PRESIDENT GEORGE W. BUSH Message Board

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Politics : PRESIDENT GEORGE W. BUSH

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To: Kenneth E. Phillipps who wrote (542119)	2/18/2004 5:21:13 PM
From: steve dietrich	Read Replies (1) of 769670

The top 1% of taxpayers with income over 10,000,000 paid income taxes at a rate of 27.4%, you can bet that was only because of the amt, which applies a tax rate of 26 and 28%. No wonder the republicans want to get rid of it, then their rich benefactors wouldn't have to pay any tax. During tax season, it may come as something of a relief ADVERTISEMENT to know that at least some taxpayers with super-high incomes do in fact pay taxes. Returns with extraordinarily high reported incomes pay at least some level of income tax 99.8% of the time, as of 2001. Total tax paid as a proportion of adjusted gross income ("AGI") averaged 27.4% for this group. (By contrast, 27.2% of all individual tax returns in 2001 showed no income tax at all, and the average tax as a proportion of AGI for all taxpayers was 15.2%.)1 Returns with very high levels of income typically account for a substantial proportion of all federal individual income taxes paid. By the IRS's 2003 estimate, the 400 returns with the most AGI in 2000 alone accounted for 1.58% of all U.S. individual income taxes paid. These 400 returns reported at least 86 million USD in AGI.2

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