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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: bentway who wrote (708481)	4/28/2013 11:02:05 AM
From: TimF	Respond to of 1573904

No the taxes take away from the wealthy. Even if taxes where lower it would still be a transfer from the wealthy not to them, but in fact the rich pay more taxes, not just in dollar terms, but as a percentage of their income. --------------- Federal Tax Progressivity: Just the Facts From a new CBO report, here are the effective federal tax rates for 2004 (the most recent year available in this report): Lowest quintile, 4.5 Second quintile, 10.0 Middle quintile, 13.9 Fourth quintile, 17.2 Highest quintle, 25.1 Top 10 percent, 26.9 Top 5 percent, 28.5 Top 1 percent, 31.1 These numbers include all federal taxes (not just income taxes) and are expressed as a percentage of household income. gregmankiw.blogspot.com If you count transfer payments as a negative tax then its Bottom quintile: -301 percent Second quintile: -42 percent Middle quintile: -5 percent Fourth quintile: 10 percent Highest quintile: 22 percent Top one percent: 28 percent gregmankiw.blogspot.com (note: the two blog posts are using different years for data since the first post was from 2007, using 2004 tax data and the 2nd from 2012 using 2009 data) -- Edit - also see - Tax Burden of Top 1% Now Exceeds That of Bottom 95% July 29, 2009 taxfoundation.org