24 Jun TAX REVENUE, TAX EVASION AND HIGH-INCOME TAXPAYERS
discuss about why high-income taxpayers should pay less than present level
Tax Revenue, Tax Evasion and High-income Taxpayers
Since being enacted in 1913, the tax code has been constantlychanging with rates on personal income ranging from less than 5 percent to more than 90 percent over the
years. (Tax Foundation. 2009. ‘U.S. Federal Individual Income Tax Rates History, 1913-2009.) The present article use tax return data and income tax rate data from 1951
to 1990 to prove that high-income individuals are more responsive to the change of tax rate. Furthermore, higher marginal tax rate would make the tax revenue
reduction.
“In this world nothing can be said to be certain, except death and taxes.”- Benjamin Franklin (1789)
Although people believe that the tax rate was set, they have varied widely over time. In the past 100 years, taxes have ranged from less than 5 percent to more than 90
percent of income. Federal imposed the income tax to taxable income and the tax rate would increase as income increase.In the United States, the marginal tax rates
for the highest income earners reaches 39.6% (see table 1).Which means if you are single and live in the US and earn $400,001, you need to pay the government
$158,400.40 for what you earned in 2013. The huge number of tax value would highly influence peoples’ living level and the degree of happiness.
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