Tuesday, January 31, 2006

Tax Breaks for the Rich?

This is taken from data for calendar year 2003 released in October 2005 from the IRS and is the most recent data available.

The top 1% are the individuals/couples who earned $295,495 and up. The top 1% of wage earners paid 34.27% of all income taxes, up from 33.71% in 2002. This is with an actual tax rate reduction from 27.25% to 24.31%.

The top 50% are the individuals/couples who earned $29,019 and up. The 96.54% share is up from 96.5% in 2002.

The bottom 50% pay 3.46% of all income taxes. These are the people that the Democrats feel deserve the tax-cuts the most. How much can you cut 3.46%?

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