Flap..."Who pays WHAT and How Much Tax"...I've mentioned that folks might want to save articles of interest....and here is one for you from Oct 18, 2000.....there are more...and earlier ....
To: davidkarasick who wrote (3006)
From: John Carragher
Wednesday,
Oct 18, 2000 8:58 AM ET
Respond to Post # 3007 of 3090
UPPER-INCOME TAXPAYERS pay a larger chunk of the nation's
income taxes.
The top 1% paid about 35% of all federal personal-income taxes for
1998, up from 33% the previous year and 29% for 1993, according to
new IRS statistics posted on the Web site of Congress's Joint
Economic
Committee (www.house.gov/jec/). The report also shows the top 1%
earned about 18% of adjusted gross income for 1998, up from about
17%
the prior year. For 1998, the bottom half of taxpayers paid 4% of
the
income-tax tab, about the same as each of the past few years. These
numbers don't include Social Security and Medicare taxes.
To rank in the top 1%, you had to report adjusted gross income of
$269,496 or more for 1998. To rank in the top 5%, your income had
to
be at least $114,729. This group paid about 54% of total
personal-income
taxes. To rank in the top 10%, your income had to be at least
$83,220.
For the top 50%, your income had to be at least $25,491. The IRS
data
was requested by Rep. Jim Saxton, the Joint Economic Committee's
vice
chairman.
///////////
Tax
returns for vice-presidential nominee Dick Cheney and his wife,
Lynne,
show that their 1999 federal income taxes of about $1.7 million
represented about 39% of their adjusted gross income of $4.4
million. |
