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Non-Tech : Who Really Pays Taxes? -- Ignore unavailable to you. Want to Upgrade?

To: Wren who wrote (468)	8/18/2000 7:29:17 PM
From: kvkkc1	Respond to of 666

Wasn't it the CBO who recently admitted they were $1Trillion off on the surplus estimate? I wonder how accurate their other #s are?knc

To: Wren who wrote (468)	8/18/2000 10:51:55 PM
From: ztect	Respond to of 666

Hey everyone don't worry................. the upper brackets are doing fine even after taxes and especially relative to lower quintiles. Average Total Federal tax rate paid (including payroll-employee and employer share, corporate income tax, and excise taxes) as a % of average family income. 1981 Bottom 20% = 8.0% Second Quintile = 15.0% Middle Quintile = 19.5% Fourth Quintile = 22.9% Top 20% = 27.9% Top 10% = 29.0% Top 5% = 30.1% Top 1% = 31.7% 1999 Bottom 20% = 4.6% Second Quintile = 13.7% Middle Quintile = 18.9% Fourth Quintile = 22.2% Top 20% = 29.1% Top 10% = 30.6% Top 5% = 31.8% Top 1% = 34.4% The report showed average family income for these groups for 1981/1999 as: 1981 Bottom 20% = $8,900 Second Quintile = 21,700 Middle Quintile = 34,600 Fourth Quintile = 48,400 Top 20% = 95,900 Top 10% = 125,000 Top 5% = 168,000 Top 1% = 367,000 1999 Bottom 20% = $8,400 Second Quintile = 21,200 Middle Quintile = 35,400 Fourth Quintile = 53,000 Top 20% = 132,000 Top 10% = 188,000 Top 5% = 276,000 Top 1% = 719,000 Some extrapolation from these figures What was percent growth in income from 1981 to 1999? Bottom 20% = 6 % decrease Second Quintile = 2.4 % decrease Middle Quintile = 2.26 % increase Fourth Quintile = 8.68 % increase Top 20% = 27.3 % increase Top 10% = 33.5 % increase Top 5% = 39.1 % increase Top 1% = 48 % increase What is income after Total Federal taxes in 1981? Bottom 20% = $8,900 * (100-8.0)/100 = 8,188.00 Second Quintile= 21,700 * (100-15.0)/100 = 18,455.00 Middle Quintile= 34,600 * (100-19.5)/100 = 27,853.00 Fourth Quintile= 48,400 * (100-22.9)/100 = 37,316.40 Top 20%= 95,900 * (100-27.9)/100 = 69,143.90 Top 10%= 125,000 * (100-29.0)/100 = 88,750.00 Top 5%= 168,000 * (100-30.1)/100 = 117,432.00 Top 1%= 367,000 * (100-31.7)/100 = 250,661.00 What is income after Total Federal taxes in 1999? Bottom 20% = $8,400 * (100-4.6)/100 = 8,013.60 Second Quintile= 21,200 * (100-13.7)/100 = 18,295.60 Middle Quintile= 35,400 * (100-18.9)/100 = 28,709.40 Fourth Quintile= 53,000 * (100-22.2)/100 = 41,234.00 Top 20%= 132,000 * (100-29.1)/100 = 93,588.00 Top 10%= 188,000 * (100-30.6)/100 = 130,472.00 Top 5%= 276,000 * (100-31.8)/100 = 188,232.00 Top 1%= 719,000 * (100-34.4)/100 = 471,664.00 What was percent growth in income after Total Taxes from 1981 to 1999? Bottom 20% = 2.2 % decrease Second Quintile = .87 % decrease Middle Quintile = 2.98 % increase Fourth Quintile = 9.5 % increase Top 20% = 26.1 % increase Top 10% = 32.0 % increase Top 5% = 37.6 % increase Top 1% = 46.9 % increase Questions: Are income adjusted gross income after deductions? Are percents taxed based upon gross income or adjusted income? After housing, food, and other necessities, who obviously has the most disposable income even though higher lifestyles occur at higher quintiles? For each quintiles what is disposable income utilized for capital gains? What is additional capital gains income from those with additional income? cbo.gov

To: Wren who wrote (468)	8/19/2000 8:11:01 AM
From: ztect	Read Replies (1) \| Respond to of 666

Some additional Figures and Extrapolations from Budget Office Data: cbo.gov Remember 1999 numbers are projected Number of families in each quintile in 1999 Bottom 20% = 22.7 million Second Quintile = 23.3 Middle Quintile = 22.5 Fourth Quintile = 22.6 Top 20% = 23.6 ========= (top 20% broken down further) Top 10% = 11.9 Top 5% = 5.9 Top 1% = 1.2 What was percent growth in income after Total Taxes from 1981 to 1999? Bottom 20% = 2.2 % decrease Second Quintile = .87 % decrease Middle Quintile = 2.98 % increase Fourth Quintile = 9.5 % increase Top 20% = 26.1 % increase Top 10% = 32.0 % increase Top 5% = 37.6 % increase Top 1% = 46.9 % increase Some additional extrapolations : Bottom four quintiles = 91.1 mil had average increase in income of 2.35% Top quintile = 23.6 mil had average increase in income of 26.1% Top 1% = 1.2 million people had average increase in income of 46.9 % Top Quintile income grew 11.1 times more than average of bottom 80% Top 1% income grew 20 times more than the average of the bottom 80% Again all 1999 numbers are based on projections from 1995 data, so in lieu of the recent "new" economy boomlet, the disparities between the top 20% and bottom 80% in terms of economic growth are even greater, especially in terms of accumulated wealth. Any one have a source of average incomes per quintiles based on actual data for 1999 for income ?