get ready for the roller coaster
Joined: Oct 2000
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From: West Deptford NJ
Originally Posted by cordycord,Sep 20 2008, 11:38 AM
2006 percentage of Federal Personal Income Taxes Paid:
top 1% paid 39.89% of total
top 5% paid 60.14% of total
top 10% paid 70.79 of total
The threshold to be in the top 10% was $108,904
The above is simply reality--it's not reality to say that everyone is going to pay for the bailout, because when the government talks about increasing taxes they NEVER say "We're going to levy a tax on the poor to pay for this mess." Reality.
top 1% paid 39.89% of total
top 5% paid 60.14% of total
top 10% paid 70.79 of total
The threshold to be in the top 10% was $108,904
The above is simply reality--it's not reality to say that everyone is going to pay for the bailout, because when the government talks about increasing taxes they NEVER say "We're going to levy a tax on the poor to pay for this mess." Reality.
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Joined: Mar 2003
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From: Nashville
Registered User
Joined: Mar 2003
Posts: 64
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From: Nashville
according to the above source:
In 1999 the highest income families:
the top 1% paid 29% of the total collection of income tax
the top 5%--50%
the top 10%--63%
the top 20% --79%
These % figures increase every year so Cordy's figures are probably about right
To be in the top 20%, a family must have an income of $132K.
In 1999 the highest income families:
the top 1% paid 29% of the total collection of income tax
the top 5%--50%
the top 10%--63%
the top 20% --79%
These % figures increase every year so Cordy's figures are probably about right
To be in the top 20%, a family must have an income of $132K.
Joined: Jul 2003
Posts: 4,526
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From: Hurricane City, FL
Originally Posted by kellyvu,Sep 20 2008, 01:12 PM
Here's an interesting tidbit on the 2007 budget 2007 cost breakdown by Quakers
This was the most fascinating data I cam across in terms of taxation vs income. Real after tax income vs percentage of taxes.
There are about 400 other sites with the same CBO data emphasized in different ways.
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Joined: Sep 2004
Posts: 4,507
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From: SoCal
Zippy,
Please don't misunderstand. While the top taxpayers will continue to pay the brunt of America's tax burden, the "little guy" will still be hurt too. He'll be hurt when his pension plan / retirement fund / 401k gets hit because of AIG stock or Lehman stock.
What burns me is that the "little guy" also owns Chevron, Exxon and other blue chip companies and I hear politicians say "let's tax the oil companies to help the little guy." It's just silly pandering that makes no sense, IMO.
Please don't misunderstand. While the top taxpayers will continue to pay the brunt of America's tax burden, the "little guy" will still be hurt too. He'll be hurt when his pension plan / retirement fund / 401k gets hit because of AIG stock or Lehman stock.
What burns me is that the "little guy" also owns Chevron, Exxon and other blue chip companies and I hear politicians say "let's tax the oil companies to help the little guy." It's just silly pandering that makes no sense, IMO.
Joined: Nov 2007
Posts: 11,119
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From: Wildwood, TN.
Interesting article since some are discussing this very subject. I guess it comes down to whether or not it's your bull being gored or not.
http://www.realclearmarkets.com/articles/2...heir_taxes.html
http://www.realclearmarkets.com/articles/2...heir_taxes.html
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