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Chris “Dirty” Dyer
שותף באופן ציבורי -#IRS #TaxationIsTheft
Mark J. Perry @Mark_J_Perry December 30, 2016 1:03 pm | AEIdeas
We hear all the time that “the rich aren’t paying their fair share of taxes” (you’ll find more than 4,000,000 Google search results for that phrase). In a 2013 video at the start of this second term, President Obama celebrated his tax increases that “make our tax code more progressive than it’s been in decades,” but then reiterated his belief that the wealthiest Americans still aren’t paying their “fair share” of taxes. Here’s an analysis using recent IRS data that suggests otherwise.
1. In 2014, the top 400 US taxpayers based on Adjusted Gross Income earned $127 billion collectively, and they paid $29.4 billion collectively in federal income taxes at an average tax rate of 23.13% (see chart above). Just those 400 taxpayers paid more than 2% of all the federal income taxes collected in 2014 ($29.4 billion out of $1.377 trillion).
2. In 2014, the bottom 50% of taxpayers, a group totaling nearly 70 million Americans, earned collectively more than $1 trillion and paid $37.7 billion in federal income taxes at average tax rate of about 3.4% (see chart above).
Update:
3. According to the IRS, the top 0.001 percent of US taxpayers (N = 1,396) paid $49.7 billion in federal income tax in 2014, which is $12 billion more than the taxes collected from the entire bottom 50% (see updated chart above). Also, because of the progressive income tax schedule, note that the bottom 50% of US taxpayers reported about 5 times as much income as the top 1/1000 of 1% (more than $1 trillion vs. $207 billion), but paid $12 billion (and 24%) less in income taxes in 2014.
Bottom Line: A small group of 400 of America’s most successful earners in 2014, about the number of residents living in a typical apartment building in Washington, D.C., paid almost as much in federal income taxes as the entire bottom half of America’s nearly 140 million tax filers, which is a population equivalent to the combined number of residents living in America’s 28 least populated states, plus the District of Columbia. A small group of fewer than 1,400 taxpayers paid $12 billion more in income taxes than than the entire bottom 50% of all taxpayers in 2014. What makes this disparity possible is the fact that 45.4% of individual income tax returns filed in 2014 had a zero or negative tax liability, according to The Tax Policy Center. And a recent CBO study (featured on CD here) found that the entire bottom 60% of American households are “net recipient households” and received more in government transfers than they paid in federal taxes in 2013.
When you have only 400 Americans paying almost as much in federal income taxes as the entire bottom 50% of Americans filing income tax returns, and only 1,400 taxpayers paying more income taxes than the bottom half of taxpayers, I think we can dismiss any notion of the rich not paying their “fair share” of taxes. In fact, maybe the IRS should publish the names and addresses of the Top 400 taxpayers (or provide a forwarding service to protect anonymity), so that we can all send them “Thank You” letters to express our gratitude for shouldering such a disproportionately large share of our collective tax burden.
Mark J. Perry @Mark_J_Perry December 30, 2016 1:03 pm | AEIdeas
We hear all the time that “the rich aren’t paying their fair share of taxes” (you’ll find more than 4,000,000 Google search results for that phrase). In a 2013 video at the start of this second term, President Obama celebrated his tax increases that “make our tax code more progressive than it’s been in decades,” but then reiterated his belief that the wealthiest Americans still aren’t paying their “fair share” of taxes. Here’s an analysis using recent IRS data that suggests otherwise.
1. In 2014, the top 400 US taxpayers based on Adjusted Gross Income earned $127 billion collectively, and they paid $29.4 billion collectively in federal income taxes at an average tax rate of 23.13% (see chart above). Just those 400 taxpayers paid more than 2% of all the federal income taxes collected in 2014 ($29.4 billion out of $1.377 trillion).
2. In 2014, the bottom 50% of taxpayers, a group totaling nearly 70 million Americans, earned collectively more than $1 trillion and paid $37.7 billion in federal income taxes at average tax rate of about 3.4% (see chart above).
Update:
3. According to the IRS, the top 0.001 percent of US taxpayers (N = 1,396) paid $49.7 billion in federal income tax in 2014, which is $12 billion more than the taxes collected from the entire bottom 50% (see updated chart above). Also, because of the progressive income tax schedule, note that the bottom 50% of US taxpayers reported about 5 times as much income as the top 1/1000 of 1% (more than $1 trillion vs. $207 billion), but paid $12 billion (and 24%) less in income taxes in 2014.
