"...The top 1% of filers paid 39.9% of all federal income taxes, according to Internal Revenue data for 2006, the most recent year available. The minimum Adjusted Gross Income level needed to be in the top 1% rose to a new high...$388,800.
The highest 5% paid 60% of total income tax. They had Adjusted Gross Incomes of at least $153,500. And the top 10% paid almost 71% and had Adjusted Gross Incomes of $108,900 or more.
The bottom 50% of all filers paid 3% of the total income tax bill. The lowest income earners actually had a negative income tax rate because they get the earned income credit, which refunds income and payroll taxes."
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3 comments:
Oh wow.
Not all the shocking, but what is more disconcerting is the income inequality. Those stats don't say what the bottom 50% income average it, but I would take a gamble and say it's 30K or less. If there were a graph of the distribution of total income, the top 10% of that money would be enormous, and therefore I would expect that group to pay the breadth of taxes (I am in the 10% group, and it doesn't bug me all that much that I pay a much higher percentage than someone making 25K).
The thing that's so incredibly shocking is that 100k a year isn't rich in this country. Not by a long shot. I consider "rich" being able to afford a lot of hired help. You know -- housekeeper or cook or nannies and/or attorneys/accountants/whatever
imagine just paying your monthly bills, and you're still paying the lion's share of the taxes. That's reality for a lot of people.
I'm still under a 100k but I was hoping to someday hire people to clean my house. lol
and if I ever make over 100k in income, I would hope not to get raped by the government. (wishful thinking)
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