PRESIDENT GEORGE W. BUSH Message Board

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Politics : PRESIDENT GEORGE W. BUSH

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To: ColtonGang who wrote (169076)	8/8/2001 7:07:02 PM
From: Lazarus_Long	Read Replies (1) of 769670

UPPER-INCOME TAXPAYERS pay a large share of the nation's taxes. The top 1% of the nation's taxpayers will earn about 17% of total income this year and will pay about 23% of federal income, payroll and excise taxes, according to estimates by the Joint Committee on Taxation. The highest 5% will earn about 31% of total income and pay 41% of federal taxes. The top 10% will earn 42% of income and pay 53% of taxes. To qualify for the top 1%, your income needs to be $340,306 or higher. Admission into the top 5% club starts at income of $145,199, while the top 10% begins at $107,455. The report defines income as adjusted gross income plus other items including tax-exempt interest income, nontaxable Social Security benefits and employer contributions for health plans and life insurance. Wall Street Journal, Aug. 8, 2001

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