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Politics : American Presidential Politics and foreign affairs
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To: Neeka who wrote (19352)11/26/2007 12:47:02 PM
From: Peter Dierks  Read Replies (1) of 71588
 
...
From the most recent IRS Data (2005):

Taxpayer        Average %     Share of Total
AGI Brackets   of AGI Paid  Income Taxes Paid  
Top 1%             23.13%            39.38%
Top 5%             20.78%            59.67%
Top 10%            18.84%            70.30%
Top 25%            15.86%            85.99%
Top 50%            13.84%            96.93%
Bottom 50%          2.98%             3.07%


[Note: The Average Percent of AGI paid in taxes for each of the Taxpayer Brackets listed above is calculated by taking the sum of all income tax paid by individuals in each bracket in 2005, and dividing it by the total adjusted gross income of all such individuals. For example, based on 2005 income tax data from the IRS, the top 50% of taxpayers had total adjusted gross incomes of $6.544 trillion, and paid total income taxes of $906 billion. Thus, $906 billion divided by $6.544 trillion equals the 13.84% tax rate shown above.]

Based on the Internal Revenue Service’s own data, the rich do in fact pay a higher percentage of their adjusted gross income in income taxes, by far, as compared to those in the lower income brackets. The top 50% of taxpayers pay 4.6 times the percentage paid by those in the bottom 50% on average. Someone in the top 10% pays 6.3 times the percentage paid by those in the bottom 50% on average.

Keep these numbers in your head for the next time a liberal tells you that the rich don’t pay enough in taxes. The top 50% already pay almost 97% of all income taxes paid, whereas the bottom 50% pay only about 3%. And let us not forget that the top 50% create virtually all of the jobs in this country, and make the economy strong, yet the libs want to tax them even more!

If you want to see the 2005 IRS income tax data and tables, click on the following link to see the full story from the Tax Foundation: taxfoundation.org.

Democrats Plan To Hike Top Tax Rate To 65%
...
profutures.com

Hat tip to An_Oyster.
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