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How much income tax on the rich?

By Judy Martel · Bankrate.com
Wednesday, October 16, 2013
Posted: 6 am ET

You might assume the highest earners are the least likely to think they should pay high income taxes, especially in light of the headlines exposing rich tax evaders.

Uncle Sam wants your income.The latest confession of cheating came earlier this month from the creator of Beanie Babies. Ty Warner was found guilty of hiding more than $100 million in an offshore account and will pay $53 million in penalties as a result.

But despite the actions of a few wealthy evaders, a survey by Chicago research firm Spectrem Group finds that three out of 10 individuals with net income between $500,000 and $750,000 think Americans should pay between 31 percent and 40 percent in taxes.

While only 2 percent of respondents overall think tax rates should be that high, 14 percent of individuals with the highest incomes -- more than $750,000 -- feel that way.

For 2013, individual filers earning more than $400,000 fall under the highest individual income tax rate of 39.6 percent. The lowest tax bracket is 10 percent and applies to single filers earning up to $8,925.

Three-quarters of respondents believe Americans should pay between 8 percent and 25 percent in income tax. Nearly a quarter of those with net incomes less than $100,000 think taxes should be no higher than 7 percent.

A fifth of Americans believe taxes should be between 8 percent and 10 percent; 25 percent say between 11 percent and 15 percent; and 19 percent say between 16 percent and 20 percent.

What do you believe is the acceptable range of income tax?

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36 Comments
Gary
February 02, 2014 at 12:38 am

Why not raise taxes on the richest back to 70%.. It was like that for the longest time until sfter Reagan got into office. That might help the debt crisis.

djb
October 19, 2013 at 9:24 am

I am not surprised

whoopy, 14 percent of people making 750,000 or more think they should be paying 35 percent in taxes

shocking

biged59
October 19, 2013 at 1:41 am

Sorry, to half the commenters here! We are never going back to the 18th century. And, you would ALL hate it, if we did! Every minute you now spend surfing the internet (pontificating on blogs like this), playing golf, watching ball games, vacationing with the family, retiring decently (for decades), you would be working in dangerous work places, with no benefits, 60-80 hours a week. Or, you'd be running a farm, one rainstorm, or crop failure away from losing everything. There were no weekends off, no paid vacations, no health care, no retirement. Meat packers routinely lace the food you fed your family with arsenic, charlatans pretended to be doctors, and sold worthless (even dangerous) "medicines", all manner of businesses routinely short-weighed and over-charged their customers.

So, you live in a world where you live happier, healthier, and longer than your great grandparents, in large part, because of government rules and regulations. The government even makes possible the internet, that you gripe and complain on! If you want to live in a group, follow the rules, and pay your taxes. If you don't want to do that, go get an island to live on (no rules, no regulations, AND NO TAXES. But, whatever you do, please stop crying about paying your own way!

kim Hardesty
October 19, 2013 at 12:15 am

I think you are right, but I think it is too late - it is the end of times

J.R. Anderson
October 18, 2013 at 11:30 pm

AMENDMENT 14 OF THE CONSTITUTION , Section 4 says : “ The validity of the public debt of the United States, authorized by law, . . . shall not be questioned. “ Please note that “Obama Care” is a public debt authorized by law. The Republican refusal to fund this debt is UNCONSTITUTIONAL. It is also unconstitutional to put a cap on the Treasury so that it can not pay the public debts of the government.

aspecht
October 18, 2013 at 10:33 pm

By the time your done paying federal income tax, FICA, state income tax, sales tax, gasoline tax, and all the other things they nickel and dime us for, the true tax rate is well over 50%. The Federal Government needs to quit over reaching it's authority and stop being a nanny. There needs to be term limits for congress and special interest groups need to be thrown out of Washington. The members of our Congress should not be exempt from having to participate in social security and healthcare. They should not be able to vote themselves raises. that should be decided by the people every 2-4 years after evaluating their service. The corruption is systemic and we are doomed if it is not turned around quickly if we're not doomed already. Greed destroyed this nation and will destroy this planet if not checked soon.

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