American Presidential Politics and foreign affairs Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : American Presidential Politics and foreign affairs

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: DuckTapeSunroof who wrote (33238)	2/24/2009 4:23:34 PM
From: TimF	1 Recommendation Read Replies (1) of 71588

That YOU are talking about now is an entirely different statistical point: How much of Uncle Sam's total revenue (as a percent of revenue) is payed by the richest. Wrong From my post "According to the statistics, the richest 1% of American taxpayers (those earning above $389,000) earned 22% of the nation’s reported income. But their share of the nation’s income taxes was 40%. In other words, the wealthiest 1% of Americans’ income tax payments are almost twice as much as their “fair share.” " In other words, its comparing the percentage of total income taxes paid by the rich to the percentage of income paid by the rich. If the former is higher than the rich pay a larger percent of their income as taxes. But I reasonably anticipated that you might complain that this doesn't include non-income taxes. So I brought up a different set of data about all taxes I'll repeat it here since you seemed to ignore it the first time. Its directly the percentage of income paid in ALL federal taxes by different income groups (well almost all, it doesn't include corporate taxes, which are mainly paid by the rich. Please pay attention to the bolded points. -- The Progressivity of the Tax System The CBO has released a new report on effective tax rates (total taxes divided by total income). Compared with previous reports, it includes more information about thin slices at the top of the income distribution. Here are the total effective federal tax rates for 2005, the most recent year available: Lowest quintile: 4.3 percent Second quintile: 9.9 percent Middle quintile: 14.2 percent Fourth quintile: 17.4 percent Percentiles 81-90: 20.3 percent Percentiles 91-95: 22.4 percent Percentiles 96-99: 25.7 percent Percentiles 99.0-99.5: 29.7 percent Percentiles 99.5-99.9: 31.2 percent Percentiles 99.9-99.99: 32.1 percent Top 0.01 Percentile: 31.5 percent N.B.: These figures include all federal taxes, not just income taxes. gregmankiw.blogspot.com

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next