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News Link • TAXES: Federal

Who Pays What Taxes In The US

• zerohedge.com by Tyler Durden

 Traditionally, the question eventually boils down to one thing: what should the tax treatment of the "rich" be: should the wealthy pay more or less in taxes?

Why the particular focus on the rich? The answer is simple: while those American who declare $500,000 and above in income represent less than 1% of total tax returns, they account for a quarter of taxable income and - more importantly - are responsible for 37% of government revenues collected through individual income taxes.

And with approximately $1.55 trillion in individual income tax expected to be collected in 2016, this means that less than 1% of US taxpayers will be responsible for more than a third, or roughly $575 billion in government revenue, nearly double what corporate income taxes ($300 billion) are expected to bring in.

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