Tax Day Watch '14: The Travails of The 1%

Author:
Updated:
Original:

Sure, the top hundredth earned a bunch of extra money, on average, last year. But did you know that they have to hand some of that over to the federal government so it can buy those 47% ciphers healthcare or teachers or some other bullshit? And that next year, after they earn about $330,000 more this year than they did last year, they'll have to pay even more?

The top 1 percent of earners will pay an average tax bill of $525,231, up more than $36,000 from last year, according to the nonpartisan Tax Policy Center. It will surge to $670,000 for 2014 taxes.

The top 0.1 percent will see even bigger tax bills. That group will have an average tax burden of $2.6 million for 2013 taxes, up from $2.3 million in 2012.

The incomes of the top 1 percent are also going up, of course. The average income of the top 1 percent is expected to rise from $1.67 million in 2013 to just over $2 million in 2014.

But the average tax rate that top earners actually pay is also going up. The average tax rate for the top 1 percent will go from 27.2 percent for 2012 taxes to 31.4 percent for 2013 taxes, and 33.4 percent for 2014 taxes, according to the Tax Policy Center.

Average tax bill for the 1% this year: $525,000 [CNBC]

Related

Bonus Watch ’14: Herbalife

The CEO diet shake and supplement purveyors saw his compensation drop 35%.

WellsFargoWagon

Wells Fargo To Share (Very Small Amount) Of Tax Windfall Wealth

In fairness, Wells Fargo employees don’t exactly deserve much more.

Bonus Watch ’14: Good To Be The King

Stephen Schwarzman did pretty well for himself last year.

Your Tax Avoidance Strategy Doesn’t Fool Thomas Piketty’s Buddy

Money in tax havens = the answer to wealth inequality?