Bottom Line: A small group of 400 of America’s most successful earners in 2014, about the number of residents living in a typical apartment building in Washington, D.C., paid almost as much in federal income taxes as the entire bottom half of America’s nearly 140 million tax filers, which is a population equivalent to the combined number of residents living in America’s 28 least populated states, plus the District of Columbia. A small group of fewer than 1,400 taxpayers paid $12 billion more in income taxes than than the entire bottom 50% of all taxpayers in 2014. What makes this disparity possible is the fact that 45.4% of individual income tax returns filed in 2014 had a zero or negative tax liability, according to The Tax Policy Center. And a recent CBO study (featured on CD here) found that the entire bottom 60% of American households are “net recipient households” and received more in government transfers than they paid in federal taxes in 2013.
When you have only 400 Americans paying almost as much in federal income taxes as the entire bottom 50% of Americans filing income tax returns, and only 1,400 taxpayers paying more income taxes than the bottom half of taxpayers, I think we can dismiss any notion of the rich not paying their “fair share” of taxes. In fact, maybe the IRS should publish the names and addresses of the Top 400 taxpayers (or provide a forwarding service to protect anonymity), so that we can all send them “Thank You” letters to express our gratitude for shouldering such a disproportionately large share of our collective tax burden.
We hear all the time that “the rich aren’t paying their fair share of taxes” (you’ll find more than 4,000,000 Google search results for that phrase). In a 2013 video at the start of this second term, President Obama celebrated his tax increases that “make our tax code more progressive than it’s been in decades,” [...]
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+cheerdiver
This article is about Income Taxes. No play on words or no manipulations. It is very simple to understand and straightforward
This article is about Income Taxes. No play on words or no manipulations. It is very simple to understand and straightforward
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הוסף תגובה...
Chris “Dirty” Dyer
שותף באופן ציבורי -#IRS just willfully doing what it wants with California Courts Help
BY Jasmine Solana ON December 29, 2016
No dice for you Coinbase customer.
IRS refuses to yield in Coinbase case, fires back at bitcoin customerThat was the firm answer given by the U.S. Internal Revenue Service (IRS) in connection with the motion filed by a bitcoin user who sought to block the tax agency from issuing a “John Doe” summons on the bitcoin wallet service, Forbes reported.
Several weeks ago, Los Angeles-based lawyer Jeffrey Berns went to court to dispute the legitimacy of IRS effort to obtain the identity and full transaction history of Coinbase customers who bought virtual currency from the company between 2013 and 2015.
Berns, a customer of the bitcoin wallet service, wants the court to either quash its previous approval or put in place a protective order to stop the IRS in its tracks. In his filing, Berns argued that the John Doe summons “would constitute an abuse of process,” describing the tax agency’s request to obtain the user records as “overboard.”
In its response, the IRS turned Berns’ argument against him, telling the court that since he identified himself as a Coinbase user, he’s no longer the subject of the summons or even connected to the matter, and that the issue—as it affects Berns—has effectively been resolved. This means that Berns motion is now moot.
The John Doe summons will be used to obtain information about possible violations of internal revenue laws by individuals whose identities are unknown, the court said. Specifically, these summons direct Coinbase to produce records identifying U.S. taxpayers who have used its services, along with other documents relating to their virtual currency transactions.
Coinbase, a start-up based in San Francisco with funding from several leading venture capital firms, was put under intense scrutiny after tax agents uncovered found three cases in which people were using Bitcoin to evade taxes. This prompted in the IRS request for a John Doe summon, which was approved by a Northern California District Court judge in November.
BY Jasmine Solana ON December 29, 2016
No dice for you Coinbase customer.
IRS refuses to yield in Coinbase case, fires back at bitcoin customerThat was the firm answer given by the U.S. Internal Revenue Service (IRS) in connection with the motion filed by a bitcoin user who sought to block the tax agency from issuing a “John Doe” summons on the bitcoin wallet service, Forbes reported.
Several weeks ago, Los Angeles-based lawyer Jeffrey Berns went to court to dispute the legitimacy of IRS effort to obtain the identity and full transaction history of Coinbase customers who bought virtual currency from the company between 2013 and 2015.
