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Politics : View from the Center and Left -- Ignore unavailable to you. Want to Upgrade?

To: Sam who wrote (149914)	11/12/2010 10:28:43 PM
From: 8bits	Respond to of 541967

Sam, I am guessing that Wonk was taking into account the table on page 2, which gives the effective social insurance tax rate, and lists the top 1% at 1.6% in 2006, compared to 7.5% for "All quintiles" and 5.6% for the top quintile (i.e., the "merely rich" rather than the "uber rich"). And it ranges from 8.5% to 9.6 for the other quintiles. I believe the report takes into account SS Taxes, income taxes, capital gains, and corporate taxes and lumps them together in the first table under the term Total Effective Federal Tax Rate.." but I could be wrong. Note the Share of Total Federal Tax Liabilities liabilities: cbo.gov "The tables show effective tax rates for the four largest sources of federal revenues--individual income taxes, corporate income taxes, payroll taxes, and excise taxes--as well as the total effective rate for the four taxes combined. The tables also present average pretax and after-tax household income; counts of households; and shares of taxes, income, and households for each fifth (quintile) of the income distribution and the top percentiles of households." cbo.gov "This Congressional Budget Office (CBO) paper presents estimates of effective federal tax rates--tax burdens measured as a percentage of income--from 1979 through 2000, updating CBO's October 2001 report Effective Federal Tax Rates, 1979-1997." The quote above is in the link just below: cbo.gov and see cbo.gov and cbo.gov