Grand Rapids, MI -- (SBWIRE) -- 01/06/2014 -- Financial advisor Dennis Tubbergen can be counted on to give the latest U.S. and world happenings when it comes to the U.S. economy and general financial news. Tubbergen, who is a financial advisor, author, radio show host and CEO of PLP Advisors, LLC hosts a weekly radio show and writes a blog that can be viewed at www.dennistubbergen.com.
If you think you pay more taxes than most of the other people you know you may be right. On December 16, 2013 Tubbergen's blog was titled Top 40% of Wage Earners Pay 106.2% of Income Taxes.
“Yahoo News reported the top 40 percent of wage earners pay over 106 percent of all income taxes," began Tubbergen. "The story was based on a Congressional Budget Office report and the video story was first broadcast by MSNBC."
Tubbergen goes on to say, "Lest you think the statistic is an error or a misstatement, the story also revealed the bottom 40 percent of wage earners paid -9.1 percent of income taxes. According to the story, these citizens received more in government transfer payments than they gave to the government in the first place."
According to Tubbergen, when zeroing in on the lowest 20% of wage earners, these folks earned $8,100 on average and received an average of $25,000 in transfer payments. The CBO added 25% of this bottom wage earner group had an income tax rate of -15%.
When breaking down who pays what as far as income taxes are concerned, here are the numbers according to the report:
Lowest 20% - 6.2%
Next 20% -2.9%
Middle 20% 2.9%
Next 20% 13.3%
Top 20% 92.9%
To read more fascinating statistics on this topic and see why Tubbergen believes the middle class definitely is shrinking go to http://www.dennistubbergen.com and select his December 16, 2013 entry.
Tubbergen’s syndicated radio show can be heard on metro Michigan stations WTKG 1230 AM and WOOD Newsradio1300 AM and 106.9 FM. To listen to his shows as podcasts go to www.everythingfinancialradio.com
About Dennis Tubbergen
Dennis Tubbergen has been in the financial industry for over 25 years and has his corporate offices in Grand Rapids, Michigan. Tubbergen is CEO of PLP Advisors, LLC and has an online blog that can be read at www.dennistubbergen.com.
The opinions expressed herein are those of the writer and not necessarily those of USA Wealth Management, LLC. This update may contain forward-looking statements, including, but not limited to, statements as to future events that involve various risks and uncertainties. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual events or results to differ materially from those that were forecasted. Therefore, no forecast should be construed as a guarantee. Prior to making any investment decision, individuals should consult a professional to determine the risks, costs, benefits and fees associated with a particular investment. Information obtained from third party resources is believed to be reliable but the accuracy cannot be guaranteed.