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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: Peter O'Brien who wrote (542866)	2/19/2004 6:15:29 PM
From: Kenneth V. McNutt	Respond to of 769669

For general interest. In 2001 the income of the top 1% was $292,913. The top 5%, 127,904. Proportionately, the top-earning 25 percent of taxpayers earned more than 65 percent of the nation's income and paid more than three out of every four dollars collected by the federal income tax (77%) in 2001. There were 32.2 million tax returns in the top 25 percent, all with adjusted gross incomes (AGI) over $56,085. At the other end of the income spectrum, the bottom 50 percent of the nation's taxpayers (everyone whose adjusted gross income was under $28,528) earned more and paid less. Total income for this group rose from $834 billion to $861 billion. That was up from 13.0 percent of all income in 2000 to 13.8 percent in 2001. Despite income growth, the bottom 50 percent's average tax rate fell from 4.6 percent to 4.1. It seems if we add together the top 25% and the bottom 50% they pay 81.1% of all taxes leaving the 25% in the middle paying the balance of prox. 19%. Figure out where you were(are) in the spectrum. KM