New data in an article of The New York Times, provided by Gallup Politics, indicated a shift in opinion on whether or not the wealthy pay enough taxes. Often attacked for “getting off easy,” the wealthy are now gaining approval from the general public in regards to paying their fair share. The poll illustrated how the majority of Americans now believe high-income people are paying their fair share of federal taxes as opposed to previous decades.
Prime example, 77 percent of Americans believed the wealthy got off easy and “paid too little” in the years 1992 and 1993, whereas today’s data demonstrated only 61 percent maintain the same opinion. Meanwhile, it seems the poor are losing support. In 1992, only 8 percent of Americans felt low-income people paid too little in taxes. The percentage more than doubled, jumping to 19 percent.
The above data ceases to match data from last fall’s New York Times data analysis, which shows how the tax rate paid by taxpayers of all income levels has “fallen since the mid-1990s.” Therefore, posing questions as to how it is the wealthy seem to be paying their fair share. Analyzers attribute the growth of the share of the nation’s total tax bill to their recent increase in yearly income. Are they paying enough or just earning more?
For expert assistance with your tax concerns, contact the professional CPAs in McAllen of Gonzalez & Arrambide, Inc. at 956-447-9009.