Berns, a customer of the bitcoin wallet service, wants the court to either quash its previous approval or put in place a protective order to stop the IRS in its tracks. In his filing, Berns argued that the John Doe summons “would constitute an abuse of process,” describing the tax agency’s request to obtain the user records as “overboard.”
In its response, the IRS turned Berns’ argument against him, telling the court that since he identified himself as a Coinbase user, he’s no longer the subject of the summons or even connected to the matter, and that the issue—as it affects Berns—has effectively been resolved. This means that Berns motion is now moot.
The John Doe summons will be used to obtain information about possible violations of internal revenue laws by individuals whose identities are unknown, the court said. Specifically, these summons direct Coinbase to produce records identifying U.S. taxpayers who have used its services, along with other documents relating to their virtual currency transactions.
Coinbase, a start-up based in San Francisco with funding from several leading venture capital firms, was put under intense scrutiny after tax agents uncovered found three cases in which people were using Bitcoin to evade taxes. This prompted in the IRS request for a John Doe summon, which was approved by a Northern California District Court judge in November.
U.S. Internal Revenue Service said No dice for you Coinbase customer. This is in connection with the motion filed by a bitcoin user who sought to and more
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McDermott Will & Emery
שותף באופן ציבורי -#IRS Advises Examiners to Use Aggregate Approach in Valuing Outbound Transfers http://ow.ly/L54s307W8sj #intangibles #offshoring #tax
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McDermott Will & Emery
שותף באופן ציבורי -#ChiefCounsel William J. #Wilkins Resigns Effective 1/20/17 #ObamaAdministration #IRS http://ow.ly/vuK9307WoDC
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The Bitcoin Store
שותף באופן ציבורי -Keep fighting the good fight, Jeffrey Berns. #IRS #privacy #TaxationIsTheft #bitcoin #coinbase http://ow.ly/TkTu307VWIH
One lawyer is fighting back against what he sees as a government overreach that affects bitcoin users. Here's his story.
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TaxAudit.com
שותף באופן ציבורי -Sole proprietors & independent contractors: Get #IRS info you need at Small Business and Self-Employed Tax Center. http://bit.ly/2ibGY7X via @IRSnews
Forms & Pubs · Help & Resources · for Tax Pros · Corporations · Partnerships · International Businesses · Small Businesses & Self-Employed. Like - Click this link to Add this page to your bookmarks Share - Click this link to Share this page through email or social media Print - Click this link to Print this ...
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Marc Asheghian
שותף באופן ציבורי -IRS Chief Talks Tax Season Open, Refund Delays & Trump Transition Team
#hignetworth #wealth #financialplanning #Personalfinance #MarcAsheghian #LosAngelesCPA #SantamonicaCPA #WestLosAngelesCPA #TheTaxConsultancyGroup #Bookkeeping #TaxPlanning #EstatePlanning #TaxPreparation #CalCPA #IRS #TaxNews #Instadaily #Newsfortoday #TheTaxAdviser #CnnMoneyNews
http://www.forbes.com/sites/kellyphillipserb/2017/01/10/irs-chief-talks-tax-season-open-refund-delays-trump-transition-team/#16bf1c354286
#hignetworth #wealth #financialplanning #Personalfinance #MarcAsheghian #LosAngelesCPA #SantamonicaCPA #WestLosAngelesCPA #TheTaxConsultancyGroup #Bookkeeping #TaxPlanning #EstatePlanning #TaxPreparation #CalCPA #IRS #TaxNews #Instadaily #Newsfortoday #TheTaxAdviser #CnnMoneyNews
http://www.forbes.com/sites/kellyphillipserb/2017/01/10/irs-chief-talks-tax-season-open-refund-delays-trump-transition-team/#16bf1c354286
With tax season looming, Internal Revenue Service (IRS) Commissioner John Koskinen and partners from state tax authorities and the tax industry shared what taxpayers need to know in 2017.
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KC Tax and Accounting Services, CPA
שותף באופן ציבורי -The IRS will definitely not let any tax issue go unless there is a resolution to it. As a tip, you should immediately address such issue. What better way to address your situation than to let KC Tax and Accounting Services, CPA handle it. We offer IRS Audit Representation services so that you can go about your day while we directly talk to the IRS. #IRS #KCTaxCPA
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