New tax report from JEC:
The Internal Revenue Service (IRS) has released its most recent data on the distribution of income and personal income tax payments. The IRS data show that a small group of earners accounts for most federal income tax revenue and highlight how dependent tax revenues are on the incomes of the highest earners (e.g. the top 5% of income earners pay over 50% of all income taxes). Incomes of the top 1% of earners declined significantly in the recession year of 2001 (the data arrive with a two-year lag), leading to lower tax collections.
More coming soon.
UPDATE: From the Committee's data, we find the adjusted gross income floors on top 1, 5, 10, 25, and 50% are as follows: $292,913 $127,904 $92,754 $56,085 $28,528. I'm trying to figure out how these numbers will play to the legendary swing voting Democrat so-far-but-maybe wavering two-income family, you know, the legendary schoolteacher with a fireman husband who together earn 90-100k.
Link posted by Steve Antler : 4:59 PM |
