Quote:
Originally posted by Hwed
Ooh, speaking of tax burden, I keep hearing about the huge tax burden on the lower class on this board....
Stick this in your pipe and smoke it:
http://www.irs.ustreas.gov/pub/irs-soi/01in01ts.xls
Bottom line:
In 2001, the top 50% of wage earners paid over 96% of income tax
That means the bottom HALF of us are paying less than 4% of the total tax load.
The top 1% of earners paid over 33%.
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Hwed, I don't smoke a pipe.
http://www.osjspm.org/101_taxes.htm#1
Quote:
he least wealthy 60 percent of Americans have less than 5 percent of the wealth in the U.S. but pay more than 14 percent of federal taxes.
The wealthiest 5 percent have 59% of the wealth and pay 38.4 percent of federal taxes. The wealthiest 1 percent have over 38 percent of the wealth and pay 24.8 percent of federal taxes. These households have an average wealth of $10.2 million and pay only 3.5 percent of their wealth in taxes. By way of comparison, the bottom 40 percent of taxpayers have an average net wealth of $1,100 and pay 163 percent of their net wealth in taxes.
If all taxpayers paid the same 10.5 percent of their wealth in taxes as median income families pay, the taxes of the lowest 40 percent would be cut by 94 percent while the taxes of the wealthiest would triple.
Source: Congressional Budget Office and United for a Fair Economy
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