\/1\" target=\"_blank\">zero federal income taxes<\/a> on it.<\/span><\/li>\n<li><span style=\"font-size: 14pt;\">CEOs of major corporations earn nearly <a href=\"http:\/\/www.epi.org\/press\/ceos-296-times-typical-workers-2013\/\" target=\"_blank\">300 times more than an average worker.<\/a><\/span><\/li>\n<li><span style=\"font-size: 14pt;\"><a href=\"http:\/\/www.epi.org\/publication\/rising-income-inequality-role-shifting-market\/\" target=\"_blank\">30 percent of income inequality<\/a> is due to unfair taxes and budget cuts to services and benefits.<\/span><\/li>\n<li><span style=\"font-size: 14pt;\">The largest contributor to increasing income inequality has been <a href=\"http:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=2207372\" target=\"_blank\">changes in income from capital gains and dividends.<\/a><\/span><\/li>\n<\/ul>\n<p><span style=\"font-size: 14pt;\">For more information click:<\/span> \u00a0\u00a0<strong><span style=\"font-size: 14pt;\"><a href=\"http:\/\/www.americansfortaxfairness.org\/tax-fairness-briefing-booklet\/fact-sheet-taxing-wealthy-americans\/\">Americans for Tax Fairness<\/a><\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>t\u2019s time for the wealthiest Americans and big corporations to pay their fair share of taxes. When they take unfair advantage of the many loopholes in the tax code the rest of us pick up the tab, according to Americans for Tax Fairness.<\/p>\n","protected":false},"author":1,"featured_media":675,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[124],"tags":[2061,2060],"class_list":["post-18922","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tips-trivia-and-tidbits","tag-americans-for-tax-fairness","tag-tax-laws"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Fact Sheet: Taxing Wealthy Americans<\/title>\n<meta name=\"description\" content=\"t\u2019s time for the wealthiest Americans and big corporations to pay their fair share of taxes. 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