One of the factors pushing the federal government in the direction o
May. 30, 1985
WASHINGTON (AP) _ One of the factors pushing the federal government in the direction of overhauling the income tax is the ability of some rich people to pay little or no tax under the present system.
Treasury Secretary James A. Baker III told the House Ways and Means Committee on Thursday of a Treasury survey of the tax returns filed by couples and individuals with incomes of $250,000 or more in 1983. Here are some of the findings:
-30,000 of those people - 11 percent of the total at that income level - paid less than 5 percent of their income in taxes.
-Fewer than half the total paid less than 20 percent in taxes.
-Among those with incomes above $2 million, only 37 percent paid as much as 20 percent in taxes and 11 percent of the millionaires paid less than 5 percent.