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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: jrhana who wrote (26294)12/29/2004 7:20:33 AM
From: Elroy JetsonRead Replies (2) of 306849
 
The figures below, which I previously posted, differ somewhat from those found on the Congressional Budget Office website and the Census Historical Income tables, especially those figures for the Top One Percent.

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.

These statements combine data from two different government agencies who collect and compile data differently. When using the data from both the raw data should be adjusted for a number of problems in counting income especially in the upper brackets. Which I assume is the difference you noted. The CBO explanation of this problem is the best explanation I can find.

cbo.gov

These tables show the Federal Taxes paid by each Income Quintile over time.

home.pacbell.net

home.pacbell.net

These adjustments, one way or another, are small details when contrasted to the pleasant fictions believed by large segments of the American public:

19% of Americans believe they are among the top 1% Richest in the US;

40% of Americans believe they can make into the top 1% of the richest in the US.

.
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