Welcome to the Maslin Family Website. This website is dedicated to the interests in our lives; travel and children. Sandra & I have retired from AT&T with a combined 65 years of dedicated service.
We now have time to pursue our personal interests !!!!
As an update to my 2010 rant below, The Joint Committee on Taxation recently released an overview of the federal tax system. That's the nonpartisan committee of the U. S. Congress, which means its data is very reliable.
The projected 2024 income and tax rates are as follows. The bottom quintile (bottom 1 of 5), shows the aggregate income of around $540 billion. Their income tax rate is a negative 16.8%. Overall, the income tax system will return them more than $90 billion.
The second-lowest quintile reports a combined income of more tha $1.5 trillion and their average income tax is a negative 4.5% and should receive back almost $69 billion.
The middle quintile earns income of $2.6 trillion, netting these wage earners $41 billion in taxes with an effective tax rate of 1.6%. The story is vastly different for higher income earners. Those in the 95th-99th percentile earn around $3 trillion in income
and pay an aggregate $481 billion in taxes for a tax rate of 15.8%, almost 10 times higher than those in the middle. The top 1%, excluding the top one-tenth of a percent, earns just over 2 trillion and pays $481 billion for a 23.1% tax rate.
The top one-tenth of 1 percent earns just over $1.9 trillion and pays $481 billion for a tax rate of 25%.
During President Joe Biden's State of the Union address, he admonished millionaires to "pay your fair share in taxes". As part of the democrat's politicized class warfare,
they cannot define what a fair share is, but it makes great campaign fodder blaming someone else for their failed policies.
Data shows the America's top 1 percent does pay its “fair share” of income tax. The top 1 percent of tax filers — Americans with adjusted gross
incomes of at least $369,691 — earned 18.9 percent of national income and pays 37.4 percent
of all income taxes.
The top 10 percent made at least $116,623 per household, represent 45.2 percent of national income and paid 70.6 percent of all income
taxes.
The bottom 50 percent of taxpayers made less than $34,338 each. This group earned 11.7 percent of national income, but paid just
2.4 percent of all income taxes. The targeted upper 1 percent coughed up 16 times this amount.
The Real Problem
America's financial problems come from Congress excessive spending and debt accumulation. Interest on debt and mandatory
entitlement programs alone cost more than income taxes bring in. Now if you throw
in discretionary programs (like the military and other government departments), America cannot sustain it present course without
program reductions. Only the brainiacs who got us in this mess believe you can throw money at flawed methodologies and get a
different result.
Proprietary Information: Information and photography are private property of the Maslin family and cannot be used outside the confines of this website without written permission.
