How Much Does the Public Know About Taxes?
Friday, November 3, 2017

How Much Does the Public Know About Taxes?

Everybody in Fort Lauderdale pays taxes. Whether it is paying a sales tax for your groceries or filing your income taxes, most people pay their fair share to Uncle Sam. But how much does the general public truly understand the basics of how the tax system works? If it was up to the government, probably as little as possible. The truth is politicians count on the public’s ignorance of tax laws to pass legislation that often doesn’t benefit their constituents.

Which Floridians Are Paying Their Fair Share?

When it comes to taxes, the vast majority of Floridians have little to no idea who pays for what. However, it is important to understand how the tax system functions. Recently, the IRS released information that details which Americans are paying the most taxes. Those who earn a gross income of $480,930 or more pay 39 percent of federal income taxes. This group accounts for the top 1 percent of earners in the nation. It means approximately 892,000 Americans are paying 39 percent of all federal taxes. The top 10 percent of income earners pay nearly 70.6 percent of all federal income taxes. This group is made up of those with an adjusted gross income of at least $138,000. When you do the math, only 1 percent of the population is paying 70.6 percent of the nation’s total federal income taxes. Those numbers have raised several questions. Are the wealthy paying too much or should they pay more? When the time comes for the Trump Administration to announce its tax reform bill, it is important for everyone to pay close attention.

Is the Tax System Fair?

During the Obama Administration there was a constant theme of whether the rich were paying enough. Here are some more statistics to think about. The bottom 50 percent of earners paid only 2.8 percent of the nation’s federal taxes. This group includes people who earned $39,000 or less. Nearly 37 million Americans pay no federal income taxes. It means nearly 45.5 households throughout the nation will not pay federal income tax for 2017. Politicians have taken notice–especially big-spending politicians. They understand those who don’t pay taxes could care less of tax cuts or big spending.

Another common trick used by politicians is promising not to increase taxes, but instead imposing taxes on a different entity. The most common examples often concern property taxes. Politicians may tell the public they will not impose higher taxes. However, they may use misleading and confusing language on ballots to increase taxes on your property and land.

Do You Have IRS Problems? Fort Lauderdale Tax Attorney Ira L. Zuckerman Can Help

Tax laws can often get complicated. If you owe back taxes or face an IRS audit , tax lien, bank levy or wage garnishment, it is important to have an experienced and knowledgeable legal professional in your corner. For more than 30 years, Fort Lauderdale tax attorney Ira L. Zuckerman has utilized a personable and comprehensive approach to help countless people resolve their tax problems and go on with their lives. He and he legal staff take pride in placing each client in the best position to succeed. To learn more, contact legal team at Zuckerman Law, LLC. to schedule a consultation to discuss your case.

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