New data from the Internal Revenue Service estimates that people making between $250,000 and $1 million per year saw their refunds increase, according to new IRS statistics.
Meanwhile, taxpayers making between $100,000 and $200,000 were refunded $44.1 billion this year, down $49.7 billion a year earlier. With some exceptions, refunds were slightly lower this year for earners making less than $100,000. Furthermore, the law’s supporters emphasize Americans are getting taxed less. The total liability for individual taxpayers this year was $1.048 trillion, according to the IRS data. It was $1.113 trillion a year earlier.The latest IRS data runs through May 23, but the agency has anticipated a record 14.6 million extension requests. Many extensions come from high-income taxpayers with complicated tax situations, said Mark Mazur of the Urban-Brookings Tax Policy Center.
Let’s be real, making 250k-500k per year is not “rich.” Another middle class attack. At 500k/yr you would have to work 20 years, be taxed nothing, and save every penny to have $10M. It’s the people with 100M+ that should be taxed heavy. On a per dollar basis, they pay the least!
This is completely misleading. You should analyze total tax paid not refunds as refunds are a function of withholding and estimated tax payments.
“Refunded” is very misleading. Many in the upper tax brackets paid in more estimated taxes than necessary given the uncertainty due to lack of guidance by the IRS. The analysis should be the amount of tax actually paid.
This is a misleading skew of the fact that upper middle class people’s taxes went down no more by percentage than middle and lower middle class.
So let’s get to the bottom of this, what was their effective tax rate for those same years?
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