Breaking down the income tax burden
There is new tax data out over at the Tax Foundation:
[T]he top-earning 25 percent of taxpayers (AGI over $62,068) earned 67.5 percent of nation's income, but they paid more than four out of every five dollars collected by the federal income tax (86 percent). The top 1 percent of taxpayers (AGI over $364,657) earned approximately 21.2 percent of the nation's income (as defined by AGI), yet paid 39.4 percent of all federal income taxes. That means the top 1 percent of tax returns paid about the same amount of federal individual income taxes as the bottom 95 percent of tax returns.
The IRS data also shows increases in individual incomes across all income groups. Just as the highest earners lost the biggest percentage of their incomes during the recession of 2001, so they have prospered the most as the economy has continued to rebound. In sum, between 2000 and 2005, pre-tax income for the top 1 percent group grew by 19.1 percent. In the same time period, pre-tax income for the bottom 50 percent increased by 15.5 percent.
The National Taxpayers Union has this same data, but also includes the dollar amount of income that defines each group. You are in the top 25% of income earners if your bring in more than $62,068 a year.
You see these numbers and you can't help but laugh when leftist say that the evil and hated "rich" aren't paying their fair share of taxes.
Posted by Jason Pye on March 3, 2008 10:03 PM | Permalink
what a joke. He's on Fix News.
posts on United Liberty... and hes a libertarian. nice "non-biased" person!!!
figures, %, "stats" can portray and be manipulated to mean whatever you want it to mean.
Rich don't necessarily create jobs when they are taxed less.
nor, do they cut jobs when taxed more.
they generally raise prices so they don't lose any income.
either way, the middle class... and certainly the lower classes lose out.
the rich have gained tremendous amounts of wealth under Bush.
Lets take some back and build some schools, roads, bridges and anything else that helps EVERYONE.
I'm not going to go into why school lunches and tax breaks for healthcare help everyone.. since I've done it a few times.
lets just say: Pay me now, or pay me later. and you don't want the later payment.
it costs the taxpayers 10 times as much if someone has no health insurance, using the ER as their primary care doctor and ambulances as taxis to get them there.