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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Amy J who wrote (26285)12/28/2004 3:58:53 PM
From: Elroy JetsonRead Replies (2) of 306849
 
You don't have to look much past the Federal income tax to realize that most taxes are paid by the working class. What is the income tax rate? 15% on low-income people and 28% on those who earn more?

Compare this to the percentage of national income raised by the income tax, about 8%. home.pacbell.net

Let's take a fairly low income person paying 16% of their income in tax. This is double the average Federal Tax paid in America.

By contrast, the top 20% of U.S. Families earn 55% of the nation's income and pay 61% of Federal Taxes. While the top 1% of U.S. families earn 14% of the nation's income and pay 17% of Federal Taxes.

When you see the tax returns of many families where I grew up, you see long listings of tax-free bonds rolling over to new bonds at maturity. You see stocks and real estate held until death, when taxes are no longer paid on gains. Bush would dearly love to eliminate the Estate Tax so the tax rate on wealth drops to nearly zero. The sheep saving in their 401k accounts need to be shorn to pay for government operations, as the wealthy generally don't.

The most amusing aspect of this are people's self-perceptions. A survey reported on National Public Radio on January 20, 2003:

19% of the people in the US believe they ARE among the top 1% Richest in the US;

40% of people think they can make into the top 1% of the richest in the US.

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