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Politics : Ask Michael Burke
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To: RealMuLan who wrote (72569)12/31/1999 9:07:00 AM
From: Logain Ablar  Read Replies (2) of 132070
 
Yiwu:

From 1997 US Federal income tax filings (latest year data is available from US Treasury Department).

1)Top 5% of individuals pay 52% of the individual income tax (up from 43% in 87). To qualify for top 5% you income had to be above $108,048.

This group accounted for 32% of income reported.

2) Top 50% pay 96% of the individual income tax.

This group (which includes group 1) accounted for 84% of income reported.

Shows why whenever there is an income tax cut proposed by the republicans the democrats attact it as favoring the rich. Unfortunately the rich are the ones paying the taxes.

Also, I remember (I don't have the facts readily available) that 70% of our population make less than 60,000 of income.

T
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