How much would raising taxes by 2% on those earling over $250K raise?

How much would raising taxes by 2% on those earling over $250K raise. Asked by newuser8966079 44 months ago Similar questions: raising taxes 2% earling $250K raise Business > Taxes.

Similar questions: raising taxes 2% earling $250K raise.

Not enough The IRS took in $1.16 trillion last year, of which approximately half was paid by those making over $250,000. (That's interpolating from the fact that people making over $365k paid 40%, and people making over $150k paid 60%). Those people paid about $500 billion in taxes, about 23% of their income ($2.1 trillion) Taking another 2% of that comes to another $44 billion.

That's not enough to close even the nominal national deficit ($270 billion this year), much less the dubious accounting of the Social Security and Medicare Trust Funds (whereby money that we take in this year is marked as income but the corresponding debt isn't marked in the budget). Remember that income tax income is only about half of the total receipts, though. The next biggest category is Social Security, which takes in just less than $1 trillion, and which the top 2% pay essentially nothing (as a percentage of income) because there's a cap at $90,000.

The third largest category is corporate taxes, whose burden is hard to analyze but probably falls predominantly on the wealthiest since they tend to own the most stock. Sources: irs.gov/taxstats/indtaxstats/article/0,,... .

Tax deductions They know how to get out of paying taxes. Therefore, they will add enough deductions and other loopholes to avoid paying any additional tax.

It would depend. The amount of revenue would be impossible to estimate. The revenue raised would depend on how much of that $250K could shelter to avoid taxes.

But filing status & the usual exemptions & deductions would have to be considered before various tax shelters could be utilized. All the above aside, they would be in 33% or 35% tax brackets. So you would multiply those incomes by the applicable %.

Then take that amount & multiply it by the number of tax payers earning over $250K. Sources: I do taxes.

1 Not very much but it would be a boon to the tax lawyers who get paid to find ways to avoid it. :) .

Not very much but it would be a boon to the tax lawyers who get paid to find ways to avoid it. :).

2 250K is a lot(for me atleast) In fact I don't think I know anyone who makes that much a year. In my opinion people who make that much can take a 2% raise. Maby it'll offset some costs for us non-upper classers who always seem to take it in the rear when a new tax law is passed...

250K is a lot(for me atleast) In fact I don't think I know anyone who makes that much a year. In my opinion people who make that much can take a 2% raise. Maby it'll offset some costs for us non-upper classers who always seem to take it in the rear when a new tax law is passed...

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Taxes... It seems everywhere I turn people are talking about taxes...

How much do you have to make for them to take taxes out.

I see a lot of fear from the republican camp about the raising of taxes on the rich, and how low that might go.

The federal gas taxes haven't been raised since 1993 (when gas was less tha 1.00/gal). Isn't it about time to raise.

Obama says he is going to raise the taxes on the rich... defined as those making more than $250k per year....

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