Tax the Rich
This is the latest data for calendar year 2003 just released in October 2005 by the Internal Revenue Service.
The top 1% pay over a third, 34.27% of all income taxes. (Up from 2003: 33.71%)
The top 5% pay 54.36% of all income taxes (Down from 2002: 53.80%).
The top 10% pay 65.84% (Up from 2002: 65.73%).
The top 25% pay 83.88% (Down from 2002: 83.90%).
The top 50% pay 96.54% (Up from 2002: 96.50%).
The bottom 50%? pay 3.46% of all income taxes (Down from 2002: 3.50%)
And who earns what?
The top 1% earns 16.77% of all income (2002: 16.12%).
The top 5% earns 31.18% of all the income (2002: 30.55%).
The top 10% earns 42.36% of all the income (2002: 41.77%)
The top 25% earns 64.86% of all the income (2002: 64.37%)
The top 50% earns 86.01% (2002: 85.77%) of all the income.
The top 1% is paying nearly ten times the federal income taxes than the bottom 50%!
The top 1% earned $295,495-plus
The top 50% were those individuals or couples filing jointly who earned $29,019 and up in 2003
Does the words ‘ We hold these truths to be self-evident’ ring a bell. So much for taxing the rich more. Just how much more do we need to tax the so-called rich. Go to the website http://www.irs.gov/ and weed through the statistics and glean some info. You will find the definition of the rich just might be you.
Later’
posted by bold as love at 5:13 PM
4 Comments:
Hmmmm...
"The top 50% earns 86.01% of all the income."
The top 50% pay 96.54% of all the income taxes.
Boy, those LUCKY families living off of less than $29,019/yr are just fat cats scammin the SYSTEM!
I mean if you REALLY want to look at things on a purely statistical basis, then what is so phenomenally terrible about the people earning 86% of the wealth paying 96.54% of the income taxes!!!
But that JUST looking at the "statistics", We really don't want to get on the subjects of corporate welfare and the economic RAPE of middle class americans by corporations and the wealthy (ie those in that 1% bracket).
p.s. I could launch into so many diatribes about how posting statistics like this and making blanket statements based on them are wrong..... but I won't.
While everyone is debating on how much we should tax the rich, middle class families are getting punched in the gut. The amazing thing is that the GOP ran comgress is recommending reducing the deduction amount people can take on their homes. Now, isn't that a tax increase? The president also noted that he did not want the government to lose any money by changes in the tax code. Also, they are doing nothing about the AMT which is killing a lot of middle class families.
But damn if those rich folks are paying too much money.
Thanks for your analysis. (I found you via the Malung.)
This ties into a discussion we had recently on taxing the rich.
Keep up the good work!
You asked how much we should "tax the so-called rich."
"so-called rich?" You doubt their wealth?
Friend, I make less than $30,000 and as far as I'm concerned, I'm rich. These folk are obscenely wealthy.
I'm crying no tears for myself or them.
To whom much has been given, much will be expected.
-Karl Marx...I mean, Jesus
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